AFT Pharmaceuticals - Progressive outlook for CY23

AFT Pharmaceuticals has presented its key CY22 highlights and strategic priorities for CY23 in a letter to investors. In addition to new product launches in its domestic markets, we expect further international market expansion following focused investments across the UK, Europe and China. Maxigesic remains the main commercial driver with plans to launch new variants internationally, including Maxigesic IV in the US, which was unexpectedly delayed due to FDA observations on product packaging. The R&D pipeline remains full, with multiple projects under development, including the NanoSURF nasal nebuliser, targeting FDA submission by the end of CY24. Importantly, despite its revised guidance in November 2022 (reflecting the investment in new launches and promotional expenses), AFT remains on track to pay a maiden dividend at the end of FY23. We will update our valuation once the full-year results are released.