Journey Medical Corp (DERM) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Journey Medical's first-quarter 2026 financial results and corporate update conference call. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcasted live over the Internet and is also being recorded for playback purposes. A webcast replay of this call will be available approximately one-hour after the end of the call for approximately 30-days.

各位下午好，歡迎參加 Journey Medical 2026 年第一季財務業績與公司最新進展電話會議。（接線員指示）提醒本次電話會議的與會者，本次會議音訊正透過網際網路進行直播，並同時錄音以供回放。會議網路重播將於會議結束後約一小時提供，並可供回放約 30 天。

I would now like to turn the call over to Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.

現在我想把電話交給公司企業營運資深總監 Jaclyn Jaffe。Jaclyn，請開始。

Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are Claude Maraoui, Co-Founder, President and Chief Executive Officer; Joseph Benesch, Chief Financial Officer; and Ramsey Alloush, Chief Operating Officer and General Counsel. During this call, management will be making forward-looking statements, including statements that address, among other things, Journey Medical's expectations for future performance, operational results, financial condition and the receipt of regulatory approvals.

各位下午好，感謝各位參與今天的電話會議。與我一同出席的 Journey Medical 管理團隊成員包括：共同創辦人、總裁兼執行長 Claude Maraoui；財務長 Joseph Benesch；以及營運長兼總法律顧問 Ramsey Alloush。在本次電話會議中，管理層將作出前瞻性陳述，其中包括但不限於關於 Journey Medical 對未來表現、營運結果、財務狀況以及取得監管核准的預期等。

Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Journey Medical's most recently filed periodic reports on Form 10-K and Form 10-Q, the Form 8-K filed with the SEC today and the company's press release that accompanies this call, particularly the cautionary statements in it.

前瞻性陳述涉及風險及其他因素，可能導致實際結果與該等陳述存在重大差異。關於這些風險的更多資訊，請參閱 Journey Medical 最近提交的 Form 10-K 與 Form 10-Q 定期報告中所述的風險因素、公司今日向 SEC 提交的 Form 8-K，以及隨本次電話會議一併發布的新聞稿，特別是其中的警示性陳述。

Today's conference call includes non-GAAP financial measures that Journey Medical believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, its most directly comparable GAAP financial measure, please see the reconciliation table located in the company's earnings press release.

今天的電話會議包含非 GAAP 財務衡量指標，Journey Medical 認為這些指標有助於評估其表現。您不應將此額外資訊孤立看待，或將其作為依 GAAP 編製之結果的替代。關於該非 GAAP 財務衡量指標與淨損（其最直接可比的 GAAP 財務衡量指標）之調節，請參閱公司盈餘新聞稿中的調節表。

The content of this call contains time-sensitive information that is accurate only as of today, Wednesday, May 13, 2026. Except as required by law, Journey Medical disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次電話會議內容包含具時效性的資訊，僅截至今日（2026 年 5 月 13 日，星期三）為準。除法律另有要求外，Journey Medical 不承擔公開更新或修訂任何資訊以反映本次電話會議後發生之事件或情況的義務。

It is now my pleasure to turn the call over to Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical.

現在我很高興把電話交給 Journey Medical 的共同創辦人、總裁兼執行長 Claude Maraoui。

Thank you, Jaclyn, and good afternoon to everyone on the call today. We made solid progress in the first-quarter of 2026, marking a strong start to what we believe will be a breakout year for Emrosi and Journey Medical. We delivered Emrosi revenues of $6.3 million in Q1, up significantly year-over-year and sequentially from the fourth-quarter, as prescription volumes continue to grow and payer reimbursement improves.

謝謝你，Jaclyn，也向今天參與電話會議的各位致上下午好。我們在 2026 年第一季取得了穩健進展，為我們認為將是 Emrosi 與 Journey Medical 的突破之年奠定了強勁開局。我們在第一季實現 Emrosi 營收 630 萬美元，較去年同期及較第四季皆大幅成長，因處方量持續增加且付款方報銷情況改善。

We are pleased with this performance, especially given the severe winter weather that occurred on the East Coast in the US during Q1. Our total net product revenues for the first-quarter increased by 21% year-over-year while operating expenses rose by just 6% compared to the first-quarter of last year. With Emrosi still early in its launch trajectory, steady revenue contributions anticipated from our other dermatology brands and ongoing disciplined investment in our commercial organization, we expect that operating leverage for our business will continue to increase as the year progresses.

我們對此表現感到滿意，尤其考量到第一季美國東岸出現嚴峻冬季天候。我們第一季總淨產品營收較去年同期成長 21%，而營運費用僅較去年第一季上升 6%。在 Emrosi 仍處於上市初期軌跡、我們其他皮膚科品牌預期可提供穩定營收貢獻，以及我們持續對商業組織進行有紀律的投資之下，我們預期隨著年度推進，公司的營運槓桿將持續提升。

We also delivered another quarter of positive adjusted EBITDA, and we added to our cash balance during the first-quarter, solidifying our strong financial position. Emrosi prescriptions totaled approximately 30,000 in the first-quarter, up from about 27,000 prescriptions in the fourth-quarter of last year. This represents approximately 11% sequential prescription volume growth for the product despite the typical seasonality that occurs in the beginning of each calendar year.

我們也再度交出一季正向的調整後 EBITDA，並在第一季增加了現金餘額，進一步鞏固我們強健的財務狀況。第一季 Emrosi 處方總量約 30,000 張，高於去年第四季約 27,000 張。儘管每年年初通常存在季節性影響，該產品處方量仍較前一季成長約 11%。

Notably, Emrosi revenues increased by approximately 26% from Q4 to Q1 as revenue per prescription increased sequentially. We remain focused on the twin objectives of growing Emrosi prescription volumes and increasing the mix of scripts reimbursed by health plans in order to accelerate revenue growth over the next several quarters.

值得注意的是，Emrosi 營收自第四季至第一季增加約 26%，因每張處方的營收較前一季提升。我們仍聚焦於兩大目標：提升 Emrosi 處方量，以及提高由健康保險計畫報銷的處方占比，以在未來數季加速營收成長。

Recognition of Emrosi and its benefits continues to increase as we work toward establishing the brand as standard of care in the treatment of rosacea. Promotion of Emrosi reached its one-year anniversary in early April, and currently, over 3,700 unique dermatology prescribers have written a prescription for the product. This compares to approximately 3,200 prescribers that were writing for Emrosi at the end of 2025 and demonstrates the effectiveness of our sales organization and prescribing momentum building behind the brand.

