AFT 2022 ASM chairman’s address and presentation

AFT Pharmaceuticals
2022 Annual Meeting
Milford Cruising Club
Friday, 5 August 2022
Chairman’s address
AFT is Expanding Globally From a Strong and Growing Australasian Core
It is a pleasure again to report to shareholders on another record year for AFT. Given our
consistent record, it is tempting to look back on the year and see AFT’s continued growth
as a foregone conclusion.
While the Board and management have always been confident in our strategy and
ability to execute, the uncertainty of the past few years have required resilience and
resolve.
It is also tempting to gloss over the ongoing impacts of COVID-19 as we all seek to move
on from the pandemic. While I certainly don’t wish to dwell on it, I do wish to
acknowledge the many unexpected challenges we have all experienced, not least of
all our team here at AFT.
The last financial year has not been easy, but if there is one message that I would like you
to take from AFT’s performance during the 2022 financial year, it is our resilience and
ability to continue to grow in the face of adversity.
At the heart of our continued strong performance is our growing and highly defensible
Australasian business, which is founded on a broad portfolio of more than 130 clinically
proven products for a diverse spectrum of therapeutic applications.
As you know, this success has not occurred overnight. This expanding portfolio is the result
of more than two decades of careful and deliberate analysis and then the identification
of medicines that will improve patient health outcomes. Maxigesic is the standout
success – but we have a broad portfolio of products.
For you, our shareholders, our consistent record of success in both in-licensing and the
development and commercialisation of our own intellectual property – has continued to
offer investors a rare proposition in New Zealand capital markets: highly defensive
revenue streams with strong growth prospects.

This has enabled directors to announce a dividend policy and indicate that we expect
to declare a maiden dividend to shareholders for the 2023 financial year. This is a strong
statement of confidence in AFT’s future.
I will speak specifically about this further in a few moments, but first I want to turn to the
highlights of the 2022 financial year.
Despite significant headwinds in all markets due to the pandemic, all regions posted
strong revenue growth and we announced results in line with our earlier forecasts.
Annual operating revenue for the 2022 financial year grew by 15.2% to $130.3 million from
$113.1 million in the previous year. And net profit after tax rose 153.8% from $7.8 million to
$19.8 million.
We remain well funded. The company has met its targeted net debt of $25 million to $30
million. We have also continued to retain higher than normal inventory levels as a buffer
against ongoing disruption in the global supply chain.
This approach, despite the additional holding costs, has provided considerable support
to the company over the last year, largely ensuring continuity of supply across our
distribution networks and ongoing sales.
We believe this has been a good decision and we will continue to monitor supply chains
as they start to improve globally.

A skilled, committed and diverse team
Our long-term success is thanks to our people.
Fundamentally AFT is a lean, asset-light company that succeeds on the strengths of its
intellectual property and the relationships our people have with a broad range of
organisations around the world; from licensees and distributors, through to
manufacturers, regulators and research and development collaborators.
We are proud to have a workforce consisting of many individuals with diverse skills, values,
backgrounds, ethnicities, and experiences. We employ nearly 100 people around the
world, with just over half in New Zealand, about 40 in Australia and the remainder in Asia
and Europe.
They come from 30 different cultural backgrounds, with a gender split of 61% women and
39% men. They are a talented team that punches above their weight, particularly in
relation to medicine development, engagement with global regulators and product
commercialisation.
The board has always been impressed by what they have achieved. But more so over
the last two years of the pandemic. In the face of COVID restrictions they have adapted
and developed new ways of working and ensured that AFT, as a global pharmaceutical
company, has not been disadvantaged by the location of its operations.

