AFT Pharmaceuticals’ gross profit for the year ended March 31, 2018 (FY2018) increased by 32 per cent to $34.2 million, according to its full-year audited financial results.
Performance highlights include:
- Total incomeincreased 16 per cent to $81.9 – comprising operating revenues of $80.1 million (previous corresponding period $69.2 million) and licence income of $1.8m (PCP $1.6m).
- Gross profitgrew by 32 per cent to $34.2m.
- Operating loss of $10.1m (PCP $14.8) has reduced with the growth in operating revenues and an improved gross profit margin.
- Maxigesiclicensed or under distribution agreements in 125 countries.
- Maxigesicsold and launched in 10 countries. Registration work and launch preparations well underway to increase launches over the next three years.
- Research and development: AFT has concluded its largest clinical trial, the Phase 3 study for the intravenous form of Maxigesic. The completion of this study along with the MaxigesicOral Liquid study represents a significant amount of AFT clinical trial expenditure planned at IPO.
- NasoSurffirst clinical studies are underway in Australia and New Zealand and a pre-IND (Investigational New Drug Application) application made to FDA.
- Cash availableat March 31, 2018: $6.8m.
“The FY2018 results reflect the significant progress on development and commercialisation of our key innovative products in addition to expanding our Australasian business,” AFT Pharmaceuticals CEO Hartley Atkinson said.
“Our operating revenues grew 16 per cent to $80.1 million, with our largest market, Australia, growing at a significant 33 per cent. Importantly, our overall company gross profit grew by 32 per cent as our margins expanded from 38 per cent in the prior year to 43 per cent this financial year. This has been driven by increases in sales of OTC products consistent with our strategy.
“Further important advancements in product development and registrations were made during the year. While these are not immediately apparent in FY2018 income, again they are important building blocks for future sales growth and profitability.”