Journey Medical Achieves 11% Product Revenue Growth, MROS Sales Hit $14.7M in Nine Months
Journey Medical reported 11% net product revenue growth for 2025 and improved gross margin by 3.5 percentage points while launching MROS to $14.7 million in net sales across nine months. GAAP net loss narrowed to $11.4 million ($0.47/share) and cash reserves stood at $24 million, with gross-to-net per script at $2.80.
1. 2025 Financial Performance
Journey Medical recorded total net product revenue growth of 11% for 2025, lifting its gross margin by 3.5 percentage points versus 2024. The company narrowed its GAAP net loss to $11.4 million ($0.47 per share) from $14.7 million a year earlier and ended the period with approximately $24 million in cash.
2. MROS Launch and Sales
The newly launched oral rosacea treatment MROS achieved $14.7 million in net sales over nine months, driven by strong prescription demand that outpaced reported revenue due to timing of coverage and formulary rollouts. Average gross-to-net revenue per script for MROS stood at $2.80 in 2025, below initial targets but expected to improve.
3. 2026 Growth Outlook
Management anticipates prescription volumes in Q1 to exceed Q4 levels, with further acceleration in Q2 backed by increased sales force deployment. Gradual gross-to-net improvement is projected as national formularies adopt MROS and a third GPO agreement comes online, supporting enhanced reimbursement and margin expansion.