AFT Pharmaceuticals - Edison Group

Overview
Price performance
Financials
Research
Thematics

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

09.08.24

AFT Pharmaceuticals — Hikma partnership expands to include Combogesic

Healthcare |
Flash note

10.07.24

AFT Pharmaceuticals — Continued execution of footprint expansion

Healthcare |
Update

23.05.24

AFT Pharmaceuticals — Growth underpinned by international momentum

Healthcare |
Flash note

02.05.24

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

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Managing Director - Head of Content, Healthcare

Jyoti Prakash

Analyst, Healthcare

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	7.8	10.7	(7.3)
Relative	7.7	5.3	(10.5)
52 week high/low	3.8/2.6

Financials

AFT Pharmaceuticals has expanded its licensing partnership with Hikma in the US to include distribution of the recently launched Combogesic tablets (Maxigesic Rapid). We view this as a logical step, given Hikma’s established footprint in the US, with synergistic benefits likely on costs and sales uptake. Hikma already holds exclusive distribution rights to Maxigesic/Combogesic IV in the US and will now also market the tablet formulation in the same hospital and ambulatory setting. Management expects to book the first sales within CY24 and, while the deal economics have not been fully disclosed, the agreement includes a profit share for Hikma according to our understanding. Note that unlike the IV formulation, AFT’s sales strategy for the tablets entails having different distribution partners across sales channels. The first distribution agreement for the Combogesic tablets was signed with Alexso in June 2024.

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	30.0	32.5
2024A	195.4	26.2	23.0	15.8	20.9	22.2
2025E	232.4	26.6	23.6	16.5	20.0	21.3
2026E	278.3	43.4	40.8	28.3	11.7	12.1

Research

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Flash note

Healthcare

22.12.23

AFT Pharmaceuticals — R&D pipeline strengthens with new candidate

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Update

Healthcare

27.11.23

AFT Pharmaceuticals — Global growth despite tough macro environment

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Healthcare

Flash note

AFT Pharmaceuticals — Another R&D asset in the bag

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Flash note

Healthcare

19.10.23

AFT Pharmaceuticals — FDA nod for opioid alternative, upside anticipated

Flash note

Healthcare

31.08.23

AFT Pharmaceuticals — Judgment clears AFT of lump sum payment claim

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Update

Healthcare

24.05.23

AFT Pharmaceuticals — Near-term goals in sight with FY23 momentum

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Flash note

Healthcare

02.05.23

AFT Pharmaceuticals — Maxigesic IV closer to FDA approval

Flash note

Healthcare

28.03.23

AFT Pharmaceuticals — Maxigesic international momentum continues

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Flash note

Healthcare

02.03.23

AFT Pharmaceuticals — Big win with Maxigesic Rapid’s FDA nod

Flash note

Healthcare

02.02.23

AFT Pharmaceuticals — Portfolio expansion with new in-licensing deal

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Flash note

Healthcare

25.01.23

AFT Pharmaceuticals — Maxigesic IV expands into East European markets

Flash note

Healthcare

10.01.23

AFT Pharmaceuticals — Progressive outlook for CY23

Update

Healthcare

24.11.22

AFT Pharmaceuticals — H123 focused on portfolio expansion

Flash note

Healthcare

07.09.22

AFT Pharmaceuticals — Further studies for Maxigesic IV’s US nod

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Flash note

Healthcare

02.09.22

AFT Pharmaceuticals — Collaboration for developing birthmark medicine

Flash note

Healthcare

28.07.22

AFT Pharmaceuticals — Pascomer falls short of FDA mandated threshold

Flash note

Healthcare

08.07.22

AFT Pharmaceuticals — Expanding reach into China

Flash note

Healthcare

06.07.22

AFT Pharmaceuticals — Maxigesic IV hits a roadblock in the US

Update

Healthcare

16.06.22

AFT Pharmaceuticals — Re-acceleration leveraging its platform

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Flash note

Healthcare

25.05.22

AFT Pharmaceuticals — Recovery driven by strong H222

Update

Healthcare

22.11.21

AFT Pharmaceuticals — 14% revenue growth despite COVID-19 headwinds

Update

Healthcare

26.05.21

AFT Pharmaceuticals — Growth in the face of a challenging environment

Update

Healthcare

24.11.20

AFT Pharmaceuticals — Growth despite COVID-19 challenges

Update

Healthcare

21.05.20

AFT Pharmaceuticals — Solid FY20 results

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Outlook

Healthcare

25.11.19

AFT Pharmaceuticals — A strong start to FY20

Update

Healthcare

10.07.19

AFT Pharmaceuticals — A licensing deal for Pascomer

Update

Healthcare

28.05.19

AFT Pharmaceuticals — Operating profitability achieved

Update

Healthcare

30.11.18

AFT Pharmaceuticals — Margins improving

Update

Healthcare

30.05.18

AFT Pharmaceuticals — Strong FY18 results

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Update

Healthcare

28.03.18

AFT Pharmaceuticals — Improving profitability

Outlook

Healthcare

12.12.17

AFT Pharmaceuticals — Australia and Maxigesic driving growth

Update

Healthcare

31.05.17

AFT Pharmaceuticals — On the cusp

research

Healthcare

20.01.17

AFT Pharmaceuticals — Updates on several products

Update

Healthcare

05.12.16

AFT Pharmaceuticals — Update 5 December 2016

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Initiation

Healthcare

31.05.16

AFT Pharmaceuticals — Update 31 May 2016

QuickView

Healthcare

22.12.15

AFT Pharmaceuticals — Update 21 December 2015