INVESTOR PRESENTATION

April 2026

PRESENTED BY:

Claude Maraoui

Co-Founder, President and CEO

Joseph Benesch

Chief Financial Officer

Ramsey Alloush

Chief Operating Officer

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press

release, the words “the Company”, “we”, “us” and “our” may refer to Journey Medical. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that

are not historical facts. The words “anticipate,” “believe,” “estimate,” “may,” “expect,” “will,” “could,” “project,” “intend” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are based on

management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently

anticipated include: the fact that our products and product candidates are subject to time and cost intensive regulation and clinical testing and as a result, may never be successfully developed or commercialized; a substantial portion of our sales derive

from products that may become subject to third-party generic competition, the introduction of new competitor products, or an increase in market share of existing competitor products, any of which could have a significant adverse impact on our

operating income; we operate in a heavily regulated industry, and we cannot predict the impact that any future legislation or administrative or executive action may have on our operations; our revenue is dependent mainly upon sales of our

dermatology products and any setback relating to the sale of such products could impair our operating results; competition could limit our products’ commercial opportunity and profitability, including competition from manufacturers of generic versions

of our products; the risk that our products do not achieve broad market acceptance, including by government and third-party payors; our reliance third parties for several aspects of our operations; our dependence on our ability to identify, develop, and

acquire or in-license products and integrate them into our operations, at which we may be unsuccessful; the dependence of the success of our business, including our ability to finance our company and generate additional revenue, on the successful

commercialization of our recently approved product, Emrosi , and any future product candidates that we may develop, in-license or acquire; clinical drug development is very expensive, time consuming, and uncertain and our clinical trials may fail to

adequately demonstrate the safety and efficacy of our current or any future product candidates; our competitors could develop and commercialize products similar or identical to ours; risks related to the protection of our intellectual property and our

potential inability to maintain sufficient patent protection for our technology and products; our business and operations would suffer in the event of computer system failures, cyber-attacks, or deficiencies in our or our third parties’ cybersecurity; the

substantial doubt about our ability to continue as a going concern; the effects of major public health issues, epidemics or pandemics on our product revenues and any future clinical trials; our potential need to raise additional capital; Fortress controls a

voting majority of our common stock, which could be detrimental to our other shareholders; as well as other risks described in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent

Reports on Form 10-Q, and our other filings we make with the SEC. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our

expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private

Securities Litigation Reform Act of 1995.

TRADEMARKS

This confidential presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and

copyrights referred to in this presentation may be listed without the TM, SM, © or ® symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade

names and copyrights.

MARKET & INDUSTRY DATA

Projections, estimates, industry data and information contained in this presentation, including the size of and growth in key end markets, are based on information from third-party sources and management estimates. Although the Company believes that

its third party-sources are reliable, the Company cannot guarantee the accuracy or completeness of its sources. The Company's management estimates are derived from third-party sources, publicly available information, the Company's knowledge of its

industry and assumptions based on such information and knowledge. The Company's management estimates have not been verified by any independent source. All of the projections, estimates, market data and industry information used in this

presentation involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, estimates and assumptions relating to the Company's and its industry's future performance are

necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including, but not limited to, those described above, that could cause future performance to differ materially from the Company's expressed projections, estimates and

assumptions or those provided by third parties.

NASDAQ: DERM

Market Cap: $128MM

Shares Outstanding: 27.3MM

Average Volume: 193.4K

*Market data as of 3/31/2026

INVESTMENT HIGHLIGHTS

1. Symphony, PHAST Prescription Data

✓ Commercial-stage pharmaceutical company focused on proprietary & patented products serving prescription dermatology

markets with a total market size of ~$5.8 billion

(acne, rosacea, hyperhidrosis)

✓ Dermatology product portfolio with 2025 net product revenues of $61 million and adjusted EBITDA of $2.9 million

✓ Key growth driver: EMROSI launched April 2025 in U.S. with head-to-head superiority over market leader (Oracea

);

Potential to drive significant revenue growth and earnings leverage going forward

