Botanix Pharma (ASX:BOT) saw its share price fall around -10% on Tuesday as the company’s latest quarterly update, in which sales of its anti-chronic-sweating drug Sofdra are in the spotlight, failed to impress investors (who are likely, in Botanix’s defence, paying more attention to the silver price anyway).
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The big bottom line figure some HotCopper users took issue with was prescription growth for Sofdra, which came in at less than 5,000 for the quarter. This Market Link journo can’t help but be reminded of earlier articles he wrote, wondering how good a value prop treating chronic sweat conditions truly might be.
In July last year, we saw BOT’s price fall -40% when the Australian company revealed it had less than 7,000 patients buying Sofdra – maybe not surprising for a rare disease, but clearly investors were expecting something more.
There was also the fact that in October of last year, the company upgraded its marketing team to no less than 50 staff, which definitely feels to be on the ‘large’ side of things for a small ASX-listed biotech with one drug approved by the FDA – prestige of the FDA aside.
But with subscription growth under 5K, that’s less than 100 new customers for each new hire, so that expanding team probably is not making bonuses there. (Maybe I’m being too cheeky, but you get my point.)
Total prescriptions now stand at 25.3K in Q2 of FY26, so there is that – which isn’t terrible for a drug that only hit the market around midway through last year. But it’s not a six-digit figure, and you’re probably looking at something in that ballpark to keep investors’ glasses looking half full.
BOT last traded at 11.5cps.
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