Eton Pharmaceuticals reports profit growth

DEER PARK - Eton Pharmaceuticals Inc. said net sales for its fiscal year second quarter were $7.4 million compared with $3.1 million in the prior year period.

Net sales included $5.0 million of licensing payments related to the sale of the hospital products division to Dr. Reddy's Laboratories during the quarter, and $2.5 million of licensing payments related to a Azurity Pharmaceuticals transaction in the second quarter of 2021.

"The second quarter of 2022 was a critical inflection point for the company. With the completion of the hospital products divestiture, we are now 100% focused on our rare disease strategy and are well capitalized to execute on our mission to be a leading rare disease company," said Sean Brynjelsen, CEO.

Gross profit for the second quarter was $4.6 million compared with $2.9 million in the same period last year. Gross profit included $1.8 million of noncash expenses related to the divestment of the hospital products business. Profit growth was primarily due to increased licensing income, growth in Alkindi Sprinkle sales and the launch of Carglumic Acid tablets.