Acrux (ASX: ACR) has reported a 55% increase in net sales of Axiron®, its testosterone therapy for men, to A$37.1 million for the March 2013 quarter.
This compares to net sales of $23.9 million for the previous December 2012 quarter.
Axiron® is an underarm prescription medication that contains testosterone used to treat adult men with low or no testosterone. It is the only treatment for low testosterone applied to the underarms.
The testosterone therapy market in the U.S. grew strongly in 2012, with the number of transdermal therapy prescriptions about 28% higher than 2011.
Acrux expects U.S. market growth to continue in 2013 with its transdermal prescriptions in January 2013 18% higher than in January 2012.
In January 2013, 21 months after launch, Axiron® had the second largest share of new prescriptions.
Importantly, Acrux expects significant growth in the royalties on Axiron® net sales in 2013, driven by multiple factors.
The company expects to declare its next dividend in August. Cash reserves sat at $19 million at the end of December 2012.
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