Liberum, the boutique investment bank, has reiterated its 'buy' recommendation and 131p a share price target for Futura Medical PLC (AIM:FUM, OTC:FAMDF) after the sexual health products specialist announced that it had extended its licensing deal with Cooper Consumer Health for an additional two years.
This extension allows Cooper exclusive rights to commercialise Eroxon, Futura's erectile dysfunction (ED) gel, in the European Economic Area (EEA), the United Kingdom and Switzerland until 2029.
The extended partnership is particularly noteworthy as it suggests sustained sales momentum for Eroxon, witnessed in the first half of the year, and sets an optimistic stage for its 2024 launch in key European markets such as Spain, France, Italy and Portugal, Liberum reckons.
Investors and analysts are now keenly looking forward to Futura's preliminary results, expected in late in March or early April.
These results will likely provide further insights into Eroxon's sales trajectory in the latter half of the year and may shed more light on plans for the US launch by consumer health giant Haleon, Liberum said.
The stock was trading sideways at 33.85p in early trade.