They have made a tremendous effort and we thank them.
Board skills and succession planning
Today represents a landmark change in the governance of AFT. A fortnight ago we
announced that Independent Director Dr Doug Wilson was retiring from the board today.
Doug came to AFT in 2012 after a diverse and distinguished career. His first job in medicine
was as a nurse at Auckland Hospital during a student vacation. Upon graduating from
Otago University Medical School, he undertook postgraduate training in medicine, blood
and kidney diseases and research. After moving to the UK, he gained a PhD training in
haematology and immunology.
He returned to New Zealand and was appointed an Associate Professor at Auckland
Medical School, and this was followed by other academic roles including visiting
professor at the King Saud University in Riyadh, Saudi Arabia.
At the age of 50 he opted for a new career in business, joining the German
pharmaceutical company Boehringer Ingelheim, first as its New Zealand Medical Director
and ending his tenure as the company’s worldwide head of Medical Research and
Regulatory Affairs.
During this time, he led teams that developed and commercialised new drugs for
hypertension, HIV, chronic lung diseases, strokes, heart attacks, and prostatic disease
among many others.
I list these achievements only to demonstrate the depth and breadth of expertise and
capability Doug brought to the AFT board table when he joined the company. Since
then, he has played a pivotal role in AFT’s development and success.
His pharmaceutical research, development and commercialisation expertise has been
of enormous value to Hartley and the board, and he has also brought to the board table
a world view and a genuine and abiding care for people.
He is a prolific author, writing on subjects ranging from the management of asthma and
allergic diseases through to children’s books and how to age. He is also a frequent and
respected commentator in New Zealand’s national media.
Doug has brought real insights and commitment to AFT, and it has been a pleasure to
work with him.
Each year, as detailed in the Board’s governance statement published to the NZX, ASX
and our website, we undertake a rigorous process of self-review.
This includes the development of a comprehensive skills matrix to inform Board succession
planning. It considers each director’s experience against identified industry specific skills,
as set out in this slide, and broader governance-related skills.
This process has informed the succession planning of the last few years, including the
appointment of Anita and Ted who bring to the board the international healthcare

regulatory and sales and marketing perspectives that have complemented the skills
Doug has brought to the table.
Ted worked with Doug at Boehringer and we are fortunate that he has a broad range of
those relevant skills. We also continue to review potential director appointees, particularly
those with complementary skills such as regulatory expertise and medical efficacy.
Focusing on ESG
Another key development in AFT’s governance has been the ongoing evolution of our
governance framework to acknowledge and report on the Environmental, Social and
Governance factors that are material to our performance.
This year we undertook a detailed analysis of the ESG matters that are relevant to our
business. We have also established a framework that will drive our efforts to manage the
risks to our business and ensure we are meeting the expectations of our stakeholders.
There are opportunities for us to continue to make progress but undertaking this review
has demonstrated to the board that we are effectively managing our ESG risks.
Our annual report sets out our areas of focus in detail and I would encourage you to read
this. The six ESG priorities for AFT – which are linked to UN sustainable development goals
– are:
• Improving Health and Wellbeing
• Best practice corporate governance
• Ethical and sustainable value chains
• Supporting and developing our people
• Waste minimisation
• Understanding our climate related risks and taking action.
Key achievements in the past year, in addition to the establishment of this formal
framework, are related to the second and third of these, governance and supply chain.
Specifically, we introduced and implemented a Modern Slavery Policy and an Anti-
Bribery and Anti-Corruption policy as a supplement to our code of Culture & Ethics.
These changes do not reflect any concern across the supply chain or in our business,
rather it is an acknowledgement that codifying and embedding such practices are
fundamental to providing assurance to our customers, our people, and our shareholders
that ethical, responsible behaviour is in our corporate DNA.
As an example, and as set out in our Modern Slavery statement on our website we have
been in contact with all our suppliers and partners globally for confirmation of
compliance with our modern slavery policy and we have embedded these principles in
our supply and other contracts with third parties. We also monitor existing and new
suppliers and partners on an ongoing basis.
I would also like to call out our ongoing focus on improving the health of our customers
and our continual search for new products and medicines.