✓ Successful business development efforts to date out-licensing international rights to current products and

in-licensing new assets to leverage Journey’s U.S. commercial & development infrastructure

✓ Solid balance sheet with $24.1MM in cash as of 12/31/2025

✓ DERM stock added to the Russell 2000

& 3000

indexes on June 27, 2025

Note: Bausch Health Companies, Inc. was formerly known as Valeant Pharmaceuticals International

Claude Maraoui

Founder, President

& Chief Executive Officer

30+ years of

experience

commercializing

successful dermatology

products

Ramsey Alloush

Chief Operating Officer

15+ years of

experience

in pharmaceutical

companies

Robert Nevin

Chief Commercial Officer

24+ years of

experience

in pharmaceutical,

lab and medical

management

Andrew Zwible

Vice President,

Operations

10+ years of

experience

in dermatology

pharmaceuticals

Jessica Yeaman

National Sales Director

17+ years of

experience

in dermatology

pharmaceuticals

Brian Prout

Executive Director,

Marketing

17+ years of

experience

commercializing

pharmaceuticals and

medical devices

Joseph Benesch

Chief Financial Officer

25+ years of

experience

in public and private

pharmaceutical

companies

SENIOR MANAGEMENT WITH SIGNIFICANT DERMATOLOGY EXPERIENCE

Srinivas

Sidgiddi, M.D.

Vice President,

Research & Development

18+ years of

experience

in pharmaceutical

development and

clinical research

OUR LEADERS HAVE LAUNCHED MANY SUCCESSFUL DERMATOLOGY BRANDS

Experience growing & managing marquee medical dermatology brands that generated over $2B in sales

A majority of our management team and sales force were part of the commercial organization at Medicis

(which was sold to Bausch Health Companies Inc., for approximately $2.5B in 2012)

1. Per Symphony Health based on peak sales

✓ Built and launched new brands in the marketplace

✓ Managed product life cycles to extend revenue streams

✓ Created innovative, first-in-class growth strategies

HIGHLIGHTS & SALES EXPERIENCE

OUR COMMERCIAL ORGANIZATION IS HIGHLIGHTED BY A UNIQUE AND

EXPERIENCED DERMATOLOGY SALES FORCE

Sales representatives have deep-rooted customer relationships

in their respective territories.

Our sales reps are incentivized to build their own “business”:

✓ We screen for individuals with an entrepreneurial and self-starter mindset

✓ We incentivize performance through our unique incentive program

✓ We provide equity rewards to incentivize performance

COVERAGE IN THE

U.S. DERMATOLOGY

TRx MARKET

70%

COVERAGE IN

THE TOP 50

U.S. MSAs

80%

DERMATOLOGY

SALES TERRITORIES

9 yrs.

Avg. Dermatology

Sales Experience

280 yrs.

Combined Experience

in Dermatology

Regional Sales

Awards

Sales Rookies

of the Year

President’s Club

Trophies

FIVE CORE DERMATOLOGY BRANDS; EMROSI IS THE KEY GROWTH DRIVER

1. Symphony, PHAST Prescription Data

2. Symphony, PHAST Prescription data; includes Emrosi , Oracea

®,

, Generic Doxycycline 40 mg, Doxycycline 20 mg written in dermatology and ≥50 mg oral antibiotics written in dermatology with a rosacea diagnosis code

3. International Hyperhidrosis Society,

4. Dolittle, et al, 2016, Hyperhidrosis: an update on prevalence and severity in the United States, Archives of Dermatology Research

5. Wehausen, B., Hill, D. E, & Feldman, S. R. (2016). Most people with psoriasis or rosacea are not being treated: a large population study. Dermatology Online Journal, 22(7).

• Glycopyrronium 2.4% cloth for topical treatment of

primary axillary hyperhidrosis

• 60% prescription growth since acquiring the product in

Q2 2021

• Addressable market of ~10M patients in the U.S.

