AFT finalises refinancing and gives trading update

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN:
ARBN 609 017 969 investor.relations@aftpharm.com





Market and media release 23 March 2020
AFT finalises refinancing and gives trading update
AFT Pharmaceuticals (NZX; AFT, ASX; AFP) today announces it has concluded an
agreement with the Bank of New Zealand (BNZ) to refinance its current six-year CRG
loan facility maturing on 31 March 2020. This follows the term sheet concluded with
the BNZ which was noted by AFT’s market announcement on 26 February 2020.
AFT Pharmaceuticals Managing Director Dr Hartley Atkinson said he was delighted to
complete the refinancing, which gives the company funding certainty and is
expected to result in finance cost savings of $2 million per year over the facility’s three-
year term.
AFT meanwhile notes it expects revenue for the year to 31 March 2020 (including
product sales, royalty income and licensing fees) to rise to more than $100 million from
$85.1 million in the same period a year ago.
As noted on 10 March 2020, the company continues to see strong demand for a
number of its products following the Covid-19 outbreak. Products in high demand
include cold and influenza medicines, hospital antibiotics and Vitamin C Liposachets
®
.
It is still too early to be precise on the expected earnings outcome for the 2020
financial year. However, the company reiterates its guidance that it expects
operating earnings to be the “mid to upper end” of the guidance range of $18.8
million to $21.8million.
Dr Atkinson said: “Demand for our cold and flu medicines remains strong. Our
Australasian Pharmacy business has seen strong sales of our Maxigesic® pain relief
medicine, Maxiclear®, which provides relief from cold and flu symptoms, and
supplements such as our Liposachet® Vitamin C product. Indeed, Liposachet® sales
in New Zealand in March (to date) are now more than 21 times the sales in all of March
2019, and three times the sales achieved by the product in the prior financial year.
“Our Australasian hospital business continues to see strong demand for our injectable
antibiotics such as Piptaz-AFT, Ceftriaxone-AFT and Cefazolin-AFT which are used to
treat secondary antibacterial infections, a potential complication of Covid-19
infections.
“AFT continues to monitor developments related to the Covid-19 pandemic closely.
We took a number of steps early in the year to prepare for the outbreak such as
ordering additional quantities of stock above our standard 3-month safety stock
levels.

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN:
ARBN 609 017 969 investor.relations@aftpharm.com

“Most of our supplies are normally delivered by sea freight which has been less
effected by the significant reduction in airfreight capacity, we have seen as the
outbreak has progressed. While we cannot rule out supply disruptions, at present we
are confident we can continue to deliver the products our customers need.
“Covid-19 represents a very real and distressing health threat to millions of people
around the world. AFT’s mission in Australasia is to deliver our products to pharmacies
and hospitals to help people’s health, especially in these difficult times. We are
working very hard to ensure we continue to deliver on this goal.”
For and on behalf of AFT Pharmaceuticals Limited, Dr Hartley Atkinson, Managing
Director.

For more information:
Investors Media
Dr Hartley Atkinson Richard Inder
Managing Director The Project
AFT Pharmaceuticals Tel: +64 21 645 643
Tel: +64 9488 0232

About AFT Pharmaceuticals
AFT is a growing multinational pharmaceutical company that develops, markets and
distributes a broad portfolio of pharmaceutical products across a wide range of
therapeutic categories which are distributed across all major pharmaceutical
distribution channels: over-the-counter (OTC), prescription and hospital. Our product
portfolio comprises both proprietary and in-licensed products, and includes patented,
branded and generic drugs. Our business model is to develop and in-license products
for sale by our own dedicated sales teams in our home markets of Australia and New
Zealand and in certain Southeast Asian markets, and to out-license our products to
local licensees and distributors to over 125 countries around the world. For more
information about the company, visit our website www.aftpharm.com
.