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1. Company Snapshot

1.a. Company Description

Fortress Biotech, Inc., a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products.The company markets dermatology products, such as Ximino capsules to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris; Targadox for severe acne; Exelderm cream for ringworm and jock itch symptoms; Ceracade for dry skin conditions; Luxamend for dressing and managing wounds; and Accutane capsules for severe recalcitrant nodular acne.It also develops late stage product candidates, such as intravenous Tramadol for the treatment of post-operative acute pain; CUTX-101, an injection for the treatment of Menkes disease; MB-107 and MB-207 for the treatment of X-linked severe combined immunodeficiency; Cosibelimab for metastatic cancers; CK-101 for the treatment of patients with EGFR mutation-positive NSCLC; CAEL-101 for the treatment of amyloid light chain amyloidosis; Triplex vaccine for cytomegalovirus; and CEVA101 for the treatment of severe traumatic brain injury in adults and children.


The company's early stage product candidates include MB-102 for blastic plasmacytoid dendritic cell neoplasm; MB-101 for glioblastoma; MB-104 for multiple myeloma and light chain amyloidosis; MB-106 for B-cell non-hodgkin lymphoma; MB-103 for GBM & metastatic breast cancer to brain; MB-108; MB-105 for prostate and pancreatic cancers; and BAER-101.Its preclinical product candidates comprise AAV-ATP7A gene therapy; AVTS-001 gene therapy; CK-103 BET inhibitor; CEVA-D and CEVA-102; CK-302, an anti-GITR; CK-303, an anti-CAIX; ConVax; and ONCOlogues, and oligonucleotide platform.It has collaboration arrangements with universities, research institutes, and pharmaceutical companies.


The company was formerly known as Coronado Biosciences, Inc.and changed its name to Fortress Biotech, Inc.in April 2015.


Fortress Biotech, Inc.was incorporated in 2006 and is based in Bay Harbor Island, New York.

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1.b. Last Insights on FBIO

Fortress Biotech's recent performance was driven by several positive factors. The company's commercial launch of Emrosi, a treatment for inflammatory lesions of rosacea in adults, has initiated, with initial distribution ongoing and first prescriptions filled. Additionally, the FDA has accepted the New Drug Application filing for priority review of CUTX-101 to treat Menkes disease, with a PDUFA goal date of September 30, 2025. Furthermore, the company's subsidiary, Checkpoint Therapeutics, has been acquired by Sun Pharma, with Fortress receiving approximately $28 million shortly after closing and eligible for an additional contingent value right of up to $4.8 million, plus a 2.5% royalty on future net sales of UNLOXCYT.

1.c. Company Highlights

2. Journey Medical's Q3 Earnings: A Strong Launch for EMROSI

Journey Medical's Q3 financial performance was marked by a 21% increase in total revenues to $17.6 million, driven by the successful U.S. commercial launch of EMROSI. EBITDA loss narrowed by $500,000 to $500,000, and EPS came in at -$0.11, beating estimates of -$0.43. The company's cash and cash equivalents stood at $24.9 million, up from $20.3 million at the end of 2024.

Publication Date: Nov -29

📋 Highlights
  • EMROSI Prescription Surge: Total prescriptions jumped 146% to 18,198 in Q3 from 7,394 in Q2.
  • Revenue & EBITDA Growth: Q3 revenue hit $17.6M (+21% YoY), with EBITDA loss narrowing to $500K from $1M in Q3 2024.
  • GPO Contract Progress: 2/3 largest GPO contracts secured, with the third expected in early 2026, boosting formulary adoption.
  • Prescriber Expansion: 2,700+ unique prescribers achieved, driving a "snowball effect" as confidence in EMROSI grows.

EMROSI's Prescription Growth

EMROSI's total prescriptions more than doubled from Q2 to Q3, reaching 18,198, and the number of prescription writers is now at its highest level to date. The company expects to develop the current prescriber base into consistent writers over the next several months, with a focus on both breadth and depth of prescribers. As Claude Maraoui noted, "We're seeing a snowball effect as physicians build confidence in EMROSI's results."

Commercial Progress and Outlook

The company has made significant progress in its commercial efforts, with two of the three largest GPOs contracting for EMROSI. The third GPO is expected to be contracted in early 2026, which should improve gross-to-net revenue. Analysts estimate revenue growth of 49.3% next year, driven by continued adoption of EMROSI.

Valuation and Metrics

Journey Medical's current valuation metrics include a P/S Ratio of 1.42 and an EV/EBITDA of -1.21. The company's ROE is 19.24%, indicating a relatively healthy return on equity. With the successful launch of EMROSI, the company's growth prospects appear promising, and investors will be watching to see if the company can continue to deliver on its expectations.

