DERM · Journey Medical Corporation

Journey Medical Corporation delivered a strong start to 2026 with Q1 total revenues of $16.0 million, a 21% increase from $13.1 million in the prior year quarter, primarily fueled by Emrosi, which generated $6.3 million compared to $2.1 million last year. This growth reflects increasing prescription demand (29,968 prescriptions vs. 27,023 in Q4 2025), rising refill rates, and expanding prescriber base, as management highlighted Emrosi's traction as a best-in-class oral rosacea treatment. Gross margin dipped to 61.0% from 63.5% due to a one-time $1.3 million non-cash API inventory write-down tied to the 2021 Qbrexza acquisition, but SG&A expenses fell $0.5 million to $10.1 million on lower launch costs, enhancing operating leverage. The net loss improved significantly to $2.2 million ($0.08 per share) from $4.1 million ($0.18 per share), with Adjusted EBITDA turning positive at $0.6 million ($0.02 per share) versus a $0.9 million loss prior year. Cash position strengthened to $27.2 million from $24.1 million at year-end, supporting ongoing execution. Recent highlights include a GPO contract on April 21, 2026, providing access to 85% of commercial lives, poised to drive further prescription growth. CEO Claude Maraoui emphasized disciplined infrastructure investment and momentum into Emrosi's second year, positioning the company for continued financial progress without specific numerical guidance.