Revenue growth remains highly inconsistent, ranging from a 57.9% contraction in 2024Q3 to a 22.1% expansion in 2026Q1, while operating margins have struggled, reaching as low as -186.5% in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 66.16M | 63.26M | 57.67M | 84.51M | 75.74M | 68.79M | 45.6M | 36.63M | 26.88M | 187.58M | 16.48M | 863K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 14.5% | 9.69% | -31.76% | 11.58% | 10.11% | 50.86% | 24.49% | 36.26% | -85.67% | 1038.25% | 1809.62% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 23.48M | 20.92M | 20.88M | 22.89M | 30.77M | 32.08M | 14.59M | 10.53M | 6.13M | 161.2M | 11.35M | 0 | 0 | 0 | 0 | 22K | 0 | 0 |
| COGS % of Revenue | - | 33.08% | 36.2% | 27.09% | 40.63% | 46.64% | 32.01% | 28.75% | 22.78% | 85.94% | 68.87% | - | - | - | - | - | - | - |
| Gross Profit | 42.68M | 42.34M | 36.8M | 61.62M | 44.97M | 36.71M | 31M | 26.1M | 20.76M | 26.38M | 5.13M | 863K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 64.51% | 66.92% | 63.8% | 72.91% | 59.37% | 53.36% | 67.99% | 71.25% | 77.22% | 14.06% | 31.13% | 100% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 15.06% | -40.29% | 37.03% | 22.51% | 18.39% | 18.81% | 25.73% | -21.32% | 414.17% | 494.55% | - | - | - | - | - | - | - |
| Operating Expenses | 98.5M | 112.56M | 147.18M | 203.96M | 248.53M | 225.25M | 125.28M | 136.92M | 140.75M | 127.59M | 70.84M | 51.39M | 20.65M | 35.78M | 27.18M | 14.32M | 9.24M | 2.61M |
| OpEx % of Revenue | - | 177.93% | 255.18% | 241.34% | 328.13% | 327.44% | 274.73% | 373.79% | 523.6% | 68.02% | 429.86% | 5955.27% | - | - | - | - | - | - |
| Selling, General & Admin | 86.8M | 96.4M | 87.73M | 90.98M | 113.66M | 86.84M | 61.17M | 55.59M | 53.37M | 73.02M | 32.91M | 21.58M | 10.41M | 10.1M | 8.66M | 5.75M | 900K | 343K |
| SG&A % of Revenue | - | 152.38% | 152.11% | 107.65% | 150.05% | 126.24% | 134.14% | 151.76% | 198.54% | 38.92% | 199.73% | 2501.04% | - | - | - | - | - | - |
| Research & Development | 8.51M | 11.9M | 56.88M | 106.07M | 134.88M | 128.87M | 64.11M | 81.33M | 87.38M | 52.49M | 35.13M | 29.81M | 10.24M | 25.68M | 18.51M | 29.29M | 8.34M | 2.27M |
| R&D % of Revenue | - | 18.81% | 98.62% | 125.51% | 178.07% | 187.33% | 140.59% | 222.03% | 325.06% | 27.98% | 213.19% | 3454.23% | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 4.26M | 2.56M | 6.91M | 0 | 9.54M | 0 | 0 | 68K | -234K | 0 | 0 | 0 | 0 | 0 | 5.75M | 0 | 0 |
| Operating Income | -55.81M | -70.22M | -110.38M | -142.34M | -203.56M | -188.54M | -94.27M | -110.82M | -120M | -89.8M | -65.71M | -50.53M | -20.65M | -35.78M | -27.18M | -35.04M | -9.24M | -2.61M |
| Operating Margin % | -84.36% | -111% | -191.38% | -168.43% | -268.76% | -274.08% | -206.74% | -302.54% | -446.38% | -47.87% | -398.73% | -5855.27% | - | - | - | - | - | - |
| Operating Income Growth % | - | 36.38% | 22.46% | 30.08% | -7.97% | -100% | 14.93% | 7.65% | -33.63% | -36.66% | -30.04% | -144.68% | 42.28% | -31.66% | 22.45% | -279.22% | -253.65% | - |
| EBITDA | -50.64M | -65.56M | -105.92M | -136.34M | -194.21M | -181.75M | -88.94M | -106.17M | -117.94M | -88.54M | -64.98M | -50.51M | -20.63M | -35.76M | -27.17M | -33.64M | -9.24M | -2.61M |
| EBITDA Margin % | -76.55% | -103.63% | -183.64% | -161.33% | -256.41% | -264.21% | -195.06% | -289.84% | -438.72% | -47.2% | -394.31% | -5852.26% | - | - | - | - | - | - |
| EBITDA Growth % | 45.09% | 38.1% | 22.32% | 29.8% | -6.86% | -104.34% | 16.22% | 9.98% | -33.21% | -36.25% | -28.66% | -144.83% | 42.32% | -31.61% | 19.22% | -264.19% | -253.46% | - |
| D&A (Non-Cash Add-back) | 5.17M | 4.66M | 4.46M | 6M | 9.35M | 6.79M | 5.33M | 4.65M | 2.06M | 1.26M | 728K | 26K | 23K | 17K | 3K | 1.41M | 5K | 0 |
