Journey Medical Corp DERM
We are a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration ("FDA") approved prescription pharmaceutical products for the treatment of dermatological conditions. Our current product portfolio includes eight FDA-approved prescription drugs for dermatological conditions that are marketed in the U.S. We acquire rights to products and product candidates by licensing or otherwise acquiring an ownership interest in, funding the research and development of, and eventually commercializing the products through our field sales organization. We are a controlled subsidiary of Fortress Biotech, Inc. ("Fortress" or "Parent").
On November 1, 2024, the FDA approved Emrosi for the treatment of inflammatory lesions of rosacea in adults. Emrosi was developed by Journey in collaboration with Dr. Reddy's Laboratories, Ltd. ("DRL"). Our initial supply became available in March 2025. We began sales promotion of Emrosi beginning in April 2025, and we are commercializing Emrosi in the U.S. with our existing commercial team.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $61.2M | $55.1M | $59.7M | $71.0M | $63.1M | $44.5M | — |
| Cost of revenue | $20.9M | $20.9M | $22.9M | $30.8M | $32.1M | $14.6M | — |
| Gross profit | $40.3M | $34.3M | $36.8M | $40.2M | $31.1M | $29.9M | — |
| R&D | $480.0K | $9.9M | $7.5M | $10.9M | $2.7M | — | — |
| SG&A | $44.4M | $40.2M | $43.9M | $59.5M | $39.8M | $22.1M | — |
| Total operating expenses | $70.0M | $69.8M | $81.3M | $101.2M | $98.0M | $36.7M | — |
| Operating income | -$8.2M | -$13.7M | -$2.1M | -$27.5M | -$34.9M | $7.9M | — |
| Interest expense | $3.7M | $2.7M | $1.7M | $2.0M | $7.0M | $698.0K | — |
| Pre-tax income | -$11.4M | -$14.6M | -$3.6M | -$29.6M | -$42.4M | $7.2M | — |
| Income tax | $60.0K | $61.0K | $221.0K | $63.0K | $1.6M | $1.9M | — |
| Net income | -$11.4M | -$14.7M | -$3.9M | -$29.6M | -$44.0M | $5.3M | — |
| EPS, basic | -0.47 | -0.72 | -0.21 | -1.69 | -4.32 | 0.58 | — |
| EPS, diluted | -0.47 | -0.72 | -0.21 | -1.69 | -4.32 | 0.49 | — |
| Shares, diluted (wtd. avg.) | 24.5M | 20.4M | 18.2M | 17.5M | 10.2M | 10.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.1M | $20.3M | $27.4M | $32.0M | $49.1M | $8.2M | $4.8M |
| Receivables | $29.8M | $10.2M | $15.2M | $28.2M | $23.1M | $23.9M | — |
| Inventory | $9.6M | $14.4M | $10.2M | $14.2M | $9.9M | $1.4M | — |
| Total current assets | $66.9M | $48.2M | $56.5M | $77.7M | $84.5M | $35.2M | — |
| Other intangibles | $27.6M | $31.9M | $20.3M | $27.2M | $12.6M | $15.0M | $7.4M |
| Total assets | $94.6M | $80.2M | $76.8M | $105.2M | $97.3M | $51.9M | — |
| Accounts payable | $8.9M | $16.1M | $18.1M | $36.6M | $22.8M | $1.8M | — |
| Total current liabilities | $37.4M | $35.2M | $41.9M | $66.8M | $51.6M | $28.1M | — |
| Long-term debt | $25.3M | $24.9M | $14.6M | $19.8M | — | — | — |
| Total liabilities | $62.7M | $60.2M | $56.5M | $88.2M | $55.2M | $41.6M | — |
| Retained earnings | -$98.5M | -$87.0M | -$72.4M | -$68.5M | -$38.9M | $5.1M | — |
| Total equity | $31.9M | $20.1M | $20.4M | $17.0M | $42.0M | $10.3M | $2.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.4M | -$9.1M | $5.2M | -$13.5M | -$2.2M | $5.1M | — |
| Depreciation and amortisation | — | — | — | — | $0 | $5.0K | — |
| Stock-based compensation | $6.3M | $6.1M | $2.6M | $4.4M | $2.5M | $153.0K | — |
| Capital expenditure | — | $15.0M | $5.0M | $20.0M | — | — | — |
| Investing cash flow | — | -$15.0M | -$5.0M | -$20.0M | -$10.0M | -$1.2M | — |
| Financing cash flow | $16.2M | $17.0M | -$4.8M | $16.5M | $53.0M | -$487.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-034629.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $44.5M | $63.1M | $71.0M | $59.7M | $55.1M | $61.2M |
| Gross profit | — | $29.9M | $31.1M | $40.2M | $36.8M | $34.3M | $40.3M |
| Net income | — | $5.3M | -$44.0M | -$29.6M | -$3.9M | -$14.7M | -$11.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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