AFT Pharmaceuticals (AFT)

Business description

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.

Stock data

Market cap.NZ$261m
Last closeNZ$2.70
High / Low (52 weeks)NZ$3.2 / NZ$2.5
Stock market listingNZ
Forecast net debt (NZ$m)11.8
Forecast gearing ratio (%)90
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(1.82)(10.6)10.2
Relative *(1.66)(12.46)1.42

* % Relative to local index

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Y/E Mar Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 56.2 (9.7) (11.4) (945.74) N/A N/A
2016A 64.0 (7.8) (10.8) (39.06) N/A N/A
2017E 70.4 (11.6) (14.3) (52.07) N/A N/A
2018E 99.1 2.1 0.3 0.66 409.1 N/A

Last updated on 20/01/2017

Investment summary

AFT Pharma recently made announcements affecting several of its marketed products. Importantly, the Australian Therapeutic Goods Administration (TGA) has made an interim decision that all products containing codeine (a key competitor to AFT’s Maxigesic) are to be rescheduled to prescription-only as of 1 February 2018. Also, AFT has licensed its cold/flu product Maxiclear to Angelini in 16 European countries. Additionally, due to continued Metoprolol shortages, the New Zealand government pharmaceutical buying agency, PHARMAC, has requested proposals from alternative providers, potentially affecting AFT’s sales of the product.

Last updated on 20/01/2017

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 21/12/2016

Key management

David Flacks, Chairman
Dr Hartley Atkinson, CEO
Malcolm Tubby , Chief Financial Officer

Company address

Level 1, 129 Hurstmere Road
Takapuna
Auckland
0622
New Zealand
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