Shares of specialty pharmaceutical company Eton Pharmaceuticals (NASDAQ:ETON) are up nearly 30% at the time of writing after it posted second-quarter numbers with a surprise positive bottom line.
During the quarter, revenue jumped 62.2% year-over-year to $12 million, outperforming estimates of $10.10 million. Moreover, while analysts were expecting a net loss per share of $0.09 for the quarter, the company delivered an EPS of $0.18. The jump in the company’s topline came on the back of a nearly 175% growth in product sales and royalty revenue during the quarter.
Impressively, this was the 10th consecutive quarter of revenue growth for Eton. While Alkindi Sprinkle and Carglumic acid sales remained buoyant, it also launched betaine Anhydrous recently.
Moreover, buoyed by this performance, Eton now expects to rake in $30 million in revenue for the full year. The company is aiming to have 10 commercial products for rare diseases by the end of 2025, and the potential launch of ET-400 in 2024 remains a key event to keep an eye on.
Today, H.C. Wainwright’s Ram Selvaraju, the lone analyst tracking Eton, has reiterated a Buy rating on the stock alongside a $10 price target. This points to a more than 200% potential upside in the stock.
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