Overview

• US biopharma firm reported Q1 net income of $108.4 mln after PRV sale

• Q1 revenue rose yr/yr to $16 mln but missed sole analyst estimate

• Company reduced debt and cash rose to $256 mln after PRV proceeds

Outlook

• Company expects increasing royalty revenue from ZYCUBO and UNLOXCYT

• Fortress anticipates potential milestone payments from partnered assets, including regulatory submissions for anselamimab

• Company says it is well positioned to advance strategic initiatives and drive long-term value

Result Drivers

• PRV SALE - Net income driven by $205 mln gain from Rare Pediatric Disease Priority Review Voucher sale

• PRODUCT REVENUE GROWTH - Higher Q1 revenue mainly from increased sales at Journey Medical

• LOWER OPERATING EXPENSES - Reduced R&D and SG&A costs contributed to improved profitability

Company press release: ID:nGNXVk1hX

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Fortress Biotech Inc is $10.75, about 382.1% above its May 13 closing price of $2.23

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 310 three months ago

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