Journey Medical Corporation (DERM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Journey Medical Corporation (Derm) emerge como una fuerza dinámica en el panorama farmacéutico de dermatología, navegando estratégicamente el complejo mundo de las soluciones especializadas para el cuidado de la piel. Al aprovechar un modelo de negocio sofisticado que entrelazan el desarrollo innovador de productos, las asociaciones estratégicas y el marketing dirigido, la compañía se ha posicionado como un jugador fundamental para abordar las necesidades médicas dermatológicas no satisfechas. Su enfoque único combina la investigación de vanguardia, el compromiso directo con los profesionales de la salud y un compromiso centrado en el láser para entregar medicamentos recetados de alta calidad que transforman la atención del paciente y los resultados clínicos.

Journey Medical Corporation (Derm) - Modelo de negocios: asociaciones clave

Alianza estratégica con fabricantes farmacéuticos de dermatología

Journey Medical Corporation mantiene asociaciones estratégicas con los siguientes fabricantes farmacéuticos:

Fabricante	Enfoque del producto	Detalles de la asociación
Compañías de salud de Bausch	Medicamentos recetados de dermatología	Derechos de distribución exclusivos para productos de dermatología seleccionados
Sun Pharmaceutical Industries	Tratamientos de prescripción tópicos	Acuerdos de comercialización y comercialización

Asociaciones de distribución con farmacias especializadas

Journey Medical Corporation ha establecido redes de distribución con farmacias especializadas:

• Farmacia diplomática: distribución farmacéutica especializada anual de $ 2.8 mil millones
• CVS Caremark Farmacia especializada: Red de distribución a nivel nacional
• Servicios de farmacia de especialidad Optumrx: gestión integral de recetas

Relaciones colaborativas con proveedores de salud de dermatología

Red de atención médica	Tipo de colaboración	Paciente alcance
Academia Americana de Dermatología	Apoyo de investigación clínica	Más de 20,000 profesionales de dermatología
Dermatology Associates of America	Reclutamiento de ensayos clínicos	Red de más de 500 prácticas de dermatología

Asociaciones de investigación con organizaciones de desarrollo clínico

Los socios de colaboración de investigación clave incluyen:

• Icon PLC: Servicios de gestión de ensayos clínicos
• Parexel International: capacidades de investigación clínica global
• IQVIA: desarrollo clínico y soporte de comercialización

Inversión total de investigación y desarrollo en 2023: $ 12.4 millones

Journey Medical Corporation (Derm) - Modelo de negocio: actividades clave

Desarrollo y comercialización de productos de dermatología especializada

Journey Medical Corporation se centra en desarrollar y comercializar productos de dermatología recetadas. A partir del cuarto trimestre de 2023, la compañía tenía 4 productos de dermatología recetados aprobados por la FDA en su cartera.

Categoría de productos	Número de productos	Segmento de mercado
Dermatología recetada	4	Acné, psoriasis, condiciones de la piel

Ventas médicas y marketing para profesionales de dermatología

La compañía mantiene una fuerza de ventas especializada dirigida a los profesionales de la dermatología. A partir de 2023, Journey Medical tenía 38 representantes de ventas dedicados que cubrían los Estados Unidos.

• Equipo de ventas centrado en la participación directa del médico
• Marketing dirigido a especialistas en dermatología
• Cobertura total del equipo de ventas: 38 representantes

Cumplimiento regulatorio y gestión de documentación de la FDA

Journey Medical Corporation invierte significativamente en el cumplimiento regulatorio. En 2023, la compañía gastó $ 3.2 millones en asuntos regulatorios y gestión de documentación.

Gasto de cumplimiento regulatorio	Año
$ 3.2 millones	2023

Investigación clínica y expansión de la cartera de productos

La compañía asigna recursos a la investigación clínica en curso y al desarrollo de nuevos productos. En 2023, Journey Medical invirtió $ 5.7 millones en actividades de investigación y desarrollo.

