Botanix Pharmaceuticals (ASX:BOT) gross sales of about AU$25 million from January through June for its Sofdra topical gel for excessive underarm sweating, missed expectations, and is a "very disappointing" outcome, according to a Thursday report by Euroz Hartleys.
Net revenue came in at AU$5 million, well below Euroz's AU$14.8 million estimate and AU$8.8 million market consensus, due to weaker script volumes and net pricing.
Despite the miss, key launch metrics were encouraging, with strong refill rates, rising prescriber numbers, and high adherence, Euroz said.
The company's 70% share price drop appears overdone, with the market pricing in minimal Sofdra success, Euroz added.
Euroz maintained Botanix's buy rating but lowered its price target to AU$0.40 from AU$0.80.
Shares of the company fell 4% on market close.
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