Analogies for Journey Medical (DERM):

• Journey Medical is like a smaller Bausch Health, but entirely dedicated to prescription skin treatments.
• Think of Journey Medical as a pharmaceutical company like Viatris, but instead of a broad portfolio of established drugs, they specialize entirely in prescription dermatology drugs.

• QBREXZA® (glycopyrronium) cloths: A topical medication used to treat primary axillary hyperhidrosis (excessive underarm sweating).
• ACCUTANE® (isotretinoin) capsules: An oral retinoid prescribed for the treatment of severe recalcitrant nodular acne.
• XIMINO® (minocycline hydrochloride) extended-release capsules: An oral antibiotic used to treat inflammatory lesions of non-nodular moderate to severe acne.
• EXODERM® (naftifine hydrochloride) cream and gel: A topical antifungal medication for the treatment of common fungal skin infections like athlete's foot and ringworm.
• ZYCLARA® (imiquimod) cream: A topical immunomodulator used for the treatment of external genital and perianal warts.

Journey Medical (DERM) primarily sells its pharmaceutical products to other companies, specifically wholesale pharmaceutical distributors, who then distribute the products to pharmacies, hospitals, and other healthcare providers.

Its major customers, which accounted for approximately 99% of its net product revenues for the years ended December 31, 2023, 2022, and 2021, are:

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

• Jubilant Pharmova Ltd. (JUBLPHARMA.NS)
• Foamix Pharmaceuticals Ltd.
• Biocon Limited (BIOCON.NS)
• Siegfried AG (SGE.SW)
• Dr. Reddy’s Laboratories Ltd. (DRREDDY.NS)

Claude Maraoui, President & Chief Executive Officer

Claude Maraoui has over 30 years of experience in commercializing dermatology products and has executed more than 50 product launches during his career. He served as Vice President of Dermatology Sales at Medicis Pharmaceutical Corporation, which was acquired by Valeant Pharmaceuticals International Inc. for approximately $2.6 billion in 2012. Mr. Maraoui is a Founder of Journey Medical Corporation, established in 2016, and has served as its President and Chief Executive Officer since September 2014. Journey Medical was founded by Fortress Biotech, Inc., a company involved in the founding and recapitalization of numerous public and private biotechnology and life sciences companies.

Joseph Benesch, Chief Financial Officer

Joseph Benesch brings over 25 years of financial and business experience, primarily within the pharmaceutical industry. His past roles include Principal Accounting Officer, Vice President, and Corporate Controller of Teligent Pharma Inc., and Corporate Controller of Torrent Pharmaceuticals, a U.S. subsidiary of the Torrent Group. Mr. Benesch has also held senior financial management positions at Savient Pharmaceuticals, Adare Pharmaceuticals, and Edenbridge Pharmaceuticals, and began his career in public accounting at Baker Tilly Virchow Krause, LLP, and Ernst and Young.

Robert Nevin, Chief Commercial Officer

Robert Nevin has more than 24 years of experience in pharmaceutical, lab, and medical management, overseeing all sales, trade, and managed care functions at Journey Medical. Prior to joining Journey Medical, he served as Managing Partner for The Dermatology Alliance.

Ramsey Alloush, Chief Operating Officer

Ramsey Alloush is responsible for all global legal matters and serves as a key advisor to the CEO and Board of Directors, as well as the Company Secretary and Chief Compliance Officer. He led Journey Medical's IPO in 2021 and has managed several large transactions and litigations. Previously, Mr. Alloush advised biopharmaceutical companies on corporate transactions and securities matters and served 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 by Valeant Pharmaceuticals.

Srinivas Sidgiddi, M.D., Vice President, Research & Development

Dr. Srinivas Sidgiddi has over 18 years of experience in NCE development, drug repositioning, and translational medicine across various therapeutic areas. Before joining Journey Medical, Dr. Sidgiddi was with Dr. Reddy's Laboratories Inc., where he led their dermatology franchise to five NDA approvals. He has also conducted clinical and translational research at Abbott Nutrition R&D and Connexios Life Sciences.

Journey Medical (symbol: DERM) faces several key risks to its business operations and financial health:

1. Generic Competition and Product Portfolio Concentration: Journey Medical's revenue is substantially reliant on the sales of its dermatology products, many of which lack patent protection or are subject to intense generic competition. For instance, Accutane, a significant product for the company, is experiencing generic erosion, which can lead to reduced market share and profitability. The company's focused product portfolio means that the underperformance or decline in sales of even one key product can have a substantial adverse impact on its operating results and financial condition.
2. Financial Stability and Capital Requirements: The company has historically reported net losses and operates with limited cash reserves. While Journey Medical is striving for sustainable profitability, there remains a risk that it may need to raise additional capital in the future to fund its operations, growth initiatives, or product commercialization efforts. Such capital raises could potentially dilute the ownership of existing shareholders. The company also carries debt, which adds to its financial risk profile.
3. Regulatory and Clinical Development Risks: Operating within the heavily regulated pharmaceutical industry, Journey Medical's products and product candidates are subject to extensive and costly regulatory processes and clinical trials. There is inherent uncertainty in the outcome of clinical trials, and there is no guarantee that new product candidates will successfully demonstrate safety and efficacy, or that they will receive regulatory approvals, such as from the FDA. Additionally, the FDA may require further post-marketing studies for approved products. The company also faces risks related to maintaining sufficient intellectual property protection for its technologies and products.

The increasing market penetration and adoption of direct-to-consumer (DTC) telemedicine platforms specializing in dermatology. These platforms offer online consultations and deliver custom-compounded or prescribed topical treatments directly to consumers, bypassing the traditional dermatologist visit and prescription fulfillment model that Journey Medical's sales force and products primarily rely upon. This shift in healthcare delivery for common dermatological conditions like acne and rosacea poses a competitive threat by altering how patients access treatments and impacting prescription volumes through conventional channels.

