Aug 12, 2026 earnings call — Emrosi commercial growth and profitability
Emrosi generated $8.1 million in Q2, helping total revenue reach $18.5 million and producing positive EBITDA for the quarter.
Revenue $0.0B (est $0.0B) · EPS $-0.08 (est $-0.20)
Key quotes
"These metrics not only trended positively, but also showed acceleration, and we expect this progress to continue in the coming quarters."
"We made good progress in the second quarter as the percentage of commercial lives with high-quality formulary coverage increased from 34% in Q1 to approximately 38% currently."
"On a non-GAAP basis, both EBITDA and adjusted EBITDA were positive for the 3- and 6-month periods ended June 30, 2026."
Analyst Q&A 4
ASP trend, seasonality, and QBREXZA outlook
Q (Scott Henry · Alliance Global Partners): He asked if any inventory moves changed ASP this quarter and whether the higher ASP will keep rising in the next quarters. He also asked about seasonality for scripts and whether QBREXZA is flat or declining over the next 4–6 quarters.
A: Management said there were no inventory movements this quarter. They expect continued ASP gains as more payer reimbursements implement, and they described seasonality as minimal while showing strong prescription and prescriber growth. On QBREXZA they said it is meaningful, brings roughly about $25 million to $26 million, shows quarter-to-quarter swings, and they expect consistent contribution.
"It's minimal, and I would not put a lot of seasonality to it." — Claude Maraoui (CEO)
SG&A plan, national formulary, refill rates, out-licensing
Q (Mayank Mamtani · B. Riley): He asked whether SG&A will step up in 3Q with new launches and corporate work. He also asked how the new national plan affects net ASP, about refill-rate trends and prescriber growth, and about ex-U.S. out-licensing and IP issues.
A: They said SG&A will rise somewhat for marketing and advertising in Q3–Q4 but the percentage of revenue from SG&A should remain pretty consistent. Adding the new national formulary should improve ASP and increase covered lives beyond the 70-plus million, with milestones expected through Q3, Q4 and into 2028. Refill rates are rising (July refill rate at 1.5 plus the regular fill, and new prescriptions rose from about 4,700 to about 5,300), and out-licensing talks are ongoing with global IP in place but these deals can take time.
"But overall, I expect to see the percentage of revenue from SG&A pretty consistent." — Joseph Benesch (CFO)
Access barriers and Eurax launch
Q (Brandon Folkes · H.C. Wainwright): He asked where the remaining access friction is today and which barriers could be removed over the next 12 months. He also asked for color on Eurax, when it launched, and how it might grow.
A: They said Eurax is a 10% crotamiton anti-itch product, trained in June and launched in July, positioned third behind Emrosi and QBREXZA, and it is early but gaining traction and included in the sales compensation plan. On access, they said friction includes prior authorizations or double-step requirements for many lives and that about 80–90 million lives may face larger barriers versus the 72 million 'quality' lives. They are negotiating with plans, considering tools like look-backs, and expect to work on removing those barriers through Q3, Q4 and into 2028.
"That could be, for example, a prior auth or a double step that's in place, right?" — Ramsey Alloush (COO)
New reps, physician drivers, patient types
Q (Thomas Flaten · Lake Street): He asked whether the new sales reps were white-space hires or territory splits. He also asked which efficacy element (speed or erythema resolution) drives physician use and which rosacea subtypes doctors are treating with Emrosi.
A: They said most of the five new reps are white-space hires but some territories were split where penetration was higher. Physicians are focused on the drug's superiority and speed of effect (works in about half the time) plus a strong safety profile, and doctors are using Emrosi mainly for papulopustular rosacea in moderate to severe patients.
"So out of the 5, most of them are in white space, but we do have some areas where the number of dermatologists and the penetration is better well served with splitting it." — Claude Maraoui (CEO)