Journey Medical (DERM) Q4 2024 earnings summary

Executive summary

• Achieved all 2024 guidance ranges and FDA approval for Emrosi, a new oral rosacea treatment, with initial distribution, first prescriptions filled, and full promotion expected in April 2025.

• Reported annual revenue of $56.1 million for 2024, with six consecutive quarters of positive non-GAAP adjusted EBITDA.

• Completed $22 million in one-time FDA filing fees and milestone payments for Emrosi, clearing regulatory obligations.

• Emrosi launch preparations included inventory shipments, national sales meeting, and strong engagement at major dermatology conferences.

• Emrosi Phase 3 clinical trial results published in JAMA Dermatology, showing best-in-class efficacy and safety.

Financial highlights

• Total revenues for 2024 were $56.1 million, down from $79.2 million in 2023, mainly due to a one-time $19 million license payment in 2023 and lower legacy product sales.

• Net loss to common shareholders was $14.7 million ($0.72/share) vs. $3.9 million ($0.21/share) in 2023.

• Non-GAAP adjusted EBITDA was $0.8 million ($0.04/share), down from $15.6 million ($0.85/share) in 2023.

• Cash and equivalents at year-end were $20.3 million, down from $27.4 million in 2023.

• SG&A expenses decreased by 8% to $40.2 million, while R&D expenses rose to $9.9 million, reflecting Emrosi-related costs.

Outlook and guidance

• 2025 financial guidance will be provided later after assessing Emrosi's initial prescription demand and payer negotiations.

• Emrosi expected to be a transformational growth driver, with peak annual sales potential of $200 million in the US and $100 million internationally.

• Full promotion of Emrosi is scheduled for April 2025, with ongoing execution ahead of schedule.

• Anticipated ramp in payer coverage for Emrosi over 12–18 months post-launch, with quarterly updates planned.

• Two additional peer-reviewed publications and further medical conference presentations on Emrosi expected in 2025.