What does Journey Medical do and what are its main business segments?

What is the market's earnings forecast for Journey Medical next quarter?

What is Journey Medical's gross profit margin?

What were the key takeaways from Journey Medical’s earnings call?

What is the revenue and EPS growth rate for Journey Medical year over year?

What guidance did Journey Medical's management provide for the next earnings period?

What were the key takeaways from Journey Medical's earnings call?

What factors drove the changes in Journey Medical's revenue and profit?

- **EMROSI Breakthrough**: 53,000 prescriptions in 2025, 50% Q4 growth, and 1.4 refill rate highlight strong adoption. 3,500 prescribers targeting 15,000 dermatologists.
- **Financial Milestone**: First-year positive EBITDA ($2.9 million) and 66.2% gross margin reflect operational efficiency.
- **Managed Care Expansion**: 100 million covered lives, two GPOs contracted, aiming for 150 million coverage in 2026.
- **Pipeline Growth**: 1-2 new products to launch in 2026, complementing EMROSI's 17 million patient opportunity.
- **Q1 2026 Strength**: Scripts on track to exceed Q4 2025, with March 2026 showing strong momentum despite deductible resets.

**【CEO Summary Section】**
- **EMROSI Launch Success**: Achieved $14.7 million in net sales in 2025, with 53,000 total prescriptions (126,000 annualized). Q4 prescriptions grew 50% sequentially, and refill rate reached 1.4 per new prescription.
- **Revenue Growth and Profitability**: Total revenue up 11% to $61.9 million; gross margin improved 3.5 percentage points to 66.2%. Achieved positive adjusted EBITDA ($2.9 million) and EBITDA ($4 million loss) for the first time.
- **Prescriber Expansion**: Reached 3,500 unique dermatology prescribers, targeting 15,000 U.S. dermatologists. EMROSI's superior efficacy (2-week onset vs. Oracea's 16 weeks) and safety drive demand.
- **Managed Care Progress**: 100 million commercial lives covered, with two of three top GPOs contracted. Aiming to expand formulary coverage and improve reimbursement rates in 2026.
- **New Product Pipeline**: Planning to launch 1-2 incremental dermatology products in 2026 to complement EMROSI growth.

**【CFO Financial Commentary】**
- **Revenue and Margins**: Total revenue $61.9 million (+10% YoY). Gross margin 66.2% (vs. 62.8% in 2024), driven by higher-margin EMROSI and Qbrexza sales.
- **Cost Management**: SG&A expenses $44.4 million (+10%), reflecting EMROSI launch investments. GAAP net loss narrowed to $11.4 million (-28% YoY). Cash balance $24.1 million, supporting 2026 operations.
- **Profitability Milestone**: Adjusted EBITDA positive ($2.9 million) vs. $0.8 million in 2024. Expecting sustained EBITDA positivity in 2026.

**【Q&A Key Highlights】**
- **Q1 2026 Momentum**: Despite deductible resets, Q1 prescriptions on track to surpass Q4 2025. March 2026 scripts strong, with 4,000+ new prescriptions/month.
- **Gross-to-Net Dynamics**: Q4 2025 gross-to-net ratio impacted by copay assistance (180 vs. 270 target). 2026 focus on expanding formulary coverage to improve reimbursement and reduce subsidies.
- **Product Pipeline**: 2026 launches of 1-2 niche dermatology products to complement EMROSI. Base business (non-EMROSI) stable at $46 million in 2025.
- **Long-Term Outlook**: EMROSI's 17 million rosacea patient addressable market and 6 million annual prescriptions position it for sustained growth. Gross-to-net expected to rise as coverage expands.

