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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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