Fortress Biotech reports Q3 EPS 11c vs (76c) last year

Reports Q3 revenue $17.6M vs $14.6M last year. Lindsay Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “Fortress has achieved several strategic milestones that reinforce the strength of our diversified business model and our continued ability to enhance shareholder value across our portfolio. The acquisition of two subsidiaries this year, Checkpoint Therapeutics, by Sun Pharma and Baergic Bio, by Axsome Therapeutics, are both strategic exits that represent validation of our approach. The sale of Checkpoint generated approximately $28 million in upfront consideration, with the potential for additional contingent value right payments and future royalty income from sales of UNLOXCYT to Fortress. We also anticipate the resubmission of the New Drug Application for CUTX-101, which, upon approval, may qualify for a Priority Review Voucher-further demonstrating the potential embedded value in our pipeline. Journey Medical Corporation continues to deliver strong operational execution, highlighted by the successful launch of Emrosi and accelerating commercial performance, supported by expanded payer coverage and new pooled Phase 3 data analysis presented at Fall Clinical demonstrating Emrosi’s statistical and clinical superiority over Oracea and placebo for the treatment of rosacea. Additionally, our late-stage pipeline continues to progress meaningfully, with dotinurad advancing in two Phase 3 trials for the treatment of gout.”