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AFT Pharmaceuticals (NZX: AFT)

Last close As at 04/11/2024

NZD2.96

▲ −0.24 (−7.50%)

Market capitalisation

NZD336m

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

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Healthcare | Flash note

AFT Pharmaceuticals — H125 profitability weighed down by one-offs

Healthcare | Flash note

AFT Pharmaceuticals — Maxigesic IV reaches the Chinese shores

Healthcare | edison tv

AFT Pharmaceuticals – executive interview

Healthcare | Flash note

AFT Pharmaceuticals — Hikma partnership expands to include Combogesic
AFT-Pharmaceuticals_resized
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Sector

Healthcare

Equity Analyst

Arron Aatkar

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

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 (0.9) 4.2 (4.2)
Relative (2.6) 3.5 (15.9)
52 week high/low 3.8/2.6

Financials

AFT Pharmaceuticals has released a trading update ahead of its H125 results, expecting to report a c NZ$2m operating loss for the period ending September 2024, driven by one-off factors affecting the top line, as well as increased investments in expanding its international footprint. While the domestic Australian and New Zealand (ANZ) market continued to perform well (double-digit growth), stocking rationalisation by certain international customers, a doctors strike in South Korea (a key market for Maxigesic IV, which drove 57% y-o-y revenue growth in Asia in FY24) and higher sales and marketing expenses weighed on margins. Management expects the sales momentum to pick up in H2, a traditionally stronger period for AFT, although previous FY25 guidance (operating profit of NZ$22–25m) is likely to be revised, reflecting the H1 results. We await the full results on 21 November, before updating our estimates.

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 26.9 29.1
2024A 195.4 26.2 23.0 15.8 18.7 19.9
2025E 232.4 26.6 23.6 16.5 17.9 19.1
2026E 278.3 43.4 40.8 28.3 10.5 10.8

Research

Flash note

Healthcare

AFT Pharmaceuticals — Maxigesic IV reaches the Chinese shores

edison tv

Healthcare

AFT Pharmaceuticals – executive interview

Healthcare

Flash note

AFT Pharmaceuticals — H125 profitability weighed down by one-offs
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