Botanix Pharmaceuticals' Q3 Results Beat Estimates, Says Euroz Hartleys

MT Newswires Live
Yesterday

Botanix Pharmaceuticals (ASX:BOT) fiscal third quarter results beat Euroz Hartleys' estimates with the fifth consecutive quarter of prescription growth, according to a Thursday Euroz Hartleys note.

Total prescriptions increased 5% quarter-on-quarter to 26,684, slightly above Euroz Hartleys' estimates of 26,500. and gross-to-net yield declined quarter-on-quarter from 24% to 18%, in line with the research firm's expectations.

The company's current AU$60 million enterprise value does not fully reflect the AU$34.5 million of inventory held on the balance sheet, the research firm added.

The research firm believes that Botanix's Sofdra has the makings of a category leader in hyperhidrosis, a dermatology condition, and added that consistent prescription growth alone, or the addition of a new product to its platform, can potentially re-rate the stock "materially higher."

Euroz Hartkeys has a buy rating on Botanix Pharmaceuticals with a price target of AU$0.25.

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