AFT Pharmaceuticals - Growth in the face of a challenging environment

AFT Pharmaceuticals recently reported its results for FY21. Operating revenue grew strongly by 7% year-on-year to NZ$113.1m, driven mainly by 11% growth in Australia, despite the impact of COVID-19 across the business (especially lower licensing income and higher costs, including freight). Reported group operating profit was NZ$10.7m compared to NZ$21.2m in the same period a year ago (NZ$11.4m if a one-time FY20 gain of NZ$9.8m is excluded). Importantly, AFT is guiding to operating profit of NZ$18–23m in FY21.