Sharechat Logo

AFT's Maxigesic tablet sales more than triple in 2017

Friday 12th May 2017

Text too small?

AFT Pharmaceuticals more than tripled sales of its flagship Maxigesic tablet in the 2017 financial year and anticipates more growth as it taps new markets. 

The Auckland-based drug maker sold 74 million tablets in the year ended March 31, up from 22 million tablets a year earlier, it said in a statement. The company will report earnings next week, and in March said it expected to generate annual sales of between $69 million and $71 million, up from $65.8 million a year earlier. 

The increase in Maxigesic sales "was primarily driven by strong sales growth in existing markets such as Australia, Italy and United Arab Emirates together with a new launch in the key UK market," chief executive Hartley Atkinson said. "Sales growth going forward for Maxigesic tablets will be fuelled by these new country launches, growing sales from existing markets, and further line extensions such as Maxigesic IV (intravenous), Oral Liquid and Sachets." 

In March, the company raised $9.1 million from cornerstone investors CRG and Atkinson's family trust through a redeemable share issue to pay for the international expansion and said it planned to seek more capital through a share purchase plan from existing shareholders. 

Separately, AFT today said the US Food and Drug Administration accepted its application to register Maxigesic tablets in the US, meaning the New Zealand firm is two-thirds of the way through the regulatory process. 

The shares last traded at $2.25 and have dropped 18 percent so far this year. 



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes

IRG See IRG research reports