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Fortress Biotech (FBIO) investor relations material

Fortress Biotech Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Q2 2025 net revenue was $16.4M, up 10% year-over-year, mainly from Journey's dermatology products and $1.4M from Avenue's license termination with AnnJi.

  • Emrosi launched in March 2025, contributing $2.8M in Q2 revenue, with strong initial prescription ramp and expanded payer coverage announced in July 2025.

  • Q2 2025 net income attributable to common stockholders was $13.4M, compared to a net loss of $13.3M in Q2 2024, driven by a $27.1M gain from the deconsolidation of Checkpoint after its sale to Sun Pharma.

  • Joined the Russell 2000® and Russell 3000® Indexes in June 2025, reflecting increased market visibility.

  • The company paused dividends on Series A Preferred Stock, accumulating $8.0M in undeclared dividends as of June 30, 2025.

Financial highlights

  • Q2 2025 net revenue: $16.4M (up 10% year-over-year); six months ended June 30, 2025: $29.6M (up 6%).

  • Q2 2025 net income attributable to common stockholders: $13.4M; EPS (diluted): $0.45 vs. $(0.73) in Q2 2024.

  • Q2 2025 operating loss: $(36.5)M, up from $(27.8)M in Q2 2024, due to higher SG&A and stock-based compensation.

  • Gross margin improved to 67% from 61% year-over-year, driven by favorable product mix and Emrosi sales.

  • Cash and cash equivalents at June 30, 2025: $74.4M; restricted cash: $1.2M.

Outlook and guidance

  • Management anticipates continued growth and operating leverage in H2 2025, supported by Emrosi's market traction and expanding payer access.

  • Current cash and equivalents are expected to fund operations for at least the next 12 months; additional funding may be needed for R&D, regulatory filings, and commercialization.

  • The company will seek further capital through equity, debt, or asset sales as needed to support development and expansion.

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Frequently asked questions

Fortress Biotech Inc. is a biopharmaceutical company engaged in the acquisition, development, and commercialization of innovative pharmaceutical and biotechnology products. The company operates through a diversified portfolio of subsidiary companies that focus on a range of therapeutic areas, including oncology, gene therapy, dermatology, and infectious diseases. Fortress Biotech's business model involves forming partnerships and collaborations with research institutions and other pharmaceutical companies to advance its product pipeline. The company is headquartered in Bay Harbor Islands, Florida, and its shares are listed on the NASDAQ.

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