Journey Medical reported higher first-quarter 2026 revenue and said its rosacea treatment EMROSI remains the central driver of its growth strategy, as management pointed to rising prescription volumes, improved reimbursement and continued expense discipline.
Claude Maraoui, Journey Medical’s co-founder, president and chief executive officer, said the company made “solid progress” in the quarter and called 2026 a potential “breakout year” for EMROSI and the company. Total net product revenue rose 21% year over year, while operating expenses increased 6%, according to management.
Revenue rises as EMROSI gains traction
Benesch said gross margin was 61%, down from 63.5% a year earlier. The decline reflected a $1.3 million non-cash charge to cost of sales tied to a write-down of active pharmaceutical ingredient inventory associated with the 2021 QBREXZA acquisition. Excluding that item, gross margin would have been about 69%, he said.
SG&A expenses were $10.1 million, down from $10.6 million in the prior-year quarter, which Benesch attributed mainly to lower EMROSI launch-related spending as the company moved from initial launch investment to ongoing commercial execution.
Journey Medical reported a GAAP net loss of $2.2 million, or $0.08 per share, compared with a net loss of $4.1 million, or $0.18 per share, in the first quarter of 2025. Adjusted EBITDA was positive $600,000, or $0.02 per share, versus negative adjusted EBITDA of $900,000, or $0.04 per share, a year earlier.
The company ended the quarter with $27.2 million in cash, up from $24.1 million at the end of 2025.
Prescription volume and reimbursement remain key metrics
Maraoui said EMROSI prescriptions totaled about 30,000 in the first quarter, up from about 27,000 in the fourth quarter of 2025. He said revenue increased about 26% sequentially from the fourth quarter, outpacing prescription growth as revenue per prescription improved.
Management said more than 3,700 unique dermatology prescribers have written a prescription for EMROSI, up from about 3,200 at the end of 2025. Maraoui also said the ratio of refills to new prescriptions is approaching 1.5 to 1, compared with about 1 to 1 at the end of 2025, which he described as an indicator of patient satisfaction and continued use.
In response to analyst questions, Maraoui said EMROSI had 52,000 total prescriptions in 2025, with 26,000 new prescriptions. In the first quarter, he said the ratio moved to one new prescription for every 1.4 refills. He also said April Symphony data showed an all-time high of more than 11,400 prescriptions.
Payer access discussions continue
Journey Medical said it has now entered agreements with all three major PBM-owned or affiliated group purchasing organizations in the U.S.: Zinc Health Services, Emisar Pharma Services and Ascent Health Services. Maraoui said the three GPOs collectively negotiate prescription drug pricing for about 85% of U.S. commercial lives, and that more than 169 million of the 192 million commercial lives in the U.S. now have access to EMROSI.
Ramsey Alloush, Journey Medical’s chief operating officer and general counsel, said GPO agreements provide access but do not automatically translate into formulary coverage. He said the company is now focused on discussions with downstream national and regional health plans, including tier positioning, step edit requirements and prior authorization criteria.
Alloush said Journey Medical views quality coverage as a single step edit or better through an oral or topical agent, with a lookback period of one year or longer. He said about 34% of the 190 million commercial lives, or roughly 60 million lives, currently have coverage for EMROSI with a single step or better.
Maraoui said improved payer coverage should reduce reliance on the company’s co-pay bridging program and could improve average selling prices over time.
Commercial expansion and possible new products
Journey Medical plans to add up to five sales professionals this year, with training expected in June and field deployment in July. Maraoui said the company expects to move from 35 to 40 sales representatives, improving reach and call frequency.
The company also said it may launch up to two niche dermatology products later this year. Maraoui said EMROSI will remain the top focus for the sales force, followed by QBREXZA, with the potential new products occupying a third position in the promotional mix.
One potential product is in the anti-itch, or antipruritic, category, while the second is tied to lifecycle management for an existing Journey Medical brand, according to Maraoui.
Management signals confidence but holds off on formal guidance
Journey Medical did not issue detailed financial guidance, but Maraoui said the company expects to provide more specific guidance later in the year. He said management believes the company will deliver positive adjusted EBITDA and positive EBITDA for the remainder of 2026 and “for the foreseeable future.”
Asked about the broader revenue trajectory, Maraoui said the company’s base business outside EMROSI is expected to remain steady and consistent in 2026, while EMROSI remains the primary growth driver. He noted that Journey Medical generated more than $61 million in revenue last year and said the company expects to move “north of that,” without providing a specific forecast.
Maraoui also said Journey Medical continues to explore business development opportunities, including out-licensing commercial rights to patented products in non-U.S. territories and potentially in-licensing assets to expand its dermatology portfolio.
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Fortress Biotech, Inc is a clinical?stage biopharmaceutical company focused on acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Headquartered in New York, the company operates through a network of majority?owned subsidiaries that target areas of high unmet medical need, including oncology, rare diseases and dermatology. Fortress Biotech’s business model emphasizes in?licensing or acquiring promising drug candidates and coordinating their development through specialized affiliate companies, allowing for flexible capital allocation and focused management of individual programs.
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