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Fortress Biotech (FBIO) investor relations material
Fortress Biotech Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 net revenue reached $17.6 million, up 21% year-over-year, driven by Emrosi's U.S. launch and strong prescription growth, with Emrosi contributing $4.9 million and prescriptions up 146% sequentially.
Net income attributable to common stockholders was $3.7 million for Q3 2025, compared to a $15.0 million loss in Q3 2024; net loss for Q3 2025 was $2.3 million ($0.09/share), slightly improved from $2.4 million ($0.12/share) in Q3 2024.
Emrosi prescriptions reached 18,198 in Q3, with unique prescribers increasing by 50% to over 2,700; strong clinical data confirmed Emrosi's superiority over Oracea and placebo.
Major events included the $28 million Checkpoint sale, a $15.1 million gain from the dotinurad transfer, and the transfer of dotinurad to Crystalys.
Positive physician and patient feedback for Emrosi, with strong refill rates and high brand recognition emerging.
Financial highlights
Gross margin improved sequentially in 2025, reaching 67.4% in Q3, up from 67.1% in Q2, but down from 69.4% in Q3 2024.
Adjusted EBITDA improved to $1.7 million from $0.3 million year-over-year; EBITDA loss reduced to $0.5 million from $1 million.
Cash and cash equivalents stood at $24.9 million as of September 30, 2025, up from $20.3 million at year-end 2024.
Operating expenses for Q3 2025 decreased 33% year-over-year to $24.4 million, mainly due to lower R&D and SG&A costs after Checkpoint deconsolidation.
Q3 2025 basic EPS: $0.13; diluted EPS: $0.11.
Outlook and guidance
Management expects to become sustainably EBITDA positive in Q4 2025 and anticipates continued growth from Emrosi, with expanded payer access now covering over 100 million U.S. commercial lives.
Emrosi is projected to reach peak annual net sales of over $200 million in the U.S. and $300 million globally.
Operating expenses expected to remain relatively consistent into 2026, supporting margin expansion.
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Next Fortress Biotech earnings date
Q4 202530 Mar, 2026
Next Fortress Biotech earnings date
Q4 202530 Mar, 2026
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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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