Ann: 2022 Full Year Media Release, page-10

This is horrendous. Spent $55m (mostly) on Nextstellis for $10.6 Revenue (55% @ Nextstellis).

It was launched on the 21st June 2021 to much fan fair and promise - and the momentum of the rollout has stalled. 400 subscribers in July 2022 for a total of 4754 (who have tried it) out of all the women in the US on oral contraceptives ?!?! OUCH. We haven't seen the steamroll affect as people take up Nextstellis and in fact with only 85% of HCP returning to write Nextstellis scripts in 2HFY22 it begs the question - why haven't the other 15%???

Rollout via educating HCP's have been a failure thus far - despite $55m spent over 18 months. Leaves the DTC campaign as the last chance to get any return, although basically looks like it isn't worth anything and is more a liability and may be a case of throwing good money after bad... ($10.6m revenue from $55.1m expenses) Definitely can see why there were significant wrote-downs!!!

Dermatology definitely looks the goods at the moment. MCS results show why they achieved such a good selling price.

Best thing in the report is confirmation of $100m in returned capital from the MCS sale. What's that - about 6c a share. If they can stop the bleeding of $ into Nextstellis it actually makes 32.5c with 6c special div coming sometime in the next 6ish months (you'd expect) a pretty attractive buy