Journey Medical Corp (DERM) Q4 2025 Earnings Call Transcript

- **Amrosi Dominance**: Q3 revenue up 75% QoQ, with 146% prescription growth and 1:1 refill rate, signaling strong patient adherence.
- **Financial Turnaround**: EBITDA loss halved YoY, with $24.9M cash, setting up for Q4 EBITDA positivity.
- **Payer Expansion**: 2026 GPO contracts to reduce reliance on copay program, driving revenue growth.
- **Operational Efficiency**: 9% OpEx growth vs. 21% revenue growth, highlighting margin expansion potential.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $17.6 million, up 21% YoY, driven by Amrosi's $4.9 million contribution (75% QoQ growth). Legacy products (Qbrexza, Accutane) were flat sequentially but down 16% YoY due to generic competition.
- **Amrosi Momentum**: 146% QoQ prescription growth to 18,198 scripts, with 2,700 unique prescribers (50% increase QoQ). Refill-to-new-prescription ratio of 1:1, indicating strong patient retention.
- **Financial Health**: EBITDA loss narrowed to $500,000 (vs. $1 million YoY), with $24.9 million cash on hand. Expecting Q4 EBITDA positivity.

**【CFO Financial Commentary】**
- **Gross Margin**: 67.4% in Q3, up from 63.5% Q1, driven by higher-margin products (Amrosi, Qbrexza).
- **Expense Management**: Operating expenses rose 9% YoY, below revenue growth, reflecting operational efficiency.
- **Liquidity**: $24.9 million cash, supporting commercial expansion.

**【Q&A Highlights】**
- **Copay Program Transition**: Reliance on copay assistance expected to decline as third GPO contract (early 2026) expands payer coverage.
- **Prescriber Dynamics**: Focus on converting 2,700 new prescribers into consistent users, with Q4 targeting 3,200+ prescribers.
- **Qbrexza Resilience**: Despite new competition, Q3 prescriptions grew sequentially, supported by dermatologist engagement.
- **Amrosi Persistence**: Early data shows 3-4 refills/year, aligning with rosacea treatment patterns.
- **OpEx Outlook**: 2026 expenses expected to grow in line with revenue, maintaining operating leverage.

Journey Medical Corporation (DERM) Q3 2025 Earnings Call Transcript

- **EMROSI Launch Success**: $2.8 million in Q2 sales, 12,800 prescriptions, and 65% payer coverage.
- **Gross Margin Expansion**: 67% in Q2 (vs 61% prior year), driven by low-cost EMROSI.
- **Commercial Momentum**: 1,800 unique prescribers and 10% new prescription share among dermatologists.
- **Financial Stability**: $20.3 million cash, minimal cash burn, and no R&D expenses in Q2.
- **Growth Drivers**: EMROSI and QBREXZA ($6.9 million Q2 sales) offsetting Accutane decline.

**【CEO Summary Section】**
- Q2 2025 net product revenue: $15 million, including $2.8 million from EMROSI launch.
- Gross margin improved to 67% (vs 61% prior year) due to EMROSI's low cost and reduced R&D expenses.
- EMROSI prescriptions reached 12,800 by end of July, with 1,800 unique prescribers (up from 660 in Q1).
- Payer coverage expanded to 65% of commercial lives (from 30% in May).
- Accutane sales declined 23% YoY due to generic competition, but growth brands offset the decline.
- Cash position stable at $20.3 million, with minimal cash burn.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $15 million (flat vs Q2 2024), with $2.8 million from EMROSI offsetting $2.3 million decline in Accutane.
- SG&A expenses increased $1.6 million to $11.9 million due to EMROSI launch costs.
- Net loss: $3.8 million (unchanged from Q2 2024), with no R&D costs in Q2 2025.

**【Q&A Key Highlights】**
- **Payer Coverage**: 65% of commercial lives covered; focus on converting scripts to revenue through formulary implementations.
- **Gross Margin**: Expected to improve as EMROSI becomes larger share of sales.
- **Revenue per Script**: Early noise due to patient assistance programs; long-term trends to be monitored.
- **Seasonality**: EMROSI's strong launch momentum expected to offset summer dermatology seasonality.
- **QBREXZA Sales**: $6.9 million in Q2, contributing to growth brands' offset of Accutane decline.
- **Stocking Dynamics**: Q1 2025 channel stocking completed; Q2 reflects steady demand.
- **Adherence Trends**: Positive feedback on EMROSI efficacy; refill rates growing month-over-month.