| EBIT | -10.55M | -24.83M | -108.95M | -141.72M | -203.05M | -152.96M | -93.14M | -93.13M | -120.46M | -89.83M | -67.6M | -52.4M | -20.65M | -35.23M | -26.94M | -36.29M | -8.45M | -2.61M |
| Net Interest Income | -7M | -6.22M | -7.24M | -9.52M | -12.24M | -14.66M | -13.81M | -9.29M | -9.24M | -6.87M | -3.39M | -1.24M | -676K | -1.36M | -434K | 91K | -252K | -1.05M |
| Interest Income | 2.56M | 2.48M | 2.68M | 3M | 1.4M | 649K | 1.52M | 2.56M | 1.1M | 819K | 298K | 245K | 662K | 545K | 236K | 165K | 61K | 0 |
| Interest Expense | 9.57M | 8.71M | 9.93M | 12.52M | 13.64M | 15.31M | 15.33M | 11.85M | 10.34M | 7.69M | 3.69M | 1.48M | 1.34M | 1.9M | 670K | 74K | 313K | 1.05M |
| Other Income/Expense | 189.09M | 36.69M | -10.16M | -11.29M | -9.9M | 24.19M | -8.58M | 9.16M | -10.8M | -7.72M | -5.58M | -3.35M | 266K | -1.38M | -434K | -1.32M | -741K | -1.05M |
| Pretax Income | 133.28M | -33.53M | -120.54M | -153.63M | -213.46M | -164.35M | -102.85M | -101.66M | -130.8M | -98.32M | -71.29M | -53.88M | -20.39M | -37.16M | -27.61M | -36.36M | -9.98M | -3.67M |
| Pretax Margin % | 201.45% | -53.01% | -209% | -181.79% | -281.83% | -238.92% | -225.55% | -277.54% | -486.57% | -52.42% | -432.58% | -6243.68% | - | - | - | - | - | - |
| Income Tax | 4.34M | -620K | 312K | 521K | 449K | 473K | 136K | 0 | -463K | 1.51M | 0 | 0 | 0 | 0 | 233K | -91K | 0 | 0 |
| Effective Tax Rate % | 3.26% | 1.85% | -0.26% | -0.34% | -0.21% | -0.29% | -0.13% | 0% | 0.35% | -1.54% | 0% | 0% | 0% | 0% | -0.84% | 0.25% | 0% | 0% |
| Net Income | 127.77M | 6.82M | -46M | -60.64M | -86.58M | -64.7M | -46.53M | -39.96M | -84.15M | -66.88M | -55.09M | -48.43M | -20.39M | -37.16M | -27.61M | -36.36M | -9.98M | -3.67M |
| Net Margin % | 193.12% | 10.77% | -79.75% | -71.75% | -114.3% | -94.06% | -102.03% | -109.09% | -313.02% | -35.65% | -334.31% | -5611.59% | - | - | - | - | - | - |
| Net Income Growth % | 410.4% | 114.82% | 24.14% | 29.96% | -33.8% | -39.07% | -16.43% | 52.51% | -25.83% | -21.38% | -13.77% | -137.56% | 45.14% | -34.58% | 24.06% | -264.26% | -172.29% | - |
| Net Income (Continuing) | 128.94M | -32.91M | -120.86M | -154.15M | -213.91M | -164.83M | -102.98M | -101.66M | -130.8M | -97.51M | -71.29M | -53.88M | -20.39M | -37.16M | -27.61M | -36.36M | -9.98M | -3.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 40.17M | 12.31M | -24.38M | -20.96M | 8.3M | 117.2M | 96.66M | 46.32M | 17.89M | 67.93M | 44.47M | 27.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.33 | -0.07 | -2.69 | -8.47 | -14.55 | -11.85 | -9.75 | -10.95 | -29.04 | -24.08 | -20.68 | -18.56 | -8.42 | -18.32 | -19.12 | -4.74 | -1.69 | -15.15 |
| EPS Growth % | 235.9% | 97.49% | 68.24% | 41.79% | -22.78% | -21.54% | 10.96% | 62.29% | -20.6% | -16.44% | -11.42% | -120.43% | 54.04% | 4.18% | -303.38% | -180.47% | 88.84% | - |
| EPS (Basic) | - | -0.07 | -2.69 | -8.47 | -14.55 | -11.85 | -9.75 | -10.95 | -29.04 | -24.08 | -20.68 | -18.56 | -8.42 | -18.32 | -19.12 | -4.74 | -1.69 | -15.15 |
| Diluted Shares Outstanding | 38.41M | 279.02M | 20.78M | 8.11M | 5.92M | 5.45M | 4.8M | 3.65M | 2.9M | 2.78M | 2.66M | 2.61M | 2.42M | 2.03M | 1.44M | 7.66M | 5.9M | 240.85K |
| Basic Shares Outstanding | 31.54M | 27.9M | 20.78M | 8.11M | 5.92M | 5.45M | 4.8M | 3.65M | 2.9M | 2.78M | 2.66M | 2.61M | 2.42M | 2.03M | 1.44M | 7.66M | 5.9M | 240.85K |
| Dividend Payout Ratio | - | 9.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Subsidiary Capital Dependency
According to reported financial statements, FBIO's revenue growth has exhibited significant quarterly variance, ranging from a 57.9% contraction in 2024Q3 to a 22.1% expansion in 2026Q1, reflecting the inherent lumpiness of milestone-driven biotech income streams rather than consistent organic commercial scaling across its diverse portfolio.
