New Hartley Analyst report on Bot, page-21

• The Prescriptions Sold are expected to increase steadily from 72,000 in 2025 to 456,000 in 2033, with an average annual growth rate of 28%.
• The Implied Patients Treated are also projected to grow from 6,000 in 2025 to 38,000 in 2033, with an average annual growth rate of 23%.
• The Market penetration is estimated to reach 1% by 2033, which is a significant improvement from 0.2% in 2025.
• The Wholesale Pricing (WAC) is assumed to increase by 3% every year, from $720 per script in 2025 to $912 per script in 2033.
• The Net pricing (net) is calculated by applying a 25% gross-to-net discount to the WAC, resulting in a net price of $540 per script in 2025 and $684 per script in 2033.
• The Net Sales are forecasted to grow from $38.9 million in 2025 to $311.9 million in 2033, with an average annual growth rate of 30%.
• The COGS are estimated to be 10% of the net sales, which means that they will increase from $7.4 million in 2025 to $46.8 million in 2033.
• The Gross Profit is derived by subtracting the COGS from the net sales, and it is expected to rise from $31.5 million in 2025 to $265.1 million in 2033, with an average annual growth rate of 31%.
• The Gross Margin is calculated by dividing the gross profit by the net sales, and it is projected to improve from 81% in 2025 to 85% in 2033.
• The SG&A are assumed to be a fixed percentage of the net sales, which is set at 20%, except for the first year (2025), where it is higher at 71%, due to launch costs and marketing expenses. This means that the SG&A will increase from $27.5 million in 2025 to $62.4 million in 2033.
• The Royalty is also assumed to be a fixed percentage of the net sales, which is set at 5%, resulting in a royalty payment of $1.9 million in 2025 and $15.6 million in 2033.
• The Operating Income is obtained by subtracting the SG&A and the royalty from the gross profit, and it is forecasted to grow from $2 million in 2025 to $187.2 million in 2033, with an average annual growth rate of 43%.