저니 메디컬(DERM) 2026년 2분기 실적 발표 콜: 엠로시가 매출 23% 성장 견인

핵심 요약

• 2026년 2분기 매출은 전년 동기 대비 23% 증가한 1,850만 달러를 기록했으며, 주로 810만 달러의 순매출을 올린 엠로시(Emrosi)가 성장을 이끌었습니다.
• 엠로시 처방 건수는 1분기 약 3만 건에서 전분기 대비 20% 증가한 약 3만 6,000건을 기록했습니다. 6월 신규 처방 건수는 5,300건을 넘어서며 월간 최고 기록을 경신했습니다.
• 엠로시를 처방한 순 처방 의사 수는 2025년 말 약 3,200명에서 40% 이상 증가해 4,500명을 넘어섰습니다.
• GAAP 기준 순손실은 30만 달러(주당 0.01달러)로 축소되었으며, 조정 EBITDA는 290만 달러로 흑자 전환했습니다.
• 엠로시의 고품질 처방집 등재율은 1분기 민간 보험 가입자의 34%에서 약 38%로 확대되었습니다. 경영진은 환급 여건 개선에 힘입어 하반기 평균판매가격(ASP)이 추가 상승할 것으로 전망하고 있습니다.
• 저니 메디컬(Journey Medical)은 2,560만 달러의 현금을 보유한 채 이번 분기를 마쳤으며, 2026년 남은 기간 동안 EBITDA 흑자를 유지하겠다는 목표를 재확인했습니다.

주요 재무 실적

2026년 6월 30일로 종료된 6개월간 EBITDA는 110만 달러, 조정 EBITDA는 350만 달러를 기록해, 전년 동기의 각각 410만 달러, 140만 달러 손실에서 흑자 전환했습니다.

사업 및 영업 성과

엠로시 처방 성장 가속화

엠로시는 저니 메디컬의 주요 성장 동력으로 계속 자리매김했습니다. 2분기 처방 건수는 전분기(11% 성장) 대비 20% 증가한 약 3만 6,000건으로 늘어났습니다.

신규 처방 역시 호조를 보였습니다. 6월 신규 처방은 지난 3개월 평균인 4,700건에서 늘어난 5,300건 이상을 기록했습니다. 경영진은 7월 총처방 건수가 6월의 약 1만 3,000건에서 증가한 약 1만 4,000건에 달했다고 밝혔습니다.

순 처방 의사 수는 1분기 말 약 3,700명에서 4,500명 이상으로 늘었습니다. 저니 메디컬은 7월 말 5명의 피부과 전문 영업 담당자를 추가 배치하여, 기존 미개척 지역과 피부과 의사 밀도가 높은 분할 영업 지역을 담당하도록 했습니다.

경영진은 이러한 처방 확장의 원인으로 오라세아(Oracea)와 직접 비교한 3상 임상시험에서의 효능 결과, 우수한 안전성 및 내약성 프로파일, 그리고 환자들의 긍정적인 피드백을 꼽았습니다. 또한 회사는 추가적인 학술지 논문 게재를 추진 중이며, 엠로시가 주사(rosacea) 치료 가이드라인에 등재될 가능성이 있다고 보고 있습니다.

보험 등재 및 ASP 개선

엠로시는 미국 내 1억 9,200만 명의 민간 보험 가입자 중 1억 6,900만 명 이상을 커버하는 접근 경로를 확보하고 있습니다. 단계별 치료 절차가 1단계 이하로 정의되는 고품질 처방집 등재율은 1분기 34%에서 약 38%로 상승했습니다.

8월 초 대형 전국 건강보험 플랜이 엠로시를 처방집에 추가했습니다. 경영진은 보험 환급이 적용되는 처방 비중이 커짐에 따라 산출된 평균판매가격(ASP)이 1분기와 2분기 모두 전분기 대비 상승했다고 밝혔습니다. 또한 2분기 ASP에 영향을 미친 재고 변동은 없었다고 보고했습니다.

큐브렉자(QBREXZA) 수요 안정세 유지

경영진은 큐브렉자(QBREXZA)가 분기별 실적이 보험자 및 환자 구성에 따라 변동될 수 있지만, 연간 약 2,500만~2,600만 달러를 창출하며 꾸준히 기여하는 제품이라고 설명했습니다. 처방 건수는 6월에 1만 4,500건을 넘었고, 7월에는 1만 5,000건에 약간 못 미쳤습니다.

