Journey Medical (DERM) Q4 2025 earnings summary

Executive summary

• Achieved a milestone year with the successful launch of EMROSI, generating $14.7 million in net sales in its first nine months and approximately 53,000 prescriptions filled, with payer access expanding to over 100 million U.S. commercial lives.

• Total revenues for 2025 were $61.9 million, up 10% year-over-year, driven by EMROSI's launch and offset by a decline in Accutane revenue.

• Net loss narrowed to $11.4 million ($0.47/share) from $14.7 million ($0.72/share) in 2024.

• Adjusted EBITDA improved to $2.9 million from $0.8 million year-over-year; EBITDA loss narrowed to $4 million from $9.2 million.

• Positive adjusted EBITDA and EBITDA achieved in Q4 2025, with expectations to remain adjusted EBITDA positive in 2026 and beyond.

Financial highlights

• Gross margin improved to 66.2% from 62.8% in 2024, reflecting a favorable product mix and lower inventory costs.

• SG&A expenses rose 10% to $44.4 million, supporting EMROSI's launch and expansion.

• Year-end cash position was $24.1 million, up from $20.3 million; working capital increased to $29.4 million from $13 million.

• Stockholders' equity rose to $31.9 million from $20.1 million year-over-year.

Outlook and guidance

• Expectation to remain adjusted EBITDA positive in 2026, with continued sales growth and margin expansion as EMROSI adoption increases.

• Anticipate improved reimbursement rates and reduced reliance on co-pay assistance as health plan coverage expands.

• Plan to launch one or two additional dermatology products in 2026 to augment revenue growth.

• More detailed financial guidance to be provided later in the year as payer adoption of EMROSI matures.

• Management expects continued execution of its commercial strategy, leveraging its platform to drive financial performance and advance innovative dermatology therapies.