AFT declares maiden dividend; record revenue

2023
CORPORATE
GOVERNANCE
STATEMENT

Contents
1 Corporate Governance Statement
2 PRINCIPLE 1
Code of Ethical Standards
3 PRINCIPLE 2
Board Composition and Performance
7 PRINCIPLE 3
Board Committees
9 PRINCIPLE 4
Reporting and Disclosure
10 PRINCIPLE 5
Remuneration
13 PRINCIPLE 6
Risk Management
16 PRINCIPLE 7
Auditors
17 PRINCIPLE 8
Shareholder Rights
and Relations

Corporate Governance Statement
The Board and management of AFT Pharmaceuticals Limited (‘AFT’ or ‘the Company’)
are committed to ensuring that the Company maintains corporate governance
practices in line with best practice and adheres to the highest ethical standards.
The Board has had regard to the NZX Listing
Rules and a number of corporate governance
recommendations when establishing its governance
framework, including:
• the NZX Corporate Governance Code as dated
1 April 2023 ('NZX Code'); and
• the Third and Fourth Editions of the ASX
Corporate Governance Council’s Corporate
Governance Principles and Recommendations
(notwithstanding AFT is not required to follow
these recommendations owing to its ASX
Foreign Exempt Listing).
The NZX Listing Rules require AFT to formally
report its compliance against the recommendations
contained in the NZX Code. For the financial year
ended 31 March 2023, AFT may elect to either
report against the version of the NZX Code as
dated 17 June 2022 or to report against the current
version of the NZX Code as dated 1 April 2023.
AFT has elected to do the latter and it sets out
in this Corporate Governance Statement how
it has implemented the recommendations
in the current version of the NZX Code.
Except to the extent outlined in this Corporate
Governance Statement, the Board considers
that AFT’s corporate governance structures,
practices and processes have followed all the
recommendations in the NZX Code in the financial
year ended 31 March 2023.
For ease of reference, relevant sub-headings in this
Corporate Governance Statement include a reference
to the primary relevant recommendation(s) in the
NZX Code to which the disclosures under that
sub-heading relate. Please note that this is a general
guide only, and disclosures under a particular
sub-heading are not limited solely to the
recommendation(s) referred to in that sub-heading.
AFT’s governance charters and policies can be found
in the Investor Centre on the Company’s website
(https://investors.aftpharm.com/investors/). AFT’s
corporate governance charters and policies have been
approved by the Board and are regularly reviewed by
the Board and amended (as appropriate) to reflect
developments in corporate governance practices.
This Corporate Governance Statement was
approved by the Board on 18 May 2023 and
is current as at that date.
Stock Exchange Listings
AFT is incorporated in New Zealand and is listed
on the NZX Main Board and on the Australian
Securities Exchange ('ASX') as an ASX Foreign
Exempt Listing. As an ASX Foreign Exempt Listing,
AFT needs to comply with the NZX Listing Rules
(other than as waived by NZX) but does not need
to comply with the vast majority of the ASX Listing
Rule obligations.
Overview of AFT’s Governance Structure
The AFT Board of Directors has been appointed
by shareholders to protect and enhance the
long-term value of AFT and to act in the best
interests of AFT and its shareholders. The Board
is the ultimate decision-making body of the
Company and is responsible for the corporate
governance of the Company. The role and
responsibilities of the Board are set out in the
Board Charter, which can be found in the Investor
Centre on the Company’s website.
The Board currently comprises an independent
non-executive Chair, three other independent
non-executive directors, and two executive
directors, as detailed in the Investor Centre
on the Company’s website.
The Board has established three standing Board
Committees to assist in the execution of the
Board’s responsibilities:
• Audit and Risk Committee;
• Remuneration and Nominations Committee; and
• Regulatory and Product Development Oversight
Committee.

AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
1

PRINCIPLE 1:
Ethical Standards
“Directors should set high standards of ethical behaviour, model this
behaviour and hold management accountable for these standards being
followed throughout the organisation.”
Code of Culture and Ethics
(Recommendation 1.1)
The Board recognises that high ethical standards
and behaviours are central to good corporate
governance and has implemented a Code of
Culture and Ethics (‘the Ethics Code’) to guide
the behaviour of its directors, senior managers,
and employees.
The Ethics Code establishes the framework
by which directors and staff of AFT are expected
to conduct their professional lives by facilitating
behaviour and decision-making that meets
AFT’s business goals and is consistent with
AFT’s values, policies, and legal obligations.
The Ethics Code is available to staff on AFT’s
intranet and forms part of the induction process
for new employees. Existing staff receive refresher
courses at least once every three years. Regular
reminders are provided to staff about the
application of the Ethics Code.
The Ethics Code addresses:
• AFT’s values and commitments to establishing
an inclusive culture;
• conflicts of interest;
• receipt of gifts;
• corporate opportunities;
• confidentiality;
• behaviours and responsibilities;
• proper use of AFT property and information;
• compliance with laws and AFT policies;
• reporting issues regarding breaches of the Ethics
Code, legal obligations, or other AFT policies; and
• additional director responsibilities.
AFT encourages staff to report any concerns they
have about compliance with the Ethics Code,
AFT policies, or legal obligations.
It achieves this with staff-wide communications
and has established a designated email address,
that is directed to the personal emails of all
non-executive independent directors, for staff
to confidentially raise any concerns they may have.
The Board has introduced six-monthly reviews of the
Ethics Code and expects any incidents arising under
the Ethics Code to be brought to directors’ attention
immediately. AFT’s process for managing any breach
of the Ethics Code is detailed in the Ethics Code.
In addition, AFT has implemented the following
stand-alone policies to support the application
of the Ethics Code and define the process for raising
concerns about actual, suspected, or anticipated
wrongdoings within the AFT group of companies:
• Diversity and Inclusion Policy;
• Anti-Bribery and Anti-Corruption Policy;
• Whistleblowing Policy; and
• Conflicts of Interest Policy.
The Ethics Code and the policies listed above
are available in the Investor Centre on the
Company’s website.
Securities Trading Policy
(Recommendation 1.2)
The Company is committed to ensuring that its people
comply with legal requirements not to trade AFT
securities while in possession of inside information.
AFT’s Securities Trading Policy accordingly applies
to all directors, officers, employees, and contractors
of AFT and its subsidiaries.
The Securities Trading Policy seeks to ensure that
those subject to the Policy do not trade in AFT
securities if they hold undisclosed price-sensitive
information. The Policy sets out additional rules,
which includes the requirement to seek Company
consent before trading and prescribes certain
black-out periods during which trading in the
Company’s securities is prohibited.
Compliance with the Securities Trading Policy
is monitored through the consent process,
through education and periodic reminders and
via notification by AFT’s share registrar when any
director or senior manager trades in AFT securities.
All trading by directors and senior managers
(as defined by the Financial Markets Conduct
Act 2013) is required to be disclosed to NZX
and in AFT’s Interests’ Register.
AFT’s Securities Trading Policy is available
in the Investor Centre on the Company’s website.
2
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023

PRINCIPLE 2
Board Composition and Performance
“To ensure an effective board, there should be a balance of independence,
skills, knowledge, experience and perspectives.”
Board Membership, Size, and Composition
(Recommendation 2.2, 2.3)
The size of the Board is determined by the
Board from time to time, in accordance with the
limitations prescribed in the NZX Listing Rules
and in accordance with the provisions of AFT’s
Constitution and the Board Charter.
As at 31 March 2023 the Board comprised
six directors:
David FlacksIndependent, Non-executive
Director and Chairman
Anita BaldaufIndependent, Non-executive
Director
Jon LambIndependent, Non-executive
Director
Ted WitekIndependent, Non-executive
Director
Hartley AtkinsonExecutive Director and
Chief Executive Officer
Marree AtkinsonExecutive Director and
Chief of Staff
The average tenure of non-executive directors
at the date of this report is 5.9 years. A biography
of each director, their qualifications and relevant
experience can be found in the latest Annual
Report and in the Investor Centre on the
Company’s website.
The Board has delegated to the Remuneration
and Nominations Committee the responsibility for
identifying and recommending director candidates
for the approval of the Board. When recommending
candidates, the Committee takes into account
factors it deems appropriate, including the diversity
of background, experience, and qualifications
of the candidates.
When appointing directors, the Board undertakes
appropriate background checks. Newly appointed
directors are required to enter into letters
of appointment, setting out the terms of their
appointments.
Role of the Board
(Recommendation 2.1)
The business and affairs of the Company are
managed under the direction of the Board
of Directors. At a general level, the Board
is elected by shareholders to:
• provide leadership to the Company;
• build sustainable value for shareholders;
• establish the Company’s values and objectives;
• develop major strategies for achieving the
Company’s objectives;
• manage financial and non-financial risks;
• determine the overall policy framework within
which the business and Company are operated;
and
• monitor management’s performance and
remuneration with respect to these matters.
The Board has adopted a Board Charter that
regulates internal Board procedure and describes
the Board’s specific roles and responsibilities.
The Board delegates management of the
day-to-day affairs and responsibilities of the
Company to the management team under the
leadership of the Chief Executive Officer ('CEO'),
to deliver on the strategic direction and goals
determined by the Board. The Chief Executive
Officer has, in some cases, formally delegated
certain authorities to his direct reports within
set limits.
The Board regularly monitors and reviews
management’s performance in the execution
of its delegated responsibilities and the
appropriateness of its delegated authority policy.
The Board met for ten regularly scheduled meetings
during the financial year ending 31 March 2023.
There were also separate meetings of the Board
Committees during the year. In addition,
the Board and management met during the year
to undertake strategic planning.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
3

