Fortress Biotech, Inc. FBIO
Fortress Biotech, Inc. ("Fortress" or the "Company") is a biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holding and dividend and royalty revenue streams. Fortress works in concert with our extensive network of key opinion leaders to identify and evaluate promising products and product candidates for potential acquisition. We have executed arrangements in partnership with some of the world's foremost universities, research institutes and pharmaceutical companies, including City of Hope National Medical Center ("COH" or "City of Hope"), Dana-Farber Cancer Institute, Nationwide Children's Hospital, Columbia University, the University of Pennsylvania, AstraZeneca plc, Dr. Reddy's Laboratories, Ltd. ("DRL"), and Sun Pharmaceutical Industries Limited ("Sun Pharma").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $61.2M | $55.1M | $59.7M | $71.0M | $63.1M | $44.5M | $34.9M | $23.4M | $15.5M | $16.5M |
| Cost of revenue | $20.9M | $20.9M | $22.9M | $30.8M | $32.1M | $14.6M | $10.5M | $6.1M | $3.7M | $790.0K |
| Gross profit | $40.3M | $34.3M | $36.8M | $40.2M | $31.1M | $29.9M | $24.4M | $17.3M | $11.9M | $15.7M |
| R&D | — | — | $106.1M | $134.9M | $128.9M | $64.1M | $81.3M | $87.4M | $48.3M | $35.1M |
| SG&A | $96.4M | $87.7M | $91.0M | $113.7M | $86.8M | $61.2M | $55.6M | $53.4M | $50.9M | $28.2M |
| Total operating expenses | $133.5M | $168.1M | $226.9M | $279.3M | $257.3M | $139.9M | $147.4M | $146.9M | $107.0M | $82.2M |
| Operating income | -$70.2M | -$110.4M | -$142.3M | -$203.6M | -$188.5M | -$94.3M | -$110.8M | -$120.0M | -$89.8M | -$65.7M |
| Interest expense | — | — | — | — | — | — | $11.8K | $10.3K | $7.7K | $3.7M |
| Pre-tax income | -$33.5M | -$120.5M | -$153.6M | -$213.5M | -$164.4M | -$102.8M | -$101.7M | -$130.8M | -$97.5M | -$71.3M |
| Income tax | $620.0K | $312.0K | $521.0K | $449.0K | $473.0K | $500.0K | $0 | $0 | $1.5M | $0 |
| Net income | $37.0M | $21.0M | $31.0M | -$86.6M | -$64.7M | -$46.5M | -$40.0M | -$84.1M | -$66.9M | -$55.1M |
| EPS, basic | -0.07 | -2.69 | -8.47 | -15.97 | -0.79 | — | — | — | — | — |
| EPS, diluted | -0.07 | -2.69 | -8.47 | -15.97 | -0.79 | -0.65 | -0.73 | -1.94 | -1.61 | -1.38 |
| Shares, diluted (wtd. avg.) | $27.9M | $20.8M | $8.1M | $5.9M | $81.7M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $79.4M | $57.3M | $83.4M | $181.0M | $308.0M | $235.0M | $153.4M | $81.6M | $111.0M | $82.1M |
| Short-term investments | — | — | — | — | — | — | $0 | $17.6M | $36.0M | $0 |
| Receivables | $29.8M | $10.2M | $15.2M | $28.2M | $23.1M | $23.9M | $13.5M | $5.5M | $7.8M | $1.8M |
| Inventory | $9.6M | $14.4M | $10.2M | $14.2M | $9.9M | $1.4M | $857.0K | $678.0K | $171.0K | $203.0K |
| Total current assets | $123.8M | $90.4M | $117.0M | $230.4M | $346.5M | $266.1M | $156.3M | $111.2M | $183.2M | $109.6M |
| Property, plant and equipment | $2.5M | $3.3M | $6.5M | $13.0M | $15.1M | $11.9M | $12.4M | $12.0M | $7.1M | $1.2M |
| Goodwill | — | — | — | — | — | — | — | — | $18.6M | $18.6M |
| Other intangibles | $27.6M | $31.9M | $20.3M | $27.2M | $12.6M | $14.6M | $7.4M | $1.4M | $883.0K | $17.4M |
| Total assets | $185.5M | $144.2M | $167.5M | $294.3M | $396.5M | $333.4M | $226.4M | $141.0M | $245.9M | $170.7M |
| Accounts payable | $14.2M | $31.6M | $34.8M | $57.2M | $47.4M | $11.4M | $35.5M | $34.1M | $27.4M | $24.3M |
| Total current liabilities | $49.7M | $71.4M | $84.9M | $127.7M | $101.0M | $51.8M | $45.6M | $55.6M | $71.4M | $56.6M |
| Long-term debt | $52.4M | $58.0M | $60.9M | $91.7M | $42.9M | $51.7M | $84.7M | $84.4M | $67.5M | $30.2M |
| Total liabilities | $123.4M | $145.9M | $165.9M | $244.3M | $170.6M | $136.4M | $153.9M | $121.2M | $125.4M | $87.8M |
| Retained earnings | -$734.1M | -$740.9M | -$694.9M | -$634.2M | -$547.5M | -$482.8M | -$436.2M | -$396.3M | -$312.1M | -$245.3M |
| Total equity | $49.9M | $22.7M | $1.6M | $50.0M | $225.9M | $197.0M | $72.5M | $19.7M | $120.5M | $83.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$65.8M | -$80.2M | -$128.2M | -$179.4M | -$116.5M | -$83.7M | -$95.0M | -$98.8M | -$81.3M | -$45.8M |
| Depreciation and amortisation | $403.0K | $1.0M | $2.2M | $3.1M | $2.6M | $2.3M | $1.9M | $1.4M | $726.0K | $944.0K |
| Stock-based compensation | $28.7M | $32.6M | $17.0M | $23.0M | $19.5M | $13.5M | $13.2M | $15.0M | $13.4M | $12.1M |
| Capital expenditure | — | $0 | $63.0K | $2.7M | $4.6M | $1.9M | $2.3M | $7.1M | $648.0K | $6.4M |
| Investing cash flow | $10.1M | -$15.0M | -$2.1M | -$22.9M | $40.5M | -$7.2M | $20.1M | $18.8M | -$40.2M | -$6.1M |
| Financing cash flow | $77.4M | $70.6M | $32.7M | $75.3M | $149.0M | $172.4M | $146.7M | $50.6M | $150.4M | $42.9M |
| Dividends paid | $664.0K | $694.0K | $736.0K | $749.0K | $749.0K | $237.0K | $0 | — | — | — |
| Buybacks | — | — | — | — | — | $70.0K | $0 | — | — | — |
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 0001104659-26-050358.
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