Business
Journey Medical Corporation Reports Third Quarter 2022 Financial Results and Recent Corporate Highlights
Revenue for the first nine months of 2022 increased 26% to $57.7 million versus the same period in 2021 of $45.6 million DFD-29 Phase 3 studies are 75%
About this update from Journey Medical Corporation
[{"type":"text","content":"Revenue for the first nine months of 2022 increased 26% to $57.7 million versus the same period in 2021 of $45.6 million DFD-29 Phase 3 studies are 75% enrolled to date Top-line data from the Phase 3 clinical program evaluating DFD-29 for the treatment of papulopustular rosacea anticipated in the first half of 2023 Company to hold conference call on November 10, 2022 at 4:30 p.m. ET SCOTTSDALE, Ariz., Nov. 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 third quarter and nine months ended September 30, 2022. Claude Maraoui, Journey Medical’s Co-Founder, President and Chief Executive Officer said, “While our sales revenue for the third quarter of 2022 of $16.1 continues to be negatively impacted primarily by the effect of Targadox generic competition versus the third quarter of 2021, we still expect to report record revenue for the full year 2022. Also, we are pleased to have enrolled 75% of patients throughout the U.S. and Europe in our two DFD-29 Phase 3 studies for the treatment of papulopustular rosacea. We anticipate announcing top-line data from the trials in the first half of 2023 and expect to file a New Drug Application (“NDA”) shortly thereafter in the second half of 2023. After approval, we anticipate that DFD-29 will achieve peak annual net sales exceeding $100 million. We believe that this program, together with our eight branded and three authorized generic products that help treat common skin conditions, position Journey Medical for sales growth in the coming years. Journey Medical also expects to launch another product in the upcoming months.” Financial Results: Revenues were $16.1 million for the third quarter of 2022, compared to revenues of $19.6 million for the third quarter of 2021, representing a decline of $3.5 million. The decline in revenue was primarily attributed to a combination of, the continued generic competition of Targadox, that represented a $4.0 million reduction versus the prior year, and a $0.6 million increase in the net revenue of Accutane, which was 17% favorable versus the third quarter o...