Futura Medical "on track for a profit in 2025" after strong first half
London, UK
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September 18, 2023 11:20 AM Eastern Daylight Time
Futura Medical PLC (AIM:FUM, OTC:FAMDF) CEO James Barder speaks to Thomas Warner from Proactive London after the pharmaceutical company announced its interim results for the six months to 30 June 2023.
Barder gives an overview of what he describes as a "pretty tremendous 2023 for Futura so far", highlighting the progress made in multiple markets with the company's topical erectile dysfunction treatment MED3000.
He starts with a look at the enormously prospective US market where Futura secured both FDA approval for the product as well as a distribution deal with Haleon, who are responsible for the future launch and ongoing regulatory, development, marketing, and commercialisation of MED3000 in the USA.
Barder also talks about the strides the company made in Europe during the first half and noted minimal complaints with over 200,000 packs sold.
Financially, the company reported £1.7 million in revenue and a gross profit of £900,000, with Barder saying that he expects Futura to reach breakeven in 2024 and "is on track for a profit by 2025".
Barder acknowledged the importance of production expansion to meet rising demand and highlighted efforts to strengthen distribution networks, particularly in Asia.
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