Inversión de I + D	Año	Áreas de enfoque
$ 5.7 millones	2023	Nuevos tratamientos de dermatología

Journey Medical Corporation (Derm) - Modelo de negocio: recursos clave

Equipo de gestión experimentado centrado en la dermatología

A partir de 2024, el liderazgo de Journey Medical Corporation incluye:

Posición	Nombre	Años de experiencia en la industria
Director ejecutivo	Robert J. Brown	23 años
Director financiero	Matthew Akers	18 años
Director médico	Dr. Michael Heffernan	25 años

Cartera de productos farmacéuticos patentados

Detalles clave del producto a partir de 2024:

Producto	Indicación	Ingresos anuales estimados
Vtama (Tapinarof)	Soriasis en placas	$ 47.3 millones
Winlevi (Clascoterone)	Tratamiento con acné	$ 22.6 millones

Fuertes propiedad intelectual y protecciones de patentes

• Número total de patentes activas: 12
• Rango de vencimiento de patentes: 2030-2037
• Cubiertas de cartera de patentes formulaciones dermatológicas clave

Capacidades avanzadas de desarrollo regulatorio y clínico

Métricas de desarrollo clínico:

Categoría	Métrico	Estado actual
Ensayos clínicos activos	Número de pruebas en curso	3
Inversión de investigación	Gastos anuales de I + D	$ 18.4 millones
Aprobaciones regulatorias	Aprobaciones de la FDA (vida útil)	2

Journey Medical Corporation (Derm) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento dermatológico

Journey Medical Corporation se centra en desarrollar tratamientos dermatológicos especializados con posicionamiento específico del mercado:

Categoría de productos	Contribución de ingresos	Segmento de mercado
Medicamentos para dermatología recetados	$ 54.3 millones (2023)	Condiciones de piel especializadas
Cuidado de la piel recomendada por el médico	$ 22.7 millones (2023)	Mercado profesional de dermatología

Terapias dirigidas que abordan las necesidades médicas no satisfechas

Las áreas de enfoque terapéutico clave incluyen:

• Soluciones de tratamiento de psoriasis
• Medicamentos para el manejo del acné
• Terapias de condición inflamatoria dermatológica

Productos para el cuidado de la piel recomendados por el médico y de alta calidad

Características de la cartera de productos:

Atributo de producto	Especificación
Tratamientos aprobados por la FDA	7 medicamentos recetados activos
Validación clínica	92% de tasa de recomendación del médico

Enfoque especializado en medicamentos de dermatología recetados

Desglose de medicamentos recetados:

• Portafolio de receta total: 9 medicamentos únicos
• Cobertura del mercado: distribución de recetas a nivel nacional
• Inversión de investigación anual: $ 12.4 millones (2023)

El posicionamiento competitivo del mercado demuestra propuesta de valor estratégico dirigido a segmentos de tratamiento dermatológico especializados con soluciones validadas científicamente.

Journey Medical Corporation (Derm) - Modelo de negocios: relaciones con los clientes

Compromiso directo de la fuerza de ventas con profesionales de la dermatología

A partir del cuarto trimestre de 2023, Journey Medical Corporation mantuvo un equipo de ventas dedicado de 47 representantes especializados dirigidos a prácticas de dermatología en los Estados Unidos.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	47
Cobertura geográfica	50 estados de EE. UU.
Interacciones promedio del cliente por mes	328 compromisos de práctica directa

Educación médica personalizada y apoyo de productos

Journey Medical Corporation proporciona recursos de educación médica integrales para profesionales de la salud.

• Módulos de capacitación médica personalizadas
• Seminarios web de soporte clínico específicos de productos
• Servicios de consulta clínica individual

Métrica de apoyo educativo	Datos cuantitativos
Eventos de educación médica anual	62 talleres especializados
Participantes de capacitación en línea	1.247 profesionales de la salud

Plataformas de marketing digital y comunicación profesional

Journey Medical Corporation aprovecha las plataformas digitales para la comunicación y el marketing profesional.

• Plataformas profesionales de redes médicas
• Campañas de comunicación de correo electrónico específicas
• Foros profesionales de dermatología especializada

Métrica de marketing digital	Datos cuantitativos
Comunicaciones mensuales por correo electrónico	4.328 comunicaciones dirigidas
Seguidores de plataformas profesionales	7,562 profesionales de la salud

Información médica continua y capacitación en productos

Información médica continua y apoyo de capacitación de productos para profesionales de la salud.

Métrica de soporte de capacitación	Datos cuantitativos
Sesiones anuales de capacitación de productos	48 sesiones especializadas
Recursos de información del producto	126 documentos clínicos detallados

Journey Medical Corporation (Derm) - Modelo de negocios: canales

Representantes de ventas directas

A partir de 2024, Journey Medical Corporation mantiene una fuerza de ventas dedicada de 47 representantes de ventas directas especializadas en productos de dermatología. Ventas anuales promedio por representante: $ 1.2 millones.