유랙스(Eurax) 상업적 출시 본격화

저니 메디컬은 6월에 유랙스 크림(Eurax Cream)에 대해 영업팀 교육을 실시했으며, 7월에 해당 제품을 출시했다고 밝혔습니다. 유랙스는 비스테로이드성, 비히스타민성, 무향 처방의 10% 크로타미톤 가려움증 치료제입니다. 현재 이 제품은 엠로시와 큐브렉자에 이어 회사의 세 번째 판촉 우선순위 제품입니다.

경영진 전망

경영진은 2026년이 매출 성장과 수익성 면에서 괄목할 만한 성과를 거두는 한 해가 될 것이라는 기대를 유지하고 있습니다. 회사는 남은 기간 동안 EBITDA 흑자를 달성하는 것을 목표로 하고 있으며, 지속 가능한 이익 창출과 양(+)의 현금 흐름을 향해 나아가고 있다고 밝혔습니다.

추가적인 보험 계약이 시행됨에 따라 엠로시의 ASP는 하반기 동안 개선될 것으로 예상됩니다. 경영진은 엠로시가 최우선 순위 제품으로 유지되는 한편, 새로 배치된 5명의 영업 담당자와 유랙스 역시 매출 성장을 뒷받침할 것으로 기대하고 있습니다.

마케팅 및 광고 프로그램 집행에 따라 3분기와 4분기 판관비(SG&A)는 소폭 증가할 수 있습니다. 그러나 경영진은 매출 대비 판관비 비율은 대체로 일정하게 유지될 것으로 전망합니다.

저니 메디컬은 피부과 포트폴리오를 확장하기 위해 미국 외 지역에서의 특허 제품 기술 수출(out-licensing) 기회와 잠재적인 기술 도입(in-licensing) 거래도 모색하고 있습니다.

리스크 및 주시해야 할 사항

• 엠로시의 광범위한 접근 경로와 고품질 처방집 등재율 사이에는 여전히 상당한 격차가 존재합니다. 일부 보험 플랜은 여전히 사전 승인이나 2단계 이상의 단계별 치료 절차를 요구하고 있습니다.
• 경영진은 주사(rosacea) 질환이 GLP-1 치료제, 항암제, 희귀질환 치료제 등의 분야만큼 집중 관리되는 영역이 아니기 때문에 보험사와의 협상에 시간이 걸릴 수 있다고 설명했습니다.
• 큐브렉자의 매출은 환자 구성, 보험자 구성, 보험 공제액(deductible) 초기화에 따라 변동될 수 있습니다.
• 경영진은 주사 질환의 계절적 영향이 제한적이라고 보며, 계절적 요인만으로 수요가 실질적으로 가속화되지는 않을 것으로 예상하고 있습니다.
• 해외 라이선스 관련 협상은 장기간 지속될 수 있으며 정국, 입법 또는 행정 조치의 영향을 받을 수 있습니다.

애널리스트 Q&A 주요 내용

애널리스트들은 엠로시의 ASP, 보험 접근성, 처방 지속성에 크게 주목했습니다. 경영진은 2분기 ASP가 재고 변동의 영향을 받지 않았으며, 환급 여건 개선이 추가적인 전분기 대비 실적 향상을 이끌 것으로 기대한다고 밝혔습니다.

재처방(refill) 행태와 관련하여 경영진은 7월에 최초 처방 외에 약 1.5회의 재처방 비율을 기록했다고 밝혔습니다. 피부과 의사들이 개별 환자의 필요에 따라 재처방 기간을 달리하기 때문에 총처방 건수, 신규 처방 건수, 처방 의사 수 증가율을 종합적으로 평가해야 한다고 강조했습니다.

접근 장벽과 관련하여 경영진은 사전 승인과 2단계 요건을 주요 걸림돌로 지목했습니다. 시장 접근(market access) 팀은 이러한 제한을 1단계 치료 이하로 완화하기 위해 협상을 진행하고 있습니다.

