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Here are 1-3 brief analogies to describe Journey Medical (DERM):

• Like Galderma, but focused purely on prescription drugs for skin conditions.
• A specialty pharmaceutical company, similar to a focused version of Johnson & Johnson, but exclusively developing and commercializing prescription dermatology treatments.

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• Qbrexza: A medicated cloth towelette for the treatment of primary axillary hyperhidrosis.
• Accutane: An oral isotretinoin drug used to treat severe recalcitrant acne.
• Targadox: An oral doxycycline drug used as adjunctive therapy for severe acne.
• Ximino: An oral minocycline drug for the treatment of moderate to severe acne.
• Exelderm cream and solution: Topical cream and solution for dermatological use.
• Doxycycline hyclate tablets: Oral tablets used as a form of doxycycline.
• Minocycline hydrochloride capsules: Oral capsules used as a form of minocycline.
• Sulconazole nitrate cream and solution: Topical cream and solution.

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Journey Medical Corporation (DERM), as a pharmaceutical company, primarily sells its products to other companies within the healthcare supply chain rather than directly to individual consumers.

The major customers for pharmaceutical manufacturers like Journey Medical typically include large pharmaceutical wholesalers and distributors who then supply pharmacies, hospitals, and other healthcare providers. While Journey Medical's specific customer concentration is not publicly detailed without delving into their financial reports, it is highly probable that their products are distributed through one or more of the largest pharmaceutical wholesalers in the United States. These typically include:

• McKesson Corporation (MCK)
• AmerisourceBergen Corporation (ABC)
• Cardinal Health, Inc. (CAH)

These companies act as intermediaries, purchasing pharmaceutical products from manufacturers and distributing them across the vast network of pharmacies, hospitals, and clinics nationwide.

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Claude Maraoui, President & Chief Executive Officer

Claude Maraoui has over 30 years of experience in commercializing successful dermatology products globally. He co-founded Journey Medical Corporation. Before co-founding Journey Medical, he served as Vice President of Dermatology Sales at Medicis Pharmaceutical Corporation and held various leadership positions in marketing and sales for therapeutic and aesthetic dermatology. During his career, he has executed more than 50 product launches. Medicis Pharmaceutical Corporation was acquired by Valeant Pharmaceuticals International Inc. for approximately $2.6 billion in 2012. He started his career at Hoffman-La Roche. After the acquisition of Medicis, he decided to start Journey Medical, identifying a gap in the market.

Joseph Benesch, Chief Financial Officer

Joseph Benesch has over 25 years of financial and business experience, primarily within the pharmaceutical industry. He was promoted to Chief Financial Officer effective April 26, 2024, having previously served as Interim CFO since January 2023 and Corporate Controller since November 2021. Prior to joining Journey Medical, he held senior financial positions including Vice President, Corporate Controller, and Principal Accounting Officer at Telligent Pharma Inc., and Corporate Controller at Torrent Pharmaceuticals. His experience also includes senior financial management roles at Savient Pharmaceuticals, Adare Pharmaceuticals, and Edenbridge Pharmaceuticals. He began his career in public accounting with Baker Tilly Virchow Krause, LLP, and Ernst and Young, and is a Certified Public Accountant. Journey Medical was founded by Fortress Biotech, Inc.

Ramsey Alloush, Chief Operating Officer and General Counsel

Ramsey Alloush was promoted to Chief Operating Officer effective April 1, 2025, while continuing to serve as General Counsel. He joined Journey Medical in 2020 as General Counsel and possesses over 15 years of legal and business experience in the pharmaceutical industry. He has been instrumental in guiding the company through regulatory matters, financing transactions (including its IPO in 2021), acquisitions, licensing, and corporate governance. Before Journey, he advised biopharmaceutical companies on corporate transactions and securities matters and worked as a legal advisor at the Securities & Exchange Commission. Earlier in his career, he worked in the Aesthetics Division at Medicis Pharmaceuticals before its acquisition.