隨著我們致力於將該品牌建立為酒糟（rosacea）治療的標準照護，市場對 Emrosi 及其效益的認知持續提升。Emrosi 推廣於 4 月初滿一週年，目前已有超過 3,700 位獨立的皮膚科處方醫師曾為該產品開立處方。相較之下，2025 年底約有 3,200 位醫師為 Emrosi 開立處方，這顯示我們銷售組織的成效，以及品牌背後持續累積的處方動能。

The superior head-to-head efficacy results demonstrated in our Phase III clinical trials comparing Emrosi to the only other branded oral rosacea treatment, Oracea, are becoming widely known throughout the dermatology community. And with the product on the market now for a little over a year, Emrosi's placebo-like safety and tolerability profile is providing to be durable, which is another important factor in recruiting new prescription writers.

我們在第三期臨床試驗中所展示的優異頭對頭療效結果（將 Emrosi 與唯一另一款品牌口服酒糟治療藥物 Oracea 進行比較）正逐漸在皮膚科社群廣為人知。此外，該產品上市已略超過一年，Emrosi 類安慰劑的安全性與耐受性特徵正證明具有持久性，這也是吸引新的處方開立者的另一項重要因素。

From the patient perspective, Emrosi's rapid onset of action and superior skin clearing effects compared to Oracea are creating loyal users of the product. The ratio to refills to new prescriptions is now approaching 1.5:1, an increase from the 1:1 ratio observed at the end of 2025. We believe this metric is a good indicator of new patient satisfaction with the product, and we expect the refill to new prescription ratio to continue to increase going forward.

從病患角度來看，Emrosi 起效迅速，且相較 Oracea 具有更佳的皮膚清除效果，正培養出對產品忠誠的使用者。目前續配與新處方的比率已接近 1.5:1，高於 2025 年底觀察到的 1:1。我們認為此指標能良好反映新病患對產品的滿意度，並預期未來續配對新處方的比率將持續上升。

With a significant number of dermatology practices and patients gaining experience with Emrosi in its first year on the market, we believe that critical mass is being established and that the product is on track to become a significant brand in the dermatology space. The solid one-year efficacy and safety track record with Emrosi as well as the critical mass elements that we are generating in terms of strong prescription volumes and the high number of dermatology writers are also important to the payer community.

隨著大量皮膚科診所與病患在 Emrosi 上市第一年累積使用經驗，我們相信關鍵規模正在形成，且該產品正朝成為皮膚科領域重要品牌的方向邁進。Emrosi 一年期的穩健療效與安全性紀錄，以及我們在強勁處方量與大量皮膚科處方醫師數方面所建立的關鍵規模要素，對付款方社群同樣重要。

As a result, we believe that we are making good progress in our efforts to ramp reimbursement for Emrosi. In April, we announced that we entered into an agreement with the third of the three largest PBM-owned or affiliated group purchasing organizations in the United States. The three GPOs, known as Zinc Health Services, Emisar Pharma Services and the Ascent Health Services, collectively negotiate prescription drug pricing for approximately 85% of commercial lives in the United States.

因此，我們相信在提升 Emrosi 報銷的努力上正取得良好進展。4 月，我們宣布已與美國三大 PBM（藥品福利管理機構）所擁有或關聯的團體採購組織（GPO）中的第三家達成協議。這三家 GPO 分別為 Zinc Health Services、Emisar Pharma Services 與 Ascent Health Services，合計為美國約 85% 的商業保險人口協商處方藥定價。

With the big three contracts in place for Emrosi, over 169 million of the 192 million commercial lives in the nation now have access to Emrosi. Importantly, these GPO agreements serve as a framework for broader downstream payer adoption as many individual health plans conduct their own internal review and P&T evaluations before including Emrosi on their formularies.

隨著 Emrosi 與三大機構的合約到位，全美 1.92 億商業保險人口中，已有超過 1.69 億人可取得 Emrosi。重要的是，這些 GPO 協議為更廣泛的下游付款方採納提供了框架，因為許多個別健康保險計畫在將 Emrosi 納入其處方集之前，會先進行內部審查與 P&T（藥事與治療委員會）評估。

As mentioned on our fourth-quarter earnings call, we are actively engaged with downstream health plans on both national and regional level to broaden formulary inclusion for Emrosi this year. Not only are we focused on the breadth of coverage, but also on the quality of coverage, including tier positioning, step edit requirements and prior authorization criteria, to ensure that the value of Emrosi's differentiated clinical profile is recognized.

如同我們在第四季財報電話會議中提到的，我們正積極與全國性與區域性的下游健康保險計畫合作，以在今年擴大 Emrosi 的處方集納入範圍。我們不僅關注覆蓋的廣度，也關注覆蓋的品質，包括給付等級（tier）定位、逐步治療（step edit）要求與事前授權（prior authorization）標準，以確保 Emrosi 差異化的臨床特徵價值得到認可。

We believe that Emrosi's rapid onset of action, placebo-like safety and tolerability, and superior lesion reduction profile position it well for broad formulary inclusions. Our discussions with the downstream plans are also supported by the published Phase III efficacy and safety results for Emrosi in JAMA Dermatology, as well as the updated treatment algorithms published by the National Rosacea Society, which also cites Emrosi's benefits as a safe, effective and convenient oral treatment for the condition.

我們相信，Emrosi 起效迅速、具類安慰劑的安全性與耐受性，以及更優異的病灶減少特徵，使其非常適合被廣泛納入處方集。我們與下游保險計畫的討論亦獲得多項支持，包括 Emrosi 已於《JAMA Dermatology》發表的第三期療效與安全性結果，以及美國國家酒糟協會（National Rosacea Society）發布的更新治療演算法，其中亦引用 Emrosi 的效益，將其視為一種安全、有效且便利的口服治療選項。

These third-party validations and Emrosi's strong clinical results are meaningful to plans that are assessing the clinical differentiation and long-term health economic impact of prescribing Emrosi. We expect to announce up to three new journal publications on Emrosi this year, and we also believe that Emrosi has potential to be incorporated into the consensus treatment guidelines for rosacea, which should further support market and health plan adoption.

