Fortress Biotech (FBIO) Q2 2026 Earnings Call Transcript

Operator: Ladies and gentlemen, welcome to Journeys Medical's Second Quarter 2026 Financial Results and Corporate Update conference call. The audio will be broadcast live over the internet and recorded for playback. Today, we are joined by Jaclyn Jaffe, Senior Director of Corporate Operations, and Claude Maraoui, Co-Founder, President, and CEO, along with Joseph Benesch, Chief Financial Officer, and Ramsey Alloush, Chief Operating Officer and General Counsel, who will be available for Q&A.

Please note that any forward-looking statements made during this call involve risks and factors that may cause actual results to differ materially. For more information, refer to Journey Medical's most recent filings and press release.

Claude Maraoui: Thank you, Jaclyn. Our team continues to make solid progress in the second quarter, with strong revenue growth and improved profitability. Emrosi revenues were $8.1 million, up significantly year-over-year and sequentially from Q1 due to higher prescription volume, improving payer reimbursement, and a substantial increase in dermatology writers prescribing the brand.

Total net product revenues grew by 23% year-over-year, while operating expenses increased by less than 1%. We remain focused on delivering strong top-line growth and leveraging our dermatology commercial infrastructure. We generated positive EBITDA in the second quarter, and we believe 2026 will be a breakout year for Journey Medical in terms of revenue growth and profitability.

Emrosi prescriptions totaled around 36,000 in Q2, representing 20% sequential quarterly growth from about 30,000 in Q1. This growth is driven by new prescriptions and refills, with a strong increase in new prescriptions in June, reaching an all-time monthly high of 5,300. We now have over 4,500 unique prescribers writing for Emrosi, a 40% increase from 3,200 at the end of 2025.

We plan to add 5 more dermatology sales professionals to our commercial organization, and our peer-to-peer marketing efforts and key dermatology medical conference presence will expand awareness of Emrosi's superior clinical benefits in rosacea treatment. The U.S. has over 15,000 dermatologists, providing ample room for growth in our prescriber base.