3,4

• Treatment of inflammatory lesions of non-nodular

moderate to severe acne vulgaris

• The first and only FDA-

approved topical formulation of

minocycline for acne

• >24.8M topical acne RXs in 2025, category is highly

promotion sensitive

• Isotretinoin capsule for the treatment of severe

recalcitrant nodular acne

• The oral isotretinoin market had over 2.3 million

prescriptions in 2025

• Treatment of inflammatory lesions of rosacea

• >4.6M topical rosacea RXs per year in 2025

• An estimated 5% of Americans (~17M people) suffer

from rosacea

Launched on April 7, 2025

• Treatment of inflammatory lesions (papules and pustules)

of rosacea in adults

• The lowest FDA-Approved oral dose of minocycline, in a

modified release formulation

• More than 1.5M oral prescriptions for rosacea were written

in 2025

• An estimated 5% of Americans (~17M people) suffer

from rosacea

U.S. Commercial Launch April 2025

Leveraging Journey Medical’s Dermatology-Focused

Commercial Platform & Business Development Strategy

EMROSI: COMMERCIAL HIGHLIGHTS

1. Wehausen, B., Hill, D. E, & Feldman, S. R. (2016). Most people with psoriasis or rosacea are not being treated: a large population study. Dermatology Online Journal, 22(7).

2. Symphony, PHAST Prescription data, including Oracea

®,

, Generic Doxycycline 40 mg and Doxycycline 20 mg written in dermatology

• Emrosi received FDA approval in November 2024; On time, first-cycle review

• Superior to both placebo and Oracea

(doxycycline, 40 mg)

• Emrosi has potential to become the standard of care

• 17 million Americans suffer from rosacea

• Established dermatology-focused commercial organization covering

87% of oral rosacea prescriptions

• Potential to generate significant sales and earnings leverage

• Payer contracts in place with 2 of the 3 largest GPOs

• Out-licensing opportunities to generate cash and future revenue

EMROSI: POTENTIAL BEST-IN-CLASS TREATMENT FOR ROSACEA

Capsule Image For Illustrative Purposes Only

PRODUCT PROFILE

INDICATION

Treatment of inflammatory lesions (papules and pustules) of rosacea in adults

PRODUCT

DESCRIPTION

Minocycline 40mg extended-release capsule:

• Once-daily (QD) oral dosing; 16-week treatment duration

• Each capsule contains a proprietary blend of 10 mg immediate-release & 30 mg

extended-release minocycline beads for uniform drug release throughout the day

• Head-to-head superiority over market leader Oracea

demonstrated in Phase 3 trials

• Safety profile similar to placebo

• Shelf life of 3 years

PUBLICATION

Phase 3 Clinical Data Published in JAMA Dermatology

(March 2025)

PATENTS

Three U.S. Orange Book listed patents issued

(expected market exclusivity to 2039)

MARKET SIZE

Rosacea treatment sales in the U.S. were >$1.3B in 2025

•

Oracea

(doxycycline, 40 mg) the market leader had $252M in prescription sales in 2025

1. EMROSI. Prescribing Information. Journey Medical Corporation; 2024

2. Source: Symphony, PHAST Prescription data.

62.7

28.2

Emrosi

(40mg)

N=245

Oracea

(40mg)

N=246

Placebo

N=162

% of Subjects

*All statistical tests were two-sided, with α=0.05 as level of significance

EMROSI DEMONSTRATED SUPERIOR EFFICACY OVER ORACEA

AND PLACEBO IN TWO PHASE 3 CLINICAL TRIALS

P<0.001

IGA Treatment Success - Week 16

(Pooled Data)

Inflammatory Lesion Reduction - Week 16

(Pooled Data)

P<0.001

-19

-14.8

-11.3

Emrosi

N=245

Oracea

N=246

Placebo

N=162

Lesion Count Change

P<0.001

PHASE 3

(Co-Primary Endpoints)

Note: *All statistical tests were two-sided, with α=0.05 as level of significance.

1. Data on file. Journey Medical Corporation

IGA Treatment Success:

Emrosi was statistically superior to Oracea and placebo in

the % of patients achieving Clear (0) or Almost Clear (1),

with at least a 2-grade improvement from baseline.

Study participants began as Moderate (3) or Severe (4)

on the IGA scale.