這些第三方驗證以及 Emrosi 強勁的臨床結果，對於正在評估開立 Emrosi 的臨床差異化與長期健康經濟影響的保險計畫而言具有重要意義。我們預期今年將宣布最多三篇關於 Emrosi 的新期刊論文發表；同時我們也相信 Emrosi 有潛力被納入酒糟的共識治療指引，進一步支持市場與健康保險計畫的採納。

In addition, we remain active at key dermatology medical congresses as well as managed care conferences across the United States to expand awareness and reimbursement for Emrosi. In late April, we attended the Asembia Summit, a premier industry conference focused on the specialty pharmaceutical ecosystem, including pharmaceutical distribution, patient access, reimbursement dynamics and commercialization strategies.

此外，我們也持續積極參與美國各地重要的皮膚科醫學年會以及受管理醫療（managed care）相關會議，以提升市場對 Emrosi 的認知並擴大其給付範圍。4 月下旬，我們出席了 Asembia Summit，這是一場聚焦專科製藥生態系的頂尖產業會議，涵蓋藥品流通、病患可近性、給付動態與商業化策略。

With Emrosi now on the market for over a year, the conference was timely and enabled us to have productive discussions with payer representatives to broaden Emrosi's formulary adoption. Operationally, we plan to add up to five new sales professionals to our commercial team this year, with the goal of having these representatives trained and in the field in early Q3.

Emrosi 上市已超過一年，此次會議時機恰當，使我們得以與保險支付方代表進行富有成效的討論，以擴大 Emrosi 在處方集（formulary）中的採用。就營運面而言，我們計畫今年在商業團隊新增最多五名銷售專業人員，目標是在第三季初完成訓練並投入市場。

We believe the additional resources will increase our productivity in areas such as the promotion of our broad dermatology portfolio, the potential launch of up to two new niche dermatology products later this year and, importantly, the establishment of Emrosi as standard of care in the treatment of rosacea.

我們相信，新增的資源將提升我們在多個面向的生產力，包括推廣我們廣泛的皮膚科產品組合、今年稍晚可能推出最多兩項新的利基皮膚科產品，以及更重要的是，將 Emrosi 建立為酒糟（rosacea）治療的標準照護（standard of care）。

And with that, I'll now turn the call over to our CFO, Joe Benesch, to review our first-quarter financial results.

接下來，我將把電話會議交給我們的財務長 Joe Benesch，請他回顧第一季的財務結果。

Thank you, Claude, and good afternoon to everyone on the call. I will now review our financial results for the first-quarter of 2026. Total revenue for the quarter was $16 million, representing a 21% increase compared to $13.1 million in the first-quarter of 2025. This growth was primarily driven by continued strength in Emrosi, which generated $6.3 million in net revenue, up from $2.1 million in the prior year period.

謝謝你，Claude，也向所有與會者致意。接下來我將回顧我們 2026 年第一季的財務結果。本季總營收為 1,600 萬美元，較 2025 年第一季的 1,310 萬美元成長 21%。此成長主要由 Emrosi 的持續強勁表現所帶動，其淨營收達 630 萬美元，高於去年同期的 210 萬美元。

These results reflect sustained demand and reinforce Emrosi's role as a key driver of our growth. Turning to gross margin. We reported a 61% margin for the first-quarter of 2026, compared to 63.5% in the prior year period. The decrease resulted from a $1.3 million noncash charge to cost of sales related to a write-down of API inventory associated with the 2021 QBREXZA acquisition.

這些結果反映需求持續，並強化 Emrosi 作為我們成長關鍵驅動因素的角色。接著談毛利率。我們 2026 年第一季毛利率為 61%，相較去年同期為 63.5%。下降原因為銷貨成本中認列 130 萬美元的非現金費用，係與 2021 年收購 QBREXZA 相關之 API 庫存減損所致。

Excluding this onetime noncash item, the gross margin would have been approximately 69%, reflecting a favorable product mix and continued sequential and year-over-year improvement. SG&A expenses were $10.1 million for the quarter, compared to $10.6 million in the first-quarter of 2025. The decrease was driven primarily by lower Emrosi launch related expenses as we transition from our initial launch investment to ongoing commercial execution.

若排除此一次性非現金項目，毛利率約為 69%，反映有利的產品組合，以及按季與年對年持續改善。SG&A 費用本季為 1,010 萬美元，較 2025 年第一季的 1,060 萬美元下降。下降主要來自 Emrosi 上市相關費用降低，因我們正從初期上市投資轉向持續的商業執行。

We reported a GAAP net loss of $2.2 million or $0.08 per share basic and diluted, compared to a net loss of $4.1 million, $0.18 per share basic and diluted, in the prior year period. This improvement reflects higher revenues and continued expense discipline. On a non-GAAP basis, adjusted EBITDA was positive $600,000 or $0.02 per share, compared to negative adjusted EBITDA of $900,000 or $0.04 per share in the first-quarter of 2025.

我們依 GAAP 認列淨損 220 萬美元，基本及稀釋每股虧損 0.08 美元；相較去年同期淨損 410 萬美元、基本及稀釋每股虧損 0.18 美元。此改善反映營收提升與持續的費用控管。以非 GAAP 基礎計，調整後 EBITDA 為正 60 萬美元，或每股 0.02 美元；相較 2025 年第一季調整後 EBITDA 為負 90 萬美元，或每股 0.04 美元。

This improvement highlights the operating leverage in the business as Emrosi continues to scale. We ended the quarter with $27.2 million in cash, compared to $24.1 million as of December 31, 2025, providing solid liquidity position to support our commercial and operational priorities. In summary, our first-quarter results demonstrate strong revenue growth, improving profitability and disciplined execution. We remain focused on expanding Emrosi's commercial reach, optimizing our cost structure and progressing towards sustainable profitability in the coming quarters.

