FDA approves Emrosi for rosacea; Q3 prelim revenue $14.6M, net loss $2.4M; FY guidance unchanged

Journey Medical Corp

FDA approved Emrosi (minocycline HCl ER 40 mg) for inflammatory lesions of rosacea in adults; initial supply expected late Q1 or early Q2 2025.
Q3 2024 prelim net product revenue $14.6M (vs $15.3M YoY); net loss $2.4M (vs $16.8M net income Q3 2023 which had $19.3M license payment).
Nine-month 2024 net product revenue $42.5M (vs $44.4M); net loss $16.2M (vs $1.7M); R&D $9.6M includes $4.1M FDA fee and $3.0M milestone to DRL.
FY 2024 guidance unchanged: net revenue $55-60M, SG&A $39-42M, R&D $9-10M.
Approval triggered $15M milestone to Dr. Reddy's; mandatory $5M draw under SWK Credit; expects $4.4M recovery from 2021 cyber incident in Q4.

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