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Futura Medical shares surge after "transformational year"

6th Feb 2024 12:24

(Alliance News) - Futura Medical PLC on Tuesday reported its first revenues in 2023, thanks to the successful global roll-out of Eroxon.

Shares in the Guildford, Surrey-based pharmaceutical company were up 33% at 36.71 pence each in London at midday on Tuesday.

This came after Futura released a promising update for the 12-months to December 31, in which progress in key markets and product launches combined for a "transformational year".

In 2023, the company completed its initial market launch of erectile dysfunction treatment Eroxon. Early data shows that the product has already captured more than a 20% market share in the UK and Belgium, Futura said.

Futura was granted US Food & Drug Administration approval for Eroxon in 2023, opening the door to the "largest market for ED in the world". In July, Futura secured Haleon PLC, the consumer healthcare company behind ChapStick lip balm and Advil, as a distribution partner for the US.

Futura brought in its "first meaningful revenues" from product sales in the year, and expects to report GBP3.1 million for the 12-month period. No revenue was recognised in 2022.

The company delivered a gross margin of around 58% and ended the year with a GBP7.7 million cash position.

Chief Executive Officer James Barder said: "I am incredibly proud to report that we have delivered on the three key objectives that we set out in 2023: achieving regulatory approval in the US; progressing commercial discussions by securing a standout distribution partner in Haleon for the largest consumer healthcare market in the world and reporting our first meaningful revenues. The delivery of this progress, alongside the fact that we have an award-winning product, has given us a robust and broad platform to build upon in the year ahead."

Futura expects to announce its full year results for the year in April.

By Hugh Cameron, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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