Fortress Biotech, Inc.

Second-quarter 2026 revenue was $18.5 million versus $15 million in Q2 2025, a 23% increase. Emrosi contributed $8.1 million in net revenue, and total product revenue grew 23% year over year. Gross margin was 67%, unchanged from the prior-year quarter. SG&A was $10.9 million versus $11.9 million last year. GAAP net loss narrowed to $300,000, or $0.01 per share, from $3.8 million, or $0.16 per share. EBITDA was positive at $1.4 million in Q2 and adjusted EBITDA was positive at $2.9 million. The company ended the quarter with $25.6 million in cash, up from $24.1 million at December 31, 2025. Management did not provide explicit numeric revenue or EPS guidance, but said it expects positive EBITDA for the remainder of the year and continued improvement in ASP, reimbursement, and commercial momentum through the back half of 2026.

Claude Maraoui struck an upbeat tone, saying the quarter showed solid progress, strong revenue growth, and improved profitability. He emphasized accelerating Emrosi adoption, citing about 20% sequential prescription growth, rising new prescriptions, and a move to over 4,500 unique prescribers. He also highlighted better payer coverage, a higher ASP trend, the addition of 5 sales reps, and the launch of Eurax Cream as steps to expand the company’s commercial base.

Joseph Benesch focused on the financial improvement: revenue of $18.5 million, gross margin of 67%, SG&A of $10.9 million, and a much smaller GAAP loss of $0.3 million. He said EBITDA and adjusted EBITDA were positive for both the quarter and the first half, and noted cash of $25.6 million at quarter-end. His commentary framed the quarter as progress toward sustained EBITDA positivity through revenue growth, margin improvement, and expense optimization.

Analysts pressed management on whether Emrosi’s rising ASP could keep improving, whether recent volume was flattening seasonally, and how much access friction remained in payer coverage. Management said there were no inventory effects on ASP, expects further sequential ASP gains as reimbursement improves, and does not see strong seasonality in rosacea demand. On access, management said roughly 80 million to 90 million lives may still face higher friction such as prior auth or step edits, and that the company is working to move more coverage toward single-step therapy or better. The team also said the new reps are mostly white-space hires, that Eurax launched in July and is early, and that out-licensing discussions for Emrosi and other brands continue but take time.