• Emrosi was 61% greater than Oracea and 122% greater

than placebo, calculated as a relative percentage

Inflammatory Lesion Reduction:

Emrosi was statistically superior to Oracea and placebo

in reducing inflammatory lesions. Study participants had

an average of 25 lesions at baseline.

• Emrosi was 28% greater than Oracea and 68% greater

than placebo, calculated as a relative percentage

• No other drugs have demonstrated head-to-head

superiority over Oracea

• No significant safety issues were noted in these trials.

27.9

12.5

Emrosi

N=245

Placebo

N=162

% of Subjects

EMROSI WAS SUCCESSFUL ON ALL SECONDARY ENDPOINTS

INCLUDING PERCENT CHANGE IN LESION COUNT

AND ERYTHEMA REDUCTION

*All statistical tests were two-sided, with α=0.05 as level of significance

P<0.001

Erythema Success - Week 16

(Pooled Data)

Inflammatory Lesion % Reduction - Week 16

(Pooled Data)

-76%

-61%

-46%

Emrosi

N=245

Oracea

N=246

Placebo

N=162

Lesion Count % Change

Inflammatory Lesion Percent Reduction:

Emrosi was statistically superior to Oracea and

placebo in reducing % change in inflammatory lesions.

Study participants had an average of 25 lesions at

baseline.

• 24% greater than Oracea and 65% greater

than placebo, calculated as a relative percentage

Erythema Success:

Emrosi was statistically superior to placebo in reducing

the Clinician’s Erythema Assessment (CEA) score by at

least 2 points from baseline (Erythema Success) in the

Phase 3 trials.

• 123% greater erythema success than placebo,

calculated as a relative percentage

P<0.001

PHASE 3

(Secondary Endpoints)

Note: *All statistical tests were two-sided, with α=0.05 as level of significance.

1. Data on file. Journey Medical Corporation

*Emrosi is indicated to treat inflammatory lesions

(papules and pustules) of rosacea in adults.

EMROSI DEMONSTRATED ONSET OF EFFICACY AS EARLY

AS WEEK 2 COMPARED TO PLACEBO, AND WAS SUPERIOR

AT EACH SUBSEQUENT STUDY VISIT

PHASE 3

(Exploratory Endpoint)

1. EMROSI. Prescribing Information. Journey Medical Corporation; 2024. 2. Data on file. Journey Medical Corporation.

62.7%

39.0%

28.2%

Emrosi

(n=245)

Oracea

(n=246)

Placebo

(n=162)

% of Subjects

Pooled IGA Treatment Success - Week 16

11.4%

27.6%

42.8%

50.9%

7.4%

13.3%

23.7%

31.9%

2.7%

8.3%

13.9%

15.0%

Week 2 Week 4 Week 8 Week 12

% of Subjects

Emrosi (n=245) Oracea (n=246) Placebo (n=162)

Pooled IGA Treatment Success – Onset of Action

*All statistical tests were two-sided, with α=0.05 as level of significance

p<0.001

p=0.003

p=0.259 (NS)

Study design: Two identically designed, randomized, double-blind, active- and placebo-controlled Phase 3 trials (MVOR-1 and MVOR-2), including 653 total participants, to compare the impact of oral EMROSI (minocycline HCl 40 mg capsules), Oracea

(doxycycline, 40 mg), and placebo in adults with moderate-to-severe rosacea.

Subjects were required to have an inflammatory lesion count (papules and pustules) in the range 15-60 lesions and an Investigator’s Global Assessment (IGA) score of 3 (“moderate”) or 4 (“severe”) at baseline. IGA Treatment Success was defined as an IGA score of 0 (“clear”) or 1 (“near clear”) with at least a 2-grade reduction from baseline.

IGA Treatment Success was defined as an IGA Score

of Clear (0) or Near Clear(1) , with at least a 2-grade

reduction from Moderate (3) or Severe (4).