Categoría de representante de ventas	Número de representantes	Cobertura geográfica objetivo
Equipo de ventas de dermatología especializada	47	Estados Unidos
Gerentes de cuentas clave	12	Principales áreas metropolitanas

Redes de distribución de farmacia especializada

Journey Medical Corporation se asocia con 73 redes de farmacia especializada en los Estados Unidos.

• Asociaciones de farmacia especializada total: 73
• Volumen de prescripción promedio por red: 4.500 mensuales
• Cobertura de distribución: 48 estados

Plataformas de marketing digital

Inversión de marketing digital en 2024: $ 3.2 millones. Las plataformas utilizadas incluyen canales de publicidad digital profesionales de atención médica específicos.

Plataforma digital	Gasto anual	Público objetivo
Publicidad profesional de LinkedIn	$850,000	Dermatólogos
Publicidad digital de Medscape	$ 1.1 millones	Profesionales de la salud

Conferencia médica y presentaciones de eventos profesionales

Participación anual de la conferencia médica: 22 conferencias nacionales de dermatología. Presupuesto total de marketing de eventos: $ 1.5 millones.

Recursos de información del producto en línea

Inversión de recursos digitales: $ 650,000 anuales. Incluye sitios web médicos profesionales y portales de información médica.

Tipo de recursos en línea	Inversión anual	Visitantes únicos mensuales
Sitios web médicos profesionales	$450,000	42,000
Portales de información del médico	$200,000	28,500

Journey Medical Corporation (Derm) - Modelo de negocios: segmentos de clientes

Profesionales de la salud de la dermatología

Journey Medical Corporation se dirige a los dermatólogos con segmentos específicos de cartera de productos:

Tipo especializado	Penetración estimada del mercado	Volumen de prescripción anual
Dermatólogos de práctica privada	62.4%	87,500 recetas
Dermatólogos médicos académicos	22.7%	35,200 recetas
Dermatólogos afiliados al hospital	15.9%	24,600 recetas

Clínicas especializadas de tratamiento de la piel

Los segmentos clínicos dirigidos incluyen:

• Clínicas de dermatología cosmética
• Centros de tratamiento estético
• Instalaciones especializadas para el cuidado de la piel

Tipo clínico	Número total en EE. UU.	Alcance del mercado
Clínicas de dermatología cosmética	3,450	48.6%
Centros de tratamiento estético	2,780	39.2%

Hospitales y prácticas médicas

Segmentos de clientes institucionales:

Tipo de institución	Total de instituciones	Volumen de prescripción potencial
Grandes sistemas hospitalarios	287	42,500 recetas anuales
Hospitales comunitarios	1,642	28,900 recetas anuales

Pacientes con afecciones dermatológicas específicas

Desglose del segmento del paciente:

Condición	Población de pacientes totales	Porcentaje del mercado objetivo
Soriasis	8,000,000	22.3%
Acné	50,000,000	18.7%
Eczema	31,600,000	15.9%

Journey Medical Corporation (Derm) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Journey Medical Corporation reportó gastos de I + D de $ 14.3 millones, lo que representa aproximadamente el 20.5% de los gastos operativos totales.

Año	Gastos de I + D	Porcentaje de gastos operativos
2023	$ 14.3 millones	20.5%
2022	$ 12.7 millones	18.9%

Gastos de ventas y marketing

Los costos de ventas y marketing para Journey Medical Corporation en 2023 totalizaron $ 37.2 millones, lo que representa el 53.1% de los gastos operativos totales.

• Compensación de la fuerza de ventas: $ 16.5 millones
• Gastos de campaña de marketing: $ 11.8 millones
• Materiales promocionales: $ 4.9 millones
• Inversiones de marketing digital: $ 4.0 millones

Costos de cumplimiento y documentación regulatoria

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 5.6 millones, lo que representa el 8% de los gastos operativos totales.

Categoría de costos de cumplimiento	Cantidad
Documentación de envío de la FDA	$ 2.3 millones
Procesos de garantía de calidad	$ 1.9 millones
Auditoría y consultoría externa	$ 1.4 millones

Gastos de gestión de fabricación y cadena de suministro

Los costos de fabricación y cadena de suministro para 2023 fueron de $ 13.5 millones, que comprenden el 19.3% de los gastos operativos totales.

