Trinity Delta view: Futura Medical’s investment case centres on the commercial potential of Eroxon, particularly in the US where the market for ED treatments is sizeable and where even modest commercial success could be transformational for Futura. Investor sentiment was dented by the slower than expected sales ramp announced in January’s trading statement; however, the company and its commercial partners are working to address this through revised promotional positioning – with partners also committed to at least three years of advertising and promotional spend. Launch data is still early: Eroxon has only been available in most markets for less than 12 months (six months in the US) and several new launches are anticipated during 2025. In addition, the first range extension, Eroxon Intense, is on track for marketing authorisation by end-2025, which could help capture market attention. Mid-term, WSD4000, a topical gel similar to Eroxon, could open an equally attractive novel, and significant female category.
