Edison Issues Outlook on AFT Pharmaceuticals (AFT)

LONDON, UK / ACCESSWIRE / December 13, 2017 / AFT Pharmaceuticals (NZSE: AFT) is a New Zealand-based specialty pharmaceutical company that currently sells over 130 prescription specialty generics and OTC products through its own salesforce in New Zealand, Australia and South-East Asia. It has been expanding its geographic footprint thanks mainly to Maxigesic, its paracetamol (acetaminophen)/ibuprofen combination product. Maxigesic is currently being sold in 10 countries and has distribution agreements in 124 in total. Further Maxigesic launches in the next two to three years should help drive revenues and margins.

We are reducing our valuation from NZ$461m or NZ$4.75 per share to NZ$460m or NZ$4.73 per share. We have reduced our near- and medium-term Maxigesic forecasts due to delayed launch timelines and reduced our estimates for Asian sales. The effect of these reductions was partly mitigated by higher estimates for Australia, higher gross margin estimates for the territories where AFT sells directly, as advancing our NPVs to the most recent period. Adjustments to launch timelines lead to delayed expected EBITDA break-even from FY18 to FY19.

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