ASX Health Stocks: Acrux flags testosterone solution with an armpit application, Clinuvel posts record revenues
Health & Biotech
Health & Biotech
Link copied to
The ASX 200 health stocks index (XHJ) fell by 1.55% this morning, compared to the broader index which dropped by 0.67%.
Topical and and dermatological specialist, Acrux (ASX:ACR), announced that its generic Testosterone Topical Solution USP (30mg per actuation) will soon be sold in the US.
The company said that its US licensee, Dash Pharmaceuticals, has now commenced marketing of the product.
The Testosterone Topical Solution was the first testosterone topical solution approved for application via an armpit (underarm) applicator.
Testosterone solution is used to treat adult males who have low or no testosterone.
The Abbreviated New Drug Application (ANDA) for the product was approved by the FDA earlier in 2021.
Acrux says the addressable market for the product is US$20 million per year.
“ This is the first of the pipeline of topical generic products that Acrux has launched. It’s an important milestone for the company,” commented Acrux CEO, Michael Kotsanis.
“We look forward to further announcements in coming months about product submissions to the FDA and subsequent launches as our pipeline matures.”
Recently listed ACL didn’t disappoint investors with its full year results released today, beating prospectus guidance.
The company’s pro-forma revenue came in at $674.4m, compared to proespectus guidance of $647m.
Bottom line NPAT was $88.7m, a whoppig 659% increase from the previous year and beat the prospectus guidance of $74.5m.
The giant reported solid earnings despite the COVID environment.
Its prelimenary full year statutory profit was $449m, a 58% increase from the previous year. Ramsay’s full year dividend also increased by 142% to 151.5c per share.
As for the FY22 outlook, Ramsay says it largely depends on the effectiveness of vaccination programs around the world.
“We will explore opportunities to move into new and adjacent services in all existing markets to create an integrated patient centric business platform,” says Ramsay CEO, Craig McNally.
“The significant pipeline of brownfield and greenfield projects across the regions, in particular in Australia, is expected to deliver good organic growth and support margins and market share,” he added.
The medical devices company saw growth in full year revenue by 32% to $29.3m. The US business continues to be profitable and is the company’s largest revenue contributor.
Polynovo’s lead product, the NovoSorb, is composed of biodegradable foam bonded to a non-biodegradable transparent sealing membrane.
It’s developed for the treatment of full-thickness wounds where the dermal structure has been lost to trauma or surgically damaged tissues.
The genetic and vascular disorders specialist has announced record full year revenue and profit.
Full year revenue was $48.4m, and profit before tax came in at $25.7m.
“The result has been driven by strong patient demand in Europe and in the US, despite a challenging operating environment,” says Clinuvel CFO, Darren Keamy.
Clinuivel’s lead compound, Scenes, was approved by the European Commission in 2014, the US FDA in 2019, and the Australian TGA in 2020 – and is used for the prevention of phototoxicity (anaphylactoid reactions and burns).