Aug. 19 at 7:19 PM
$ETON Peak Sales (Target): Management/analysts project Eton Pharmaceuticals can reach
$100M annual peak sales with ET-600, plus sales from other commercialized drugs.
Enterprise Value (EV) Today:
$462.26M (as of mid-August 2025).
EV/Sales Multiple (Current): EV of
$462.26M, sales run-rate
$80M → current EV/Sales is 5.78x. Industry peers in specialty and rare disease are at EV/Sales between 5x and 8x.
Assuming
$100M Peak Sales: Using the same 5.8x EV/Sales, peak enterprise value =
$100M × 5.8 =
$580M.
Shares Outstanding: 26.82M shares (basic) as of August 2025.
Net Debt: Cash
$25.4M, debt
$30.1M → net debt ≈
$4.7M.
Implied Equity Value: Peak enterprise value
$580M – net debt
$4.7M =
$575.3M for equity holders.
Fair Value Per Share Calculation:
$575.3M ÷ 26.82M shares =
$21.45 per share.
Current Share Price: About
$14.13 (mid-August 2025).
Upside Potential: Fair value (
$21.45) vs. current price (
$14.13) = 52% upside.
Margins: Gross margin (Q2 2025): 75% (target, post-peak).
