Fortress Biotech (FBIO) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 was $18.7 million, up 14% year-over-year, driven by strong Emrosi sales, expanded payer access, and new royalty streams.

• Emrosi prescriptions grew 20% sequentially from Q1, reaching approximately 36,000 in Q2, with unique prescribers surpassing 4,500, a 40% increase from year-end 2025.

• Operating expenses decreased 46% year-over-year due to the deconsolidation of Checkpoint and lower R&D and SG&A costs.

• Significant one-time gain of $158.9 million from the sale of a priority review voucher in H1 2026, strengthening cash position.

• Cash and cash equivalents increased to $196.6 million as of June 30, 2026, up from $79.4 million at year-end 2025.

Financial highlights

• Consolidated net revenue was $18.7 million in Q2 2026, up from $16.4 million in Q2 2025.

• Dermatology products contributed $17.8 million in Q2 2026, compared to $15.0 million in Q2 2025.

• Gross margin remained strong at 67% for Q2 2026.

• SG&A expenses decreased to $20.8 million from $38.8 million year-over-year.

• Net loss attributable to common stockholders was $(2.5) million, or $(0.08) per share basic and diluted, versus net income of $13.4 million in Q2 2025.

Outlook and guidance

• Expanded payer access for Emrosi to over 150 million commercial lives, representing 85% of the U.S. commercial market.

• Management expects continued sequential gains in average selling price (ASP) for Emrosi as payer reimbursement improves.

• Strong cash position post-PRV sale supports continued pipeline execution and business development.

• Ongoing regulatory submissions for anselamimab in the EU and Japan, and continued advancement of late-stage and development-stage programs.

• Eurax Cream is expected to contribute to revenue growth as it gains traction in the market.