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Dec 31, 2023
Journey Medical Q4 2023 Earnings Report
Journey Medical reported full-year financial results for 2023, showing revenue growth and cost savings.
Key Takeaways
Journey Medical Corporation reported full-year revenue of $79.2 million, a 7% increase from 2022. The company achieved $15.6 million in operating cost savings, exceeding initial guidance. A New Drug Application for DFD-29 was accepted by the FDA, with a PDUFA goal date of November 4, 2024.
Full-year revenue reached a record high, driven by Qbrexza® licensing agreement and core dermatology product sales.
Operating cost savings of $15.6 million were achieved, surpassing initial guidance.
New Drug Application for rosacea treatment candidate DFD-29 was accepted for FDA review.
Company is positioned for growth with a portfolio of dermatology brands, sales force, and the potential launch of DFD-29 in early 2025.
Journey Medical
Journey Medical
Forward Guidance
Journey Medical anticipates continued growth and value creation based on its dermatology portfolio, sales force, streamlined cost structure, and the potential launch of DFD-29.
Positive Outlook
- Portfolio of recognized dermatology brands
- Proven sales force
- Streamlined cost infrastructure
- Potential to launch DFD-29 in early 2025
- DFD-29 has the potential to become the only oral, systemic therapy
Challenges Ahead
- Products and product candidates are subject to time and cost intensive regulation and clinical testing
- A substantial portion of sales derive from products that may become subject to third-party generic competition
- Revenue is dependent mainly upon sales of dermatology products
- Competition could limit products’ commercial opportunity and profitability
- The dependence of the success of business on the successful development and regulatory approval of the DFD-29 product candidate