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

Thursday 19th November 2020

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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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