PHASE 3

(Exploratory Endpoint)

Study Design: Two identically designed, randomized, double-blind, active- and placebo-controlled Phase 3 trials (MVOR-1 and MVOR-2), including 653 total participants, to compare the impact of oral EMROSI (minocycline HCl 40 mg capsules), Oracea® (doxycycline, 40 mg), and placebo in adults with moderate-to-severe rosacea.

Subjects were required to have an inflammatory lesion count (papules and pustules) in the range 15-60 lesions and an Investigator’s Global Assessment (IGA) score of 3 (“moderate”) or 4 (“severe”) at baseline. Inflammatory Lesion Reduction was based on the absolute change from baseline in total inflammatory lesion counts.

Pooled Inflammatory Lesion Count

Reduction – Week 16

-19

-14.8

-11.3

Emrosi

N=245

Oracea

N=246

Placebo

N=162

Lesion Count Change

-9.3

-13.6

-16.3

-17.7

-7.0

-9.6

-12.3

-14.3

-5.9

-7.2

-9.6

-10.0

Week 2 Week 4 Week 8 Week 12

Emrosi (n=245) Oracea (n=246) Placebo (n=162)

p=0.002

p<0.001

Lesion Count Change

p<0.001

Pooled Inflammatory Lesion Count Reduction – Onset of Action

*All statistical tests were two-sided, with α=0.05 as level of significance

p<0.001

(-76.2%)

(-60.6%)

(-46.3%)

EMROSI DEMONSTRATED ONSET OF EFFICACY AS EARLY

AS WEEK 2 COMPARED TO PLACEBO, AND WAS SUPERIOR

AT EACH SUBSEQUENT STUDY VISIT

At baseline, subjects had a mean inflammatory

lesion count of 25 (ranged 15 to 58).

1. EMROSI. Prescribing Information. Journey Medical Corporation; 2024. 2. Data on file. Journey Medical Corporation.

PATIENT RESULTS AT BASELINE & 16 WEEKS

POST TREATMENT

Actual patient images from Emrosi Phase 3 Clinical Trials. Photos used with permission.

Results of individual patients may not be typical, as individual results may vary.

PHASE 3

(Efficacy)

Actual patient images from Emrosi Phase 3 Clinical Trials. Photos used with permission.

Results of individual patients may not be typical, as individual results may vary.

PATIENT RESULTS AT BASELINE & 16 WEEKS

POST TREATMENT

PHASE 3

(Efficacy)

EMROSI DEMONSTRATED A SIMILAR SAFETY PROFILE

TO PLACEBO

1,2

IN PHASE 3 STUDIES

Key Treatment-Related Adverse Events

(N=638)

2.1% 2.1%

1.6%

0.8%

0.0%

3.4%

2.1%

0.8%

1.3%

2.1%

2.5%

3.8%

0.0%

1.3% 1.3%

10%

12%

14%

Headache Diarrhea Dyspepsia Gastroesophageal Reflux Nausea

% of Patients

Emrosi (Minocycline, 40mg)

(N=243)

Oracea® (Doxycycline, 40mg)

(N=237)

Placebo

(N=158)

The frequency of key treatment-related adverse events was low,

and most were reported as mild or moderate.

PHASE 3

(Safety)

1. Data on file. Journey Medical Corporation

17,000,000

The U.S. Rosacea Market had

2025 Gross Sales of ~$1.3bn

ORACEA

$252M in

Gross Sales

EMROSI HAS SUPERIOR EFFICACY TO ORACEA

(doxycycline, 40 mg),

WHICH HAD 2025 GROSS SALES OF $252 MILLION

ESTIMATED U.S. ROSACEA PATIENTS

(2025)

It is estimated that ~5% of the

U.S. population (17mm people)

suffer from rosacea

STRATEGIC RATIONALE

•

Robust clinical data demonstrating

superior efficacy over Oracea with a

placebo-like safety profile

•

Efficacy is the primary driver for

physician adoption in oral rosacea

therapy

•

Complementary to Journey’s current

product mix and commercial footprint

•

Additional ex-U.S. out-licensing

opportunities (Excluding BRIC and CIS)

EMROSI NET SALES POTENTIAL

IN U.S. EXCEEDING $200mm

PEOPLE

1. Internal Market Research.

2. Wehausen, B., Hill, D. E, & Feldman, S. R. (2016). Most people with psoriasis or rosacea are not being treated: a large population study. Dermatology Online Journal, 22(7).

