Edison Investment Research - AFT Pharmaceuticals (AFT) AFT Pharmaceuticals - Recovery driven by strong H222

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Edison Investment Research

Sean Conroy

AFT Pharmaceuticals - Recovery driven by strong H222

AFT Pharmaceuticals (AFT) reported FY22 revenue of NZ$130.3m, up from NZ$113.1m in FY21, driven by improved performance in H222 (versus H122) amid the easing of COVID-19 restrictions. Revenue growth was driven by new product launches and a steady contribution from licensing deals, particularly the international rollout of Maxigesic oral and intravenous formulations. Reported operating profit of NZ$20.4m was slightly higher than our estimate of NZ$19.4m. AFT announced plans to initiate a dividend (roughly 20–30% of normalised net income) in FY23. We will be updating our estimates to factor in these developments.

25/05/2022 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 - Recovery driven by strong H222

AFT Pharmaceuticals - Softer H1 on one-offs; recovery expected in H2

Aft Pharmaceuticals Ltd: 2 directors

AFT Pharmaceuticals - H125 profitability weighed down by one-offs

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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