Journey Medical Corporation (DERM) Q2 2025 Earnings Call Transcript

- **Emrosi Breakthrough**: $2M in first-month sales, 660+ prescribers, and 30% payer coverage within two months of launch. JAMA validation and NRS algorithm inclusion signal long-term potential.
- **Financial Resilience**: 64% gross margin, $21.1M cash, and no R&D expenses position the company for sustained growth.
- **Qbrexza Outperformance**: 15% YoY growth despite Sofdra competition. Accutane stabilization sets stage for second-half recovery.
- **Early Prescriber Momentum**: 25%+ repeat prescribers and positive erythema feedback indicate strong brand stickiness.

**【CEO Summary Section】**
- **Emrosi Launch Success**: Q1 2025 net product sales of $13.1 million, with $2 million from Emrosi, driven by 660 unique healthcare providers prescribing the product within two months of launch.
- **Market Adoption Momentum**: 30% of commercial insured lives now have payer coverage for Emrosi, up from 20% pre-launch. The product is being prescribed for new rosacea patients, with early switching from ORACEA expected in coming quarters.
- **Clinical Validation**: Publication in JAMA Dermatology highlighted Emrosi's 60% superior IgA success rate and 30% greater lesion reduction vs. placebo. The National Rosacea Society updated treatment algorithms to include Emrosi, signaling broad clinical acceptance.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q1 2025 net revenue of $13.1 million, up from $13 million in Q1 2024, with a 64% gross margin (vs. 54% prior year) due to favorable product mix and cost efficiency.
- **Cost Management**: R&D expenses eliminated (nil vs. $7.9 million prior year), while SG&A increased by $2.1 million to $10.6 million to support Emrosi launch infrastructure.
- **Financial Health**: $21.1 million in cash at end of Q1, enabling continued investment in market access and commercial expansion.

**【Q&A Key Takeaways】**
- **Inventory Dynamics**: Distribution channel inventory is maintained at 2-4 weeks to balance supply with early demand, with no significant stocking beyond this range.
- **Legacy Product Performance**: Qbrexza prescriptions grew 15% YoY in Q1, despite Sofdra competitor launch. Accutane prescriptions stabilized at 66,000 (vs. 93,000 prior year), with Q2 growth expected.
- **Prescriber Behavior**: Early adopters are prescribing Emrosi for new patients, with erythema reduction feedback driving positive sentiment. Repeat prescribers account for 25%+ of total scripts, signaling early loyalty.



Journey Medical Corporation (DERM) Q1 2025 Earnings Call Transcript

- **Emrosi Launch Momentum**: 20% commercial coverage at launch, JAMA publication validates head-to-head efficacy, Q2 2025 revenue ramp expected.
- **Financial Resilience**: $20.3M cash balance, 6+ quarters of EBITDA+, disciplined expense management.
- **Growth Catalysts**: $200M+ US peak sales potential, 12-18 month payer expansion timeline, international licensing opportunities.
- **Legacy Business Stability**: Qbrexza scripts growing YoY, Exelderm margins improving.

**【CEO Opening Remarks】**
- 2024 Annual Revenue: $56 million, achieving 6 consecutive quarters of positive non-GAAP adjusted EBITDA.
- Emrosi FDA Approval: Secured first-cycle approval in November 2024, with $22 million in one-time regulatory and milestone payments completed.
- Commercial Readiness: $20.3 million cash balance; existing salesforce targeting same dermatologists as rosacea patients.
- Market Momentum: 20% commercial payer coverage (188M lives) and 4% Medicare coverage as of Q4 2024; JAMA Dermatology publication highlights head-to-head superiority vs. minocycline.

**【CFO Financial Review】**
- 2024 Product Revenue: $55.1 million (-7% YoY) due to higher rebates and legacy product decline.
- Key Expenses:
  - R&D: $9.9 million (+26%) driven by $7.1 million in one-time Emrosi NDA fees.
  - SG&A: $40.2 million (-8%) reflecting expense optimization.
- Net Loss: $14.7 million (-73% YoY) due to absence of one-time licensing revenue.
- Cash Position: $20.3 million as of Dec 31, 2024.

**【Q&A Highlights】**
1. **Market Access Progression**
- Target 12-18 months to reach peak commercial coverage; 20% coverage at launch vs. 12% in Feb.
- 40% of current formulary wins are unrestricted, with step edits requiring prior use of generic minocycline/doxycycline.

