Fortress Biotech reports Q2 EPS (73c), consensus ($1.22)

Reports Q2 revenue $14.94M, consensus $14.77M…As of June 30 Fortress’ consolidated cash and cash equivalents totaled $76.2M compared to $83.8M as of March 31, 2024 and compared to $80.9 million as of December 31, 2023, a decrease of $7.6M during the quarter and a decrease of $4.7M year-to-date.Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “We had a very productive first half of the year and we anticipate an exciting second half, as we have a New Drug Application and a Biologics License Application on file with the U.S. Food and Drug Administration from our diversified portfolio, both with PDUFA goal dates in the fourth quarter, including DFD-29 for rosacea and cosibelimab for metastatic and locally advanced cutaneous squamous cell carcinoma . Our late-stage candidates could generate up to three regulatory approvals in the next 12 months and a potential fourth BLA submission as early as 2025. Additionally, we had a solid second quarter 2024 of product revenue from our marketed dermatology products of $14.9M, representing growth of approximately 15% compared to first quarter 2024 product revenues of $13M. We continue to prioritize the development of our candidates and the expansion of our business for long-term success. This involves business development efforts and the growth of additional revenue streams, all aimed at benefiting our shareholders. Our business model provides the potential for significant growth as we acquire new assets and our subsidiary and partner companies grow in value, allowing for the opportunity to collect diversified cashflows such as royalties, milestones, product revenues, cash and stock dividends and through meaningful monetizations.”