Media Updates, page-13795

I understand that USA IMF sales will be immaterial for FY24 - that's not my point.

What will FY25 and FY26 look like and what exactly is the strategy to build from where we are currently? You say a strategy has been communicated but I beg to differ. A small distribution trial with no apparent time frame isn't a strategy. There is also no obvious reason why they need to await FDA approval before expanding. If there is then let's hear it. The temporary enforcement discretion is in place precisely so companies can sell product without the permanent approval.

USA IMF has always been a difficult market to crack, but to me, the compelling point of differentiation for A2 is that it we are already in the market with fresh milk, with some level of brand recognition and a massive store distribution network established already.

So when the opportunity comes along to try and capitalise on that, why would anyone be content with spending a whole year only selling product to a handful of stores mostly in one state? Why not at least more than one state, so you can start figuring out which regions have the most demand? At the very least, what is the next step in the road beyond this trial? Or do we just avoid asking these questions and accept that FY25 is also going to be "immaterial" ?