2. **2025 Launch Expectations**
- Q2 2025: First meaningful revenue contribution from Emrosi.
- Peak Sales Potential: $200M+ annual US sales; $100M international opportunity via licensing.
- Pricing Strategy: No immediate plans to adjust legacy product pricing; Exelderm margins improving due to royalty elimination.

3. **Competitive Landscape**
- No pricing changes observed from Galderma post-Emrosi launch.
- Qbrexza scripts growing YoY despite generic competition.

**【2025 Outlook】**
- Focus on Emrosi launch execution and payer expansion.
- Potential for additional publications and medical congress presentations.
- Exploring business development opportunities for international rights.
- Aiming for sustainable EBITDA+ in 2026+ as Emrosi scales.


Journey Medical Corporation (DERM) Q4 2024 Earnings Call Transcript

Journey Medical (DERM)-12 Aug 24-2024 Q2 Earnings call transcript

- **Revenue Growth**: Q1 2024 revenue $13M (+7%), ACCUTANE scripts +29K YoY, QBREXZA scripts +1.8K.
- **DFD-29 Potential**: 79% prescriber adoption, 220M+ payer coverage.
- **Financial Health**: Non-GAAP EBITDA positive $11K, 2024 breakeven guidance.

**【CEO Summary Section】**
Claude Maraoui highlighted Q1 2024 revenue of $13 million, up 7% YoY, driven by QBREXZA and ACCUTANE, with combined revenue of $10.8 million (24% YoY growth). ACCUTANE prescriptions rose 29,000 YoY, achieving 17% market share in isotretinoin. DFD-29 NDA submission in Jan 2024, targeting 16.5 million rosacea sufferers. Market research shows 79% prescriber adoption and 220M+ payer coverage. Non-GAAP EBITDA positive $11K vs. $5.3M loss in Q1 2023. Business development includes $19M licensing in Asia and exploring dermatology acquisitions.

**【CFO Financial Commentary】**Joseph Benesch reported Q1 2024: 
- Net revenue $13M (8% YoY), gross margin 40%, R&D $5.9M (FDA fees), SG&A $12.3M (35% territories). Q1 2024 guidance: Revenue $55-60M, SG&A $39-42M, R&D $9-10M. Cash $24.1M, targeting 2024 non-GAAP EBITDA positive.

**【Q&A Highlights】**
1. COGS variability due to product mix, gross margin to normalize Q2. 2. ACCUTANE/Q BREXZA growth drivers: ACCUTANE +29K scripts, QBREXZA +1.8K scripts. 3. DFD-29 payer contracts pending FDA approval, 220M+ lives covered. 4. 2024 breakeven guidance unchanged, core business EBITDA+.

Actual	-1.16	-1.64	-0.08	-0.15	-0.23	-0.6	-0.57	-0.04	0.99	-0.59	-0.53	-0.17	-0.12	0.1	-0.18	-0.16	-0.09	-0.54
Forecast	-0.87	-0.4133	-0.31	-0.2567	-0.3967	-0.4667	-0.4467	-0.335	-0.155	-0.085	-0.235	-0.1433	-0.17	-0.1975	-0.2375	-0.105	-0.0475	-0.04
Surprise	-33.33%	-296.81%	+74.19%	+41.57%	+42.02%	-28.56%	-27.60%	+88.06%	+738.71%	-594.12%	-125.53%	-18.63%	+29.41%	+150.63%	+24.21%	-52.38%	-89.47%	-1250.00%

DERM

DERM fundamentals

DERM Q4 2025 Earnings

Earnings Call

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DERM

DERM fundamentals

DERM Q4 2025 Earnings

Earnings Call

DERM Earnings Call Summary for Q4/20254:30 PM on Mar 25, 2026

DERM Earnings Call Summary for Q3/20254:30 PM on Nov 12, 2025

DERM Earnings Call Summary for Q2/20254:30 PM on Aug 12, 2025

DERM Earnings Call Summary for Q1/20254:30 PM on May 14, 2025

DERM Earnings Call Summary for Q4/20244:30 PM on Mar 26, 2025

You can ask Aime