Some points from listening in on the investor call this...

Some points from listening in on the investor call this morning.

Same old from SR.

Investor questions was very good and ticked the major points and was the bit worth listening to.

• Nuvaring - SR confirmed in the call that the Nuvaring CRL ( complete response letter ) was indeed done in March 2021 and pending FDA approval. The earliest expected response is end September but would blow out to end of year if for example the FDA wants to virtually/physically inspect the Mithra facilities again. Claimed that even being a 4th entrant would not be a problem and would add material benefit to the company.

• Nextstellis - SR was super cautious on providing expectations around Nextstellis but positive on the facts, the current key indicators are either on track or ahead of the planned ~3 year ramp-up to $200m a year net sales target.

• Shareholder funds >A$600m Covenant - CFO indicated that there is no reason for this to be at risk and that intangibles in the GPD, SPD CGU units have a recoverable value with a good margin above current carrying values below. See split of the A$636m intagibles/goodwill assets.

Other bits.

• Only ~A$170 total in the generic ( GPD - * ) CGU - which allegedly are recoverable.
• Current investments into Nexstellis intangible value falls under "SPD Women's Health" CGU.