bearish
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 expectation; the key miss relative to our expectations is higher costs and lower gross margins, but we are encouraged by the strong underlying revenue trends (particularly in ANZ) with revenue ahead of our forecasts (NZ$65.8m versus our NZ$61.7m expected)
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Forsyth Barr
New Zealand Professional Investment Services Firm
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- AFT Pharmaceuticals (AFT): 1H23 Result – Initial Impressions01 Dec 2022
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