Fortress Biotech Inc ( (FBIO) ) has released its Q4 earnings. Here is a breakdown of the information Fortress Biotech Inc presented to its investors.
Journey Medical Corporation, a commercial-stage pharmaceutical company based in Scottsdale, Arizona, focuses on selling and marketing FDA-approved prescription products for dermatological conditions. The company, founded by Fortress Biotech, Inc., is known for its efficient sales and marketing model and currently markets eight prescription drugs.
Journey Medical Corporation reported its financial results for the full year 2024, highlighting the FDA approval of Emrosi™, a new treatment for rosacea. The company met all its financial guidance for the year, with total revenues amounting to $56.1 million. The initial distribution of Emrosi has begun, with the first prescriptions already filled.
The company’s financial performance showed a decrease in total revenues by 29% compared to 2023, primarily due to a significant drop in other revenue. Product revenue also declined by 8%, attributed to higher rebate costs and lower unit sales volumes of legacy products. Despite these challenges, the cost of goods sold decreased, and SG&A expenses were reduced by 8% due to expense reduction efforts. R&D expenses increased, reflecting investments in Emrosi’s development.
Journey Medical’s net loss for 2024 was $14.7 million, a notable increase from the previous year, largely due to the absence of one-time revenues that were present in 2023. However, the company’s cash position remains strong, and management is optimistic about Emrosi’s potential to drive future revenue growth and achieve sustainable EBITDA positivity.
Looking ahead, Journey Medical aims to capitalize on the successful launch of Emrosi, with full promotional efforts expected to commence in April 2025. The company is focused on enhancing revenue growth and maintaining a strong financial position to support its strategic objectives in the dermatology sector.