We spent over $10 million on further research and development last financial year. And
we continued to work with educational and research institutions including contributing
$100,000 to the University of Auckland Medical Health Sciences Foundation for
anaesthesiology research.
A key focus in the current year is the preparation to report our carbon footprint under the
new Financial Sector (Climate-related Disclosures and Other Matters) Act, in the 2024
financial year.
Again, I encourage shareholders to review our annual report, which details our priorities
and the important work we are doing to ensure that AFT is contributing to ESG issues.
Dividend Policy – A Statement of Confidence in our Future
As announced at our annual results, AFT’s strong defensible and growing core and a
growing international business built on our unique intellectual property, has allowed the
Board to announce the introduction of a dividend policy. The directors expect to declare
a maiden dividend to shareholders for the 2023 financial year.
This is a strong statement of confidence in AFT’s future. The Board believes this policy
allows the company sufficient headroom to fund the ongoing significant growth
opportunities we continue to see.
This is a strong signal to you as shareholders and to future investors of our expectations of
the returns they can expect from their investment in the company.
Outlook
Turning to the outlook for the year ahead.
We continue to see considerable opportunities to accelerate growth and have
significantly increased both our in-licensing and product R&D pipeline activities. We also
believe the gradual move worldwide to living with COVID and our ability to now travel
across borders to meet with both existing and new customers will allow a gradual return
to a more normal trading environment.
There is no doubt that there will be ongoing challenges, particularly around the timing of
regulatory approvals and clinical trials, which Hartley will talk more about, but at this
stage we continue to expect an operating profit for the year to 31 March 2023 to range
between $27 million and $32 million.
On behalf of shareholders, I want to thank the AFT team for all they do and what they
have delivered. Thank you to my colleagues on the Board, including our Managing
Director Dr Hartley Atkinson, for their efforts and commitment to the company’s success.
On behalf of the Board and the company, I would also like to thank you our shareholders
for your continued support.
I will now invite Hartley to address the meeting.

Released for and on behalf of AFT Pharmaceuticals Limited by Chief Financial Officer
Malcolm Tubby
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

---

ANNUAL
SHAREHOLDERS
MEETING
Milford Cruising Club
5 August 2022

Important Notice
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH2
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the performance of AFT for the financial year ended 31 March
2022. It is not prepared for any other purpose and must not be provided to any person other than the intended recipient.
This presentation should be read in conjunction with AFT’s annual report, market releases and other periodic and continuous disclosure announcements, which are available at
www.nzx.com and www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
All references to FY2022 appearing in this presentation are to the financial year ending 31 March 2022, unless otherwise indicated. This presentation is not a recommendation,
offer or invitation to acquire AFT’s securities or other form of financial advice or disclosure document.
While reasonable care has been taken in compiling this presentation, none of AFT nor its subsidiaries, directors, employees, agents or advisers (to the maximum extent
permitted by law) gives any warranty or representation (express or implied) of the accuracy, completeness or reliability of the information contained in it nor takes any
responsibility for it.
The information in this presentation has not been and will not be independently verified or audited. This presentation may contain certain forward-looking statements and
comments about future events, including with respect to the financial condition, results, operations and business of AFT.
These statements are based on management’s current expectations, which may involve significant elements of subjective judgement and assumptions as to future events which
may or may not be correct, and the actual events or results may differ materially and adversely from these statements. Past performance information given in this presentation is
given for illustrative purposes only and should not be relied upon (and is not) an indication of future performance

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH3
David Flacks
Chairman and Independent Director

Directors
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH4

Agenda
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH5
•Chair's address
•Managing Director's address
•Shareholder questions
•Resolutions & general business
•Meeting close

AFT is Expanding Globally From a Strong and Growing Australasian Core
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH6

A Skilled, Committed and Diverse Team
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH7
30
Different cultural
backgrounds and 24 birth
countries
97
Staff based in Australasia,
Asia and Europe; 61%are
women and 39%men
“A global team that
punches above its
weight.”
AFT’’s New Zealand-based team

Board Skills and Succession Planning
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH8
Dr Doug Wilson
•Professional Director, Physician,
Academic, Author, Commentator
•Appointed to AFT’s Board in 2012
•Associate Professor Auckland
University*
•Visiting Professor King Saud University*
•Boehringer Ingelheim Global Head of
Medical Research and Regulatory
Affairs*
•Consulted to pharmaceutical and
biotechnology firms in the US, Italy,
Australasia and Ireland
•Held numerous healthcare and biotech
Directorships.
*Former roles

Focusing on ESG
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH9
AFT is committed to
enhancing the health
and wellbeing of people
and communities in
the markets we serve
and operating a
sustainable business.
Our Mission:
Working to
Improve Your Health

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH10
Dividend Policy: A Statement of Confidence in Our Future
•The Board expects the company to continue to grow underpinned by a strong defensible and growing core business in
Australasia and a growing international business built on our unique IP.
•On the basis of these strengths, the Board intends to pay on an ongoing basis a dividend equal in the 20 – 30% of
normalised Net Profit After Tax (Net Profit After Tax adjusted for extraordinary one-off gains and losses), while
maintaining debt at around 1 x operating profit.
•The policy gives AFT sufficient headroom to fund the ongoing significant growth opportunities, signals to shareholders
our expectations of the returns they can expect from their investment in the company and demonstrates the discipline
they expect in the company’s allocation of capital.
•The declaration of any dividend is at the Board’s discretion and is subject to AFT’s earnings; overall financial condition;
the outlook for the industry; future capital requirements or research and development investment expectations.
•We expect to declare a maiden dividend to shareholders in relation to the FY2023 year.

