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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>AFT Pharma recently made announcements affecting several of its marketed products. Importantly, the Australian Therapeutic Goods Administration (TGA) has made an interim decision that all products containing codeine (a key competitor to AFT&rsquo;s Maxigesic) are to be rescheduled to prescription-only as of 1 February 2018.  Also, AFT has licensed its cold/flu product Maxiclear to Angelini in 16 European countries. Additionally, due to continued Metoprolol shortages, the New Zealand government pharmaceutical buying agency, PHARMAC, has requested proposals from alternative providers, potentially affecting AFT&rsquo;s sales of the product.</p>

AFT Pharma recently made announcements affecting several of its marketed products. Importantly, the Australian Therapeutic Goods Administration (TGA) has made an interim decision that all products containing codeine (a key competitor to AFT&rsquo;s Maxigesic) are to be rescheduled to prescription-only as of 1 February 2018.  Also, AFT has licensed its cold/flu product Maxiclear to Angelini in 16 European countries. Additionally, due to continued Metoprolol shortages, the New Zealand government pharmaceutical buying agency, PHARMAC, has requested proposals from alternative providers, potentially affecting AFT&rsquo;s sales of the product.

<p>AFT reported H117 results on 24 November 2016, which marked a slowdown in its previously aggressive growth in preceding periods, largely due to supply issues and a slowdown in demand in New Zealand (NZ$13.5m sales). Despite this, supply issues with partners appear to be resolved, as underlying demand in Australia increased 17% (NZ$14.6m sales), and the demand for Maxigesic in Europe and the Middle East exceeds the expectations of licensing partners (NZ$1.2m sales).</p>

AFT reported H117 results on 24 November 2016, which marked a slowdown in its previously aggressive growth in preceding periods, largely due to supply issues and a slowdown in demand in New Zealand (NZ$13.5m sales). Despite this, supply issues with partners appear to be resolved, as underlying demand in Australia increased 17% (NZ$14.6m sales), and the demand for Maxigesic in Europe and the Middle East exceeds the expectations of licensing partners (NZ$1.2m sales).

Australia

Aft Pharmaceuticals Limited focuses on the Pharmaceutical Rx and OTC market. The company also undertakes drug development activities including clinical trials. AFT Pharmaceuticals distributes pharmaceuticals for a number of overseas principals with a sales from pharmacies and hospitals.

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Aft Pharmaceuticals (AFP AU)

Updates on several products

AFT Pharma recently made announcements affecting several of its marketed products. Importantly, the Australian Therapeutic Goods Administration...

Edison Investment Research

Manufacturing bumps mask global demand

AFT reported H117 results on 24 November 2016, which marked a slowdown in its previously aggressive growth in preceding periods, largely due to...

Edison Investment Research

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