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AFT Pharmaceuticals (ASX: AFT)

Last close As at 19/07/2024

NZD3.05

▲ 0.05 (1.67%)

Market capitalisation

NZD320m

AFT Pharmaceuticals is a specialty pharmaceutical company that operates primarily in Australasia but has product distribution agreements across the globe. The company’s product portfolio includes prescription and over-the-counter (OTC) drugs to treat a range of conditions and a proprietary nebuliser.

AFT Pharmaceuticals is a multi-product company targeting pharmacy prescription, OTC and hospital markets. Data for Maxigesic offer it a competitive advantage in a fragmented industry.

Latest Insights

View More

Healthcare | Flash note

AFT Pharmaceuticals — Continued execution of footprint expansion

Healthcare | Update

AFT Pharmaceuticals — Growth underpinned by international momentum

Healthcare | Flash note

AFT Pharmaceuticals — Maxigesic IV’s Brazil entry, a foray into LATAM

Healthcare | Flash note

AFT Pharmaceuticals — Expanded R&D pipeline to fuel LT growth
AFT-Pharmaceuticals_resized
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

Key Management

  • David Flacks

    Chairman

  • Dr Hartley Atkinson

    CEO

  • Malcolm Tubby

    Chief Financial Officer

  • Michael Weinmann

    Member of the Board of Directors

  • Nathan D. Hukill

    Member of the Board of Directors

Balance Sheet

Forecast net debt (NZ$m)

7.6

Forecast gearing ratio (%)

7

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.6) (2.9) (18.2)
Relative (6.7) (6.6) (18.2)
52 week high/low 3.8/2.6

Financials

AFT Pharmaceuticals continues to make inroads in expanding its strategic market footprint. Most recently, it announced the entry into China with the distribution of Crystaderm (approved by Chinese regulators in November 2023) through an agreement with Hainan Haiyao Co. We expect this to provide AFT with access to China’s offline retail and hospital segments, which represent roughly 75% of the country’s OTC market, a significant bump from AFT’s current Chinese e-commerce presence. This announcement comes on the heels of the news on Maxigesic Rapid securing a non-exclusive distribution partnership in the US with Alexso, a specialist distributor focused on non-opioid pain-management products. Given the notable size of both the US and Chinese markets, we expect these new market launches (both expected within CY24) to support top-line traction internationally.

Y/E Mar Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (c) P/E (x) P/CF (x)
2023A 156.6 21.4 16.7 11.0 27.7 30.0
2024A 195.4 26.2 23.0 15.8 19.3 20.5
2025E 232.4 26.6 23.6 16.5 18.5 19.7
2026E 278.3 43.4 40.8 28.3 10.8 11.2

Research

Update

Healthcare

AFT Pharmaceuticals — Growth underpinned by international momentum

Flash note

Healthcare

AFT Pharmaceuticals — Maxigesic IV’s Brazil entry, a foray into LATAM

Healthcare

Flash note

AFT Pharmaceuticals — Continued execution of footprint expansion
View All

Thematics

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