AFT Pharmaceuticals Limited (NZX: AFT) Financial Results for Half Year Ended 30 September 2020

Thursday 19th November 2020

AFT Pharmaceuticals today announces continued growth in revenue and normalised earnings as it benefits from growth across its portfolio of over-the-counter and prescription medicines. It also reports continuing good progress commercialising its Maxigesic pain medication in international markets, despite the Covid-19 challenges.

Group operating revenue for the six months to 30 September 2020 grew by 4% to $48.8 million from $46.9 million in the same period a year ago. Underlying revenue from product sales grew 9% to $48.4 million.

Group operating profit for the six months to 30 September 2020 was $2.4 million, down from the normalised1 $3.9 million operating profit in the same period a year ago. The fall was due primarily to lower license income.

Performance Highlights

• Operating Revenues increase 4% to $48.8 million with growth in the Australian and Rest of World markets.

• Underlying Operating Revenues from product sales increase 9% to $48.4 million.

• Net Profit After Tax (NPAT) increase of 968% to $1.2 million for the six months following the normalised (NPAT)1$0.1 million for the same period a year ago.

• Maxigesic pain relief registrations up to 46 territories for the oral formulation and 20 territories for the intravenous formulation.

• Maxigesic US FDA complete response letter indicating final approvability of Maxigesic tablets in US subject to Good Manufacturing Practice (GMP) inspection.

• Equity Raise of $12 million to reduce debt facility and fund anticipated growth.

• Operating profit forecast for the year to 31 March 2021 remains in the $14 to $18 million range.

See the links below for more details:

FINANCIAL RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2020

FY2021 H1 Interim Financial Statements

FY2021 HI App2

FY2021 H1 Results Presentation

Source: AFT Pharmaceuticals Limited

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