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH11
Outlook
•Continue to see considerable opportunities for growth and we have significantly increased both our in-
licensing and product and R&D pipeline activities
•Expect to see a return to a more normal trading environment as COVID-19 becomes endemic.
•Focus areas for the new financial year on opportunities to accelerate growth:
•Investments into sales and marketing and e-commerce initiatives both at home and offshore
•The ongoing roll out of Maxigesic and its line extensions in international markets.
•Products from our expanded R&D pipeline
•On this basis we now expect operating profit for the year to 31 March 2023 to range between $27 million
and $32 million.
•The wide range reflects uncertainties from the ongoing international supply chain difficulties, the timing and
success of planned product launches, the pace of the roll out of the Maxigesic family of medicines and
general economic conditions.

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH12
Dr Hartley Atkinson
Co-Founder and Managing Director

60%
27%
4%
9%
59%
27%
4%
10%
Revenue by region
AustraliaNew ZealandAsiaInternational
FY22 Highlights: Building on a Strong Record of Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH13
•Annual operating revenue up 15.2% to $130.3 million from $113.1 million with all regions posting double digit growth,
underpinned by AFT’s unique IP.
•Operating profit $20.4 million up from $10.7 million with stronger second half as anticipated
•Net profit after tax $19.8 million up from $7.8 million
•COVID represented a significant headwind in all markets
*
FY20 normalised to exclude $9.8m gain on de-recognition of equity accounted investment and recognition of net assets acquired at fair value in a step acquisition
$(10.1)
$6.1
$11.4
$10.7
$20.4
$(15.0)
$(10.0)
$(5.0)
$-
$5.0
$10.0
$15.0
$20.0
$25.0
FY2018FY2019FY2020*FY2021FY2022
AFT operating profit
$4.4
$9.9
$30.5
$68.3
$5.5
$13.1
$35.1
$76.7
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
AsiaROWNew ZealandAustralia
AFT revenue by region
FY21FY22
24.4%
32.2%
14.9%
12.3%

A Strong Diverse Australasian Brand Presence and Portfolio
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH14

Australia: New Product Launches Drive Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH15
•Australian sales up 12.3% to $76.7 million from $68.3 million –59% of group operating revenue across 70 products.
•Double digit growth across all channels despite Covid-19 restrictions.
•Revenue growthassisted by new launches (including deferred) and existing product growth [Maxigesic & Eyecare]
•Increasing new product launches planned in FY23 –24 New Launches between July 22 -> 31 March 23
62.3%
11.2%
26.5%
AU FY21 channel
OTCPrescriptionHospital
61.5%
11.2%
27.3%
AU FY22 channel
OTCPrescriptionHospital
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
FY2018FY2019FY2020FY2021FY2022
NZ$ MIllion
Australia revenue
CAGR 11.7%

New Zealand: Strong Growth as Country Recovers From Covid
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH16
•New Zealand sales up 15.1% to $35.1 million from $30.5 million – 27% of group operating revenue across 130 products.
•Revenue growth assisted by an increase inover-the-counter(OTC) sales asCovid restrictions eased as well as launches
of new products.
•12 new product launches planned between July 22 -> 31 March 23
55.0%
29.1%
15.9%
NZ FY21 channel
OTCPrescriptionHospital
57.1%
28.2%
14.7%
NZ FY22 channel
OTCPrescriptionHospital
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
FY2018FY2019FY2020FY2021FY 2022
NZ$ Million
New Zealand revenue
CAGR 6.7%

Asia: Sales Lifted by Hospital Channel Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH17
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
FY2018FY2019FY2020FY2021FY 2022
NZ$ Million
Asia revenue
CAGR 43.4%
•Sales in Asia up 24.7% to $5.5 million from $4.4 million – representing 4% of group operating revenue.
•Hospital and prescription channels grew32% due primarily to strong anti-bacterial sales.
•OTC growth now accelerating with transition to McPhersons SG and growth in MY.
•Growing Maxigesic IV launches for FY23 in 5 countries in Asia
10.4%
29.5%
60.1%
Asia FY21 channel
OTCPrescriptionHospital
8.1%
19.5%
72.4%
Asia FY22 channel
OTCPrescriptionHospital

