AFT Half-Year Report 2023

AFT Pharmaceuticals reports financial results for the six months to the end of September 2023 showing continued strong growth led by sales of over-the-counter medicines in Australasia and rising demand in International and Asian markets. 

Highlights

• Half-year operating revenue up 27% to $84 million, lifted by 24% growth in product sales and royalties across all channels and territories and $2.0 million of licensing income.
• Sales in International and Asian markets (excluding licensing income) rise 94%.
• Operating profit of $3.3 million down 6% following ongoing significant investment in research and development and marketing; spend is weighted toward 1H 24. EBITDA1 of $4.1 million down 8%.
• Net profit after tax increases 17% to $1.8 million; • Maxigesic® IV approved by the US FDA in October following on from the approval of Maxigesic Rapid in March, setting the stage for launches into the world’s largest healthcare market in the next calendar year.
• Approval in November of Crystaderm® for sale in China, the world’s second largest healthcare market, setting the stage for a launch next calendar year.
• Near term rolling twelve-month stretch revenue target of $200 million in sight, underpinned by strong ongoing demand, product launches and the Maxigesic commercialisation programme.
• FY 24 guidance for operating profit of $22 million to $24 million unchanged.