DERMNasdaqPharmaceutical PreparationsUS GAAP · USD

Journey Medical Corp

Journey Medical Corp is a U.S.-focused pharmaceutical company that commercializes branded dermatology products and recently added Emrosi, an FDA-approved treatment for inflammatory lesions of rosacea. The company generates revenue from sales of prescription products such as Qbrexza, Accutane, Amzeeq, Zilxi, and legacy products, while also investing in the launch and expansion of Emrosi.

Kysy yhtiöstä
Liikevaihto61,9milj. USD
+10,2 %v/v
Liikevoitto (EBIT)−8,2milj. USD
+40,3 %v/v
EBIT-marginaali−13,2%
+11,2 %-yks.v/v
Nettotulos−11,4milj. USD
+22,1 %v/v
Vapaa kassavirta−27,4milj. USD
−13,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50−250255075100milj. USD2020: 45 milj. USD2020: EBIT 7,9 milj. USD20202021: 63 milj. USD2021: EBIT −35 milj. USD20212022: 74 milj. USD2022: EBIT −28 milj. USD20222023: 79 milj. USD2023: EBIT −2,1 milj. USD20232024: 56 milj. USD2024: EBIT −14 milj. USD20242025: 62 milj. USD2025: EBIT −8,2 milj. USD202562−8,2
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Journey Medical Corp

Liiketoiminta

Osuus liikevaihdosta
Prescription dermatology brands100 %

Branded prescription products sold primarily to treat acne, rosacea, and hyperhidrosis.

New product launch: Emrosi17 %

Recently launched rosacea therapy that is being commercialized in the U.S. with the existing sales team.

Mature branded products78 %

Established products such as Qbrexza, Accutane, Amzeeq, and Zilxi that provide the core revenue base.

Legacy and other products5 %

Older products and residual sales that are more exposed to generic competition and erosion.

Tuotteet

Raportoitu · osuus liikevaihdosta
40,8%24,1%21,0%9,6%FY2025100 %
  • Qbrexza40,8 %
  • Emrosi24,1 %
  • Accutane21,0 %
  • Foam Franchise Products Amzeeq Zilxi9,6 %
  • Other Legacy4,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Journey Medical sells prescription pharmaceuticals into the U.S. healthcare channel, so its direct customers are wholesalers, distributors, pharmacies, and other intermediaries that stock and dispense the products. End demand comes from dermatologists and other prescribers treating patients with acne, rosacea, and hyperhidrosis, with reimbursement and coverage decisions influencing uptake. The company is also dependent on third-party payors because pricing, rebates, and formulary access affect net realized revenue.

Pharmaceutical distributors and wholesalers

Buy inventory for the U.S. supply chain and are essential for product availability and replenishment.

Retail and specialty pharmacies

Dispense branded dermatology prescriptions to patients and support launch execution for Emrosi.

Prescribing physicians, especially dermatologists

Influence which branded therapies are used based on efficacy, tolerability, and familiarity.

Third-party payors

Control coverage and reimbursement levels, which directly affect patient access and net sales.

Patients with chronic dermatology conditions

Use the products for acne, rosacea, or hyperhidrosis and drive repeat prescription demand.

Strategia

The company’s near-term strategy is to scale Emrosi while defending the existing dermatology portfolio that funds operations. Management is also focused on liquidity, using cash generation, the SWK credit facility, and at-the-market equity sales while evaluating out-licensing and other financing alternatives.

Commercialize EmrosiLyhyt aikaväli

Emrosi is the main growth driver and the largest recent source of incremental revenue.

Protect the legacy branded baseLyhyt aikaväli

Qbrexza, Accutane, Amzeeq, and Zilxi fund operations and help absorb launch costs.

Strengthen capital structure and liquidityLyhyt aikaväli

Recurring losses and launch spending create financing needs and going-concern pressure.

Expand the product portfolioKeskipitkä aikaväli

A broader portfolio can reduce concentration risk and improve long-term growth durability.

Maantiede

Journey Medical is overwhelmingly U.S.-centric, with the recent Emrosi launch and the rest of its branded dermatology portfolio commercialized in the United States. The company’s revenue exposure is therefore tied to U.S. prescription trends, payer coverage, and domestic pricing pressure rather than broad international diversification. Manufacturing and supply-chain exposure is not fully disclosed in the excerpts, but the company notes that tariffs and trade barriers could affect the business.

Riskit

Journey Medical faces concentration risk in a small branded dermatology portfolio, where competition and generic erosion can quickly pressure sales. Its launch-heavy model also requires ongoing spending on commercialization and R&D, while reimbursement, pricing controls, and payer access can affect both uptake and net revenue. The company has disclosed substantial doubt about its ability to continue as a going concern, making financing and liquidity execution a key risk.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Going-concern and financing risk1Reimbursement and pricing pressure2Trade and supply-chain disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Going-concern and financing riskVaikutus: KriittinenTodennäköisyys: Matala

    Recurring losses and launch spending create dependence on debt and equity financing to fund operations.

    KohdistuuSWK credit facilityATM equity program
  2. Reimbursement and pricing pressureVaikutus: KorkeaTodennäköisyys: Korkea

    Net sales depend on coverage, rebates, and payor reimbursement decisions in a cost-containment environment.

    Kohdistuu: U.S. commercial market

  3. Product concentration and competitive erosionVaikutus: Korkea

    A small number of branded products drive revenue, so loss of share or generic competition can materially reduce sales.

    Kohdistuu: Accutane and legacy products

  4. Launch execution risk for EmrosiVaikutus: Korkea

    The new product must gain prescriber adoption and payer access to justify commercialization costs.

    Kohdistuu: U.S. rosacea market

  5. Trade and supply-chain disruptionVaikutus: KeskitasoTodennäköisyys: Korkea

    Management disclosed exposure to duties, tariffs, and retaliatory trade barriers that could increase costs.

    Kohdistuu: Imported inputs or third-party manufacturing

Kysy Clarifolta: Journey Medical Corp

Kirjanpito

Harkinnanvaraiset erät
Gross-to-net sales accruals

Revenue is reduced by estimates for chargebacks, rebates, discounts, and returns, which can materially change net sales.

Vaikutus: Affects reported product revenue and margin

Launch-related commercialization costs

Emrosi promotion and launch spending are expensed as incurred, creating near-term earnings pressure before revenue matures.

Vaikutus: Affects SG&A and operating loss timing

Debt and interest expense

Borrowings under the SWK credit facility increase interest expense and can affect liquidity covenants and cash flow.

Vaikutus: Affects net loss and financing flexibility

Going-concern assessment

Management disclosed substantial doubt about continuing operations, which requires careful judgment about future funding.

Vaikutus: Affects financial statement disclosure and investor risk assessment

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Päivitetty: 24.9.2026