此改善凸顯隨著 Emrosi 持續擴張，業務具備營運槓桿效益。本季末現金為 2,720 萬美元，相較 2025 年 12 月 31 日的 2,410 萬美元增加，提供穩健的流動性以支持我們的商業與營運優先事項。總結而言，我們第一季結果展現強勁的營收成長、獲利能力改善與紀律性的執行。我們仍專注於擴大 Emrosi 的商業觸及、優化成本結構，並在未來幾季朝向可持續獲利邁進。

Thank you very much. I will now turn the call back over to Claude.

非常感謝。接下來我把電話會議交回給 Claude。

Thank you, Joe. Our first-quarter results demonstrate continued execution on our business plan and position us well for a year of strong financial performance. Our total net product sales grew significantly faster than our expenses during the quarter, and we expect that this trend will continue. Based on the quarterly results and the opportunities ahead, we believe that operating leverage for the company is now starting to come through in a meaningful way.

謝謝你，Joe。我們第一季的結果顯示我們持續落實商業計畫，並使我們在今年具備強勁財務表現的良好基礎。本季我們的產品淨銷售成長顯著快於費用成長，我們預期此趨勢將持續。基於本季結果與未來機會，我們認為公司的營運槓桿正開始以有意義的方式顯現。

Additionally, our cash position increased to approximately $27 million at the end of the first-quarter, up from roughly $24 million at the end of last year. As a result, we believe that the company is well positioned to grow sales and profitability with the resources that we have in place. While we plan to offer detailed financial guidance later this year, we are confident that the business will not only deliver positive adjusted EBITDA, but will also generate positive EBITDA for the remainder of this year and for the foreseeable future.

此外，我們在第一季末的現金部位增加至約 2,700 萬美元，較去年底約 2,400 萬美元提升。因此，我們認為公司已具備現有資源，可推動銷售與獲利成長。雖然我們計畫在今年稍晚提供更詳細的財務指引，但我們有信心，業務不僅將交出正的調整後 EBITDA，也將在今年剩餘期間以及可預見的未來持續產生正的 EBITDA。

Importantly, Emrosi continues to gain market share in the rosacea treatment segment, with revenue per prescription improving as we make progress on our payer reimbursement initiatives. We now have pricing agreements with all of the major PBM-led group purchasing organizations in the United States, and we are working to leverage these contracts to increase downstream health plan formulary access for Emrosi throughout the year.

重要的是，隨著我們在支付方給付推動計畫上取得進展、每張處方的收入提升，Emrosi 持續在酒糟治療市場區隔中擴大市占。我們目前已與美國所有主要由 PBM 主導的團體採購組織（GPO）簽訂定價協議，並正運用這些合約，在全年提升 Emrosi 於下游健康保險計畫處方集的可及性。

As our payer strategy gains additional traction, we expect a meaningful inflection in revenue conversion relative to the growing prescription demand. The ratio of Emrosi refills to new prescriptions continues to increase, in addition to the number of unique prescribers writing for the product. We believe that these key metrics demonstrate the brand's continued momentum in the market.

隨著我們的支付方策略獲得更多進展，我們預期在處方需求成長之下，營收轉換（revenue conversion）將出現顯著的拐點。Emrosi 的續配（refills）相對於新處方的比率持續上升，開立該產品的獨立處方醫師數量也在增加。我們相信，這些關鍵指標展現品牌在市場上的持續動能。

Our decision to add headcount in our commercial organization underscores the opportunity that we see to grow product sales and our operating cash flow, and is also well timed given our plans to launch up to two new niche dermatology products later this year. With regard to business development activities, we continue to explore out-licensing opportunities for the commercial rights to our patented products in non-US territories.

我們決定在商業組織增加人力編制，凸顯我們所看到的產品銷售與營運現金流成長機會；同時，考量我們計畫於今年稍晚推出最多兩項新的利基皮膚科產品，時點也相當合適。就商務開發活動而言，我們持續探索在美國以外地區，將我們專利產品的商業權利對外授權（out-licensing）的機會。

In addition to the potential to in-license assets to expand our dermatology product offering and to increase shareholder value. As we continue to execute on our strategic plan, we believe that 2026 will be a breakout year for Journey Medical, enabling us to deliver significant value for patients, our physician customers and our shareholders. Thank you.

此外，我們也評估引進授權（in-license）資產的可能性，以擴大我們的皮膚科產品供應並提升股東價值。隨著我們持續執行策略計畫，我們相信 2026 年將是 Journey Medical 的突破之年，使我們能為病患、我們的醫師客戶以及股東創造顯著價值。謝謝。

Operator, we are now ready to open the lines for Q&A.

主持人，我們現在準備開放問答。

(Operator Instructions) Nelson Cox, Lake Street Capital.

（主持人指示）Lake Street Capital 的 Nelson Cox。

Yes, this is Nelson on for Thomas. Congrats on the progress. Maybe I just want to start, and understanding you're not providing more detailed formal guidance till maybe later in the year, but maybe directionally as we look across the portfolio and for the balance of the year. Can you help frame just how to think about that trajectory, both for Emrosi as coverage matures and for kind of the legacy products?

是的，我是 Nelson，代 Thomas 提問。恭喜你們的進展。我想先從這裡開始：我理解你們可能要到今年稍晚才會提供更詳細的正式指引，但就方向性而言，當我們檢視整體產品組合以及今年剩餘期間時，你能否協助我們框架一下該如何看待這個走勢，包括 Emrosi 隨著保險覆蓋逐步成熟的表現，以及既有產品的走勢？

Sure, Nelson. Yes, first, let's talk about our base business. So our base business really is everything outside of Emrosi. We see that as very steady and consistent in 2026. We also believe that adding up to two new niche products this year will add incremental value in terms of revenue. So we feel very good about that. Even though we have had to take, for example, Qbrexza from the P1 position and putting it in P2, we've done a really good job from a commercial organization of keeping on track with our expectations.

當然可以，Nelson。是的，首先談我們的基礎業務。我們的基礎業務基本上就是 Emrosi 以外的所有產品。我們認為 2026 年這部分將非常穩定且一致。我們也相信今年新增最多兩項利基產品，將在營收上帶來增量價值，所以我們對此感到非常樂觀。即使我們必須把例如 Qbrexza 從 P1 位置調整到 P2，我們的商業團隊仍做得很好，讓表現維持在我們的預期軌道上。

The real key driver and what -- the majority of our time and efforts and resources are going in behind Emrosi. So I would continue to take a look at Emrosi moving forward. We did $61 million plus in revenues last year, and obviously, we'll go north of that. But that's about as far as I can tell you at this point.