경영진은 신규 배치된 5명의 영업 담당자가 주로 미개척 지역을 담당하며, 피부과 의사 밀도가 높고 기존 침투율이 추가 담당 구역을 지지하는 지역에서는 일부 담당 구역을 분할하여 운영하고 있다고 밝혔습니다.

실적 발표 전화회의 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to Journey Medical's Second Quarter 2026 Financial Results and Corporate Update Conference Call. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of this call will be available approximately 1 hour after the end of the call for approximately 30 days.

I would now like to turn the call over to Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.

Jaclyn Jaffe

Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are: Claude Maraoui, Co-Founder, President, and Chief Executive Officer; Joseph Benesch, Chief Financial Officer; and Ramsey Alloush, Chief Operating Officer and General Counsel, who will participate in the Q&A portion of the call.

During this call, management will be making forward-looking statements, including statements that address, among other things, Journey Medical's expectations for future performance, operational results, financial condition, and the receipt of regulatory approvals. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For information about these risks, please refer to the risk factors described in Journey Medical's most recently filed periodic reports on Form 10-K and Form 10-Q, the Form 8-K filed with the SEC today, and the company's press release that accompanies this call, particularly the cautionary statements in it.

Today's conference call includes non-GAAP financial measures that Journey Medical believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, its most directly comparable GAAP financial measure, please see the reconciliation table located in the company's earnings press release.

The content of this call contains time-sensitive information that is accurate only as of today, Wednesday, August 12, 2026. Except as required by law, Journey Medical disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

It is now my pleasure to turn the call over to Claude Maraoui, Co-Founder, President, and Chief Executive Officer of Journey Medical.

Claude Maraoui

Thank you, Jaclyn, and good afternoon to everyone on the call today. We continued to make solid progress in our business in the second quarter as we delivered strong revenue growth and improved profitability during the period. Emrosi revenues were $8.1 million in Q2, up significantly year-over-year and sequentially from the first quarter on higher prescription volume, improving payer reimbursement, and a significant step-up in the number of dermatology writers prescribing the brand. These metrics, not only trended positively, but also showed acceleration, and we expect this progress to continue in the coming quarters. Our total net product revenues for the second quarter rose by 23% year-over-year, while operating expenses increased by less than 1% compared to Q2 of last year.

We remain focused on delivering strong top line growth and leveraging our proven dermatology commercial infrastructure. We are executing on these initiatives and as a result, we generated positive EBITDA in the second quarter. With this performance, we continue to believe that 2026 will be a breakout year for Journey Medical with respect to both revenue growth and profitability.

Emrosi prescriptions totaled approximately 36,000 in the second quarter, up from about 30,000 total prescriptions in the first quarter of this year. This represents approximately 20% sequential quarterly growth for the product, which is up from the 11% sequential quarterly prescription growth seen last quarter. Importantly, the growth is being driven by new prescriptions in addition to refills, with successive increases in NRxs on a monthly basis. In June, we saw a strong increase with over 5,300 new prescriptions filled, up from an average of 4,700 NRxs in the preceding 3 months. This was an all-time monthly high for the product.

We reported last quarter that approximately 3,700 unique dermatology prescribers had written a prescription of Emrosi. Today, I am pleased to report that there are now over 4,500 unique prescribers writing for the brand. This is more than a 40% increase in Emrosi prescribers from the 3,200 prescribers that we had at the end of 2025. We believe that these accelerating trends are encouraging and demonstrate that as more prescribers and patients gain experience with Emrosi, product loyalty will increase and the franchise value will continue to compound.

As we had planned, we hired an additional 5 dermatology sales professionals into our commercial organization during the second quarter. These experienced representatives joined the company in late July and were recently deployed into the field. The time to fill these relatively large sales territories couldn't be better, and we expect that contributions from these new representatives will add to our already strong market penetration efforts.

With over 15,000 dermatologists in the United States, there is significant room for us to grow our base of prescribers. We are increasing our peer-to-peer marketing activities, and we remain active at key dermatology medical conferences to expand awareness of Emrosi' superior clinical benefits in the treatment of rosacea.

The superior head-to-head efficacy results demonstrated in our Phase III clinical trials comparing Emrosi to the only other branded oral rosacea treatment, Oracea, continue to be central in driving adoption throughout the dermatology community. Emrosi' placebo-like safety and tolerability profile is proving to be durable, which is another important factor in recruiting new prescribers.

