Fortress Biotech (FBIO) Q2 2026 earnings summary

Executive summary

• Achieved strong revenue growth and improved profitability in Q2 2026, with Emrosi driving performance through higher prescription volume, improved payer reimbursement, and increased prescriber adoption.

• Net revenue for Q2 2026 was $18.7M, up 14% year-over-year, driven by strong Emrosi sales and new royalty streams.

• Significant one-time gain of $158.9M from the sale of a priority review voucher in H1 2026.

• FDA approval and commercial launch of ZYCUBOⓇ for Menkes disease, validating the business model and generating substantial non-recurring income.

• Expanded commercial team and launched Eurax Cream, a new dermatology product, in July.

Financial highlights

• Total Q2 2026 revenue was $18.7 million, up 14% year-over-year, with Emrosi generating $8.1 million in net revenue.

• Gross margin remained strong at 67% for Q2 2026, with cost of goods sold at 33% of net revenue.

• SG&A expenses decreased to $10.9 million from $11.9 million in Q2 2025, and R&D expenses dropped 90% to $0.8M due to Checkpoint's deconsolidation.

• GAAP net loss narrowed to $300,000 ($0.01 per share) in Q2 2026, compared to $3.8 million in Q2 2025; diluted EPS for Q2 2026 was $(0.08).

• Cash and cash equivalents rose to $196.6 million at June 30, 2026, up from $24.1 million at year-end 2025.

Outlook and guidance

• Management expects continued sequential gains in average selling price (ASP) for Emrosi as payer reimbursement improves.

• 2026 is anticipated to be a breakout year for both revenue growth and profitability, with a focus on sustaining positive EBITDA and cash flow.

• Ongoing efforts to expand high-quality formulary coverage and reduce payer friction are expected to further boost Emrosi's performance.

• Eurax Cream and new royalty streams are expected to contribute to revenue growth as they gain traction.

• Management anticipates continued investment in R&D and may require additional capital for future growth and regulatory filings.