AFT Pharmaceuticals

[Sideshow Bob]

https://www.nzx.com/announcements/402942

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN: ARBN 609 017 969 investor.relations@aftpharm.com
24 NOVEMBER 2022
FINANCIAL RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2022
AFT extends growth investment as sales surge
HIGHLIGHTS
• Half-year operating revenue up 18.4% to $65.8 million, lifted by a 30% growth in product sales and royalties; growth rate was diluted by lower licensing income
• Gross profit increased by 7% to $28.7 million, with gross profit from product sales and royalties up 31% to $28.6 million.
• Operating profit down to $3.5 million from $5.5 million in the prior year due to lower licensing income and increased Australasian investment to capitalise on growth opportunities.
• Net profit after tax decreased to $1.5 million from $4.2 million
• Net debt at $29.4 million in line with $29.3 million at the end of March 2022
• Targeting near term annual revenue of $200 million, underpinned by strong ongoing demand, product launches and the ongoing Maxigesic commercialisation programme
• Near term growth target supported by $10 million incremental investment in selling and distribution in the Australasian markets.
• New guidance for the FY23 operating profit of $18 million to $23 million down from May guidance of $27 million to $32 million, due to growth investments and deferred license income due to the delay in Maxigesic IV US registration.
• AFT continues to expect to declare a dividend for the year to the end of March 2023
AFT Pharmaceuticals (NZX: AFT, ASX:AFP) today reports financial results for the six months to the end of September 2023 showing the company benefitting from growing demand for its portfolio of medicines, the easing of COVID pressures in most markets and new product launches.

[ralph]

That did not go down well today with the bear ,unlike the sp going down well & truly