真正的關鍵驅動因素，以及——我們大部分的時間、努力與資源都投入在 Emrosi 上。因此，我會建議你持續關注 Emrosi 後續的表現。我們去年營收超過 6,100 萬美元，顯然今年會高於這個水準。但在此刻我大概只能說到這裡。

All right. And then maybe just an update on insurance coverage, specifically how the conversation from access to quality coverage is progressing and where you stand on tier positioning, step edits, prior auths and criteria with major plans.

了解。那接著想請你更新一下保險覆蓋的狀況，特別是從「取得可近性」到「高品質覆蓋」的對話進展如何，以及你們在主要保險計畫的分層（tier positioning）、階梯式用藥要求（step edits）、事前授權（prior auths）與給付條件（criteria）方面目前的狀態。

Sure. We're just really thrilled that in the one year of launch, it was just a year, in April, that we finished our 1-year anniversary, we were very successful in completing all three GPOs, which now really allows us the full gamut of going out and reaching to the downstream health care companies. I'm going to have Ramsey give you some more color behind that. Ramsey?

當然。我們對於在上市一年內——就在 4 月，我們剛完成一週年——能非常成功地完成與三家 GPO 的合作感到非常振奮，這也讓我們現在能全面地向下游醫療保健公司進行觸及。我請 Ramsey 再補充一些細節。Ramsey？

Yes. So just to kind of look back a little bit. First year, we launched in April, we really focused on GPO contracting. And as you mentioned, that's really just getting access to the brand, not necessarily converting into coverage. So we've now passed that one-year new-to-market block. We've signed all three GPOs. We just signed the third one April 1, 2026. We did see an incremental bump in our coverage numbers.

是的。所以先稍微回顧一下。第一年我們在四月上市時，確實把重點放在 GPO 簽約上。而如你所提到的，那基本上只是取得品牌的進入權，未必會直接轉化為給付涵蓋。因此我們現在已經度過了新上市滿一年的門檻期。我們已與三家 GPO 全部簽約。我們剛在 2026 年 4 月 1 日簽下第三家。我們確實看到涵蓋數據有額外的小幅提升。

So that was positive. But you'll have auto-adopters in terms of some of the plans and then you'll have more of the custom plans, and those are the large national formularies. And now that we have contracts in place to pull from, we're able to have those deeper discussions. And so from a clinical perspective, when you look at our drug versus Oracea and any of the other oral therapies, the comparable oral therapies, the Doxy 40s on the market, you can see that we have the superior efficacy, we have solid safety.

所以這是正面的。不過在一些計畫方面會有自動採用者，同時也會有較為客製化的計畫，而那些就是大型全國性處方集。現在我們已有可依據的合約可供引用，我們也就能進行更深入的討論。從臨床角度來看，當你比較我們的藥物與 Oracea 以及其他任何口服療法、可比的口服療法、市面上的 Doxy 40 產品時，你會看到我們的療效更優、且安全性扎實。

So from a clinical standpoint, it makes a lot of sense, and we work in about as half the time. So from a financial perspective, we've provided all of the financial detail in terms of their modeling and what net price needs to look like to get that quality coverage up. And when we talk about quality coverage in terms of prior auth criteria, step edit criteria and any utilization management control, we look at a benchmark of about a single step edit through any oral or topical agent with a lookback of one year or greater.

因此從臨床面來看非常合理，而且我們大約用一半的時間就能見效。從財務面來看，我們已提供所有財務細節，包含他們建模所需的資訊，以及要把高品質涵蓋拉升時淨價應該呈現的樣貌。當我們談到高品質涵蓋時，就事前授權（prior auth）條件、階梯式用藥（step edit）條件以及任何用藥管理（utilization management）控管而言，我們的基準大約是：僅需經過一次 step edit（可透過任何口服或外用藥物），且回溯期為一年或更長。

And so we think that's the right place for us to be in terms of positioning. And we've been pretty successful in having those discussions. We're not ready to announce anything yet, but we're in very deep discussions and far along in discussions with some of the national formularies. So we expect to have some good news throughout 2027 that's really going to help improve our coverage with respect to Emrosi.

因此我們認為，就定位而言那是我們應該處於的正確位置。我們在這些討論上也相當成功。我們還沒準備好宣布任何消息，但我們正與一些全國性處方集進行非常深入、且進展相當靠前的討論。因此我們預期在 2027 年期間會有一些好消息，這將真正有助於改善 Emrosi 的涵蓋情況。

So from a quality perspective, we talk about 160 million, 170 million lives that Claude mentioned that have access to Emrosi. But when you look at that single step or better, no step, we're looking at about 34% of the 190 million commercial lives. So about 60 million or so have access to Emrosi, coverage for Emrosi with a single step or better.

所以從品質角度來看，我們談到 Claude 提到的 1.6 億、1.7 億人次（lives）可取得 Emrosi。但若看「單一步驟或更好、或無步驟」的情況，我們約占 1.9 億商業保險人次的 34%。也就是說，大約 6,000 萬左右的人次可在單一步驟或更好的條件下取得 Emrosi 的涵蓋。

Mayank Mamtani, B. Riley Securities.

Mayank Mamtani，B. Riley Securities。

Yes. Congrats on a very strong quarter here. So on the Emrosi revenue growth accelerating faster than the script volume growth that you talked about, and especially during the otherwise seasonally challenged 1Q. So would be great to hear, on a go-forward basis as you think about both volume and net price step-up and factoring in the prior comments on formulary dynamic on prior auth being more important than just having covered lives high level.

是的。恭喜本季表現非常強勁。關於你提到 Emrosi 營收成長加速、且快於處方量（script volume）成長，尤其是在通常具季節性挑戰的第一季。很希望聽聽你們對未來的看法：在同時考量量與淨價提升（net price step-up），並結合先前對處方集動態的評論——也就是事前授權比單純提高被涵蓋人次更重要——的前提下。

Are you able to comment on how quarter-to-date in the second-quarter you're seeing trends on refills, for example, when you think about volume, and then this net price kind of work-back where you were in 3Q and there was a step-down in 4Q, what level you're trying to get at maybe at the end of the year, if you could comment on that?

