As I expected. here's the full text. They'll try and argue that the same product is not available elsewhere. We'll need to see the text of the EO to see if that cuts it!
Botanix responds to US pharmaceutical pricing announcement
Philadelphia PA and Phoenix AZ 12 May 2025:
Clinical dermatology company, Botanix Pharmaceuticals Ltd (ASX: BOT, “Botanix” or “the Company”), is responding to the reported announcement by President Trump on Telegram of a proposed executive order in relation to “Prescription Drug and Pharmaceutical Prices” (“US Announcement”).
Botanix is aware from the US Announcement that Mr Trump is proposing to issue an executive order that is focused on reducing costs of pharmaceuticals by instituting a “most favored nation’s policy” whereby the US will pay the same price as the nation that pays the lowest price for a drug, anywhere in the world.
Botanix obviously has not seen the executive order the subject of the US Announcement, but based on the information in the US Announcement makes the following comments:
• SofdraTM (sofpironium) topical gel, 12.45% is only approved in the USA and is not marketed in any other jurisdiction worldwide by Botanix or any other party;
• EcclockTM gel 5% is a product that contains sofpironium bromide which is marketed in Japan by Botanix’s partner, Kaken Pharmaceutical Company, however it is a different concentration and formulation than Sofdra, and was tested in different clinical studies and populations than Sofdra; and
• Neither Ecclock nor any other 5% concentration of sofpironium bromide gel are approved for sale in the USA and Sofdra is also not approved for sale in Japan.
Based on the limited information currently available in relation to the US Announcement and in light of the above, Botanix does not consider that it is likely that it will be subject to price reductions based on sales of Sofdra outside the USA, as there are none. Botanix will review the proposed executive order when it becomes available.
Release authorised by Vince Ippolito Executive Chairman