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Sep 30, 2022
Journey Medical Q3 2022 Earnings Report
Reported a decrease in revenue due to generic competition of Targadox, and are progressing with DFD-29 clinical trials.
Key Takeaways
Journey Medical reported a decrease in revenue for Q3 2022 compared to Q3 2021, primarily due to generic competition of Targadox. However, the company is progressing with its DFD-29 Phase 3 clinical program and anticipates top-line data in the first half of 2023.
Revenue for Q3 2022 was $16.1 million, compared to $19.6 million for Q3 2021.
The decline in revenue was primarily attributed to generic competition of Targadox and an increase in net revenue of Accutane.
75% enrollment achieved in DFD-29 Phase 3 clinical program for papulopustular rosacea.
Top-line data from the DFD-29 Phase 3 clinical program is anticipated in the first half of 2023.
Journey Medical
Journey Medical
Forward Guidance
Journey Medical expects to report record revenue for the full year 2022 and anticipates DFD-29 will achieve peak annual net sales exceeding $100 million after approval.
Positive Outlook
- Expect to report record revenue for the full year 2022.
- Anticipate announcing top-line data from the DFD-29 trials in the first half of 2023.
- Expect to file a New Drug Application in the second half of 2023.
- Anticipate that DFD-29 will achieve peak annual net sales exceeding $100 million.
- Plan to launch another product in the upcoming months.
Challenges Ahead
- Sales revenue for Q3 2022 continues to be negatively impacted primarily by the effect of Targadox generic competition versus Q3 2021.
- Cybersecurity breach in September 2021 resulted in losses of $9.5 million.
- The process to recover funds from the cybersecurity breach could take as long as 6 months or more to complete.
- Uncertainties relating to preclinical and clinical testing.
- Risks relating to the timing of starting and completing clinical trials, including disruptions that may result from hostilities in Europe.