18
International Maxigesic Roll Out Continues to Drive Revenue
Product Maxigesic tabletsMaxigesic IVMaxigesic oralMaxigesic hot drink
Territories31 March
2022
31 March
2021
31 March
2022
31 March
2021
31 March
2022
31 March
2021
31 March
2022
31 March
2021
Licensed100+100+100+100+100+100+100+100+
Registered524937212010
Sold4643730000
•Strong revenue growth lifted by Maxigesic IV licensing income
from Hikma Pharmaceuticals in the US
•Maxigesic IV in the US has been delayed as FDA seeks more
information on one single item
•Maxigesic hot drink sachet launched in Australia, a unique and
premium product
•Maxigesic tablets launched in Switzerland and Greece
•Maxigesic IV launched in Germany and Austria
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY2018FY2019FY2020FY2021FY 2022
$NZ Million
ROW Revenue
CAGR 38.1%
2
3
4
7
9
20
28
43
46
63
90
0
10
20
30
40
50
60
70
80
90
100
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Countries
Countries where Maxigesic is sold and ordered

19
Maxigesic Global Update
A US$59 billion market
1
1
www.expertmarketresearch.com/reports/analgesics- market

2025, 2036
20
Building the Maxigesic Addressable Market With New Dose Forms
Maxigesic
®
TABLETS
Maxigesic
®
IV
Maxigesic
®
ORAL LIQUID
Maxigesic
®
HOT DRINK SACHET
Maxigesic
®
RAPID
Maxigesic
®
COLD & FLU
Maxigesic
®
DRY STICK SACHET
Maxigesic
®
family growth
TIME
Estimated total
analgesic market size
US$5.9 billion
1
*Maxigesic IV is a prescription product for hospital use
1
www.expertmarketresearch.com/reports/analgesics-market
Maxigesic
®
PE
2025, 2028 [AU]
2031, 2034 [AU], 2035, 2037
2025, 2028 [AU]
2025, 2028 [AU]
2025, 2039
2025, 2042
2034
Patent Expiry

5%
16%
28%
20%
31%
7%
27%
12%
36%
18%
DermatologyOther OTC
Eye & earPain cold and flu
Hospital/other
New Product Development and International Markets to Drive Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH21
THE
FUTURE
FUTURE PORTFOLIO REVENUE MIX
FY22
NEW PRODUCT ACROSS ALL CATEGORIES
•New product launches expected to be the most
significant growth driver in the coming years (>50%
of forecast growth)
•78 new products targeted for launch over the next 3-
4 years
•Key sources
•Extensive in-licensing over last 2 years
•Growing R&D pipeline
•Launch of additional Maxigesic variants
INTERNATIONAL AND ASIAN MARKET GROWTH
•Leveraging Maxigesic launches and line extensions
•Growing presence in Asia (OTC and online)
62%
28%
5%4%
43%
14%
33%
10%
AustraliaNew Zealand
InternationalAsia
PRODUCTS
GEOGRAPHY

22
Investing in a Strong Research and Development Pipeline
R&D Expenditure to Rise to $12m as FY23 Pipeline Grows
NasoSURF
Ultrasonic nasal mesh nebuliser used for
the intranasal delivery of medication and
treatment of sinus conditions
•Pharmacokinetic proof of concept
underway, results due during FY23
•Addressable market, initial application
~ US$1 billion
1
PROJECT HS
Analgesicmedicine
•Dossier due to be filed with ex-ANZ
regulators in 2022
•Addressable market US$30 million
1
PROJECT BT
Gastrointestinal medicine
•Dossier due to be filed in ex-ANZ in
2022
•Acquisition with spend circa NZ$0.75M
•Addressable market US$200 million
1
1
Company estimate
$9.5
$4.1
$3.6
$3.4
$5.5
$2.5
$2.9
$6.3
$5.8
$4.9
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY2018FY2019FY2020FY2021FY2022
NZ$ Million
Research and development
Expensed R&D costsCapitalised R&D costs
PROJECT KW
Gastrointestinal medicine
•Developing two formulations
and AFT IP position
•Early-stage development
•Addressable market in excess
of US$700 million
1
PROJECT SD
Dermatology medicine
•Looking to develop and license in new
territories
•Low development risk
•Dossier due to be filed in
ex-ANZ in 2022
•Addressable market US$200 million
1
MEDICINAL CBD
Application confidential
•Partner Setek
•Ongoing product development work
•Addressable market US$3 billion
1
22
AFT’s positive cashflows position the company well to undertake and secure
research and development projects either alone or in partnership with others.