Robert Nevin, Chief Commercial Officer

Robert Nevin has more than 24 years of experience in pharmaceutical, lab, and medical management. He is responsible for overseeing all sales, trade, and managed care functions at Journey Medical. Before joining Journey Medical, he served as Managing Partner for The Dermatology Alliance, one of the nation's largest independent physician associations specializing in dermatology.

Srinivas Sidgiddi, M.D., Chief Medical Officer

Dr. Srinivas Sidgiddi has over 18 years of experience in new chemical entity (NCE) development, drug repositioning, and translational medicine, spanning multiple therapeutic areas including diabetology, oncology, medical nutrition, and dermatology. Prior to his role at Journey Medical, he led the dermatology franchise at Dr. Reddy's Laboratories Inc. in New Jersey, achieving 5 NDA approvals. He also led clinical and translational research at Abbott Nutrition R&D and Connexios Life Sciences in India, and previously worked as a clinical practitioner and government medical officer in India.

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Here are the key risks to Journey Medical's business:

1. Generic Competition and Loss of Exclusivity: Journey Medical faces significant and ongoing challenges from generic competition, which is actively eroding its core revenue. Several of the company's marketed products, including Accutane, Targadox, and Exelderm, either lack patent protection or are ineligible for it, leading to direct competition from generic equivalents. For instance, Accutane competes with multiple therapeutic equivalent products, and Targadox also faces generic competition. The company discontinued selling Ximino in late 2023 due to generic entry and lower sales. The loss of patent protection or successful challenges to existing patents can lead to significantly lower prices and a substantial loss of sales, adversely impacting the company's financial condition.

2. Dependence on Key Products and Revenue Concentration: A substantial portion of Journey Medical's revenue is derived from a limited number of products. This creates a significant risk as the business becomes vulnerable to any setbacks related to these specific products, such as increased generic competition, changes in payer coverage, or unforeseen safety issues. For example, in the second quarter of 2025, Qbrexza, Accutane, and the newly launched Emrosi collectively accounted for 87.6% of the company's total net product revenue. In 2022, four key brands—Qbrexza, Accutane, Amzeeq, and Zilxi—represented 77% of the total revenue. This high reliance means that issues with even one of these top sellers could have an immediate and severe impact on total revenue and operating results.

3. Clinical Development and Regulatory Approval of New Product Candidates & Financial Sustainability: The success and future growth of Journey Medical are highly dependent on the successful development and regulatory approval of new product candidates, such as DFD-29 (marketed as Emrosi). Clinical drug development is inherently expensive, time-consuming, and uncertain, with the risk that trials may fail to demonstrate adequate safety and efficacy, thus delaying or preventing regulatory approval and commercialization. While Emrosi's launch has been strong and is contributing to revenue growth, the company continues to operate at a significant net loss, with an estimated net loss of nearly $15 million projected for 2025. Journey Medical's financial health also indicates potential distress, and it has limited cash reserves, which may necessitate future capital raises to support its growth initiatives and ongoing operations.

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For Journey Medical (symbol: DERM), here are the estimated addressable market sizes for their main products or services:

• Qbrexza (primary axillary hyperhidrosis): The U.S. axillary hyperhidrosis treatment market is projected to reach approximately $1,048.1 million in 2025 and grow to $1,436.1 million by 2035. The global hyperhidrosis treatment market was valued at approximately $1 billion in 2022, with the U.S. accounting for around 70% of sales. Qbrexza sales within the U.S. topical treatments segment were approximately $200 million in 2022.
• Accutane (isotretinoin for severe recalcitrant acne): The U.S. market size for the treatment of acne is estimated at approximately $3 billion annually. The isotretinoin drugs market size globally was $1.35 billion in 2025 and is expected to reach $1.7 billion in 2030, with North America being the largest regional market. In 2022, the prescription medicine segment of the North America acne medication market, which includes isotretinoin, amounted to $2.19 billion.
• Targadox (oral doxycycline for adjunctive therapy for severe acne): The U.S. market size for the treatment of acne is estimated at approximately $3 billion annually. The U.S. acne drugs market accounted for about $3.31 billion of the global market in 2023. The North America acne medication market, which includes oral antibiotics like doxycycline, was valued at $3.36 billion in 2022 and is projected to reach $4.79 billion by 2030.
• Ximino (oral minocycline for the treatment of moderate to severe acne): Journey Medical discontinued selling Ximino in late 2023. Therefore, there is no current addressable market size for this product.
• Exelderm cream and solution (sulconazole nitrate for topical use): The U.S. antifungal drugs market was estimated at $6.05 billion in 2024 and is projected to reach $7.20 billion by 2030. The global topical antifungals market size was $6.02 billion in 2025 and is expected to grow to $8.23 billion in 2030, with North America being the largest region. North America dominated the global antifungal drugs market in 2023 with a revenue of $6.4 billion.

