Journey Medical (DERM) H.C. Wainwright 28th Annual Global Investment Conference summary

Company overview and market positioning

• Commercial-stage pharmaceutical company specializing in dermatology, targeting acne, rosacea, and hyperhidrosis, with a combined market size of $6 billion in 2025.

• Net product revenues reached $61 million in 2025, with adjusted EBITDA of $2.9 million.

• Leadership team has deep dermatology expertise, including legacy experience from Medicis and successful launches of major brands.

• Sales force of 40 covers 80% of top U.S. MSAs and reaches 70% of total prescriptions in core disease states.

• Product portfolio includes EMROSI, QBREXZA, AMZEEQ, ZILXI, and Accutane, with a focus on both in-licensing and out-licensing strategies.

EMROSI launch and performance

• EMROSI, a novel minocycline formulation for rosacea, launched in April 2025 and is the primary growth driver.

• Achieved FDA approval in November 2024 and published phase III results in JAMA; protected by three U.S. patents through 2039.

• Demonstrated statistical superiority over ORACEA and placebo in both IGA success and inflammatory lesion reduction.

• Rapid onset of efficacy, with significant results by week four and superior outcomes by week eight compared to ORACEA at week sixteen.

• Safety profile similar to placebo, with minimal side effects due to proprietary immediate and extended-release formulation.

Market access, uptake, and future outlook

• Secured contracts with three major U.S. GPOs, enabling access to 85% of commercial lives.

• EMROSI surpassed ORACEA and generics in market share, with over 130,000 prescriptions and 4,500 unique prescribers since launch.

• Coverage extends to 87% of dermatology prescriptions for rosacea, with strong e-sampling and non-direct promotion for the remainder.

• Multiple publications and industry presentations planned for 2025 and 2026 to further drive awareness and adoption.

• Out-licensing and business development remain key strategies, with ongoing success in acquiring and advancing new products.