你能否談談第二季截至目前（quarter-to-date）在續方（refills）等趨勢上的觀察（就量而言），以及淨價回推（work-back）方面：你們在第三季的水準、第四季有一個下滑，那你們希望在年底達到什麼樣的水準？如果可以的話請評論一下。

Yes. Sure, Mayank. We're pleased, and we're meeting our internal expectations in terms of NRx to total prescriptions. When you take a look at 2025, we ended the year with 52,000 total prescriptions. Our new prescriptions were at 26,000. And that's again in 2025. So pretty much a 1:1 ratio. When you take a look at Q1, for example, we ended up getting to a ratio of one new script and 1.4 refills.

可以。當然，Mayank。我們很滿意，而且在新處方（NRx）占總處方的表現上符合我們內部預期。回頭看 2025 年，我們全年總處方數為 52,000 張；新處方為 26,000 張。這同樣是 2025 年的數據，所以基本上是 1:1 的比例。以第一季為例，我們最後達到的比例是：每 1 張新處方對應 1.4 次續方。

So we like how we're trending and how we're moving that accordingly. And we do expect that to increase from quarter to quarter as we continue to gain more momentum with the brand, more prescribers and so forth. So we think that's doing extremely well for us. Oracea, at the same time, if you take a look at their ratio for Q1, they have about one new prescription to 1.9 refills.

所以我們喜歡目前的趨勢，以及我們如何相應地推動。我們也預期，隨著品牌動能提升、開立醫師增加等，這個比例會逐季上升。因此我們認為這對我們來說表現非常好。同時，如果你看 Oracea 第一季的比例，他們大約是 1 張新處方對 1.9 次續方。

Now with our messaging and our 16-week clinical trials, we do see many dermatologists not just writing for one prescription, but they're also writing for the refills. And we're seeing anywhere between two refills, three refills, four refills and, in some cases, more than that. So we do believe that that will continue to grow. Switching to our gains in the managed care coverage and quality coverage.

現在透過我們的訊息傳遞以及 16 週臨床試驗，我們確實看到許多皮膚科醫師不只是開一張處方，也會把續方一起開出來。我們看到的續方次數大約介於 2 次、3 次、4 次，在某些情況下甚至更多。因此我們相信這會持續成長。接著談到我們在管理式醫療涵蓋與高品質涵蓋方面的進展。

We do expect that to continue to grow incrementally from quarter-to-quarter. And when that happens, of course, we'll get more reimbursement on prescriptions that will be profitable for the company. There will be less reliance on our co-pay bridging program. And we believe that that has the capability to enhance our ASPs. I think when you take a look from Q4 to Q1, Q4 of '25 to Q1 of 2026, you'll see a nice growth rate already with the average ASP that you see with Emrosi, and we think that that will continue.

我們確實預期這會逐季小幅成長。而當那發生時，當然，我們會在處方上獲得更多對公司有利潤的給付。對我們自付額補助銜接計畫（co-pay bridging program）的依賴會降低。我們相信這有能力提升我們的 ASP（平均售價）。我想如果你從 2025 年第四季到 2026 年第一季來看，你會看到 Emrosi 的平均 ASP 已經有不錯的成長率，而我們認為這會持續。

So again, without giving any guidance, I think we're showing a great step forward here in Q1. Prescriptions are growing. We went from 27,000 prescriptions to 30,000 prescriptions. I'd like to also add that I think we're making the right strategic decisions. We're going to be increasing our sales force, we're going to be moving from 35 to 40 salespeople across the United States. Our reach will be better. Our frequency will be better. And I think that will also complement our goal to continue to grow Emrosi and become the standard of care.

所以再次強調，在不提供任何指引（guidance）的前提下，我認為我們在第一季已展現很大的進步。處方在成長，我們從 27,000 張處方增加到 30,000 張處方。我也想補充，我認為我們正在做出正確的策略決策。我們將擴增銷售團隊，將全美銷售人員從 35 人增加到 40 人。我們的觸及範圍會更好、拜訪頻率會更好。我認為這也會配合我們持續成長 Emrosi、並成為標準治療（standard of care）的目標。

Very comprehensive answer. And on the guidance comment you had for the back half of the year, is that fair to assume that you'd have both on top line and also on the bottom line, because you clearly have a profitability goal here? And I was just curious how you think about adding, I think you've talked about one to two products, how that fits in versus maybe also some of the sales adds, some of the costs that you'll have on the G&A.

回答非常全面。關於你對下半年指引的評論，是否可以合理假設你指的是營收端（top line）以及獲利端（bottom line）兩者，因為你們顯然有獲利目標？我也好奇你如何看待新增（我想你提過）一到兩個產品，這與可能增加的銷售人力、以及你們在 G&A 上會有的一些成本之間的搭配。

And is that more a first half loaded where you can have the benefit on driving more script volume for the back half of the year? Could you just maybe fine-tune a little bit of how you're thinking about guidance top and bottom line?

而這是否會比較集中在上半年投入，讓你們能在下半年受益、帶動更多處方量？你能否再更精準地說明一下你們對營收與獲利指引的思考方式？

Yes, sure. In due time we'll come out with that. We're already seeing some variability with ASPs, for example, with Emrosi. Honestly, I think we'll see a good range from launch about 18 to 24 months. So we'll get into a pretty consistent range being stable. But we will continue to increase the profitability as the year progresses. The salespeople for the additional headcount, they're actually due to get trained in June and then they'll be out in the field in July. So the expenses are more on a second half of the year basis.

好的，當然。我們會在適當的時機對外說明。我們已經看到例如 Emrosi 的 ASP 存在一些波動。坦白說，我認為從上市起大約 18 到 24 個月，我們會看到一個不錯的區間，之後會進入相對穩定一致的範圍。但我們會隨著年度推進持續提升獲利能力。新增人力的銷售人員預計在 6 月受訓，然後 7 月就會到市場第一線。因此費用會比較偏向在下半年發生。

We've also put some really fantastic tactical programs in place. One of them, Mayank, just really started this past week, where we're focused in targeting direct messages via cell as well as e-mails directly to Oracea patients, and including Oracea generic patients. So there's resource allocations and expenses that are committed to that.

