AFT Pharmaceuticals Annual Report 2023

Annual operating revenue reached $156.6 million up 20% from the $130.3 million in the same period a year ago, amid strong growth both in the core Australasian business and global product sales.

AFT achieved the result despite a significant reduction in licensing income, which amounted to $6.7 million in the prior year. Excluding licensing income of $0.9m, revenue from product sales and royalties increased by a significant 26% to $155.8 million from $123.6 million in the prior year.

Operating profit from product sales, royalties excluding licensing income rose 38% to $18.8 million from $13.6 million in the prior year, despite the investment of $8 million in sales and marketing to capitalize on growth opportunities.

EBITDA of $21.4 million was in line with the prior year’s result. Net profit after tax was $10.7 million, down from the $19.8 million in the same period a year ago, primarily reflecting a return of taxation expenses with the previous tax losses now fully utilized but also to a lesser extent higher finance costs.