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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<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).

AFT Pharmaceuticals

Manufacturing bumps mask global demand