AFT Pharmaceuticals

NZ: AFT

NZD$194.6m market cap

NZD$2 last close

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 drugs to treat a range of conditions and a proprietary nebuliser.

Investment summary

AFT Pharmaceuticals is a New Zealand-based specialty pharmaceutical company that currently sells 130 prescription specialty generics and OTC products through its own sales force in New Zealand, Australia and South-East Asia and has been expanding its geographic footprint. Maxigesic, its combination acetaminophen/ibuprofen product addressing a $10.4b market, is currently sold and launched in 15 countries with distribution agreements in place in a total of 128. Additionally, AFT is expecting its first approval for Maxigesic IV in mid-2019, is preparing to file in multiple countries, with a filing in the US expected by the end of calendar 2019. AFT is also developing a handheld device called SURF Nebuliser, which is able to deliver therapies intranasally, with a main focus on the $3 billion conscious sedation market.

Y/E Mar
Revenue (NZ$m)
EBITDA (NZ$m)
PBT (NZ$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 69.2 (15.1) (18.5) (19.12) N/A N/A
2018A 80.1 (10.5) (12.9) (13.30) N/A N/A
2019E 91.2 1.6 (2.2) (2.20) N/A 255.7
2020E 109.5 11.9 10.0 10.31 19.4 21.2
Last updated on 21/03/2019
Industry outlook

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

Last updated on 21/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (NZ$m) 33.8
Forecast gearing ratio (%) 580
Price performance
%
1m
3m
12m
Actual (2.4) (7.0) (23.1)
Relative* (3.6) (12.8) (28.5)
52-week high/low NZ$2.6/NZ$2.0
*% 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