Edison Investment Research - AFT Pharmaceuticals (AFT) AFT Pharmaceuticals - H123 focused on portfolio expansion

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Edison Investment Research

Sean Conroy

AFT Pharmaceuticals - H123 focused on portfolio expansion

AFT reported strong post COVID-19 revenue momentum in H123 (NZ$65.8m, 18.4% y-o-y growth), driven by robust organic growth across all regions, supported by new product launches. Sales uptake was boosted by robust demand from both domestic (23.5% growth in Australia, 34.7% in New Zealand) and Asian markets (26.1% growth). However, profits were weighed down (operating margin of 5.3% vs 9.9% in H122) by the delay in the anticipated licensing income from Hikma (c US$6m) and materially higher SG&A expenses related to new product launches. AFT expects FY23 revenue growth to be skewed towards H223 due to additional product launches, although margin pressures may carry over, as evidenced by a downward revision in FY23 operating profit guidance to NZ$18–23m (previously NZ$27–32m). Incorporating these developments, our valuation falls from NZ$681m or NZ$6.50/share to NZ$665m or NZ$6.34/share.

24/11/2022 1 EN

Underlying

AFT Pharmaceuticals

AFT Pharmaceuticals is engaged in the distribution of pharmaceutical products and the development of pharmaceutical intellectual property.

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NZAFTE0001S4 NZX New Zealand

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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AFT Pharmaceuticals - H123 focused on portfolio expansion

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

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

AFT Pharmaceuticals - Poised for international market expansion

Borussia Dortmund - London calling

HELLENiQ ENERGY - Solid Q1, with a strong operational performance

Triple Point Social Housing REIT - Strong rent growth and improving rent collection

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