Journey Medical Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues were $19.0 million for the third quarter of 2026, an 8% increase from $17.6 million in the third quarter of 2025.
• Emrosi® revenues were $9.0 million, representing an 84% year-over-year increase.
• Gross margin was 69% for the third quarter of 2026, compared to 67% in the prior-year quarter.
• Selling, general and administrative (SG&A) expenses were $12.6 million, an increase of $0.5 million from the prior-year quarter, primarily driven by a $1.7 million one-time expense for a vendor dispute settlement, partially offset by reduced launch-related spending.
• GAAP net loss narrowed to $1.3 million ($0.05 per share basic and diluted) for the third quarter of 2026, compared to a net loss of $2.3 million ($0.09 per share) in the third quarter of 2025.
• The company reported positive EBITDA and Adjusted EBITDA for both the three and nine-month periods ended September 30, 2026.
• Cash and cash equivalents were $22.3 million as of September 30, 2026, down from $24.1 million as of December 31, 2025.
• Accounts receivable increased to $47.4 million from $29.8 million at the end of 2025.
• Total liabilities increased to $71.6 million from $62.7 million at the end of 2025, driven by a $7.5 million short-term term loan and increased accrued expenses.

Business Segments and Product Lines:

• Emrosi® is the company's primary product, with total prescriptions (TRx) reaching approximately 40,000 in the third quarter of 2026.
• The number of unique prescribers writing for Emrosi® increased during the quarter.
• The company noted strong refill trends and improved prescription reimbursement mixes for Emrosi®.
• The company markets nine branded FDA-approved prescription drugs for dermatological conditions.

Management Commentary and Tone:

• CEO Claude Maraoui stated the company delivered year-over-year revenue growth, higher gross margins, and positive EBITDA.
• Management attributed Emrosi® growth to increased prescription demand, improved reimbursement mixes, and an expanded sales force.
• CEO expressed confidence that formulary additions with national health plans and the expanded sales force will facilitate further market penetration.
• Management indicated the company is well-positioned to advance its mission and build shareholder value with over $22 million in cash.

Other Key Points:

• A $1.7 million one-time expense was recognized for the resolution of a dispute with a former vendor.
• The company held a conference call on November 12, 2026, at 4:30 p.m. ET.
• The company is a commercial-stage pharmaceutical firm founded by Fortress Biotech, Inc.
• Fortress Biotech controls a voting majority of the company's common stock.
• The company faces risks related to generic competition, regulatory changes, and the dependence on the commercial success of Emrosi®.