AFT Half-Year Report 2024
Revenue from the sale of existing products, new products and product royalties grew by 24% to $82 million from $66 million, with the company’s family of Maxigesic pain relief medicines and the Australian OTC business making the strongest contribution. Total revenue, which includes licensing income of $2.0 million, rose 27% to $84 million from $66 million.
Operating profit of $3.3 million was marginally down from $3.5 million, with investments in new product in licencing and research and development (R&D), and the marketing investment in new products in Australasia offsetting the impact of increased revenue. The investment, which is planned to reduce in intensity in the second half of the year, is consistent with AFT’s growth objectives and its opportunistic move to increase its R&D pipeline to take advantage of new projects now being available at attractive economics.
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 commercialization programe.
