Ann: March 2025 Quarterly Activities Report and Appendix 4C, page-128

Taken from SGH Australian Small Companies Fund online report (taken from Botanix website) it states;

Tangible proof of commercial successIn Japan, a large pharmaceutical company, Kaken Pharmaceuticals, licensed the same chemical compound as Botanix’s Sofdra. Whilst past performance is not necessarily an indicator of future success, it’s safe to say that a positive track record is always a preference.Holding the rights to Asia Pacific, Kaken launched the asset under the commercial name “Ecclock” in late 2020. This demonstrates its substantial commercial success. Ecclock is now in its third year of sales and continues to rise and attract new patients.~ 350k units of Ecclock sold by Botanix’s licensee in Japan over the last 12 monthsThe incidence and prevalence of hyperhidrosis in Japan and the USA is similarThe population of Japan is ~1/3rd the size of the USAKaken has been able to attract significant numbers of new patients – even in the third year of launch

so... assuming 100% refill rate as reported they sold 350,000 units meaning in effect 30,000 patients purchasing all their refills in the year. The US market is three times the size of Japan and they are still reporting significant new patient numbers (even in third year). Botanix are currently at a rate of 2,000 new patients a month in the US so it's not a stretch to suggest they could get to sales of 300,000 in the first year especially with an expanded sales force.

They grossed $5M in sales in the first 6 weeks - I can't see how many units they have sold to achieve that. Maybe someone can tell me but it's likely to be in the order of 5-10K. If it was 5K ($1,000 a refill) that would suggest potential for sales into the billions. It would be interesting to know what the net figure to Botanix is from a single sale.