The revenue profile remains heavily influenced by the timing of clinical milestones and subsidiary-level product sales, which complicates the assessment of long-term growth durability. Investors should monitor whether the dermatology segment can provide a sufficient baseline to offset the inherent unpredictability of the biotech development pipeline.
Based on the provided income statement data, FBIO has maintained a gross margin profile that fluctuated between 53.9% and 69.9% over the last ten quarters, suggesting that the company's specialty pharmaceutical products retain pricing power despite the broader operational challenges faced by the consolidated entity.
While these margins appear robust for a specialty pharma business, they remain vulnerable to potential shifts in PBM rebate structures and generic competition. The structural reliance on high-margin dermatology products is a critical offset to the heavy R&D burn observed elsewhere in the organization.
As indicated by the income statement, FBIO's operating margins have remained deeply negative, reaching as low as -186.5% in 2024Q2, which suggests that the company has yet to achieve the necessary scale to cover its substantial fixed SG&A and R&D expenditures across its subsidiary network.
The lack of positive operating leverage implies that revenue growth is currently insufficient to outpace the costs of maintaining a specialized sales force and clinical development infrastructure. This dynamic warrants further investigation into whether the hub-and-spoke model can eventually achieve self-sustaining profitability without continuous external capital injections.
Analysis of recent SEC filings reveals that FBIO's reported net income is frequently decoupled from operating performance, with a notable $110.4M profit in 2026Q1 contrasting with a $7.7M operating loss, suggesting that non-operating gains and deconsolidation events are the primary drivers of bottom-line volatility.
Investors should exercise caution when interpreting net income figures, as they appear heavily influenced by accounting adjustments rather than core operational success. The frequent use of stock-based compensation, which reached $16.8M in 2025Q2, further complicates the assessment of true economic earnings for shareholders.
Based on the company's historical financial performance, the persistent need for parent-level capital to support underfunded subsidiaries poses a significant risk, as evidenced by the recurring issuance of equity that may continue to dilute long-term value for existing shareholders despite potential clinical successes.
Short-sellers would likely focus on the company's inability to generate consistent free cash flow, arguing that the hub-and-spoke model is fundamentally reliant on favorable capital markets. The reliance on non-operating gains to mask operating losses suggests that the current valuation may be overly optimistic regarding the terminal value of the pipeline.
Quick answers to the most common questions about buying FBIO stock.
For fiscal year 2025, Fortress Biotech, Inc. (FBIO) reported total revenue of $63.3M.
Fortress Biotech, Inc. (FBIO) is profitable, generating $6.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
Fortress Biotech, Inc. (FBIO) reported an operating income of $-70.2M, resulting in an operating profit margin of -111.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Fortress Biotech, Inc. (FBIO) generated $42.3M in gross profit for the year, representing a gross profit margin of 66.9%. This demonstrates the company's core pricing power and production efficiency.