Journey Medical Corporation (symbol: DERM) focuses on the development and commercialization of pharmaceutical products for dermatological conditions in the United States.

Here are the addressable markets for their main products or services:

• Qbrexza (for primary axillary hyperhidrosis): The addressable market for axillary hyperhidrosis treatment in the United States is projected to reach USD 1,436.1 million by 2035, growing from USD 1,048.1 million in 2025. The hyperhidrosis treatment market in North America was valued at USD 280.7 million in 2023 and is anticipated to reach USD 437.2 million by 2032. The global hyperhidrosis treatment market is valued at USD 693.23 million in 2025 and is expected to reach USD 908.61 million by 2030.
• Accutane (oral isotretinoin for severe recalcitrant nodular acne): The acne treatment market in the U.S. was valued at USD 5.00 billion in 2022 and is projected to grow to USD 7.27 billion by 2030. The global acne treatment market size is estimated at US$ 7.2 billion in 2024 and is forecasted to reach US$ 12.44 billion by 2034. The isotretinoin drugs market size is expected to grow to $1.63 billion globally in 2029.
• Amzeeq (topical minocycline for inflammatory lesions of non-nodular moderate to severe acne vulgaris): The U.S. acne treatment market was valued at USD 5.00 billion in 2022 and is projected to reach USD 7.27 billion by 2030. The global acne treatment market is estimated at US$ 7.2 billion in 2024 and is forecasted to reach US$ 12.44 billion by 2034. The global Minocycline Hydrochloride market size was valued at USD 24.20 million in 2024 and is expected to reach USD 30.89 million by 2032. North America held the largest revenue share (38.2%) in the minocycline hydrochloride market in 2024.
• Zilxi & Emrosi (minocycline for inflammatory lesions of rosacea): The rosacea treatment market in the U.S. is expected to reach US$ 1,067.3 million by 2030. The U.S. rosacea treatment market size was evaluated at USD 580 million in 2024 and is expected to be worth around USD 1,180 million by 2034. The global rosacea treatment market size is accounted at USD 2.27 billion in 2025 and is forecasted to hit around USD 4.23 billion by 2034. North America rosacea treatment market accounted for USD 897.7 million revenue in 2023.
• Targadox (oral doxycycline for adjunctive therapy for severe acne): The global doxycycline market was valued at approximately USD 1.2 billion in 2022 and is projected to grow to approximately USD 1.65 billion by 2028. North America dominates this market, with the U.S. accounting for over 50% of global sales. The global Doxycycline Market size is expected to be worth around US$ 4.4 Billion by 2034, from US$ 2.4 Billion in 2024. North America held a dominant market position, with a market value of approximately US$ 0.9 billion in 2024.
• Exelderm (for fungal skin infections): null
• Luxamend (for superficial wounds, minor cuts/scrapes, dermal ulcers, etc.): null

Journey Medical (symbol: DERM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Growth of EMROSI™ (Minocycline Hydrochloride) Extended-Release Capsules, 40mg: The successful launch and rapid prescription uptake of EMROSI, an oral treatment for rosacea, is identified as the primary growth driver. Analysts and company statements consistently highlight its strong launch, expanding prescriber base, and improving payer coverage as crucial for future revenue and profitability. The company has already seen significant traction, with over 12,800 EMROSI prescriptions by the end of July 2025.
2. Strategic Acquisitions and Commercialization of New Dermatology Products: Journey Medical's business model is centered on identifying, acquiring, and successfully commercializing innovative and differentiated FDA-approved dermatological products. This ongoing strategy allows the company to expand its product portfolio beyond internally developed assets and leverage its expertise in the dermatology market.
3. Expansion of Market Access and Prescriber Base: For products like EMROSI, Journey Medical is actively working on increasing payer access and expanding the base of prescribing physicians. For instance, EMROSI's commercial payer access grew to over 100 million commercial lives in the United States by July 2025, up from 54 million in May 2025. This expansion of reach for key products is a critical driver for increasing sales volume.
4. Out-licensing Opportunities: Journey Medical's Co-Founder, President, and CEO, Claude Maraoui, has indicated expectations for additional out-licensing opportunities. Such agreements can provide non-dilutive capital and contribute to revenue streams.

Share Repurchases

There is no publicly available information indicating Journey Medical Corporation has made share repurchases or authorized future share repurchase programs within the last 3-5 years.

Share Issuance

• Journey Medical completed its initial public offering (IPO) in November 2021, issuing 3,520,000 shares at $10.00 per share, resulting in gross proceeds of $35.2 million before deducting underwriting discounts and offering expenses.
• At its 2024 Annual Meeting of Stockholders, the company approved an increase of 3,000,000 shares in its 2015 Stock Plan, bringing the total number of shares issuable under the plan to 10,642,857.
• As of March 31, 2025, 2,825,574 shares were available for issuance under the 2015 Stock Plan, and 189,895 shares were available under the 2023 Employee Stock Purchase Plan (ESPP).

Outbound Investments

• Journey Medical agreed to pay $5.0 million for the Accutane Agreement, with an upfront payment of $1.0 million and an additional $2.0 million in milestone payments paid as of December 31, 2021.

Capital Expenditures

• The company's IPO proceeds in 2021 were slated for general corporate purposes, including capital expenditures.
• Research and development costs, which can represent significant investments in future assets for a pharmaceutical company, were $7.9 million in the first quarter of 2024, primarily related to Emrosi pre-approval project expenses, milestones, and fees.
• In the first quarter of 2025, research and development costs were nil.