From the patient perspective, Emrosi's rapid onset of action and superior skin clearing effects compared to Oracea are key, and real-world patient experiences are supporting a growing base of loyal end users.

Helping us to further broaden awareness of Emrosi in the market, we expect to announce new journal publications for the product in the coming quarters, and we believe that Emrosi has potential to be incorporated into the consensus treatment guidelines for rosacea.

The payer community is also taking note of Emrosi's early success in the market, and we are continuing to make progress with the downstream health plans. Importantly, the calculated average selling price for Emrosi based on prescriptions increased in Q2 over Q1. After increasing previously in Q1 over Q4, as reimbursed prescriptions are becoming an increasing part of the business mix. As Emrosi's formulary status improves, we believe that our ASP will continue to rise.

Earlier this year, we completed our agreements with all the top 3 GPOs in the nation, bringing plan access for Emrosi to over 169 million of the 192 million covered commercial lives in the U.S. With those agreements in place, our focus is to pursue high-quality formulary coverage with the downstream health plans, meaning a single-step edit or better. We made good progress in the second quarter as the percentage of commercial lives with high-quality formulary coverage increased from 34% in Q1 to approximately 38% currently. Supporting this positive trend, a large national health plan placed Emrosi on its formulary in early August, and we expect to see traction from that addition this quarter.

And now I will turn the call over to our CFO, Joe Benesch, to review our second quarter financial results.

Joseph Benesch

Thank you, Claude, and good afternoon to everyone on the call. I'll now review our financial results for the second quarter of 2026. Total revenue for the quarter was $18.5 million, compared to $15 million in the second quarter of 2025, reflecting a 23% increase from period to period. This growth was primarily driven by momentum from continued commercial demand for Emrosi, which generated $8.1 million in net revenue for the quarter.

Turning to gross margin, we reported a 67% margin for the second quarter of 2026, consistent with the prior year quarter.

SG&A expenses were $10.9 million for the quarter, compared to $11.9 million in the second quarter of 2025. The decrease was primarily due to the impact of launch-related spending for Emrosi in the prior quarter.

Our GAAP net loss narrowed to $300,000, or $0.01 per share basic and diluted, compared to a net loss of $3.8 million or $0.16 per share basic and diluted for Q2 2025. On a non-GAAP basis, both EBITDA and adjusted EBITDA were positive for the 3- and 6-month periods ended June 30, 2026. EBITDA reflects a net income of $1.4 million and $1.1 million for the second quarter and the 6-month period ended June 30, 2026, respectively, compared to net losses of $1.9 million and $4.1 million for the prior year quarter and the prior year-to-date period, respectively.

Adjusted EBITDA, which is generally our EBITDA number less non-cash share-based compensation expense reflected net income of $2.9 million and $3.5 million for the second quarter and the 6-month period ended June 30, 2026, respectively, compared to net losses of $500,000 and $1.4 million for the prior year quarter and the prior year-to-date period, respectively.

We ended the quarter with $25.6 million in cash compared to $24.1 million as of December 31, 2025.

In summary, our second quarter results reflect the continued execution of our plan to become sustainably EBITDA positive through revenue growth, margin improvement and expense optimization, which we intend to remain focused on.

Thank you very much. I will now turn the call back over to Claude.

Claude Maraoui

Thank you, Joe. The second quarter was another productive period for Journey Medical with clear progress made on our business objectives. We are delivering on our goal to generate positive EBITDA for the remainder of the year and with our net product sales growing significantly faster than our expenses. We are making solid progress toward becoming sustainably earnings and cash flow positive.

Emrosi continues to gain market share in the rosacea treatment segment, with prescription growth accelerating in Q2 and our base of new prescribers increasing at an impressive rate. With total prescriptions growing by 20% sequentially from the first quarter of this year, we believe that the promise of Emrosi is beginning to be realized broadly in the market. Importantly, patient experiences are validating that the superior benefits in our Phase III clinical trials are highly clinically meaningful. We remain focused on achieving high prescriber and patient satisfaction rates as this is the cornerstone of our efforts to build a strong base and deliver compounding growth for the brand.

