New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>FY23 — resetting the base: Downgraded guidance (primarily a function of higher cost investment) provided at the 1H23 result is for EBIT ex licensing income of NZ$17.5–21.0m.</li><li>First time dividend: We forecast a maiden dividend of NZ3cps (~20% payout) — AFT's policy is to pay 20–30% of normalised NPAT.</li><li>FY24 guidance: AFT typically provides guidance</li></ul>

FY23 — resetting the base: Downgraded guidance (primarily a function of higher cost investment) provided at the 1H23 result is for EBIT ex licensing income of NZ$17.5–21.0m.First time dividend: We forecast a maiden dividend of NZ3cps (~20% payout) — AFT's policy is to pay 20–30% of normalised NPAT.FY24 guidance: AFT typically provides guidance

AFT Pharmaceuticals: FY23 Preview — Story Remains Intact

<ul><li>AFT Pharmaceuticals' (AFT) notification of US FDA approval for its rapid release tablet form of Maxigesic provides a material long-term opportunity.</li><li>There are still plenty of unknowns (timing of sales and structure of licensing agreement), with success upon commercialisation contingent on its licensing partner</li><li>We leave our earnings forecasts unchanged and retain our OUTPERFORM rating</li></ul>

AFT Pharmaceuticals' (AFT) notification of US FDA approval for its rapid release tablet form of Maxigesic provides a material long-term opportunity.There are still plenty of unknowns (timing of sales and structure of licensing agreement), with success upon commercialisation contingent on its licensing partnerWe leave our earnings forecasts unchanged and retain our OUTPERFORM rating

AFT Pharmaceuticals: Breaking the Pain Barrier

<ul><li>AFT Pharmaceuticals (AFT) has today announced US FDA approval of its rapid release tablet form of Maxigesic, which is step one in the process for AFT</li><li>The next steps are (1) finalising a licensing partner, and (2) commercialising sales</li><li>AFT appears advanced on this process and has “held talks with potential US licensees for the medicine and are evaluating US market entry plans to maximise its commercial potential.”</li></ul>

AFT Pharmaceuticals (AFT) has today announced US FDA approval of its rapid release tablet form of Maxigesic, which is step one in the process for AFTThe next steps are (1) finalising a licensing partner, and (2) commercialising salesAFT appears advanced on this process and has “held talks with potential US licensees for the medicine and are evaluating US market entry plans to maximise its commercial potential.”

AFT Pharmaceuticals (AFT): Maxigesic Rapid US Tablet Approval

<ul><li>AFT Pharmaceuticals' (AFT) 1H23 result highlighted ongoing strong underlying revenue momentum which was ahead of our expectations, but this was more than offset by higher costs as it lifts investment to drive future growth</li><li>While we were encouraged by the revenue trends, several years of strong revenue growth with limited cost growth now requires a material reset of AFT's cost base relative to our prior expectations</li><li>The result contained nothing to change our overall view, and if anything affirmed the runway of growth ahead for AFT and its ability to execute</li></ul>

AFT Pharmaceuticals' (AFT) 1H23 result highlighted ongoing strong underlying revenue momentum which was ahead of our expectations, but this was more than offset by higher costs as it lifts investment to drive future growthWhile we were encouraged by the revenue trends, several years of strong revenue growth with limited cost growth now requires a material reset of AFT's cost base relative to our prior expectationsThe result contained nothing to change our overall view, and if anything affirmed the runway of growth ahead for AFT and its ability to execute

AFT Pharmaceuticals: 1H23 Result — A Few Sniffles

<ul><li>Result summary – strong revenue but lower gross margins and higher costs</li><li>Cash flow and debt: AFT’s balance sheet is continuing to improve with net debt of NZ$29.3m versus NZ$32.6m at 1H22</li><li>Outlook – guidance downgrade worse than expected</li></ul>

Result summary – strong revenue but lower gross margins and higher costsCash flow and debt: AFT’s balance sheet is continuing to improve with net debt of NZ$29.3m versus NZ$32.6m at 1H22Outlook – guidance downgrade worse than expected

AFT Pharmaceuticals (AFT): 1H23 Result – Initial Impressions

New Zealand

AFT Pharmaceuticals Limited develops, licenses, and sells pharmaceutical products. The Company offers medicines for allergy, cough, cold, and flu, eye care, pain management, and laxatives. AFT Pharmaceuticals serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AFT Pharmaceuticals (AFT NZ)

AFT Pharmaceuticals: FY23 Preview — Story Remains Intact

We expect AFT Pharmaceuticals' (AFT) underlying FY23 result to show strong growth, led by its Australia and New Zealand segments, when it reports...

Forsyth Barr

AFT Pharmaceuticals: Breaking the Pain Barrier

AFT Pharmaceuticals' (AFT) notification of US FDA approval for its rapid release tablet form of Maxigesic provides a material long-term opportunity.

Forsyth Barr

AFT Pharmaceuticals (AFT): Maxigesic Rapid US Tablet Approval

AFT Pharmaceuticals (AFT) has today announced US FDA approval of its rapid release tablet form of Maxigesic, which is step one in the process for...

Forsyth Barr

AFT Pharmaceuticals: 1H23 Result — A Few Sniffles

AFT Pharmaceuticals' (AFT) 1H23 result highlighted ongoing strong underlying revenue momentum which was ahead of our expectations, but this was...

Forsyth Barr

AFT Pharmaceuticals (AFT): 1H23 Result – Initial Impressions

AFT Pharmaceuticals (AFT) reported a below expectations 1H23 result with EBIT ex licensing income (underlying EBIT) of NZ$3.4m versus our NZ$5.0m...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)