Eton Pharmaceuticals runs a buy and sell machine for small pediatric rare disease franchises, and the model finally proved it can be profitable. The company acquired or relaunched three products in the last two quarters, HEMANGEOL in February, DESMODA in March, and IMPAVIDO in May, and converted all three into cash flow without adding a single factory or new debt.
The proof point is the second quarter. Product sales nearly doubled year over year to a record print, and GAAP net income turned sharply positive for the first time at this scale.
Full year revenue guidance now runs above $145 million with an adjusted EBITDA margin of at least 35 percent. The open question is whether a portfolio built on acquired late stage assets can keep compounding once the cheap wins are used up.