---
title: "Fortress Biotech | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 16.04 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286465017.md"
datetime: "2026-05-14T20:37:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286465017.md)
  - [en](https://longbridge.com/en/news/286465017.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286465017.md)
generator: "portal-rs"
---

# Fortress Biotech | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 16.04 M

Revenue: As of FY2026 Q1, the actual value is USD 16.04 M, missing the estimate of USD 16.34 M.

EPS: As of FY2026 Q1, the actual value is USD 2.82, beating the estimate of USD -0.22.

EBIT: As of FY2026 Q1, the actual value is USD -4.941 M.

#### Financial Overview

Fortress Biotech, Inc. reported consolidated net income attributable to common stockholders of $108.4 million for the first quarter ended March 31, 2026, compared to a net loss of - $12.7 million for the same period in 2025. 

#### Consolidated Net Revenue

Consolidated net revenue for Fortress Biotech, Inc. totaled $16.0 million in Q1 2026, an increase from $13.1 million in Q1 2025. Journey Medical’s marketed dermatology products contributed $15.9 million to the consolidated net revenue in Q1 2026. 

#### Operating Costs

Consolidated research and development expenses decreased to $0.5 million in Q1 2026 from $3.9 million in Q1 2025. Consolidated selling, general and administrative costs also fell to $15.9 million in Q1 2026 from $25.7 million year-over-year. 

#### Loss from Operations

Fortress Biotech, Inc. reported a loss from operations of - $7,739 thousand for the three months ended March 31, 2026, an improvement from a loss of - $22,317 thousand for the same period in 2025. 

#### Net Income (Loss) Attributable to Fortress Biotech, Inc.

Net income attributable to Fortress Biotech, Inc. was $110,373 thousand for Q1 2026, compared to a net loss of - $10,584 thousand in Q1 2025. 

#### Cash and Cash Equivalents

As of March 31, 2026, Fortress Biotech, Inc.’s consolidated cash and cash equivalents were $255.8 million, an increase of $176.5 million from $79.4 million as of December 31, 2025. This balance included $209.9 million attributable to Fortress Biotech, Inc. and its private subsidiaries, $2.4 million to Avenue, $16.3 million to Mustang Bio, and $27.2 million to Journey Medical. 

#### Balance Sheet Highlights (as of March 31, 2026 vs. December 31, 2025)

-   **Total Current Assets**: $295,480 thousand vs. $123,841 thousand
-   **Total Assets**: $356,874 thousand vs. $185,548 thousand
-   **Total Current Liabilities**: $103,393 thousand vs. $49,744 thousand
-   **Notes Payable, Long-Term, Net**: $36,878 thousand vs. $52,417 thousand
-   **Total Liabilities**: $154,500 thousand vs. $123,365 thousand
-   **Total Stockholders’ Equity**: $202,374 thousand vs. $62,183 thousand

#### Unique Metrics / Key Events

Fortress Biotech, Inc.’s subsidiary Cyprium Therapeutics sold its Rare Pediatric Disease Priority Review Voucher (PRV) for $205 million in March 2026, resulting in a net gain of $158,873 thousand on the income statement. A portion of these proceeds was used to reduce the outstanding principal balance of debt with Oaktree to $15.0 million. Journey Medical expanded payer access for Emrosi®, covering approximately 85% of all commercial lives in the United States as of April 1, 2026, and reported net product revenues of $15.9 million for Q1 2026, up from $13.1 million in Q1 2025. In Q1 2026, Cyprium recognized $0.1 million in royalty revenue from ZYCUBO® net sales. 

#### Outlook / Guidance

Fortress Biotech, Inc. anticipates generating increasing royalty revenue from ZYCUBO® and UNLOXCYT™, along with potential milestone payments from its portfolio. The company also expects potential future sales milestones and U.S. approval milestones from AstraZeneca’s regulatory submissions in the EU and Japan for anselamimab. Avenue plans to meet with the FDA in 2026 to discuss the design of a potential single pivotal trial for ATX-04 for Pompe disease.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**