Journey Medical Corporation

Total revenue was $18.5 million in Q2 2026 versus $15 million in Q2 2025, up 23% year over year. Amrozi net revenue was $8.1 million, also described as significantly higher year over year and sequentially. Gross margin was 67%, consistent with the prior-year quarter. SG&A was $10.9 million versus $11.9 million a year ago. GAAP net loss narrowed to $0.3 million, or $0.01 per share, from a loss of $3.8 million, or $0.16 per share, in Q2 2025. Cash ended the quarter at $25.6 million versus $24.1 million at 12/31/2025. Management did not give formal next-quarter or full-year numerical guidance, but said it expects continued improvement in Amrozi ASP, more traction from a new national formulary addition in Q3, and positive EBITDA for the remainder of the year.

Claude Maraoui framed the quarter as evidence that the company is moving into a stronger growth and profitability phase. He emphasized accelerating Amrozi prescriptions, rising new prescribers, improving reimbursement, and better formulary access, saying these trends should continue in coming quarters. His tone was upbeat and confident, repeatedly calling 2026 a breakout year and highlighting both commercial momentum and pipeline-like expansion through new reps, journal publications, and Urox Cream.

Joseph Benesch focused on the financial leverage in the model: revenue grew 23% to $18.5 million while SG&A declined to $10.9 million, and gross margin held at 67%. He noted GAAP net loss improved to $0.3 million and EBITDA and adjusted EBITDA were positive for the quarter and the six months ended 6/30/2026, with adjusted EBITDA of $2.9 million in Q2 and $3.5 million for the six-month period. He also said cash was $25.6 million at quarter-end and reiterated the company’s focus on becoming sustainably EBITDA positive through revenue growth, margin improvement, and expense optimization.

Analysts pressed on whether Amrozi’s ASP improvement was helped by inventory movements; management said there were none and expects sequential ASP gains to continue as reimbursement improves. Questions also focused on seasonality, prescription plateaus, and whether QBREXZA is stable or declining; management said seasonality is limited, July prescriptions were about 14 thousand for Amrozi, and QBREXZA remains a meaningful, fairly consistent brand with some quarter-to-quarter variability. Analysts asked about SG&A and the new national formulary addition; management said SG&A may step up somewhat in 2H due to marketing and advertising, but should remain a similar percentage of revenue, while the new national plan should improve access and ASP over time. On access friction, management said the main barriers are still prior auths and multi-step edits on some plans, and they are working to move more lives to single-step or better.