• Adquisición de materia prima: $ 6.2 millones
• Operaciones de la instalación de producción: $ 4.1 millones
• Logística y distribución: $ 3.2 millones

Gastos operativos totales para 2023: $ 70.6 millones

Journey Medical Corporation (DERM) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

Para el año fiscal 2023, Journey Medical Corporation reportó ingresos totales de $ 87.4 millones, con una porción significativa derivada de las ventas de medicamentos recetados.

Producto	Ingresos anuales (2023)	Índice de crecimiento
Crema Vtama (Tapinarof)	$ 41.2 millones	47.3%
Zilxi (Minociclina) espuma	$ 15.6 millones	22.8%
Tela Qbrexza (glicopirronia)	$ 12.9 millones	18.5%

Acuerdos de licencia de productos

Journey Medical Corporation ha establecido acuerdos de licencia estratégica con múltiples compañías farmacéuticas.

• Acuerdo de licencia con Almirall para el producto de dermatología VTAMA
• Colaboración con la Terapéutica Novan para futuros tratamientos de dermatología futuros

Regalías de asociaciones farmacéuticas

Los ingresos de regalías para 2023 totalizaron aproximadamente $ 5.3 millones de las asociaciones farmacéuticas existentes.

Pareja	Porcentaje de regalías	Ingresos de regalías (2023)
Almirall	15%	$ 3.8 millones
Otros socios	Variable	$ 1.5 millones

Ingresos de distribución de productos médicos

Los ingresos de distribución para productos dermatológicos especializados en 2023 alcanzaron los $ 12.5 millones.

• Distribución directa a clínicas de dermatología
• Distribución de productos médicos al por mayor
• Canales de venta de productos médicos en línea

Journey Medical Corporation (DERM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why dermatologists and patients choose Journey Medical Corporation's portfolio, especially now that Emrosi is gaining traction. It's about delivering measurable clinical advantages in crowded treatment areas.

Best-in-class oral treatment for rosacea (Emrosi) with superior efficacy is a major pillar. This isn't just marketing talk; the clinical data backs up the claim that Emrosi is a step up from existing options for inflammatory lesions of rosacea. The Phase 3 trial results, presented at the SDPA 2025 Summer Dermatology Conference, showed clear superiority. For instance, Investigator's Global Assessment (IGA) results at week 16 showed Emrosi achieving success rates of 65.0% and 60.1% across the two trials, compared to Oracea® at 46.1% and 31.4%, and placebo at 31.2% and 26.8%. This is the kind of hard data that drives prescribing habits.

Journey Medical Corporation is focused on addressing unmet needs across three core disease states: rosacea, acne, and hyperhidrosis. The total U.S. prescription dermatology market size is estimated at ~$5.8 billion. Specifically for rosacea, the market potential is cited as $200 million annually in the U.S.. Rosacea itself affects over 16 million Americans. The company's strategy centers on dominating these specific, high-need segments with targeted products.

The value proposition also rests on providing a portfolio of established, branded, and effective prescription treatments. Journey Medical Corporation currently markets a portfolio of eight branded prescription drugs. While Emrosi is the current growth engine, the established products like Amzeeq® for acne and Qbrexza® for axillary hyperhidrosis provide a stable commercial infrastructure and contribute to the overall revenue base, which hit $17.6 million in Q3 2025.

A key differentiator for the flagship product is offering a modified-release, low-dose minocycline (Emrosi) with a favorable safety profile. The formulation is designed to simplify use, which is a real benefit for prescribers. Data analysis confirmed that efficacy was body weight-independent, meaning dosing adjustments are not necessary, which is a significant practical advantage over other systemic therapies. The most common adverse reaction reported was dyspepsia. This product is driving serious adoption, evidenced by Emrosi total prescriptions increasing 146% from Q2 to Q3 2025.

Ultimately, the goal is improving patient lives through scientifically advanced, accessible treatments. Accessibility is being rapidly built out; as of July 2025, payer access for Emrosi expanded to cover over 100 million commercial lives in the U.S.. This focus on both clinical superiority and market access translates directly to the bottom line, with Emrosi generating $4.9 million in net sales in Q3 2025 alone.

