We have upgraded our revenue forecasts and valuation following interim results and the earlier and imminent US launch by partner Haleon, which we previously anticipated in 2025. The US launch, expected in October, will trigger a milestone and recurring royalties on net Eroxon sales. Commercial success in the US will be transformational, ensuring Futura’s sustainable and growing profitability. Meanwhile, existing partners outside of the US continue to execute on launches, with Eroxon now available in over ten countries and further launches planned in H224 and into 2025. Real-world evidence remains consistent in terms of Eroxon’s efficacy, and learnings from initial launches are being effectively utilised to refine marketing strategies in order to optimally target key audiences. This will likely be key for Eroxon’s success, with encouraging signs from initial, albeit limited, repurchase rate data from first launches. Our Futura Medical valuation is increased to £392m, or 130p per share.
