AFT Pharmaceuticals (ASX: AFT)

Currency in NZD

Last close As at 09/06/2023


−0.16 (−4.10%)

Market capitalisation


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.




Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • David Flacks


  • Dr Hartley Atkinson


  • Malcolm Tubby

    Chief Financial Officer

  • Michael Weinmann

    Member of the Board of Directors

  • Nathan D. Hukill

    Member of the Board of Directors

Balance Sheet

Forecast net debt (NZ$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 13.3 2.8 (9.0)
Relative 15.8 5.0 (9.8)
52 week high/low 4.1/3.2


AFT Pharmaceuticals is a profitable New Zealand-based specialty pharmaceutical company that sells 130 proprietary branded and generic products through its own salesforce in New Zealand and Australia, with offices in SE Asia and Europe to handle its growing export business. Among its strategic priorities for FY23, Maxigesic remains the main commercial driver with plans to launch new variants internationally, including Maxigesic IV in the US, for which the FDA has set a PDUFA date of 17 October 2023, post AFT’s submission of additional requested data in April 2023. Other recent developments include the FDA approval for Maxigesic Rapid tablets (marking AFT’s first entry into the high-margin US market) and approval of Crystawash Extend by China’s National Medical Products Administration. Despite its revised guidance in November 2022, AFT remains on track to pay a maiden dividend at the end of FY23.

Y/E Mar Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (c) P/E (x) P/CF (x)
2022A 130.3 21.4 18.9 19.2 19.5 31.9
2023A 156.6 21.4 16.7 11.0 34.0 37.9
2024E 184.0 25.2 21.7 15.2 24.6 21.9
2025E 214.0 42.7 39.4 27.3 13.7 11.6

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