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AFT Pharmaceuticals loss meets estimates

NZ NewswireNZ Newswire 24/05/2016 Pattrick Smellie

Auckland-based drug developer AFT Pharmaceuticals has posted an annual $8.9 million operating loss.

In it first result since listing on the NZX and ASX in December, total revenue rose 14 per cent to $64m, in part reflecting ongoing fast sales growth in the Australian market of its flagship painkiller, Maxigesic.

Australian sales rose 19 per cent to $31.2m while New Zealand revenue rose 5.8 per cent to $31.1m.

No financial forecasts were given at the time of last year's listing at an issue price of $2.80, but First NZ Capital initiated coverage of the stock in February, rating it 'outperform' with a target price of $3.25.

It predicted an annual adjusted earnings loss of $8.7m.

AFT shares closed on Tuesday on the NZX at $3.02.

The company raised $35.6m going public and said it had $28.1m in cash available, after spending $8.4m during the year on research and development - a 46 per cent increase.

AFT was expected to make a loss in the current financial year, said founder chief executive Hartley Atkinson.

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