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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$201.4m
Last closeNZ$2.07
High / Low (52 weeks)NZ$2.6 / NZ$2.0
Stock market listingNZ
Forecast net debt (NZ$m)33.8
Forecast gearing ratio (%)580
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual(3.7)(8)(13.4)
Relative *(5.3)(13.9)(21)

* % Relative to local index

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Company news

Y/E Mar Revenue (NZ$m) EBITDA (NZ$m) PBT (NZ$m) EPS (c) P/E (x) P/CF (x)
2017A 69.2 (15.1) (18.5) (19.12) N/A N/A
2018A 80.1 (10.5) (12.9) (13.30) N/A N/A
2019E 91.2 1.6 (2.2) (2.20) N/A 264.7
2020E 109.5 11.9 10.0 10.31 20.1 22.0

Last updated on 13/12/2018

Investment summary

AFT Pharmaceuticals is a New Zealand-based speciality pharmaceutical company that currently sells 130 prescription speciality generics and OTC products through its own sales force in New Zealand, Australia and South-East Asia and has been expanding its geographic footprint. Maxigesic, its combination acetaminophen/ibuprofen product that is addressing a $10.4b market, is currently sold and launched in 15 countries and distribution agreements are in place in a total of 128. Additionally, AFT recently reported positive results from a pivotal trial for Maxigesic IV and expected to file by the end of the 2019 calendar year. AFT is also developing a handheld device called SURF Nebuliser, which is able to deliver therapies intranasally, with a main focus on the $3 billion conscious sedation market.

Last updated on 01/02/2019

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 01/02/2019

Key management

David Flacks, Chairman
Dr Hartley Atkinson, CEO
Nathan D. Hukill, Member of the Board of Directors
Malcolm Tubby , Chief Financial Officer
Michael Weinmann, Member of the Board of Directors

Company address

Level 1, 129 Hurstmere Road
Takapuna
Auckland
0622
New Zealand
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