Last close As at 05/08/2026
NZD4.75
▲ −0.03 (−0.63%)
Market capitalisation
NZD499m
Research: Healthcare
AFT Pharmaceuticals has announced an exclusive licensing and distribution agreement for the Maxigesic intravenous (IV) formulation with Salus Pharmaceuticals (a Slovenia-based wholesaler of pharmaceutical products) for nine Eastern European countries across the Balkan and Baltic regions. Maxigesic IV is already registered in five of the nine countries, with launches planned in CY23. AFT will also file registration applications for the remaining countries during the year. Maxigesic IV is registered in 41 countries globally and has been launched in more than 10, including the key markets of France and Italy in November 2022. As AFT awaits Maxigesic IV approval in the US, we see this new agreement as an encouraging step towards expanding its international presence, in line with its strategic priorities for CY23.
AFT Pharmaceuticals |
Maxigesic IV expands into East European markets |
Distribution update |
Pharma and biotech |
25 January 2023 |
Share price performance
Business description
Analysts
AFT Pharmaceuticals is a research client of Edison Investment Research Limited |
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AFT Pharmaceuticals has announced an exclusive licensing and distribution agreement for the Maxigesic intravenous (IV) formulation with Salus Pharmaceuticals (a Slovenia-based wholesaler of pharmaceutical products) for nine Eastern European countries across the Balkan and Baltic regions. Maxigesic IV is already registered in five of the nine countries, with launches planned in CY23. AFT will also file registration applications for the remaining countries during the year. Maxigesic IV is registered in 41 countries globally and has been launched in more than 10, including the key markets of France and Italy in November 2022. As AFT awaits Maxigesic IV approval in the US, we see this new agreement as an encouraging step towards expanding its international presence, in line with its strategic priorities for CY23.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
03/21 |
113.1 |
8.2 |
7.1 |
0.00 |
53.5 |
N/A |
03/22 |
130.3 |
18.9 |
19.2 |
0.00 |
19.8 |
N/A |
03/23e |
152.2 |
17.6 |
13.4 |
2.57 |
28.4 |
0.7 |
03/24e |
189.7 |
31.3 |
21.7 |
4.22 |
17.5 |
1.1 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Maxigesic, AFT’s flagship product, is a double-action analgesic (patented combination of paracetamol and ibuprofen). The IV version uses a double-strength formulation of the oral version (1000mg paracetamol and 300mg ibuprofen) and targets hospitals for the treatment of patients with post-operative pain. While AFT is self-commercialising Maxigesic IV in its domestic markets (Australia and New Zealand), commercialisation activities in other geographies have been out-licensed to regional partners. The IV formulation has been licensed in more than 100 countries, approved in 41 and launched in more than 10 countries including Australia, France, Germany, Italy, Indonesia and Korea.
According to the terms of agreement, Salus Pharmaceuticals will be the exclusive distributor of Maxigesic IV in nine Eastern European countries: Lithuania, Estonia, Latvia, Croatia, Slovenia, Serbia, North Macedonia, Montenegro and Bosnia. AFT already has product registrations for Maxigesic IV in the first five, where it now plans to launch in CY23. For the remaining countries, AFT intends to file product registration applications during the year.
The new agreement is in line with AFT’s international expansion plan for the Maxigesic product line. It aims to launch Maxigesic (across all dose forms) in 73 countries by FY24. Maxigesic remains AFT’s primary commercial driver and, while we believe that the US commercial launch of Maxigesic IV (which was unexpectedly delayed due to FDA observations on product packaging) will be a key component of the company’s growth plans, these focused commercialisation efforts across other international markets should support the top line in the near term.
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Research: Healthcare
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