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Sep 30, 2023
Journey Medical Q3 2023 Earnings Report
Reported a significant increase in revenue and a shift to net income, driven by an out-licensing agreement and overall revenue growth.
Key Takeaways
Journey Medical Corporation reported a substantial increase in total net revenues for Q3 2023, reaching $34.5 million, a 101% increase compared to the previous quarter and a 114% increase compared to Q3 2022. The company also achieved GAAP net income of $16.8 million, a significant improvement from the net loss of $10.1 million in the same quarter of the previous year. This performance was boosted by an upfront payment from an exclusive license agreement with Maruho Co., Ltd.
Total net revenues for Q3 2023 were $34.5 million, reflecting a 101% increase from Q2 2023 and a 114% increase from Q3 2022.
GAAP net income reached $16.8 million, or $0.91 per share basic and $0.80 per share diluted, a significant turnaround from the $10.1 million net loss in Q3 2022.
An upfront payment of $19.0 million was received from Maruho Co., Ltd. for an exclusive license agreement for Qbrexza® in South Korea and other Asian nations.
The company anticipates submitting a New Drug Application for DFD-29 to the FDA around the end of 2023.
Forward Guidance
Journey Medical anticipates submitting a New Drug Application to the FDA for DFD-29.
Historical Earnings Impact
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