Fortress Biotech (FBIO) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue rose 21% year-over-year to $16 million, driven by EMROSI/EmrosiⓇ growth.

• EMROSI/EmrosiⓇ net revenue reached $6.3 million, up from $2.1 million in Q1 2025, with prescription volumes rising.

• Cash position increased to $27.2 million as of March 31, 2026.

• Net loss narrowed to $2.2 million ($0.08/share) from $4.1 million ($0.18/share) in Q1 2025.

• Adjusted EBITDA turned positive at $0.6 million, versus negative $0.9 million in Q1 2025.

Financial highlights

• Gross margin was 61%, down from 63.5% due to a $1.3 million non-cash inventory write-down; adjusted gross margin would have been 69%.

• SG&A expenses decreased to $10.1 million from $10.6 million year-over-year.

• Product revenue for Q1 2026 was $15.9 million; other revenue was $40,000.

• Operating expenses totaled $17.5 million, down from $16.5 million in Q1 2025.

• GAAP net loss improved to $2.2 million ($0.08/share) from $4.1 million ($0.18/share) in Q1 2025.

Outlook and guidance

• Expectation of continued positive adjusted EBITDA and revenue growth as EMROSI/EmrosiⓇ gains market share and payer coverage improves.

• Expanded payer access for EMROSI/EmrosiⓇ anticipated to drive further prescription growth.

• Detailed financial guidance to be provided later in the year.