AFT Pharmaceuticals - H125 profitability weighed down by one-offs
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.AFT Pharmaceuticals is engaged in the distribution of pharmaceutical products and the development of pharmaceutical intellectual property.
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