Fortress Biotech Inc
fortressbiotech.comWhat Do They Do?
Markets prescription dermatology medicines for people with rosacea, acne and excessive underarm sweating through partner Journey, and acquires and advances drug assets through subsidiaries and partners.
10-K for FY2025, filed Mar 31, 2026Fortress Biotech, Inc. (“Fortress” or the “Company”) is a biopharmaceutical company focused on acquiring and advancing assets to enhance…View ↗
Following the exclusive license or other acquisition of the intellectual property underpinning a product or product candidate, Fortress…View ↗
Through our partner company Journey we market the following branded dermatology products approved by the FDA for sale in the United States:View ↗
Emrosi (Minocycline Hydrochloride Extended-Release Capsules, 40mg for the treatment of inflammatory lesions of rosacea in adults): approved…View ↗
Qbrexza: a medicated cloth towelette for the treatment of primary axillary hyperhidrosis;View ↗
Accutane: an oral isotretinoin drug for the treatment of severe recalcitrant nodular acne;View ↗
How Do They Make Money?
Revenue mainly comes from Journey’s commercial products; customers pay for products when they receive them. Fortress also earns license-related payments and royalties from partners.
10-K for FY2025, filed Mar 31, 2026For the years ended December 31, 2025 and 2024, total net revenue was $63.3 million and $57.7 million, respectively, which includes net…View ↗
The Company records and recognizes revenue in a manner that depicts the transfer of promised goods or services to customers in an amount…View ↗
For the year ended December 31, 2025, other revenue included $1.4 million related to Avenue’s termination of its license agreement with…View ↗
Cyprium is eligible to receive up to $128 million in aggregate sales milestones from Sentynl, as well as royalties on net sales of ZYCUBO…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$63.3M
-
10-K for FY2025, filed Mar 31, 2026
$63.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Emrosi
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
24% |
Emrosi, FY2025
$14.7M Sources
|
Sold outright |
|
Qbrexza
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
41%
FY2022: 38%
|
Qbrexza, FY2025
$25M Sources
|
Sold outright |
|
Accutane
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
21%
FY2022: 26%
|
Accutane, FY2025
$12.9M Sources
|
Sold outright |
|
Foam franchise products (Amzeeq & Zilxi)
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
9.6% |
Foam franchise products (Amzeeq & Zilxi), FY2025
$5.9M Sources
|
Sold outright |
|
Other / legacy product revenue
Sold outright
|
4.5% |
Other / legacy product revenue, FY2025
$2.7M Sources
|
Sold outright |
Who Are Their Customers?
Journey sells its dermatology products to wholesale distributors and specialty pharmacies. Wholesalers also serve contracted customers and qualified government healthcare providers.
10-K for FY2025, filed Mar 31, 2026Chargebacks and Government Chargebacks — The Company sells a portion of its products indirectly through wholesaler distributors to…View ↗
Wholesaler fees — The Company provides allowances to its wholesale customers for sales order management, data, and distribution services.…View ↗
Specialty Pharmacy Discounts — The Company has in place contractual arrangements with specialty pharmacies and provides for contractually…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Mar 31, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$468KView ↗
- ▼ Now a loss
- vs $15.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
Shrinking. Revenue fell 8% in 4 years, from $68.8M in FY2021 to $63.3M in FY2025, about 2% a year.
Emrosi joins the portfolio
Emrosi joined the marketed dermatology portfolio; the older report lists other marketed products, while the latest report says Journey launched Emrosi.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 31, 2026
Who Do They Compete With?
Competes with Galderma Laboratories, Almirall, Leo Pharma, Mayne Pharma, Botanix Pharmaceuticals, and Ortho Dermatologics
10-K for FY2025, filed Mar 31, 2026Our major competitors in dermatology, including Galderma Laboratories, Almirall, Leo Pharma, Mayne Pharma, Botanix Pharmaceuticals, and…View ↗
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