With market momentum building, our payer coverage continues to improve as well. The trends of higher ASPs since the beginning of the year is a reflection of that progress. Emrosi was added to the formulary of a major national health plan earlier this month and with other payer initiatives in various stages of progress, we continue to expect our ASP to improve throughout the back half of the year, fueling Emrosi sales growth. With our business moving in the right direction, we believed it was the perfect time to expand our commercial organization, and we did so by recently hiring and deploying 5 new sales professionals to fill new territories. We also executed on launching a niche dermatology product late in the second quarter called Eurax Cream. Our new sales professionals and this new addition to our product lineup are expected to augment our efforts to grow company revenues, with Emrosi remaining as high priority detail in the Journey portfolio.

With regards to business development activities, we continue to explore out-licensing opportunities for the commercial rights to our patented products in non-U.S. territories. In addition to the potential to in-license assets to expand our dermatology product offering and increase value for the company.

We continue to expect that 2026 will be a breakout year for Journey Medical and we will remain committed to delivering on our core objectives: to improve the lives of patients; offer innovative treatment options to dermatology healthcare providers; and to create long-term value for our shareholders.

Thank you. Operator, we are now ready to open the lines for Q&A.

Operator

[Operator Instructions] The first question today comes from Scott Henry with Alliance Global Partners.

질의응답

Scott Henry

Claude, you gave a lot of color on ASP. I'm just going to ask a couple follow-up questions, so bear with me. Were there any inventory movements in the quarter that can sometimes inflate or even deflate that ASP on a specific quarter?

Claude Maraoui

None. No.

Scott Henry

Okay. So, I mean, oftentimes I'll see this where the ASP is drifting up, but it's not a straight line, but you sound pretty confident that we could get, because this was about a 10% boost, over our first quarter, which is fantastic. But it sounds like you're looking for sequential gains the next couple quarters as well. Is that the correct interpretation?

Claude Maraoui

That's correct. I think you'll see good progress from -- really from Q4 last year, Q1 to Q2, and our expectation is that we'll continue to gain better ASPs as more reimbursement from our payer strategy gets implemented and more reimbursement is happening through the insurance companies.

Scott Henry

Okay, great. And I don't know if you can speak to the season now -- I mean Q2 was great, and you had some significant gains, but it's kind of plateaued for the past couple of weeks around 3,000 a week. Is there any seasonality where we may get a boost coming out of the summer months? Any thoughts on that?

Claude Maraoui

Yes, it's a good question. Fair question. As I'm looking at market data and just looking the past 6, 7 quarters of the total market, pretty consistent throughout. You would anticipate from summer going into winter with the cold weather coming into play in the next several months that there is some changes. It's minimal, and I would not put a lot of seasonality to it.

Now, we've had good growth consistent throughout the whole year. You'll see some weeks, Scott, that there is maybe several weeks that are the same level and then we get a bump up, and that's what we have seen with this brand on a consistent basis as we've launched it here in 2026.

So we just got Symphony numbers, for example, for July. So we had about 13,000 prescriptions for Emrosi in June, and now we have approximately 14,000. So we've increased it in a good fashion. New prescriptions are up. The trends are very strong. We hit about 5,300 new prescriptions. The last 3 months preceding that was about 4,700. So the trends are very positive. And in my opening remarks, we talked about unique prescribers. I will tell you, from closing out 2025, we had about 3,200 prescribers. We moved that up to approximately 3,700 prescribers ending Q1. And we're close to 4,500-plus prescribers right now. So more physicians are jumping on, and it's really looking positive.

Scott Henry

Okay. Yes, some great momentum going there. Just shifting gears, a couple of the other products. QBREXZA was down a little bit in the quarter. That's kind of the second product that really matters here now. How do you see that product? Is that a flattish product? Or should we think about that as a declining product? Just wanted to hear your thoughts on the big picture, long-term view on QBREXZA in these next 4 to 6 quarters.

Claude Maraoui

Yes, sure. No, QBREXZA is a fantastic product. Very meaningful to the company. Right now it's second out of the bag in terms of promotion with our field sales force. Obviously, Emrosi is first out of the bag. And we have great contribution from QBREXZA, very consistent over the time that we've had it. It brings in roughly about $25 million to $26 million. You'll see some up and down quarters with the brand. And this past one was a little bit light.

