INVESTOR PRESENTATION

July 2025

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, 2024, 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: $167.3MM

Shares Outstanding: 23.3MM

ADTV (last 90-days): 133K

*Market data as of 6/30/2025

INVESTMENT HIGHLIGHTS

1. Source: Symphony Health

✓ 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)

✓ 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

✓ Core dermatology product portfolio contribution-positive with 2024 revenues of $55 million

✓ 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 $21.1MM in cash as of 3/31/2025; Cash balance increased from Q4 ($20.3M)

✓ DERM stock added to the Russell 2000 & 3000 indexes on June 27, 2025; Increased daily volume / liquidity

✓ Multiple catalysts & milestones to drive value

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

advising 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

Ernest Galvan

Vice President,

Business Development

26+ years of

experience

in dermatology

pharmaceuticals

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

10 yrs.

Avg. Dermatology

Sales Experience

305 yrs.

Combined Experience

in Dermatology

Regional Sales

Awards

Sales Rookies

of the Year

President’s Club

Trophies

PRIOR TO THE LAUNCH OF EMROSI , THE CORE PRODUCT PORTFOLIO

ACCOUNTED FOR 90% OF PRODUCT SALES

1. Symphony Health (all specialties data). TRx = Total number of prescriptions

2. International Hyperhidrosis Society,

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

4. 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

• 43% prescription growth since acquiring the product

in Q2 2021

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

2,3

• Treatment of inflammatory lesions of non-nodular moderate to severe

acne vulgaris

• The first and only FDA-approved topical formulation of minocycline

for acne

• >23.7M topical acne RXs in 2024, category is highly promotion sensitive

• Isotretinoin capsule for the treatment of severe

recalcitrant nodular acne

• The oral isotretinoin market had over 2 million

prescriptions in 2023

• Accutane TRx had compounded annual growth

of 42.8% from 2021 – 2024

• Treatment of inflammatory lesions of rosacea

• >4.3M topical rosacea RXs per year in 2024

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

Launched on April 7, 2025

Mar-21 Apr-21 May-21 Jun-21

JOURNEY SUCCESSFULLY RELAUNCHED QBREXZA IN 3 MONTHS & INCREASED

PRESCRIPTIONS BY 43% IN 3 YEARS WITH LIMITED ADVERTISING SPEND

QBREXZA®

29%

DRYSOL

69%

OTHER

2024 Branded Topical A.H.H. Market

(Full Year TRx, All Specialties

)

1. Symphony Health (all specialties data) excluding prescriptions for OTC and clinical strength antiperspirants. TRx = Total number of prescriptions

2. Doolittle J, Walker P, Mills T, Thurston J. Hyperhidrosis: an update on prevalence and severity in the United States. Arch Dermatol Res. 2016

Dec;308(10):743-749. doi: 10.1007/s00403-016-1697-9. Epub 2016 Oct 15. PMID: 27744497; PMCID: PMC5099353.

March 31, 2021

Journey executes asset

purchase agreement with

Dermira for Qbrexza

Develop Rebate Program

Develop Promotional Campaign

Soft Launch Promotion

May 14, 2021

Transaction with

Dermira Closes

DETAILS:

• Qbrexza is a novel drug with largely untapped

potential in a dermatology-focused market

• Dermira spent $82.8M in patient advertising

during the 3 years they promoted Qbrexza.

• Journey has grown TRx by over 43% in 3 years,

spending less than 3% of Dermira’s commercial

budget by leveraging our experienced sales force

and unique access program.

97,914

116,081

123,129

139,746

2021 2022 2023 2024

Qbrexza

TRx Trajectory

(All Specialties)

Journey Begins Full Promotion

- June 2021

Journey begins

promotion

June 2021

Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

JOURNEY ACHIEVED A SUCCESSFUL BRAND LAUNCH OF ACCUTANE

IN A HIGHLY COMPETITIVE MARKET

1. Symphony Health (all specialties data).

TRx = Total number of prescriptions

Please see additional Important Safety Information for Accutane below and the Medication Guide and

full Prescribing Information here for Boxed Warning, Contraindications, other important Warnings

and Precautions, Drug Interactions, Use in Specific Populations, and other Adverse Reactions.

Journey Begins Promotion

- April 2021

July 29, 2020

Journey acquires

rights to Accutane

$1MM Upfront

Sell Into

Pharmacies

Develop Rebate Program

Develop Promotional Campaign

Accutane ,

14%

Other

Isotretinoins

2024 Isotretinoin Market

(Full Year TRx, All Specialties

)

DETAILS:

• Accutane is one of the most

well-known brands in dermatology

• The oral isotretinoin market

had over 2.2M TRx in 2023

• Expands Journey’s acne vertical

with limited investment by

leveraging our experienced

sales force and unique access

program.

107,448

222,853

281,999

313,024

2021 2022 2023 2024

Accutane

Franchise TRx Trajectory

(All Specialties)

Journey begins promotion

Apr. 2021

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. Source: Symphony, PHAST Prescription data

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

• Superior to both placebo and market-leading oral rosacea treatment, Oracea

• Emrosi has potential to become the standard of care

• 17 million Americans suffer from rosacea

• Established dermatology-focused commercial organization covering

83% of oral rosacea prescriptions

• Potential to generate significant sales and earnings leverage

• 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

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 approximately $1.2B in 2024

•

Oracea

the market leader had $311M in sales in 2024

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

2. Source: Symphony, PHAST Prescription data.

EMROSI WAS FDA-APPROVED ON NOVEMBER 1, 2024

PHASE III (Complete)

First

Patient In

(Mar. 14, 2022)

