Q4 2025 Journey Medical Corp Earnings Call Transcript
Key Points
- Journey Medical Corp (DERM) successfully launched MROS, an oral treatment for rosacea, achieving $14.7 million in net sales within three quarters of 2025.
- The company reported a total net product revenue growth of 11% for the full year 2025, with an improved gross margin by nearly 3.5 percentage points compared to 2024.
- Journey Medical Corp (DERM) achieved positive adjusted EBITDA and positive EBITDA in the fourth quarter of 2025, indicating improved profitability.
- The company has a solid cash position of approximately $24 million, which supports its business plan and growth objectives.
- MROS prescriptions reached approximately 53,000 in 2025, with a strong refill rate indicating high patient satisfaction and potential for long-term brand loyalty.
- Journey Medical Corp (DERM) faced pressure on its Accutane franchise and other legacy products due to generic competition.
- The company reported a GAAP net loss of $11.4 million for 2025, although this was an improvement from the previous year.
- SG&A expenses increased by approximately 10% to $44.4 million in 2025, reflecting higher operating activities to support MROS's launch.
- Prescription demand for MROS is ahead of reported revenue due to timing issues with health plan coverage decisions and formulary implementation cycles.
- The gross to net revenue per script for MROS was lower than expected in Q4 2025, indicating challenges in achieving optimal reimbursement rates.
Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to Journey Medical's Full Year 2025 financial results and corporate update conference call. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes.
A webcast replay of this call will be available approximately one hour after the end of the call for approximately 30 days.
I would now like to turn the conference call over to Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.
Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are: Claude Maraoui, Co-Founder, President and Chief Executive Officer; Joseph Benesch Chief Financial Officer; and Ramsey Alloush, Chief Operating Officer and General Counsel.
During this call, management will be making forward
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