3. Symphony, PHAST Prescription data. TRx sales defined as TRx$ = TRx x WAC Price.

*Gross sales include Oracea

brand

and generic doxycycline, 40 mg

94% of Oral Rosacea TRx are written in Dermatology

(based on IQVIA 2025 TRx)

87% of Oral Rosacea Dermatology TRx is in a JMC Territory in 2026

(based on IQVIA 2025 TRx)

JOURNEY MEDICAL’S SALES FORCE COVERS THE VAST MAJORITY

OF ORAL PRESCRIPTIONS FOR ROSACEA IN DERMATOLOGY

2025 ORAL ROSACEA TRx

(717,104 Total TRx)

2025 ORAL ROSACEA TRx: In Dermatology

(671,388 Total TRx)

671,388

94%

Non-Derm

Non-Direct Promotion

(e-Sampling, Digital Marketing)

582,741

87%

88,647

13%

Derm / NP-PA

45,716

JMC Direct Sales Coverage

1. Symphony, PHAST Prescription data, including Oracea

®,

, Generic Doxycycline 40 mg, and Doxycycline 20 mg written in dermatology

TRx = Total number of prescriptions

EMROSI: COMMERCIAL PROGRESS

1. Symphony, PHAST Prescription data

2. IQVIA Prescriber Level Data

3. MMIT Data

Since launching on April 7, 2025:

• Over 52,000 prescription have been filled

through December 2025

• 3,200 unique providers have prescribed Emrosi

through December 2025

• Payer access attained for more than

100M commercial lives in the U.S.

Emrosi surpassed Oracea

as the

#1 branded oral therapy approved

for treatment of inflammatory lesions

(papules and pustules) of rosacea in adults.

EMROSI KEY TAKEAWAYS

EMROSI is the best-in-class oral therapy for inflammatory lesions of rosacea

and is expected to become the new standard of care in rosacea therapy

1. Head-to-head superiority over Oracea

demonstrated in two Phase 3 trials

2. Treatment results in as little as 2 weeks

3. Demonstrated placebo-like safety profile

4. Potential to achieve more than $300 million in global net sales

5. Significant revenue and earnings potential given Journey’s existing

dermatology-focused commercial infrastructure

U.S. Based Commercial Organization

Leverage proven commercial infrastructure

to launch acquired / developed products:

• “Best in Dermatology” sales and marketing organization

• Network of 700+ specialty pharmacies

• HCP-trusted access program provides coverage to more patients

Ex-U.S. Out-Licensing

Significant global out-licensing opportunity

for current and future products:

• Leverage existing distributor relationships to out-license

current products in new geographies (e.g. $19M Maruho Transaction)

• Dedicated BD function actively seeking new out-licensing opportunities

BUSINESS DEVELOPMENT STRATEGY

1. STRONG PORTFOLIO OF RX

DERMATOLOGY BRANDS

8 Commercial

Dermatology Assets

2. GROWTH THROUGH ACQUISITION & IN-LICENSING

Former Medicis management team experienced at

identifying undervalued assets

• Products acquired since 2021 contribute over 90% of net revenue

3. STRATEGIC INVESTMENT IN LATE-STAGE, PHASE 3 READY ASSETS

Recent approval of Emrosi and strong synergies with Fortress Biotech

• Emrosi has potential to exceed annual sales of $200M in the U.S.,

plus additional revenue through global out-licensing opportunities

CORPORATE PRIORITIES AND OBJECTIVES IN 2026

✓ Continue to generate strong EMROSI TRx and sales growth

✓ Achieve health plan coverage of EMROSI for the majority of U.S. commercial lives

✓ Continue to grow adjusted EBITDA and advance toward profitability

✓ Additional peer-reviewed journal articles and conference posters planned for

EMROSI over the next 12 months

✓ Potential business development transactions including global out-licensing opportunities

NASDAQ: DERM