Fortress Biotech(NASDAQ) FBIO

Fortress Biotech makes medicines for skin conditions and rare diseases. Its products help people with acne, rosacea, and certain cancers. The company also develops treatments for rare genetic disorders and severe infections.

What’s in the Medicine Cabinet?

• Dermatology products accounted for approximately 97% of Fortress Biotech’s total net revenue in 2025, with treatments for acne, rosacea, fungal infections, and wound care mainly sold in the U.S.
• Rare Disease Therapies: Medicines for uncommon genetic disorders, such as Menkes disease, targeting pediatric patients.

• Oncology and Immunotherapy: Drugs in development for cancers like glioblastoma and blood cancers, aimed at hospitals and specialists.

• Gene Therapy and Vaccines: Early-stage research on gene-based treatments and vaccines for severe infections and inherited diseases.

• Licensing and Royalties: Income from selling or licensing drug rights to other companies, including milestone payments.

Growth Spurts and Strategic Moves

• Launched Emrosi for rosacea in March 2025, boosting dermatology sales.
• Sold Checkpoint Therapeutics to Sun Pharma in May 2025 for $28 million and future royalties.
• Sold Baergic (BAER-101) to Axsome in November 2025, retaining milestone rights.
• Transferred dotinurad to Crystalys Therapeutics in 2025, keeping equity and royalty interests.
• Partnered with universities and research institutes for pipeline development since 2015.

Why Fortress Biotech Stands Out

Fortress uses a portfolio approach, spreading risk across many drug candidates and subsidiaries. It combines direct product sales with asset sales and licensing for steady income. The company’s partnerships with academic and industry groups help source and develop new treatments.

Five Things You Need to Know

• Net revenue was $63.3 million in 2025, up 10% from 2024.
• Dermatology products made up 97% of 2025 revenue.
• Operating loss improved to $70.2 million in 2025, down from $110.4 million.
• Net income was $6.8 million in 2025, reversing a $46 million loss in 2024.
• Cash and cash equivalents were $79.4 million at year-end 2025.

Bottom Line

Fortress Biotech has shifted from heavy R&D spending to a mix of product sales and asset deals. Its diversified approach helps manage risk in a competitive, fast-changing healthcare market.