Firebrick takes Nasodine into US retail pharmacy — a phased plan targeting independent, wholesale, and major chain pharmacy groups
Firebrick Pharma (ASX: FRE) has announced a board-approved plan to enter the US retail pharmacy market for its Nasodine nasal spray products. The decision follows more than 200% growth in US online Nasodine sales in FY26, with the company’s inaugural appearance at the National Association of Chain Drugstores (NACDS) Total Store Expo in Boston, held 15–17 August 2026, providing the commercial validation needed to take this step.
At the expo, Firebrick met with more than 20 retail pharmacy groups. The response was described as overwhelmingly positive, with up to six independent regional pharmacy groups representing approximately 700 stores expressing strong intent to place early orders. The company’s board has since reviewed and approved the full US retail plan.
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Q&A — what is the US retail pharmacy channel and why does it matter for Nasodine investors?
Online direct-to-consumer (DTC) sales allow a company to reach motivated buyers who seek out a product. Physical retail pharmacy shelf placement operates differently: it puts the product in front of millions of everyday consumers browsing for health and wellness products, building brand recognition and repeat purchase volume at a scale that online channels cannot match independently.
The US retail pharmacy market is substantial. Firebrick’s approved plan structures its entry into this channel in three distinct phases:
- Phase 1 — Independent regional pharmacy groups (approximately 700 stores, with negotiations already underway)
- Phase 2 — Wholesale banner groups (approximately 7,000 stores, timing to be determined during 2027)
- Phase 3 — Major retail chains (approximately 25,000 stores, timing to be determined during 2027)
Firebrick has not disclosed projected revenue figures from this channel, and investors should note that Phase 2 and Phase 3 timelines remain subject to decisions to be made during 2027.
Al Moghaddam appointed US Commercial Director — the right experience for the channel
To lead the retail push, Firebrick has elevated Al Moghaddam from his previous role as a US-based Non-Executive Director into a new position as US Commercial Director. He has also been appointed as Executive Director of Firebrick Pharma, Inc. (FREI), the company’s US subsidiary.
Mr Moghaddam brings specific experience managing distribution through major retail pharmacy chains including CVS and Walgreens, as well as through the leading US pharmaceutical wholesale networks: McKesson, Cardinal Health, and Amerisource. His background makes him a targeted appointment for the task of establishing Nasodine in the structured retail channel.
The key terms of his Consulting Agreement, executed 29 September 2026, are:
- CAD$12,000 per month retainer
- 3% commission on monthly net US retail pharmacy sales
- 12-month initial term, with 30-day termination notice by either party
- Appointment to the FREI board as Executive Director, joining Dr Peter Molloy and Dr Stephen Goodall
Al Moghaddam, US Commercial Director
“I am excited to be part of this transformational initiative. With Firebrick’s current success in the US in the direct-to-consumer market, the company is well positioned to enter the large and attractive retail pharmacy market. Our approach will be phased to have the US operation self-funded from sales, wherever possible.”
How Australian shareholders benefit — the licence fee and royalty structure explained
A key consideration for ASX-listed Firebrick shareholders is how US commercial success in FREI flows back to the Australian entity. The two companies operate under an exclusive licence agreement, with FREI paying a series of fees to the Australian parent on all US sales activity.
| Fee Type | Rate | Basis |
|---|---|---|
| Royalty fee | 12% | All US sales |
| Management fee | 5% | All US sales |
| Manufacturing fee | 20% | Manufacturing cost (exclusive US manufacturing rights) |
| Dividend potential | Variable | Profits from FREI distributed to the Australian entity |
The structure means the Australian listed entity participates in US revenue without directly carrying FREI’s operational costs on its own books. Firebrick noted that these licence fees and dividends could generate substantial cash flows and potentially deliver early profitability for the Australian entity, though no specific revenue forecasts have been provided.
Nasodine composition patent protection, which now extends across multiple jurisdictions including Australia, South Africa, and New Zealand, provides the IP foundation that makes sustained investment in the US retail channel commercially rational, with pending applications in the USA and Europe adding further coverage.
Beyond FY27, FREI is expected to be bolstered with its own logistics, sales, and customer service personnel, operating as an increasingly independent entity from the ASX-listed Australian company.
Dr Peter Molloy, Executive Chairman, Firebrick Pharma Ltd
“Phase 1 will be distribution and sales through the independent pharmacy groups that we met at the NACDS. Phases 2 and 3 will be distribution through wholesale banner groups (7,000 stores) and the major retail chains (25,000 stores), with the timing of these later phases determined during 2027.”
What’s happening right now
Several workstreams are already in motion following the NACDS expo and the board’s approval of the US retail plan:
- Follow-on negotiations with independent regional pharmacy groups have commenced
- Retail product packaging designs are being upgraded
- Scaled-up manufacturing preparations are underway
- Southeast Asia regional activities are continuing, managed by Head of Business Development Nilesh Wadhwa
Nasodine regulatory approval in Indonesia, secured earlier in 2026, marked the product’s first clearance anywhere in the world for the nasal spray formulation, opening commercial access to a 285-million-person market as part of the same multi-market expansion underpinning the US retail push.
The phased approach is structured to make the US operation self-funded from sales wherever possible, with the royalty and fee structure providing a financial connection back to the Australian entity as FREI grows.
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