AFT Pharmaceuticals


Market CapNZD$436.5m

Last Close NZD$4.17

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.

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Investment summary

AFT Pharmaceuticals is a profitable New Zealand-based specialty pharmaceutical company that sells 125 proprietary branded and generic products through its own sales force in New Zealand and Australia with offices in SE Asia and Europe to handle its growing export business. In FY21, operating revenue grew strongly by 7% year-on-year to NZ$113.1m, driven mainly by 11% growth in Australia, despite the impact of COVID-19 across the business (especially lower licensing income and higher costs, including freight). Reported group operating profit was NZ$10.7m. Importantly, AFT is guiding to operating profit of NZ$18–23m in FY22. The company recently licensed the US rights for Maxigesic IV to Hikma Pharmaceuticals for US$18.8m in upfront payments and milestones as well as a profit share.

Y/E Mar
Revenue (NZ$m)
PBT (NZ$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 105.6 12.5 3.4 3.3 126.4 18.4
2021A 113.1 11.8 8.2 7.1 58.7 100.4
2022E 130.9 23.6 20.3 16.7 25.0 17.1
2023E 151.0 36.2 33.2 22.9 18.2 13.6
Industry outlook

AFT is a multi-product company targeting pharmacy prescription, OTC and hospital markets. Data for Maxigesic offer it a competitive advantage in a fragmented industry.

Last updated on 16/09/2021
Content on AFT Pharmaceuticals
AFT Pharmaceuticals – Growth despite COVID-19 challenges
Healthcare | Update | 24 November 2020
AFT Pharmaceuticals – Solid FY20 results
Healthcare | Update | 21 May 2020
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Share price graph
Balance sheet
Forecast net debt (NZ$m) 16.2
Forecast gearing ratio (%) 27
Price performance
Actual (7.7) (9.0) (17.8)
Relative* (9.6) (11.6) (23.7)
52-week high/low NZ$5.5/NZ$4.0
*% relative to local index
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