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AFT Pharmaceuticals Limited (NZX: AFT) Updates Earnings Guidance

Thursday 1st April 2021

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AFT Pharmaceuticals today revises its guidance on its financial results for the year to 31 March 2021 following a number of COVID-19 related delays to licensing negotiations and disruptions to the company’s global supply and distribution networks.

AFT expects revenue for the 2021 financial year to be around $110 million, representing an uplift on the prior year’s $105.6 million. Operating profit for the period is expected to be between $ 9 million and $11 million, compared with the prior year’s equivalent figure of $11.4 million , lower than the guidance affirmed in November 2020 of $14 million to $18 million.

AFT Managing Director Dr Hartley Atkinson said: “We are disappointed to be revising our guidance, a move which, to a large extent, reflects delays to licensing negotiations we expected to conclude in the 2021 financial year.

“Indeed, despite the pandemic we have concluded eight new licensing agreements, covering 22 territories for Maxigesic IV® pain relief medicine and four new agreements covering four territories for the oral form of the medicine. As announced earlier in March, Pascomer, has been licensed in 30 countries across Europe.

“These achievements represent significant progress in trying circumstances and, importantly, continue to strengthen AFT’s capacity to build on its record for consistently delivering year-on-year sales growth,” said Dr Atkinson.

“We look forward to providing more detail when we release our audited financial results in May.”

Please see the link below for details:

AFT updates earnings guidance

Source: AFT Pharmaceuticals Limited

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