AFT Pharmaceuticals - US maiden voyage with Maxigesic IV launch

AFT Pharmaceuticals has announced the launch of Maxigesic IV, an intravenous form of its flagship pain relief prescription medicine, in the US market by licensing partner Hikma, under the brand name Combogesic IV. This is a major milestone given the market size (largest analgesic market, estimated at c US$7bn) and strategic importance in supporting management’s international growth plans. Commercial sales following the launch will trigger a milestone payment of US$6m from Hikma (65:35% split between AFT and partner Hyloris), which will be recorded (c NZ$6m) in FY24, sooner than our estimate of early FY25, and should provide a boost to management’s NZ$22–24m operating profit guidance.