Pascomer Shows Promise Despite Loss of US Orphan market
COMMERCIALISATION UPDATE
Pascomer is a Treatment of the Facial Angiofibromas of
Tuberous Sclerosis
•Clinical study completed in July 2022
•The study showed Pascomer delivered statistically
significant [p<0.05] benefits against the clinically relevant
IGA*, FASI* and patient-physician improvement scales*.
•Results insufficient for US FDA registration
•Development partner Timber Pharmaceuticals – a
specialist orphan drug investor -has terminated the
development agreement
•AFT will now take over:
•Funding the remaining development work for the
orphan drug indication of Pascomer in addition to
any non-orphan indications
•Commercialisation programme in North America.
•No change expected to the valuation of Pascomer assets
Before treatment
After 26 weeks’ of treatment
23
Example of a 1-point change in the clinically relevant IGA scale
* IGA -Investigators Global Assessment; FASI - Facial Angiofibroma Severity Index

NZ$'000's year ended 31 March2022
Revenue
%2021
Revenue
%
Revenue130,314113,105
Gross profit61,77547.4%48,74143.1%
Operating expenses and other income(41,386)31.8%(38,033)33.6%
Operating profit20,38910,708
Finance expenses and other income(1,704)(2,821)
Ta x1,163(105)
Profit after tax19,8487,782
Revenue from product sales and royalties123,570110,980
Gross profit from product sales and royalties55,03144.5%46,61542.0%
Solid Operating Profit in a Challenging Year
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH24
•Delivered 15% Revenue
growth with margins
benefiting from
•US licensing income
•Product Mix
•Profit after tax benefits
from one-off utilisation of
prior tax losses

Cash Flow: AFT Remains Well Funded as Debt Reduction Continues
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH25
NZ$'000’s
Year ended 31 March20222021
Net cash from operating activities 14,152750
Net cash used in investing activities (5,585)(6,231)
Net cash used/(generated) from financing
activities
(3,914)2,522
Net increase/(decrease) in cash 4,653(2,959)
Impact of foreign exchange on cash and
cash equivalents
7849
Opening cash and cash equivalents 3,2096,119
Closing cash and cash equivalents 7,9403,209
•Operating cash flow
increases as costs grow at
a slower rate than revenue.
•Inventory levels maintained
until logistics improve
•Cash balances increase,
and drive down net debt,
despite adverse trading
environment

Balance Sheet: Inventory Levels Elevated to Provide Buffer
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH26
NZ$'000’s
Year ended 31 March20222021
Current assets 69,60264,693
Cash7,9403,209
Non current assets 44,21837,230
Total assets 121,760105,132
Current liabilities25,05026,941
Current interest bearing liabilities 4,0005,161
Non-current liabilities 2,7663,242
Non-current interest bearing liabilities 33,20033,200
Total liabilities 65,01668,544
Total equity 56,74436,588
Total liabilities and equity121,760105,132
•Anticipated elevated inventory during
FY23 to protect against supply
disruptions.This approach has
proved valuable.
•Net debt of $29.3m reduced from
$35.2m a year ago – within targeted
net debt range of $25m-$30m.
•Moving to new debt target (with the
declaration of the dividend policy) of
1x operating profit.

Outlook: a Strong Pipeline of Products and Opportunities
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH27
•Wehavea broadportfolioofnewproductsviain-licensingand
R&DforourdomesticandAsianmarkets
•Maxigesicanditslineextensionsininternationalmarketsandafter
this,productsfromourexpandedR&Dpipelinewillboost
Internationalsales.
•Wealsoseesignificantopportunitiestoaccelerateourgrowthwith
investmentsintosalesandmarketingande-commerceinitiatives
bothathomeandoffshore.
•AFTisabletoleverageitsprofitableandcashflowpositionto
expanditsR&Dpipelinein thecurrentclimate.