我們也已經部署了一些非常出色的戰術性方案。其中之一，Mayank，就在上週才真正開始：我們聚焦於透過手機簡訊以及電子郵件，直接向 Oracea 病患發送定向訊息，也包含 Oracea 學名藥病患。因此在資源配置與費用上，我們已對此做出承諾。

And you'll see that continue throughout the year, again, more heavily weighted in the second half of this year, in 2026. We have other unique programs that are also kicking off in the later half of Q2, into Q3, where we have a switching trial program, where we've had some dermatologists who haven't jumped on to the Emrosi brand right away, we'll be giving them free trades to put a certain amount of patients when they come in for refills or when they see them.

而你會看到這會在全年持續進行，同樣地，在 2026 年會更偏重於今年下半年。我們還有其他獨特的方案，將在第二季後半段啟動並延伸到第三季，例如我們有一個轉換試用（switching trial）方案：對於一些尚未立即採用 Emrosi 品牌的皮膚科醫師，我們會提供免費試用配額，讓他們在病患回診續方或看診時，能讓一定數量的病患使用。

And we've got a really nifty program where we'll be able to get great patient feedback. So all of those types of programs certainly do add to our SG&A, and we think the allocation is wise in how we're doing it. We also have these five additional reps coming onboard as our managed care coverage is better. So we think we did that in a timely manner as well. Hopefully, that gives you some good information.

而且我們有一個非常巧妙的計畫，能夠取得很好的病患回饋。因此，所有這類計畫確實都會增加我們的 SG&A（銷售、一般及行政費用），而我們認為以目前的方式進行資源配置是明智的。隨著我們的管理式醫療（managed care）給付覆蓋改善，我們也有另外五位業務代表即將加入。因此，我們認為我們也在適當的時點做了這件事。希望這能提供你一些有用的資訊。

Brandon Folkes, HC Wainwright.

Brandon Folkes，HC Wainwright。

Congrats on the progress. Can you just talk about adding these two additional products into the rep's bag potentially this year while Emrosi is still in a growth phase? Just any color in terms of how promotion-sensitive those products may be and in terms of the share of voice that they may require during the Emrosi launch?

恭喜你們的進展。你能否談談在 Emrosi 仍處於成長階段時，今年可能把另外兩項產品加入業務代表的產品組合（rep's bag）？想請你補充一些細節：這些產品在推廣上對敏感度如何，以及在 Emrosi 上市推廣期間，它們可能需要多少聲量占比（share of voice）？

Sure. Absolutely. Look, these are good additional niche-type of products. First and foremost, our focus is on Emrosi. Our second brand will continue to be Qbrexza. And we will pulse these products into the third position as the year continues. So no time will be taken away, no emphasis in terms of how the sales representatives will be compensated, will not change to move their behavior away from those top two products.

當然，沒問題。你看，這些都是很不錯、偏利基型的補充產品。首先也是最重要的，我們的重點在 Emrosi。第二個品牌仍會是 Qbrexza。隨著年度推進，我們會以「第三順位」的方式脈衝式地推進這些產品。因此，不會挪走時間；在銷售代表的獎酬設計上也不會改變，不會讓他們的行為偏離前兩項產品。

We do believe that these two additional products, we'll definitely launch one, we're hoping to launch both, are really incremental value that will be into our base business. And that third position product, sometimes it could be Accutane, another time it could be one of the niche products, but we've got a really good market plan for them. We've got good expectations.

我們確實相信這兩項新增產品——我們一定會推出其中一項，也希望兩項都能推出——將為我們的基礎業務帶來真正的增量價值。而第三順位的產品，有時可能是 Accutane，有時可能是其中一個利基產品，但我們已為它們制定了非常好的市場計畫，也有不錯的預期。

And we believe there's going to be good demand for them, a good need in the dermatology community for these types of products. I will tell you one is, again, in the anti-itch, antipruritic products. And that's always needed and they're always looking for something. So that will be a very positive welcome, I believe, by the dermatology community.

我們相信市場對它們會有良好需求，皮膚科社群也確實需要這類產品。我可以告訴你，其中一項同樣是止癢、抗搔癢（anti-itch, antipruritic）產品。這類需求一直存在，他們也總是在尋找新的選擇。因此我相信皮膚科社群會非常正面地歡迎它。

And the second product is really a strong life cycle management with one of our existing brands that we think will enhance and grow our base business nicely. So no real distraction from our focus of Emrosi and, secondarily, from Qbrexza.

第二項產品則是針對我們既有品牌之一所做的強力產品生命週期管理（life cycle management），我們認為它將能很好地強化並帶動我們的基礎業務成長。因此，對我們聚焦 Emrosi，以及其次聚焦 Qbrexza，並不會造成真正的分心。

Scott Henry, AGP.

Scott Henry，AGP。

I'm going to start with kind of a specific metrics question just to get your sense, really drilling down on the revenue per script. If we go back, Q3, it was about $271. Then we had the surprise in Q4, it dropped down to $188. In the first-quarter of this year, it bounced back, we expected it to bounce back, but all the way to $202. Depending -- everyone's numbers may be a little different, but they should be similar.

我先從一個比較具體的指標問題開始，想了解你們對「每張處方的營收」（revenue per script）的看法。如果回頭看，Q3 大約是 271 美元。然後 Q4 出現意外，下滑到 188 美元。今年第一季又反彈，我們也預期會反彈，但回到 202 美元。不同人算出來的數字可能略有差異，但應該差不多。

My question is, do you think $202, is that all the way back, or do you think that number can grow higher? And sometimes inventory changes can impact that number as well with inventory pretty consistent in first-quarter.

我的問題是，你認為 202 美元已經完全回到正常水準了嗎？還是你覺得這個數字還能再往上？另外，有時庫存變動也會影響這個數字，而第一季的庫存相當一致。

Yes. So that's definitely one of the variables and that's why we've been really holding back from giving more specific guidance, Scott. We definitely had a nice bump from Q4 to Q1, as you just mentioned. And we believe with the third GPO that we've gotten contracted as well as what Ramsey was mentioning, lots of serious negotiations where we believe we're going to have some good wins that will help incrementally put quality coverage regarding Emrosi on a national and regional level.

