The PRV monetization and debt paydown have transformed the balance sheet — cash now covers the preferred dividend for years. Monitor upcoming ZYCUBO and UNLOXCYT royalty ramp and any further Cyprium distributions to Fortress. The preferred stock (FBIOP) should trade tighter to par given the credit improvement.
Price Chart
Executive Summary
Fortress Biotech reported Q1 2026 net income attributable to common stockholders of $108.4M ($3.44 basic / $2.82 diluted), compared to a net loss of $(12.7M) in Q1 2025. The swing was driven by a $158.9M gain on the sale of Cyprium's Priority Review Voucher, partially offset by a $7.1M charge from a change in fair value of a partner company derivative liability. Core product revenue grew 21% YoY to $15.9M, driven by Journey Medical's Emrosi. Cash surged to $255.8M from $79.4M at year-end 2025, and debt was reduced to $15.0M. The preferred stock (FBIOP) benefits from a strengthened balance sheet and reduced leverage.
Key Financial Metrics
Key Facts
- Q1 2026 net income attributable to common stockholders: $108.4M vs $(12.7M) loss in Q1 2025
- EPS basic $3.44, diluted $2.82 vs $(0.48) loss per share in prior year
- Product revenue grew 21% YoY to $15.9M (from $13.1M)
- Gain on sale of PRV: $158.9M net of expenses
- Cash and equivalents increased to $255.8M from $79.4M at Dec 31, 2025
- Outstanding Oaktree loan principal reduced to $15.0M via prepayments
- Journey Medical's Emrosi expanded payer access to ~85% of US commercial lives
- Cyprium recognized $0.1M in ZYCUBO royalty revenue in Q1 2026
Financial Impact
Net income swing of ~$121M YoY driven by $158.9M PRV gain; product revenue growth of $2.8M (21%)
Risk Factors
- Core operating loss of $(7.7M) persists — profitability depends on non-recurring PRV gains and future royalty streams
- Change in fair value of partner company derivative liability ($7.1M charge) could recur
- Dependence on Journey Medical for product revenue; Emrosi payer expansion may not sustain growth
- AstraZeneca's anselamimab missed primary endpoint in Phase 3 — regulatory path uncertain
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-061208 |
| Document: fbio-20260514x8k.htm | 0001104659-26-061208 |
| Document: 0001104659-26-061208-index-headers.html | 0001104659-26-061208 |
| Document: 0001104659-26-061208-index.html | 0001104659-26-061208 |
| Document: 0001104659-26-061208.txt | 0001104659-26-061208 |
| 8-K Data (Synthetic) | 0001104659-26-061208 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 14, 2026 23w ago | 8-K | $15.01 $19.62 | ▲ +30.68% | ▲ +26.16% | $16.02 (+6.73%) |
Mar 31, 2026 29w ago | 8-K | $13.55 $20.08 | ▲ +48.19% | ▲ +34.81% | $16.02 (+18.23%) |
US Market Status
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