Business
Journey Medical Corporation Reports First Quarter 2022 Financial Results and Recent Corporate Highlights
Generated record revenue of $23.3 million for the first quarter of 2022 First patient dosed in Phase 3 clinical program evaluating DFD-29 for the treatment of
About this update from Journey Medical Corporation
[{"type":"text","content":"Generated record revenue of $23.3 million for the first quarter of 2022 First patient dosed in Phase 3 clinical program evaluating DFD-29 for the treatment of papulopustular rosacea Company to hold conference call on May 10, 2022 at 4:30 p.m. ET SCOTTSDALE, Ariz., May 10, 2022 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical” or the “Company”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, today announced financial results and recent corporate highlights for the first quarter ended March 31, 2022. Claude Maraoui, Journey Medical’s Co-Founder, President and Chief Executive Officer, said, “Journey Medical had a solid start in the first quarter of 2022 positioning us for another year of continued growth. Financially, we generated record revenue of $23.3 million, a 117% increase from the first quarter of 2021. In addition to this financial achievement, we expanded our available dermatologic product line, with the acquisition and launch of two prescription dermatology products, Amzeeq® and Zilxi®; our product portfolio now has a total of nine marketed prescription dermatology products. We also dosed the first patient in our pivotal Phase 3 clinical program for DFD-29, which is being evaluated for the treatment of papulopustular rosacea. Looking ahead, we plan to launch one additional prescription product in the second half of 2022. We believe Journey Medical remains poised for ongoing success, given our financial and commercial progress coupled with our development pipeline.” Financial Results: Net Product Sales Performance: Journey Medical products generated net product revenues of $20.8 million for the first quarter of 2022, compared to net product revenues of $10.7 million for the first quarter of 2021, representing 94% growth from the first quarter of 2021. Other revenue: Other revenue for the first quarter ended March 31, 2022 reflects a net $2.5 million milestone payment from our exclusive out-licensing partner in Japan, Maruho Co., Ltd. (“Maruho”). In January 2022, Maruho received manufacturing and marketing approval in Japan for Rapifort® Wipes 2.5% (Japanese equivalent to U.S. FDA approved QBREXZA®). The Company acquired global rights to QBREXZA® from Dermira, Inc. (“Der...