I would contribute that to probably a few things. One is patient mix, payer mix, right? We don't control that blend that's happening during the quarter, so that's certainly a big part of it. I think you'll have some residual effects from insurance deductible resets from the beginning of the year that leak into Q2. We are going into a very good, strong season for hyperhidrosis, the hotter summer months. And again, we had an extremely strong month of June. We hit over 14,000 plus prescriptions, about 14,500 to be exact. As I mentioned with Emrosi, we just got the July numbers, and we're just shy of the 15,000 mark. So demand is increasing. Patient satisfaction with the brand is extremely high. And it's just very convenient. You can use this brand any time of the day or evening. There are no restrictions.

And the simple use of it, Scott, makes it very friendly. The fact there is no aluminum-containing ingredients in the brand makes it very appealing to a lot of people. So the brand is growing, and we see great contribution. So I would expect with consistency that you've seen over the last couple of years with this.

Operator

The next question comes from Mayank Mamtani with B. Riley Securities.

Mayank Mamtani

Congrats on a lot of progress here. Maybe on the operating leverage, if I could start there. Your SG&A stayed unchanged while obviously you are reporting on very strong commercial KPIs. I was wondering in second half with all the corporate developments you talked about, including niche launch, should we expect a step up in SG&A starting with 3Q. And I have a few follow-ups after that.

Claude Maraoui

Sure. Joe, would you like to take that one?

Joseph Benesch

Yes, sure. So, Mayank, the answer is yes, somewhat, right? You're not going to see any surprises, but we do have some marketing programs, some advertising programs that we'll probably implement the third, fourth quarter. But overall, I expect to see the percentage of revenue from SG&A pretty consistent.

Mayank Mamtani

Okay. And then, Claude, you talked about the major national plan added in early August. I was obviously wondering how that impacts net ASP in second half or what you have seen already relative to this nice improvement you've seen in first and second quarter.

And I was also wondering on the refill rate that continues to climb up, is there a year-end number that's in your mind, you can see kind of how trends are telling you? And is there any, like how your unique prescriber number also is moving? How many physicians are writing Emrosi? Is there maybe correlation between these 2 big KPIs you're tracking?

Claude Maraoui

Sure. I will start with the latter 2 parts of your question there. Refill rates are very important. We have been very committed on -- being on message in terms of our Phase III clinical trials. Our commercial team is executing, talking about 4-month trials, and I think it's resonating extremely well with our prescribers. So, if they are prescribing Emrosi, which again, we continue to see more and more prescribers each quarter. And then depending on how they are giving the refills, if it's 1 prescription plus 3 refills, that's according to our Phase III clinical trials. But dermatologists are artists. Patients come in and present their rosacea in different parts, phases, to the physician. So they're going to vary on how many refills they get and what they're comfortable with. So that's going to go up and down. And as we get these new prescribers on board, once they get those patients back, they're going to get more and more comfortable with the brand.

So refill rates are important. The month of July that just came in, again, an all-time high with 14,000 prescriptions. Our refill rate for that particular month, for example, is at 1.5. Plus the regular fill, so you're at about 2.5 right now, if you think about it. But you can also see a surge in new prescriptions. As I mentioned, we were averaging about 4,700 new prescriptions a month. Now we moved that up to about 5,300 prescriptions. So the refill rate, even though that's compounding now with more physicians using this and giving refills to their patients. The refill rate is important, but I think you've to look at total prescriptions, and that line continues to demonstrate very strong positive growth. So I would tell you that that's how I would think about it, Mayank.

In terms of the new national health care plan, I'm going to ask Ramsey to jump in here and talk about that a little bit and then potential for the rest of the year.

Ramsey Alloush

Sure. Mayank, thanks for the question. And I think the question was, with this new national formulary on board, what is our sort of expectation from improvement on ASP? Obviously, it's an upward trajectory. It's a very large national plan. As you know, as of April, we had signed all 3 major GPOs. So, in the second quarter, we did have some number of lives come over from that third GPO. This will be in addition to that. This is a separate national formulary in which we were able to get Emrosi on formulary for. So we do expect improvement. We talk about 38% quality of the 192 million lives having access to Emrosi with a single-step therapy or better. And so, adding this new national formulary is going to increase that number, right? So from the 70-plus million lives, it's going to go up from there. We think that's the least amount of friction that a patient really should have to be able to get a prescription through the adjudication process and pick up their prescription.

