Ann: 2024 AGM Chair's Address to Shareholders, page-42

Just adding to your commentary,

There was a lot to like about the WH result, particularly A$24M in contribution for the first 4 months and commentary regarding the 10% growth in Nextstellis for October will continue. There was also commentary about Annovera becoming a very "promising" product, along with the commentary that they're trying to ramp up production of this product by multiples of current production. I think the February update is likely to be positive for WH and QoQ growth likely to be around your quoted figure of 15% or maybe higher and the market will like that.

I did pick up some headwinds coming up in cashflow, current liabilities for royalties and milestone payment sit at around $33M, if all this paid this FY it will hurt cash and EBITDA but not underlying EBITDA (luckily for the CEO-just a touch of irony). The US$40M payment to Pop Council is not due for a few years yet.



The dermatology result was probably more difficult to unpack, the flat result compared to pcp in FY24 was due to seasonal factors and entry of 2 generics against Ag Oracea whose market share dropped from 70% to 54% (according to commentary). However, there was a cryptic comment that disintermediation sales are running at a run rate of twice what they were for FY24. I can't reconcile that with the flat revenue figure. I also picked up this in the footnotes slide 32



This will not affect FY25 result, but maybe FY26 could be. 80% of the contribution for dermatology comes from 5 products two of which are being threatened by generics now or in FY26.

In summary, we do really need WH to be an excellent result in Feb. to push past these headwinds.