Ann: Investor Presentation - Acrux FY23 Results, page-2

I think Acrux are due for a serious rerate. On the one hand, these developments really are in line with the plan. On the other hand, the management didnt quite achieve their objectives as stated: 1/2 targeted to market; 1/2 targeted to be approved; testosterone gel acknowledged as past its prime.

If we hadn't got lucky with prilocaine/lidocaine, would I be as rapt? No. But we got lucky and the bar graphs in lieu of hard figures indicates the expectation that our profit share will be a nice-sized piece of the AU$60M market share, keeping the lights on and moving other products to market.

Shareholders can expect to be rewarded for their patience.