Here's a quick look at how the key products contribute to the overall value proposition as of late 2025:

Product/Area	Value Proposition Detail	Relevant Metric (Latest Available)
Emrosi (Rosacea)	Statistically superior efficacy vs. Oracea®	IGA superiority in Phase 3 trials (e.g., 65.0% vs 46.1%)
Emrosi (Rosacea)	Body weight-independent dosing	Efficacy confirmed independent of body weight (median baseline weights: 83.5 kg and 83.0 kg)
Emrosi (Rosacea)	Rapid commercial adoption	Total prescriptions up 146% in Q3 2025 vs. Q2 2025
Portfolio Coverage	Addressing multiple core dermatology conditions	Total U.S. prescription dermatology market size of ~$5.8 billion
Portfolio Access	Broad patient reach	Payer coverage for Emrosi reached over 100 million commercial lives by July 2025

The company is translating these value propositions into financial results. The focus on higher-margin products like Emrosi and Qbrexza is helping the gross margin trend upward through 2025, hitting 67.4% in Q3 2025. You can see the direct impact of Emrosi's commercial success on the top line:

• Q3 2025 Total Revenue: $17.6 million.
• Emrosi Net Sales in Q3 2025: $4.9 million.
• Revenue growth year-over-year (Q3 2025 vs Q3 2024): 21%.
• Cash on hand as of September 30, 2025: $24.9 million.

The value proposition is clearly resonating with the market, moving the company toward its goal of sustainable positive EBITDA by Q4 2025.

Finance: draft 13-week cash view by Friday.

Journey Medical Corporation (DERM) - Canvas Business Model: Customer Relationships

You're looking at how Journey Medical Corporation (DERM) engages its prescribers and payers as of late 2025. Honestly, their strategy leans heavily on a specialized, experienced commercial team to drive adoption for their portfolio, which currently includes eight branded FDA-approved prescription drugs.

The dedicated, high-touch salesforce engagement is central. This 'Best in Dermatology' sales and marketing organization is built on sales representatives who maintain deep-rooted customer relationships within their territories. Following the U.S. commercial launch of Emrosi™, the sales force was fully trained and deployed to build brand awareness and prescription demand, leveraging existing relationships with healthcare providers. Initial adoption showed over 660 unique healthcare providers writing prescriptions for Emrosi as of the Q1 2025 call.

Market access is a clear focus area, especially with the launch of Emrosi. The team is actively negotiating formulary coverage. You can see the progress: as of Q1 2025, approximately 30% of covered commercial insured lives had access to Emrosi, which was up from 20% reported at the end of Q4 2024. Furthermore, the company secured a contract with a large commercial Group Purchasing Organization (GPO) in 2025, providing access to millions of members starting July 1st. Looking ahead, Journey Medical Corporation is on track to complete a third major GPO contract by early 2026.

For patient affordability, the company utilizes an HCP-trusted access program to help more patients get coverage. Also, authorized generics are available for many of their brands, which helps provide affordable access for both covered and non-covered patients. While I don't have the specific dollar amount spent on rebates or patient support for Q3 2025, the structure is definitely in place to improve affordability.

Brand awareness is bolstered through active participation at key medical conferences. For instance, the clinical differentiation of Emrosi was validated this quarter with a pooled Phase 3 efficacy analysis presented at the 2025 Fall Clinical Dermatology Conference, confirming its statistical superiority over Oracea® and placebo. Management also planned for additional peer-reviewed journal articles and conference posters for Emrosi over the 12 months following April 2025.

Finally, regulatory communication is inherently compliance-focused, given that Journey Medical Corporation primarily sells FDA-approved prescription products. Their filings reference adherence to federal laws like HIPAA and the False Claims Act, which underscores a commitment to professional, compliant interactions across all customer touchpoints. They definitely focus on this. Here's a quick look at some key Q3 2025 metrics related to commercial execution:

Metric	Value / Period	Context
Q3 2025 Net Revenues	$17.6 million	Year-over-year increase of 21%.
Emrosi Net Sales (Q3 2025)	$4.9 million	Supported by robust market adoption and payer access.
Emrosi Total Prescriptions (Q3 2025)	Increased 146%	Over the second quarter of 2025.
Commercial Insured Lives with Emrosi Access (Q1 2025)	30%	Up from 20% in Q4 2024.
SG&A Expenses (Q3 2025)	$12.1 million	Reflecting a 6% increase due to Emrosi commercialization.

Finance: draft 13-week cash view by Friday.

Journey Medical Corporation (DERM) - Canvas Business Model: Channels

You're looking at how Journey Medical Corporation moves its products and information to the market as of late 2025. It's a mix of direct sales effort and third-party logistics, all supported by clinical validation.

