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.
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.
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
Forecast net debt (NZ$m)
16.6
Forecast gearing ratio (%)
24
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 1.9 | (0.3) | (12.5) |
Relative | (3.8) | (7.0) | (8.9) |
52 week high/low | 4.2/3.1 |
AFT Pharmaceuticals continues to strengthen its R&D pipeline with the announced in-licensing agreement with Latitude Pharmaceuticals (a US-based contract research organisation) to develop antibiotic eye drops to treat serious eye infections. The formulation is already approved to treat bacterial infections, including those caused by the antibiotic-resistant MRSA bacteria. The IP relates to an aqueous stable formulation of this treatment. Eye care is a key focus for AFT (contributing over 20% of the group’s revenue, per our estimate) and we expect this new asset to complement the existing portfolio. AFT plans to launch around 65 new products in Australasia before 2025 and a robust R&D pipeline will be key to delivering this. The development programme will be covered by AFT’s budgeted R&D expenditure of c NZ$12m per year for FY23 and FY24.
Y/E Mar | Revenue (NZ$m) | EBITDA (NZ$m) | PBT (NZ$m) | EPS (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 113.1 | 11.8 | 8.2 | 7.1 | 52.4 | N/A |
2022A | 130.3 | 21.4 | 18.9 | 19.2 | 19.4 | 31.7 |
2023E | 152.2 | 21.3 | 17.6 | 13.4 | 27.8 | 20.7 |
2024E | 189.7 | 35.0 | 31.3 | 21.7 | 17.1 | 45.7 |
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