Fortress Biotech (FBIO) Q2 2026 Earnings Report

The call conveyed clear commercial momentum for Emrosi — strong revenue growth (+23% YoY total revenue), accelerating prescriptions (20% sequential growth to ~36k in Q2), rising prescriber counts (>4,500, >40% increase from end-2025), improving ASP and formulary progress, and a meaningful move to positive EBITDA and adjusted EBITDA. These positives outweigh the remaining challenges: payer friction (only ~38% high-quality coverage), some softness in QBREXZA, refill dynamics still maturing, and the time required to monetize international opportunities. Management signaled measured investment in marketing and added sales capacity to sustain growth. Overall, the trajectory appears constructive with manageable risks.

Management reiterated that 2026 should be a "breakout year" for revenue growth and profitability, expecting continued ASP improvement and expanding payer coverage (quality formulary coverage rose from 34% in Q1 to ~38% currently, and GPO agreements give plan access to ~169M of 192M commercial lives); they reported Q2 total revenue of $18.5M (up 23% YoY from $15M) with Emrosi net revenue of $8.1M, gross margin of 67%, SG&A of $10.9M (down from $11.9M), GAAP net loss narrowed to $0.3M ($0.01/sh), positive EBITDA of $1.4M in Q2 ($1.1M for the six months) and adjusted EBITDA of $2.9M in Q2 ($3.5M YTD), ending the quarter with $25.6M cash, and said they expect to remain EBITDA‑positive for the remainder of the year and to become sustainably earnings‑ and cash‑flow‑positive; operationally they expect continued Emrosi prescription momentum (Q2 ~36,000 scripts vs ~30,000 in Q1, ~20% sequential growth; June ~13K and July ~14K monthly scripts; NRx ~5,300 in June vs a prior 3‑month average of ~4,700; >4,500 unique prescribers vs 3,200 at end‑2025, >40% growth), contributions from five new dermatology reps deployed in late July, and support from the late‑Q2 launch of Eurax cream to drive further ASP, revenue and payer traction through Q3/Q4 and into 2028.