Eton Pharma Launches FDA-Approved Desmota as Revenue and Margins Jump

Overview

• Desmota, an oral liquid desmopressin for central diabetes insipidus, received FDA approval in February and is now commercially available.
• The new formulation targets accurate low-dose needs that previously lacked an approved liquid option, replacing tablet-splitting workarounds.
• Fourth-quarter product revenue reached $21.3 million, up 83% year over year.
• Adjusted EBITDA margin improved to 29% from 18% a year earlier, with GAAP net income of $1.5 million and non-GAAP net income of $5.4 million.
• Launches of Incrolex, Galzyn, and Kinduvi in 2025 helped more than double full-year revenue versus 2024, and management expects further margin gains with forthcoming 2026 guidance.