SHAREHOLDER
QUESTIONS

RESOLUTIONS

Resolutions
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH30
Resolution 1: That the directors are authorised to fix the fees and
expenses of Deloitte as auditor for the 2023 financial year

Resolutions
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH31
Resolution 2: That Dr Hartley Atkinson be re-elected as a director
of AFT Pharmaceuticals Limited

Resolutions
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH32
Resolution 3: That Jon Lamb be re-elected as a director

Proxies for the resolutions
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH33
Resolution
ForAgainstDiscretionaryAbstain
1. Auditor fees and expenses84,075,78411,972387,3570
2. Re-election Dr Hartley Atkinson84,094,3100380,343460
3. Re-election Jon Lamb83,998,5855,112470,956460

VOTING

GENERAL
BUSINESS

MEETING CLOSE

www.aftpharm.com

Appendix 1: Australasian Product Portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief. AFT’s portfolio includes a
combination of 125 proprietary, branded and generic products which address the following therapeutic areas:
Pain
Maxigesic, ParaOsteo, ZoRub OA/HP, Fenpaed,
Combolieve Day/Night
Eyecare
Hylo, Novatears, CromoFresh,
Opti-soothe Wipes/Mask, VitAPOS
Vitamins
Ferro-liquid, FerroTab, Ferro-F, Ferro-sachets,
Lipo VitC, Lipo VitD, CalciTab
Allergy
Loraclear, Histaclear, Fexaclear, Levoclear,
Allersoothe, Lorapaed, Becloclear, Steroclear
Gastrointestinal
Gastrosoothe/Forte, LaxTab, Micolette,
Nausicalm, DiaRelieve
Dermatology
Crystaderm, CrystawashHand Sanitizer, Crystasoothe,
ZoRub anti-chafing, Decazol, MycoNail
HospitalMaxigesic IV, Injectables
1
Paracetamol and Ibuprofen

PainMaxigesic
Medicated Vitamins
Ferro-sachets, Lipo VitC, Lipo VitDand
expanding pipeline – T Mall
DermatologyCrystawash Extend Hand Sanitizer, Hemptuary
HospitalMaxigesic IV, Injectables
Appendix 2: AFT Asian Product Portfolio
AFT’s Asia portfolio includes a range of proprietary, branded and generic products which address the following therapeutic areas:

Appendix 3: AFT Global Product Portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic, Pascomer, NasoSURF, CrystawashExtend and Crystaderm
Pain
Maxigesic oral dose forms
-Tablets
-Solution
-Hot drink sachet
-Rapid
-Cold and Flu
Hospital
Maxigesic IV (intravenous)
NasoSurf– nasal nebuliser drug delivery
Dermatology
Pascomer – primarily Europe & ANZ
Crystawashextend – selected territories such as
Canada and Middle East
Crystaderm– selected territories such as Canada
1
Paracetamol and Ibuprofen

AFT was founded 23 years ago by Dr Hartley and Marree Atkinson. Since then AFT has remained an Atkinson-family
controlled business and has grown organically into Australia and internationally
The 2015 IPO raised funds to pursue a more aggressive (and loss-making) R&D-led growth strategy.
AFT has now returned to profitability as intended, as the company was prior to IPO
Appendix 4: History of AFT Pharmaceuticals
19972004200520092013201420152020
AFT founded by
Dr Hartley and
Marree Atkinson
Development of
Maxigesic
commences
First sales into
Australia
Maxigesic registered
in New Zealand and
sales commence
Maxigesic
registered in
Australia
AFT launches the sale
of products into the
SE Asian market
$33m IPO to fund new
R&D development
programmes for
Maxigesic and other
proprietary products
2019
AFT returns to profitability
following a significant
investment period funded
by the 2015 IPO
In FY20 AFT delivers
over $100m of revenue
and operating profit
growth of 87%
Maxigesic sales
commence in
Australia

www.aftpharm.com
FORMOREINFORMATION
DrHartleyAtkinson
ManagingDirector
Email: hartley@aftpharm
.com
Malcolm Tubby
Chief Financial Officer
Email: malcolm@aftpharma.com
AFT Pharmaceuticals Limited Level 1, 129
HurstmereRoad Takapuna, Auckland 0622
New Zealand