是的。所以那確實是其中一個變數，也正因如此我們一直比較保守，沒有提供更具體的指引（guidance），Scott。正如你提到的，我們從 Q4 到 Q1 的確有不錯的回升。我們也相信，隨著我們簽下第三家 GPO（團體採購組織）合約，以及 Ramsey 所提到的——我們正在進行許多嚴肅的談判——我們相信會有一些好的勝利，能在全國與區域層級，逐步提升 Emrosi 的優質給付覆蓋。

So that being the case, this certainly has significantly more upside. And we believe in the dermatology realm, 20% to 40%, it's a wide range I'm giving, but 20% to 40% net is the range that we would expect once it's stable for Emrosi to be overtime.

在這樣的情況下，這確實還有顯著的上行空間。我們也相信，在皮膚科領域，Emrosi 一旦進入穩定期，長期而言我們預期淨額（net）會落在 20% 到 40% 的區間——我給的是一個較寬的範圍，但 20% 到 40% 淨額是我們預期隨時間推移會達到的範圍。

Okay. And I think that's an interesting point you make. So when you add the third GPO, I think we always think of it adding covered lives, which ultimately drives scripts, but it sounds like as well, it can make those scripts you already write potentially more profitable because they have less discounting because they are now covered. Is that a fair statement?

好的。我覺得你提到的點很有意思。所以當你加入第三家 GPO 時，我們通常會想到它能增加覆蓋人數（covered lives），進而帶動處方量（scripts）。但聽起來它也可能讓你們已經開出的處方更有利潤，因為折扣更少、因為現在被納入給付了。這樣理解公平嗎？

Absolutely. We've really tried to make the path of least resistance, for the dermatologist as well as the patient. Once they decide and get a prescription for Emrosi, we want them to get it. And our co-pay bridging program where it's not covered really fills that and makes it an easy transition. Once coverage comes along, those patients, because this is a chronic condition, whenever they come back for a relapse or an episode, and they've had a great experience with Emrosi, they'll be back to get more, hopefully, from their physicians.

完全正確。我們一直努力讓皮膚科醫師以及病患走「阻力最小的路徑」（path of least resistance）。一旦他們決定並開立 Emrosi 的處方，我們希望他們就能拿到藥。我們的自付額（co-pay）銜接補助計畫（bridging program）在尚未給付覆蓋時能補上這個缺口，讓轉換變得容易。一旦給付覆蓋到位，因為這是慢性病程，這些病患每次復發或發作回診時，如果他們對 Emrosi 的體驗很好，就會回來希望從醫師那裡再取得更多。

And then hopefully, that coverage now is there, where prior it was getting picked up by the co-pay. So exactly to your point, Scott.

然後希望那時候給付覆蓋已經存在，而先前是由自付額補助所承接的。正如你所說的，Scott。

Okay. And so you've got some really nice underlying trends. What about seasonality? As it gets warmer out, people are outside or in the sun, maybe it clears it up a little bit, they see their dermatologist a little less in the summer. How big of a factor is that in the rosacea category?

好的。你們確實有一些很不錯的基本面趨勢。那季節性呢？天氣變暖後，人們在戶外或曬太陽，可能會稍微改善，他們夏天看皮膚科醫師的頻率也可能降低。在酒糟（rosacea）這個類別中，這會是多大的因素？

There is some seasonality, there's no doubt about it. It's not significant in terms of being too specific in what quarter can we see that. Looking historically over the last eight quarters, we see it going up and down, but it's really not that significant for me to point to one specific time. It's not only the warmer months, it's the colder months as well. And it's alcohol consumption, it's spicy foods.

確實存在一些季節性，這點毫無疑問。但它並不顯著到我能非常具體地指出哪一季會看到那種影響。回顧過去八個季度的歷史，我們看到數字上下波動，但對我而言並不足以指向某個特定時間點。不只是溫暖月份，寒冷月份也會有影響；還有酒精攝取、辛辣食物等。

There's a number of different factors. And I think that's why it evens out overtime. And every patient is different. So we do expect prescriptions to continue to grow. We just received Symphony April numbers. I'm glad to let you know that it's an all-time high. We just hit 11,400-plus prescriptions. And we're seeing strong redemption weeks as we are getting deeper into May.

因素很多。我想這也是為什麼長期來看會趨於平均。而且每位病患都不同。所以我們預期處方量會持續成長。我們剛收到 Symphony 的 4 月數據，很高興告訴你那是歷史新高：我們剛突破 11,400 張以上處方。我們也看到隨著進入 5 月，兌現（redemption）週次表現強勁。

So momentum is picking up. Perhaps it's the warmer months that you're talking about right now. But it's also, I think, the basis of just a highly efficacious product. It's the best product that they have now orally to treat rosacea. And I think we're up to 3,700 prescribers, right, unique prescribers. And when I look at, for example, the month of March, we had over 2,500 prescribers just in that month alone.

所以動能正在增強。也許就是你現在提到的溫暖月份因素。但我也認為，根本原因在於這是一個療效非常好的產品。就口服用藥而言，它是目前治療酒糟最好的產品。我想我們的開立醫師數已經到 3,700 位左右，對吧，獨立開立者（unique prescribers）。以 3 月為例，單月就有超過 2,500 位開立醫師。

So as they start to pick up and as those numbers continue to grow, it's going to be more meaningful for the product. You'll see some good momentum built.

因此，當他們開始增加開立、而這些數字持續成長時，對產品的意義會更大。你會看到建立起不錯的動能。

Okay. Great. Congratulations on the progress. I know you guys have been working hard at it.

好的，很好。恭喜你們的進展。我知道你們為此付出了很多努力。

You're welcome.

不客氣。

Ladies and gentlemen, that was the last question. The conference has now concluded. Thank you for joining in. You may now disconnect.

各位女士、先生，以上是最後一個問題。本次電話會議到此結束。感謝各位參與。您現在可以中斷連線。