AFT Pharmaceuticals (ASX: AFT)

Last close As at 22/02/2024

NZD3.45

0.01 (0.29%)

Market capitalisation

NZD362m

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

Latest Insights

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Healthcare | Flash note

AFT Pharmaceuticals — US maiden voyage with Maxigesic IV launch

Healthcare | Flash note

AFT Pharmaceuticals — Another R&D asset in the bag

Healthcare | Flash note

AFT Pharmaceuticals — R&D pipeline strengthens with new candidate

AFT-Pharmaceuticals_resized

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

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

Balance Sheet

Forecast net debt (NZ$m)

25.6

Forecast gearing ratio (%)

29

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.76) 5.18 (1.99)
Relative (6.8) 0.84 2.12
52 week high/low 3.9/3.3

Financials

AFT Pharmaceuticals has announced the first sale of its intravenous pain relief medicine, Maxigesic IV, through its US licensing partner, Hikma Pharmaceuticals, a material milestone for AFT’s portfolio expansion and geographic diversification. The NZ$6m milestone payment triggered a bump in FY24 operating profit guidance to NZ$23–25m (from NZ$22–24m previously). The upside was partially offset by slower than anticipated sales traction in Australasia. We adjust our FY24 and FY25 estimates to reflect the update and revised guidance, including the earlier than anticipated milestone payment (pulled forward to FY24 from FY25) and increased anticipated expenses (SG&A and R&D) to align with management’s portfolio and geographic growth aspirations. Our valuation resets to NZ$698m or NZ$6.65/share (from NZ$723m or NZ$6.90/share).

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 18.0 18.2
2023A 156.6 21.4 16.7 11.0 31.4 33.9
2024E 187.5 25.6 22.3 15.5 22.3 23.4
2025E 223.5 30.0 26.3 18.2 19.0 19.7

Research

Flash note

Healthcare

AFT Pharmaceuticals — Progressive outlook for CY23

Flash note

Healthcare

AFT Pharmaceuticals — Expanding reach into China

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Flash note

Healthcare

AFT Pharmaceuticals — Recovery driven by strong H222

Update

Healthcare

AFT Pharmaceuticals — Solid FY20 results

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Outlook

Healthcare

AFT Pharmaceuticals — A strong start to FY20

Update

Healthcare

AFT Pharmaceuticals — A licensing deal for Pascomer

Update

Healthcare

AFT Pharmaceuticals — Margins improving

Update

Healthcare

AFT Pharmaceuticals — Strong FY18 results

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Update

Healthcare

AFT Pharmaceuticals — Improving profitability

Update

Healthcare

AFT Pharmaceuticals — On the cusp

research

Healthcare

AFT Pharmaceuticals — Updates on several products

Update

Healthcare

AFT Pharmaceuticals — Update 5 December 2016

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Initiation

Healthcare

AFT Pharmaceuticals — Update 31 May 2016

QuickView

Healthcare

AFT Pharmaceuticals — Update 21 December 2015