Operational Efficiency

Joseph Benesch stated that operating expenses are expected to remain relatively consistent from period to period and into 2026, with any incremental expense more than offset by increases in revenue. This suggests that the company is focused on maintaining operational efficiency as it continues to scale EMROSI's commercial footprint.

3. NewsRoom

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Fortress Biotech (FBIO) Surpasses Q3 Earnings Estimates

Nov -14

Source: zacks.com

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Fortress Biotech Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

Nov -14

Source: globenewswire.com

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Fortress Biotech, Inc. (FBIO) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

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Journey Medical Corporation Reports Third Quarter 2025 Financial Results and Recent Corporate Highlights

Nov -12

Source: globenewswire.com

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Avenue Therapeutics Announces Acquisition of Subsidiary Baergic Bio by Axsome Therapeutics

Nov -06

Source: globenewswire.com

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Journey Medical Corporation to Announce Third Quarter 2025 Financial Results on November 12, 2025

Nov -05

Source: globenewswire.com

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Fortress Biotech (NASDAQ:FBIOP) Stock Price Down 1.9% – Time to Sell?

Nov -04

Source: defenseworld.net

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INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Fortress Biotech Inc. - FBIO

Oct -28

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.10%)

6. Segments

Dermatology Products

Expected Growth: 8.1%

Growing demand for innovative treatments, increasing prevalence of skin conditions, and advancements in dermatology research drive the growth of Fortress Biotech's dermatology products, focusing on acne, psoriasis, and atopic dermatitis.

Pharmaceutical and Biotechnology Product Development

Expected Growth: 8.1%

Fortress Biotech's innovative therapies, leveraging expertise in R&D, manufacturing, and regulatory affairs, drive growth. Increasing demand for novel treatments, advancements in biotechnology, and strategic partnerships fuel expansion in the pharmaceutical and biotechnology product development segment.

7. Detailed Products

Intravenous Trastuzumab

A biosimilar to Herceptin, used to treat HER2-positive breast cancer

Triplex Liver Hydrogel

A bioengineered liver tissue for the treatment of liver disease

CE-QP10-102

A novel checkpoint inhibitor for the treatment of various cancers

MB-107

A gene therapy for the treatment of X-linked severe combined immunodeficiency (XSCID)

MB-102

A gene therapy for the treatment of junctional epidermolysis bullosa (JEB)

MB-103

A gene therapy for the treatment of Leber congenital amaurosis (LCA)

8. Fortress Biotech, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Fortress Biotech, Inc. is medium due to the availability of alternative treatments and therapies for the diseases and conditions the company's products target.

Bargaining Power Of Customers

The bargaining power of customers for Fortress Biotech, Inc. is low due to the company's focus on rare and orphan diseases, which limits the negotiating power of customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Fortress Biotech, Inc. is medium due to the company's reliance on a limited number of suppliers for raw materials and services.

Threat Of New Entrants

The threat of new entrants for Fortress Biotech, Inc. is high due to the growing interest in biotechnology and the potential for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for Fortress Biotech, Inc. is high due to the competitive nature of the biotechnology industry and the presence of established companies with similar products and technologies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 75.72%
Debt Cost 11.70%
Equity Weight 24.28%
Equity Cost 11.70%
WACC 11.70%
Leverage 311.88%

11. Quality Control: Fortress Biotech, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fortress Biotech

A-Score: 4.5/10

Value: 8.4

Growth: 5.3

Quality: 3.9

Yield: 0.0

Momentum: 8.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Adaptive Biotechnologies

A-Score: 4.4/10

Value: 6.0

Growth: 3.8

Quality: 4.7

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Tonix Pharmaceuticals

A-Score: 4.2/10

Value: 7.6

Growth: 5.2

Quality: 3.8

Yield: 0.0

Momentum: 8.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
AnaptysBio

A-Score: 4.1/10

Value: 8.2

Growth: 3.2

Quality: 5.0

Yield: 0.0

Momentum: 6.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Phathom Pharmaceuticals

A-Score: 3.4/10

Value: 8.2

Growth: 4.4

Quality: 6.0

Yield: 0.0

Momentum: 1.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
REGENXBIO

A-Score: 3.1/10

Value: 7.0

Growth: 2.2

Quality: 3.9

Yield: 0.0

Momentum: 4.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.8$

Current Price

2.8$

Potential

-0.00%

Expected Cash-Flows