（文章来源：每日经济新闻） 佩蒂股份（300673.SZ）12月18日在投资者互动平台表示，公司正积极推进新西兰工厂产品及品牌进入 国内市场的事项，部分产品即将上市销售，预计在2026年一季度实现大规模铺货，公司将通过合规渠道 积极发布相关业务的进展信息。 每经AI快讯，有投资者在投资者互动平台提问：公司新西兰品牌为什么这么久还不上市？目前进度有 没有进展？ ...

Question-and-Answer SessionObviously, a tremendous amount of progress since you did the reverse merge, did the Phase III data successfully built the commercial infrastructure, got the approval and now, of course, have launched the product biz. So tell us where you are? Tell us a little bit about the early launch? How it's going? What you're preparing for 1Q just -- set the stage?Evert SchimmelpenninkPresident, CEO, Secretary & Director Absolutely. Thanks, Yigal. Obviously, thanks for the invite. Great to be ...

Financial Data and Key Metrics Changes - Journey Medical reported net product sales of $13.1 million for Q1 2025, a slight increase from $13.0 million in Q1 2024, which included approximately $2.0 million from the initial revenue of AMROCI [6][12] - Gross margin improved to 64% in Q1 2025 from 54% in the prior year, attributed to lower product costs and a favorable sales mix [13] - R&D costs were nil in Q1 2025 compared to $7.9 million in Q1 2024, which included preapproval and milestone payments related to AMROCI [13] - SG&A expenses increased by $2.1 million to $10.6 million in Q1 2025, reflecting investments in commercial infrastructure for the AMROCI launch [13] - Net loss for Q1 2025 was $4.1 million, or $0.18 per share, compared to a net loss of $10.4 million, or $0.53 per share, in Q1 2024 [14][15] - Cash position at the end of Q1 2025 was $21.1 million, up from $20.3 million at the end of 2024 [15] Business Line Data and Key Metrics Changes - The launch of AMROCI is seen as a significant milestone, contributing to initial sales and expected to become the flagship product [6][16] - Legacy products experienced a decline of approximately 10% to 15%, attributed to generic competition [24] - QBREXZA showed strong performance with a 15% increase in prescriptions year-over-year, despite new competition [25][26] - Accutane prescriptions decreased from 93,000 in Q1 2024 to 66,000 in Q1 2025, impacted by new competitors, but showed a 10% growth compared to Q4 2024 [28][30] Market Data and Key Metrics Changes - Approximately 30% of covered commercial insured lives now have access to AMROCI, up from 20% previously [11] - The company actively calls on 83% of dermatology offices that prescribe oral rosacea treatments, leveraging existing brand equity [9] Company Strategy and Development Direction - The company aims to expand access and grow prescription volume for AMROCI while publishing additional peer-reviewed data to support its clinical value [17] - Focus on building brand awareness and ensuring payer coverage to translate prescription momentum into sales [10][11] - The management believes 2025 will be a transformational year for Journey Medical, with a commitment to long-term value creation for patients and shareholders [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive initial response to AMROCI and its potential to achieve sustainable EBITDA positivity later in the year [6] - The dermatology-focused sales force is fully trained and actively promoting AMROCI, with early indicators showing over 660 unique healthcare providers writing prescriptions [16][17] - The company is optimistic about the trajectory of AMROCI's launch and expects continued growth in the coming months [40][41] Other Important Information - The Phase III clinical trial results for AMROCI were published in JAMA Dermatology, highlighting its statistical superiority over competitors [8] - The National Rosacea Society updated its treatment algorithms to include AMROCI, signaling confidence from the dermatology community [9] Q&A Session Summary Question: Expectations for AMROCI revenues in Q2 - Management indicated that the initial $2 million in revenue was largely due to stocking and expects additional revenues in Q2 as the product gains traction [20][21] Question: Performance of legacy business - The legacy business is experiencing a decline due to generic competition, with specific products like QBREXZA performing well despite new entrants [24][25] Question: Inventory levels in distribution - Management estimated that inventory levels are typically between two to four weeks during a new product launch [34][36] Question: Early feedback from prescribers - Positive feedback has been received regarding AMROCI's efficacy and tolerability, with many prescribers expressing satisfaction with the product's performance [37][39] Question: Erythema reduction feedback - Anecdotal feedback from dermatologists indicates satisfaction with AMROCI's impact on erythema, although this is not the primary focus of the marketing message [50][51] Question: Repeat prescribers for AMROCI - There is a mix of prescribers, with some writing multiple prescriptions, indicating a positive reception in the market [57]