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Expected Drivers of Future Revenue Growth for Journey Medical (DERM)

• Continued Growth and Market Penetration of Emrosi (DFD-29): The successful launch of Emrosi (formerly DFD-29), an FDA-approved treatment for inflammatory lesions and erythema of rosacea, is a significant driver. Emrosi was approved on November 4, 2024, and launched in late Q1 or early Q2 2025. It demonstrated strong performance, contributing $4.9 million in net sales in Q3 2025, a 75% increase over Q2 2025. Emrosi is positioned as a potential "best-in-class" oral medication and a "new standard of care" for rosacea, expected to drive substantial revenue growth through expanding market acceptance and payer access.
• Sustained Performance of Key Existing Products: Journey Medical anticipates continued growth from its established products such as Qbrexza and Accutane. These products have demonstrated solid sales, with Qbrexza and Accutane showing over 20% increases in sales in Q1 2024, contributing significantly to the company's overall revenue growth. The ongoing momentum of these products, alongside others like Amzeeq and Zilxi, is expected to support future revenue.
• Strategic Acquisition and In-licensing of New Products: Journey Medical's business model is built on strategically identifying, acquiring, and in-licensing established or late-stage dermatological assets to reduce early-stage R&D risks and generate revenue. This strategy involves a continuous search for new products to bolster its portfolio, with the company having aimed to launch an additional product in the second half of 2023. This approach provides a clear path to future revenue streams and diversification.
• Expansion of Market Access and Prescriber Base: The company is focused on strategic initiatives to expand its market presence and strengthen its prescriber base. This includes enhancing prescriber engagement and securing additional group purchasing organization (GPO) contracts to drive prescription growth for its portfolio of dermatology products, notably Emrosi. Improved market access and a broader prescriber base are crucial for increasing product adoption and, consequently, revenue.

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Share Issuance

• Journey Medical Corporation completed its Initial Public Offering (IPO) on November 16, 2021, issuing 3,520,000 shares at $10.00 per share, which generated gross proceeds of $35.2 million.
• On December 30, 2022, the company filed a shelf registration statement on Form S-3, which became effective on January 26, 2023, allowing for the offering, issuance, and sale of up to $150.0 million in various securities, including common stock.
• Journey Medical has filed a follow-on equity offering for its common stock, structured as an at-the-market transaction, indicating plans to raise additional capital.

Inbound Investments

• Journey Medical secured a credit facility with SWK Holdings for up to $20 million in January 2024.
• The company's 2023 net loss included revenue from an upfront fee license payment of $19.0 million from Maruho.

Outbound Investments

• In April 2021, Journey Medical entered into a definitive agreement to acquire QBREXZA in the U.S. from Dermira, Inc., a wholly-owned subsidiary of Eli Lilly and Company.
• In January 2022, Journey Medical acquired the Molecule Stabilizing Technology (MST)™ franchise from VYNE Therapeutics, Inc., which included two FDA-approved products (AMZEEQ® and ZILXI®) and a development-stage program, for an upfront payment of $20.0 million and an additional $5.0 million on the one-year anniversary of closing, with potential milestone payments up to $450.0 million.
• Journey Medical entered into an agreement with Dr. Reddy's Laboratories Ltd. in June 2021 for the collaborative development and commercialization of the DFD-29 program (Emrosi) for the treatment of rosacea.