We do have a number, and we've said this previously, a number of other sort of negotiations and presentations going on with other large national formularies. We think the fact that we are able to be successful with a positive add with the one we were just recently added to should help us in our momentum going forward. And we expect good milestones to be hit throughout Q3 into Q4 and obviously into 2028 as well.

Mayank Mamtani

Great. And my final question, on the ex-U.S. out-licensing efforts, including for Emrosi, is there anything IP-related or of sorts like that may be also playing a role there? Or is it just these things can take a little while, especially ex-U.S. where our dynamics are very different?

Ramsey Alloush

Yes. And Claude, if you don't mind, I can take the out-licensing question as well. As you may know, Emrosi, QBREXZA, AMZEEQ, ZILXI, those are our patented brands in which we acquired. We acquired global rights. We maintain global patent portfolio for all of those brands. QBREXZA is available in Japan with our partners, Maruho. And we did additional out-licensing in Korea, Taiwan, and other ASEAN countries. AMZEEQ is available in China with our partners, Cutia, commercially available. They launched about a year ago. We continue to have additional conversations with out-licensing with those brands, but more importantly, Emrosi, right?

And in terms of ongoing negotiations, what I can tell you is that, they are happening on a consistent basis. We do have IP, as I mentioned, globally, which includes Europe, Canada, Australia, New Zealand, Japan, and other parts of Asia. So in terms of the robustness of the IP and the market opportunity, it's there. But as you kind of mentioned, it does take some time, right, to get to the meeting of the minds, to have the right structure in place, to make sure all the right political climate is in place, given certain new legislative or executive order actions that are kind of ongoing. Obviously, our primary focus is making Emrosi the standard of care, the gold standard in the U.S. for rosacea. We certainly think, and we have ongoing discussions with other companies, that there's great opportunity in those regions as well. So we'll continue to update as we go and obviously once something definitive is available.

Operator

The next question comes from Brandon Folkes with H.C. Wainwright.

Brandon Folkes

Congrats on the quarter. Maybe just 2 from me. Staying on Emrosi, you look to be making very good progress here on the gross to net and obviously on volume. But maybe just where is the remaining friction in access today, including payer access, especially that friction that you believe you could remove or loosen over the next 12 months?

And then secondly from me, just having a look at your Q, Eurax, I believe that's how you pronounce it. Apologies if it's not. But can you just give us more color on your expectations for that product? Maybe when it launched in the quarter, and how you envision that product growing over time?

Claude Maraoui

Yes, certainly. Brandon, we want, and you nailed it. Eurax is the correct name, 10% crotamiton. This is an anti-itch, antipruritic product. It's nonsteroidal, nonhistaminic, and fragrance-free. We worked diligently to change this formula. This is a brand that we picked up a number of years ago from another pharmaceutical company, and we really believe it's an enhanced formulation, and it will be welcomed in the dermatology community for their patients that suffer from significant itching.

We trained our commercial team in June, and we launched the brand in July. It's brand-new out there. When you take a look at our portfolio, this is coming in right behind QBREXZA in the third position. So Emrosi first, QBREXZA second, and then followed by Eurax right now. So it's brand-new. It's just starting out. We're starting to see some traction. We're getting some positive feedback from our dermatology base of physicians. So we like what we are hearing so far. But again, it's relatively early. And we think it's going to be a good, strong contributor to our base business.

Nothing in terms of giving any guidance here, but we're going to be obviously tracking prescriptions and physician counts in all the major KPIs that you would think regarding the brand. So that's where it's at right now. It is in the compensation plan for our commercial team. So there is focus and attention and promotion happening behind it.

In terms of, I believe you wanted to maybe look at more managed care and some of the points that we're having in the discussions with the various payers. Is that correct?

Brandon Folkes

Yes.

Claude Maraoui

Okay. Yes. Ramsey, did you want to jump back in here for that, please?