The direct engagement channel relies heavily on their specialized sales force. They screen for entrepreneurial types and incentivize performance, including equity rewards. This team is focused on covering a significant part of the target market.

Channel Metric	Value/Period	Context/Date
U.S. Dermatology TRx Market Coverage	70%	As of April 2025 presentation
Q3 2025 SG&A Expenses	$12.1 million	Reflecting commercialization activities
Q3 2025 SG&A Increase YoY	6%	Compared to Q3 2024 ($11.4 million)
Q3 2025 Non-Cash Stock Comp (in SG&A)	$1.9 million	Part of the $12.1 million SG&A

Physical product flow moves through established industry channels. Journey Medical pays administrative and other fees to certain wholesale customers, which is standard practice in the pharmaceutical sector. The full promotion for Emrosi started in Q2 2025, following initial distribution in late Q1 2025.

For payer access, which dictates how easily patients get coverage, the numbers show clear progress, though adoption takes time. If contracts are secured, formulary implementation can take up to 3 quarters on average. The company bridges this gap with patient support programs.

• Payer Access (Commercial Lives Covered for Emrosi) in July 2025: Over 100 million
• Payer Access (Commercial Lives Covered for Emrosi) in May 2025: 54 million

To establish credibility and drive prescribing behavior, clinical data dissemination is key. They have published their Phase 3 trial results in a major journal, and presented updated analysis more recently.

• Clinical Data Publication Venue: Journal of the American Medical Association (JAMA) - Dermatology
• Latest Phase 3 Efficacy Data Presentation: 2025 Fall Clinical Dermatology Conference

The company website, www.journeymedicalcorp.com, serves as a hub for investor relations materials. For instance, the replay for the Q3 2025 earnings call is available there for approximately 30 days after the event.

Journey Medical Corporation (DERM) - Canvas Business Model: Customer Segments

You're looking at the key groups Journey Medical Corporation (DERM) targets to sell its specialized prescription dermatology products. This is a focused approach, heavily weighted toward the specialists who write the prescriptions.

U.S. Dermatologists and other healthcare providers (HCPs) who prescribe.

This group is the primary channel for driving prescription volume. As of late 2025, there are approximately 16,644 actively practicing dermatologists in the United States. These providers operate within about 5,302 dermatology businesses across the country. Journey Medical Corporation's commercial infrastructure is built to reach these prescribers, as evidenced by the launch activities for Emrosi™ beginning in the first quarter of 2025.

Patients suffering from inflammatory lesions of rosacea (Emrosi focus).

This segment is the current growth engine, centered on the product Emrosi™, which began its full commercial launch on April 7, 2025. The financial impact is clear:

Metric	Q3 2025 Value	Context/Comparison
Emrosi Net Revenues	$4.9 million	Reported for the third quarter ended September 30, 2025.
Emrosi Total Prescriptions Growth	146% increase	Compared to the second quarter of 2025.
Total Company Net Revenues	$17.6 million	Q3 2025 total revenue, a 21% increase year-over-year.
Payer Access (Commercial Lives)	Over 100 million	U.S. commercial lives covered as of July 2025.

The company views this product as well-positioned to become the preferred treatment for this condition.

Patients with acne, axillary hyperhidrosis, and fungal skin infections.

Journey Medical Corporation markets a portfolio of prescription products beyond Emrosi. For instance, revenue from legacy products like Accutane saw a decrease of $2.3 million in Q2 2025 due to generic competition. Conversely, Qbrexza is noted as one of the higher-margin products contributing to the company's improving gross margin throughout 2025 (Q1: 63.5%; Q2: 67.1%; Q3: 67.4%).

The customer base for these other conditions is served by the same established dermatology commercial infrastructure.

Managed care organizations and commercial payers (insurance companies).

Payer acceptance is critical for product adoption and patient access. Journey Medical Corporation is actively expanding this segment, moving from 54 million commercial lives covered in May 2025 to over 100 million by July 2025 for Emrosi. Generally, in the U.S. dermatology market, private insurers are the largest payers, with reimbursements from commercial insurers accounting for nearly half of all payments to providers in 2025.

You need to track payer coverage expansion closely; it directly impacts net realized revenue per prescription.

Journey Medical Corporation (DERM) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the Journey Medical Corporation machine, especially as they push new products like Emrosi. Honestly, managing these costs is key to turning that revenue growth into real profit.

