Ann: Appendix 4D, Half Year Accounts as at 31 December 2021, page-6

This result is completely underwhelming, but given ACR's communication behaviour not entirely unexpected.
A lower loss because:
- Revenue propped up by government program, not operational performance (Estradiol increase nice but immaterial).
- External R&D costs lower which is simply a reflection of the cycle position of the development program. ACR has said this line relates to contract manufacturers so I am assuming that drugs are still in lab and not in manufacturer's hands, delays, delays, delays.
I noticed they have removed the analysis of External R&D costs from the notes, why ?
Testosterone impact nil, no milestones on launch which reflect assets value (or lack there of) and I need to check but I thought this market was higher than USD 15mil.
After 6mths of exploring, still no partner for Lidocaine 2.5%/Prilocaine 2.5%, must be a reflection of asset value that no one wants the ANDA.
IMO Jublia is not a dial moving moment for ACR, as the market will be very competitive based on the +10 companies that filed many years ago.
I wonder was spin Dobinson will put on this, how long is he allowed to be Chairman of this rudderless ship.