Ramsey Alloush

Yes. And I think more specifically, Brandon, you were looking at where the friction is out in the market in terms of barriers, if you will, UMs. And we talk again, we talk about what the quality of lives are, and that's that 72 million, that 38%. We also talked about access, which is pathway to a prescription, and that's more like 169 million lives. So if you look at the delta between the 2, you're going to see that the, let's call it, 80 million, 90 million more lives that potentially have access to Emrosi, might have a larger barrier in terms of that friction. That could be, for example, a prior auth or a double step that's in place.

And so, our job is identifying where those bottlenecks are, and we've been doing that on a consistent basis, and speaking with those plans to see what it takes to get Emrosi down to sort of our benchmark, which is that quality single-step therapy or better. Obviously, from a clinical perspective, we have a strong value proposition. There are other drugs obviously available to them in the market, from a rosacea treatment standpoint. And our category, again, we're saying a single step through any of those, either oral or topical agents. Typically, when prescribers do prescribe for a rosacea, they're using an oral, and they also may supplement with a topical.

But again, with our head-to-head data, the fact that our drug works in essentially half the time as Oracea, 8 weeks, we achieved the results greater than what Oracea did in our study in 16 weeks, with strong value proposition, not only from a clinical perspective, but from a financial perspective. And this is resonating very well with the payers. But this is not a very highly managed category, in terms of rosacea and kind of what the payers have on their plates. When you think of GLP-1s, other oncology, rare disease, orphan drugs. So it takes a little bit more time.

We are having, again, we have great contacts with the important plans that we think are going to make the difference that, for example, may have a double step or a PA, and why we think it's not appropriate to have sort of that UM in place for our drug, given the data and the financial profile for it. And so, yes, I'd say the scripts that are going through with those, are still going to continue to grow through, but they could go through at a higher rate, which -- covered, which is going to improve our reimbursement if we're able to remove and reduce those barriers. And that's what we're going to continue to do through Q3, Q4, and into 2028 as well.

Claude Maraoui

Yes, Brandon, in terms of negotiation, that's what our market access team is doing. I think Ramsey set it up very well here. But we're negotiating potential look-backs. It could be 6 months, 12 months, a year plus. Those -- if they've tried a top or if they've tried an oral, we're playing with the and/or part of it here. So, again, I think where we stand today at about 38% quality, one step or step at it, or less, is a good position. We could certainly increase that number significantly. But we are holding to our strategy of trying to get the least resistance and to simply get the patients on what we believe to be the best treatment for rosacea orally right now. So those are the types of things that we go back and forth with. And we think taking that time is important and it makes a lot of business sense.

Operator

[Operator Instructions] The next question comes from Thomas Flaten with Lake Street.

Thomas Flaten

Congrats on the Emrosi performance. Just a few from me. Claude, with respect to the new reps that were hired, can I assume those were white space hires? Or are you already territory splitting?

Claude Maraoui

So out of the 5, most of them are in white space, but we do have some areas where the number of dermatologists and the penetration is better well-served with splitting it. So you have a little mix of both, Tom.

Thomas Flaten

Got it. And then with respect to physician utilization, have they cued in on a specific element of your efficacy? I mean, time or overall resolution erythema, that's the driving reason for their use?

Claude Maraoui

In terms of just physician feedback, it is astounding how they are looking at the efficacy. The superiority factor that we have that the FDA gave us is resonating well with patients. And when the physicians are seeing them back a month or 2 after their initial prescription, the reinforcement from the patient and what the clearance rate is rather incredible. Again, we're doing what Oracea did in half the time, and I think that's really a major part of it.

Plus, the other factor is, you're talking about a fantastic safety profile, very tolerable. They're not getting that pushback that they could have had, for example, with acne and immediate-release minocycline. They're not getting that same pushback with this proprietary formulation of Emrosi. So they like what they're getting, and I think they're building confidence.

Thomas Flaten

And then back to the physicians again, if I may. Are there specific subtypes of rosacea patients that they're primarily using it on? Or are they kind of using it more broadly than having identified a subtype?

Claude Maraoui

Well, we're indicated for papulopustular rosacea, so certainly, that severe, moderate-to-severe. Our indication allows us to go broader. But you're talking about moderate and severe patients, I would say, are what they're putting Emrosi in that category. I'm generalizing here, but I would tell you that, that would be where the niche is for the brand right now.

Operator

This concludes our question-and-answer session and concludes the conference call today. Thank you for attending today's presentation. You may now disconnect.