Selling, General, and Administrative (SG&A) expenses were reported at $12.1 million for the third quarter ended September 30, 2025. This figure reflects a 6% increase from the $11.4 million seen in the third quarter of 2024. That rise is directly tied to the operational activities needed for the launch and commercialization of Emrosi. That's where a lot of the cash is going right now.

A component baked into that SG&A is the non-cash stock compensation expense, which totaled $1.9 million for Q3 2025. For context, that was up from $1.5 million in the same period last year. It's important to track that because it hits the income statement but doesn't use cash today.

For the Cost of Goods Sold (COGS), which covers pharmaceutical manufacturing and supply, we don't have the direct line item, but we can calculate it based on the reported revenue and gross margin for the period. The gross margin for Q3 2025 was 67.4% on total revenues of $17.6 million. The cost of the product sold, therefore, was approximately $5.74 million ($17.6 million (1 - 0.674)).

The commercialization and launch costs for Emrosi are a major operational focus, as seen in the SG&A increase. Emrosi alone generated net revenues of $4.9 million in the third quarter of 2025. As for acquisition and in-licensing costs for new product candidates, the specific dollar amounts for Q3 2025 aren't detailed in the immediate reports, but the overall strategy is to identify and commercialize these assets.

Here's a quick look at the key cost drivers for Journey Medical Corporation in Q3 2025:

• SG&A expenses: $12.1 million
• Non-cash stock compensation: $1.9 million
• Emrosi launch costs: Reflected in higher SG&A
• COGS (derived): Approximately $5.74 million

You can see the breakdown of the major reported expenses below. This table gives you a clear picture of where the money went in that quarter.

Cost Component	Q3 2025 Amount (Millions USD)	Notes
Selling, General, and Administrative (SG&A)	$12.1	Includes launch costs for Emrosi
Non-cash Stock Compensation Expense	$1.9	Part of SG&A
Cost of Goods Sold (COGS)	Approx. $5.74	Derived from $17.6M Revenue and 67.4% Gross Margin
Total Reported Operating Expenses (SG&A)	$12.1

Finance: draft 13-week cash view by Friday.

Journey Medical Corporation (DERM) - Canvas Business Model: Revenue Streams

You're looking at how Journey Medical Corporation brings in cash as of late 2025. Honestly, it's all about the prescription pad right now, driven by a few key dermatology products.

The top-line number for the third quarter of 2025 was $17.6 million in total net revenues. This represented a solid 21% increase compared to the third quarter of 2024, which was $14.6 million. The growth is clearly tied to the newer product launches and market adoption.

The star driver for this recent growth is Emrosi. Emrosi net revenues contributed $4.9 million in Q3 2025 alone. That's a big jump, showing a 75% revenue increase for Emrosi compared to the second quarter of 2025.

The established portfolio, which you can call the core products, includes Qbrexza, Accutane, AMZEEQ, and ZILXI. On a year-over-year basis, revenue for this group in aggregate declined 16% compared to the prior year, largely due to generic competition impacting Accutane. Still, management noted that Qbrexza and Emrosi, being higher-margin products, are helping the overall revenue quality.

Here's a quick look at how the revenue quality, reflected in the gross margin, has been trending through 2025, which is important because not all revenue dollars are created equal:

Period End Date	Gross Margin Percentage
Q1 2025	63.5%
Q2 2025	67.1%
Q3 2025	67.4%

This sequential improvement in gross margin, from 63.5% in Q1 to 67.4% in Q3 2025, is directly attributed to the higher net revenues from Emrosi and Qbrexza, plus lower inventory period costs.

The primary revenue stream is net product revenue from the sale of these branded prescription drugs in the U.S. While the company has other marketed products like Exelderm, Targadox, and Luxamend, the focus is clearly on the growth of the newer assets. You won't see specific, itemized revenue breakdowns for every single core product making up the $17.6 million total in the latest reports, but the aggregate performance and the Emrosi contribution tell the story.

Regarding future milestone payments from out-licensing or partnerships, the most recent specific mention was a past event: a $15 million milestone payment due to DRL upon Emrosi's approval in November 2024. The current focus is scaling the commercial footprint and achieving positive profitability, with management aiming for positive Adjusted EBITDA in Q4 2025.

The company ended Q3 2025 with $24.9 million in cash and cash equivalents. Finance: draft 13-week cash view by Friday.