AFT Pharmaceuticals


NZD$307.5m market cap

NZD$3.16 last close

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.

Investment summary

AFT Pharmaceuticals is a profitable New Zealand-based specialty pharmaceutical company that sells 130 prescription specialty generics and OTC products through its own salesforce in New Zealand, Australia and South-East Asia, and has been expanding its geographic footprint. Maxigesic, its combination acetaminophen/ibuprofen product addressing a $10.4bn market, is sold and launched in 20 countries with distribution agreements in place in over 125. Additionally, AFT is expecting its first approval for Maxigesic IV (which is licensed in 68 countries) in FY20 with a filing in the US expected in H120. AFT recently out-licensed Pascomer, a drug for facial angiofibromas in tuberous sclerosis complex, an orphan indication. Clinical trials are expected to start this year with results in 2020.

Y/E Mar
Revenue (NZ$m)
PBT (NZ$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 81.2 (10.5) (12.9) (13.30) N/A N/A
2019A 85.1 5.8 (2.5) (2.70) N/A 32.0
2020E 99.9 10.3 6.4 6.58 48.0 35.3
2021E 119.5 21.4 17.6 18.05 17.5 16.1
Industry outlook

AFT is a multi-product company targeting pharmacy prescription, OTC and hospital markets. Data for Maxigesic offer them a competitive advantage in a fragmented industry.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (NZ$m) 33.6
Forecast gearing ratio (%) 278
Price performance
Actual 7.1 58.0 37.4
Relative* 3.0 48.0 17.1
52-week high/low NZ$3.2/NZ$1.7
*% relative to local index
Key management
David Flacks Chairman
Dr Hartley Atkinson CEO
Malcolm Tubby Chief Financial Officer
Michael Weinmann Member of the Board of Directors
Nathan D. Hukill Member of the Board of Directors