Highlights

  • E&P, H.C. Wainwright, and Canaccord Genuity issued buy ratings on BOT, with target prices ranging from AUD 0.21 to AUD 2.00.
  • BOT shares have fallen 72.73% in the past year but rose 4.35% on 28 January to AUD 0.12.
  • Quarterly results show total prescriptions shipped grew 24% and net revenue increased 28% to AUD 9.1 million.

Botanix Pharmaceuticals Ltd (ASX:BOT) has received multiple buy ratings from leading brokers, despite the company’s shares falling sharply over the past year. On 28 January 2026, BOT traded at AUD 0.12, up 4.35%, while remaining down 72.73% year to date. E&P issued a speculative buy rating with a target price of AUD 0.41, H.C. Wainwright & Co., LLC rated it a buy with a target of AUD 2.00, and Canaccord Genuity also issued a buy rating with a target of AUD 0.21, signaling broker confidence in the company’s growth prospects.

Let’s have a look at the company’s latest quarterly performance.

Quarterly Activity and Financials

On 27 January, Botanix released its Quarterly Activity Report for Q2 FY26. Total prescriptions shipped increased by 24%, from 20,418 in Q1 FY26 to 25,351 in Q2 FY26. Sofdra net revenue rose 28% to AUD 9.1 million, up from AUD 7.1 million in Q1 FY26. Gross sales of Sofdra reached AUD 37.9 million for the quarter, up from AUD 30.2 million previously.

Operating cash outflow increased from AUD 13.1 million to AUD 17.2 million, primarily due to the addition of 23 new sales professionals and associated start-up costs. The company ended the quarter with a cash balance of AUD 31.5 million and an undrawn debt facility of AUD 14.9 million.

Commercial Momentum and Market Acceptance

Botanix’s commercial launch of Sofdra continues to demonstrate growth. Market research during the quarter showed 90% of healthcare professionals expect to increase prescribing volumes over the next six months. The company’s expanded sales team of 50 active professionals has contributed to higher prescription fulfillment and strong refill rates, positioning the company for continued revenue growth.

The company is also exploring potential secondary API suppliers to reduce cost of goods sold by 25–40%, a move aimed at improving gross profit and derisking the supply chain.

Looking Ahead

Botanix is focused on leveraging its sales expansion to drive further prescription growth and advance toward profitability. Broker buy ratings suggest that despite the sharp share price decline over the past year, the company’s growth trajectory, revenue gains, and strategic initiatives may offer upside for investors.