AFT Pharmaceuticals profit drops despite sales up 10 percent
Drug maker AFT Pharmaceuticals has reported a drop in full year profit.
Photo:
OKSANA KAZYKINA/123RF
Drug maker AFT Pharmaceuticals has reported a drop in full year profit as a series of one-off items offset record sales of its range of painkiller products.
Key numbers for the year ended March compared with a year ago:
The Auckland based maker of the Maxigesic pain killer reported solid growth in its key home markets of Australia and New Zealand which underpinned the business.
However, the result were marred by disruptions in the first half of the year including a doctors' strike in South Korea and large customers not ordering as they used up excess stock, as well as lower income from licensing arrangements.
Sales in Australia grew 17 percent, lifting its operating earnings by 65 percent, while New Zealand sales were up 10 percent, and it had modest growth in Asia.
Managing director Hartley Atkinson said they had sacrificed some short term earnings growth to push its strategy of higher sales in key markets, as well as developing new products.
"We have significantly advanced our strategy to extend our reach across multiple geographies and added to our research and development (R&D) pipeline."
He said the company was making market gains with new forms of its Maxigesic painkiller, an antiseptic cream in China this year, and the establishment of operations in more countries in Europe, North America, South Africa, and UK.
"We have a roadmap for growth in each of these markets founded on a portfolio of our own products and medicines we are in-licensing.
"Our approach to these new markets avoids an over-exposure to the US and at present we do not see a significant impact of new US tariffs to our business," Hartley said.
AFT said it was aiming to break the $300m sales mark in 2027, and an operating profit of $20m-$24m in the coming year.
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