Top Line

Data

NDA

Acceptance

FDA

Approval

H2 H1 H2 H1 H2

2022 2023 2024

Phase 3 Initiation – March 14, 2022

• Two multicenter active and placebo-controlled

studies in 320 patients with moderate to severe

Papulopustular Rosacea

• Emrosi (N=120); Oracea (N=120); Placebo

(N=80)

• 48 U.S. investigator sites; 14 sites in Germany

• Results Announced July 2023

PHASE II (Complete)

Safety & Efficacy

Study in 200

patients with

Papulopustular

Rosacea

(Germany)

PHASE I (Complete)

Systemic PK Study

(24 healthy subjects)

3 Arms – Emrosi

(20 & 40 mg) & Oraycea

Bridging PK Study

(24 healthy subjects)

3 Arms – Emrosi

(40 mg) Fasting & Fed and

Solodyn 105 mg Fasting

Sub-Antimicrobial Study

(60 healthy subjects)

Sub-Antimicrobial Study Results Announced June 13, 2023

Phase 3 Topline Results Announced

(July 11, 2023)

Successful completion

of Pre-NDA meeting

(December 6, 2023)

NDA Submission

(January 4, 2024)

FDA-Approval

(November 1, 2024)

62.7

28.2

Emrosi

(40mg)

N=245

Oracea

(40mg)

N=246

Placebo

N=162

% of Subjects

Emrosi was statistically superior to

Oracea and placebo on all co-primary

and secondary endpoints in Phase 3

clinical trials.

• IGA Success:

61% greater than Oracea and 122% greater than

placebo, calculated as a relative percentage

• Inflammatory Lesion Reduction:

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 noted

in these trials.

*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 Absolute Change - 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

(Efficacy)

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

1. Data on file. Journey Medical Corporation

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 % Change - Week 16

(Pooled Data)

-76%

-61%

-46%

Emrosi

N=245

Oracea

N=246

Placebo

N=162

Lesion Count % Change

Inflammatory Lesion Percent Change:

Emrosi was statistically superior to Oracea

and placebo in reducing percent change in

inflammatory lesion count in the Phase 3 trials.

• 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

(Efficacy)

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

1. Data on file. Journey Medical Corporation

EMROSI DEMONSTRATED ONSET OF EFFICACY

AS EARLY AS WEEK 2 COMPARED TO PLACEBO

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. The

trial duration was 16 weeks, with patient assessments at

Weeks 2, 4, 8, 12 and 16.

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

of significance.

NS=not significant.

• Onset of Efficacy was an

exploratory endpoint in Emrosi’s

Phase 3 Trials

• Emrosi’s efficacy vs. placebo was

significantly greater at each study

visit and across both endpoints.

PHASE 3

(Efficacy)

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

1. Data on file. Journey Medical Corporation

1 1

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

• One publication and two manuscript submissions in process at leading peer-reviewed journals,

covering the following topics:

• Safety & Efficacy vs. Placebo & Oracea for Lesions & Erythema (published in JAMA Dermatology; March 5, 2025)

• Microbiology

• Quality of Life Improvement

• Clinical posters will communicate key aspects of the clinical data at major dermatology conferences:

PK Safety Study (Fall Clinical; Oct. 2023)

Sub-Antimicrobial Study (AAD; Mar. 2024)

QoL Improvement (DEF NP/PA; Jul. 2024)

Systemic vs. Dermal PK in Emrosi & Oracea (Fall Clinical; Oct. 2024)

QoL Improvement (Encore presentation at Winter Clinical; Feb. 2025)

Body Weight Analysis (SDPA Annual Summer Dermatology Conference; June 2025)

✓

EMROSI – PUBLICATION & DATA COMMUNICATION PLAN

✓

Dermatology Provider’s Perceptions of Emrosi

40%

of HCPs report a “very

high therapeutic

unmet need” in the

treatment of rosacea

70%

of HCPs perceive Emrosi

to be “Extremely

Valuable”

74%

of HCPs are “Very

Likely” to prescribe

Emrosi

Based on independent quantitative market research with 50 dermatology-focused healthcare professionals (HCPs)

88%

of HCPs ranked Head-to-Head

superiority data over Oracea

as a top reason for prescribing

Emrosi

Additional Takeaways

•

HCPs are sensitive to patient out-of-pocket costs above $50 per month

•

HCPs are sensitive to payer restriction scenarios, such as prior authorization, step edits and medical necessity

MAJORITY OF HIGH PRESCRIBERS FOR ROSACEA SURVEYED BELIEVE EMROSI IS

“EXTREMELY VALUABLE” AND 74% STATED THEY ARE “VERY LIKELY” TO PRESCRIBE

17,000,000

The U.S. Rosacea Market was

~$1.2bn in 2024

ORACEA

$311M in Sales

EMROSI HAS SUPERIOR EFFICACY TO THE MARKET LEADER ORACEA,

WHICH HAD 2024 SALES OF $311 MILLION

ESTIMATED U.S. ROSACEA PATIENTS

(2024)

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 SALES POTENTIAL IN

U.S. EXCEEDING $300mm

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.

Source: IQVIA Prescriber-level Data

TRx = Total number of prescriptions

94% of Oral Rosacea

TRx are written in

Dermatology

(based on IQVIA 2024 TRx)

83% of Oral Rosacea

Derm TRx will be

covered at launch

(based on IQVIA 2024 TRx)

JOURNEY MEDICAL’S SALES FORCE COVER THE VAST MAJORITY

OF ORAL ROSACEA PRESCRIPTIONS IN DERMATOLOGY

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 annual 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

7 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 2025

✓ EMROSI launch and TRx demand curve

✓ Progress with payers and ramp up in covered lives with health plan access to EMROSI

✓ Advance business toward sustainable positive EBITDA and 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

✓ Launch of incremental niche dermatology products

NASDAQ: DERM