Business
Journey Medical Corporation Reports First Quarter 2024 Financial Results and Recent Corporate Highlights
New Drug Application for DFD-29 to treat rosacea accepted for U.S. FDA review; PDUFA goal date of November 4, 2024 Total revenues for the first quarter ended
About this update from Journey Medical Corporation
[{"type":"text","content":"New Drug Application for DFD-29 to treat rosacea accepted for U.S. FDA review; PDUFA goal date of November 4, 2024 Total revenues for the first quarter ended March 31, 2024 were $13.0 million, a 7% increase from the $12.2 million reported in the first quarter of 2023 Company to hold conference call today at 4:30 p.m. ET to discuss the financial results and provide a business update SCOTTSDALE, Ariz., May 13, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation (Nasdaq: DERM) (“Journey Medical” or “the Company”), a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration (“FDA”)-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced financial results and recent corporate highlights for the first quarter ended March 31, 2024. Claude Maraoui, Journey Medical’s Co-Founder, President and Chief Executive Officer, said, “We delivered solid first quarter results with year-over-year revenue growth of 7%. These results were driven by greater than 20% year-over-year growth in our flagship products, Qbrexza® and Accutane®.” Mr. Maraoui continued, “Additionally, we made significant progress advancing our development program for DFD-29 (Minocycline Hydrochloride Modified Release Capsules, 40 mg). Following our positive Phase 3 clinical trial results, the FDA accepted our New Drug Application (“NDA”) in March 2024, and assigned a Prescription Drug User Fee Act (“PDUFA”) goal date of November 4, 2024. We believe this is a pivotal milestone for Journey Medical, as DFD-29, if approved, represents a significant commercial opportunity for the Company. We remain focused on driving growth and profitability from our current dermatology franchise and look forward to the opportunity to launch DFD-29 to benefit patients with rosacea and to leverage our existing commercial infrastructure.” Financial Results: Total net product revenues were $13.0 million for the first quarter of 2024, representing 7% growth compared to net product revenues of $12.2 million for the first quarter of 2023. The increase is primarily due to an increase in net product revenues for Qbrexza and Accutane as the Company continues to focus marketing efforts on these products. The increase was partially offset by a decrease in net product revenues from Amzeeq®...