Board General Business Skills
Environmental and Social
Capital management
Risk and compliance
Executive leadership and Strategy
Legal and regulatory
Business building / entrepreneurship
Public company director experience/governance
People
0% 20%40%60%80%100%
Board capability
As AFT operates in specialised markets, the Board
believes that it is important to have directors with
a broad range of experience and skills, gained both
locally and internationally, that are appropriate
to meet its objectives.
The Board has developed (and periodically reviews
and updates) a comprehensive skills matrix to inform
Board succession planning and considers each
director’s experience against identified industry
specific and broader governance-related skills.
Industry-specific skills identified as being
particularly relevant include:
• global pharmaceutical industry experience;
• pharmaceutical regulatory and ethics experience;
• R&D product development for drugs and devices;
• commercial operations experience – both
domestic and international; and
• pharmaceutical sales and marketing.
A summary of the board’s assessment of its
aggregate capability against these criteria
is set out below, with an assessment of 100%
representing very high Board capability. The Board
arrived at these assessments by calculating the
aggregate scores of the three most highly skilled
directors in each of these domains.
This approach recognises that a diversity of skills
is important to delivering best practice governance
and that it is unrealistic and unnecessary for all
directors to be highly skilled in each of the relevant
domains. It also balances these considerations
against the need to ensure a diversity of
well-informed perspectives is brought to bear
on any issue brought before the Board.
Board Skills Specific to Aft Pharmaceuticals
Operations - international
Operations - domestic
Sales & marketing
R&D product development - devices
R&D product development - drugs
Pharmaceutical manufacturing & quality
Pharmaceutical regulatory and ethics
Global pharmaceutical industry
0% 20%40%60%80%100%
Board capability
4
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
PRINCIPLE 2: BOARD COMPOSITION AND PERFORMANCE

Board Appointment, Training,
and Evaluation
(Recommendation 2.6, 2.7)
The procedure for the appointment and removal
of directors is ultimately governed by the Company’s
Constitution and relevant NZX Listing Rules.
A person may be appointed as a director by the Board
or by appointment at a meeting of shareholders.
A director appointed by the Board must not hold
office (without standing for re-election) past the
next Annual Shareholders Meeting following their
appointment. Directors are otherwise subject to the
rotation requirements set out in the NZX Listing Rules.
No new directors were appointed to the Board
during the 2023 financial year. However, longstanding
director Dr Doug Wilson retired from the board
at the conclusion of the Company’s 2022 Annual
Shareholders Meeting.
Additionally, in accordance with the rotation
requirements of the NZX Listing Rules, Executive
Director Dr Hartley Atkinson, and Independent
Non-Executive Director Jon Lamb were re-elected
to the Board at the Company’s 2022 Annual
Shareholders Meeting.
At the time of appointment, each director receives
a copy of AFT’s Corporate Governance Manual
(comprising all AFT’s core governance documents)
and is introduced to the business through a
specifically tailored induction programme.
All directors are regularly updated on relevant
industry and Company issues and undertake
training to remain current on how to best perform
their duties as directors of AFT.
During the Board’s annual evaluation process,
training needs are considered to assist directors
to remain upskilled on the business and industry
and legislative developments. All directors have
access to senior management to discuss issues
or obtain information on specific areas or items
to be considered at a Board meeting or other
areas they consider appropriate.
The Board, Board committees and each director
have the right to seek independent professional
advice at AFT’s expense to assist them in carrying
out their responsibilities. During the financial year
ended 31 March 2023, the Board undertook a
review of its own and its committees’ composition
and performance to ensure they are effectively
governing AFT and monitoring AFT’s performance
in the interests of shareholders.
Independence of Directors
(Recommendation 2.4, 2.8, 2.9, 2.10)
A majority of AFT’s directors are independent.
The factors the Company takes into account when
assessing the independence of its directors are set
out in the NZX Code and the Board Charter and
include factors such as the director’s professional
and personal relationships with the Company and
its subsidiaries and the director’s length of tenure
as applicable.
Generally, a director is considered to be independent
if that director is not an employee of AFT and does
not have any direct or indirect interest, position,
association, tenure, or relationship that could
reasonably influence, or be perceived to influence,
in a material way, the director’s capacity to:
• bring an independent view to decisions in relation
to AFT;
• act in AFT’s best interests; and
• represent the interests of AFT’s shareholders
generally.
The Board has determined that all the non-executive
directors are independent directors for the purposes
of the NZX Listing Rules and in accordance with
the Board Charter criteria.
The Board will review any determination it makes
on a director’s independence on becoming aware
of any new information that may affect that
director’s independence.
For this purpose, directors are required to ensure
they immediately advise AFT of any new or
changed relationship that may affect their
independence or result in a conflict of interest.
The Board supports the separation of the role of
Chairman and Chief Executive Officer. The current
Chairman has been elected by the Board from
the independent directors, in accordance with the
terms of the Board Charter. The Chairman’s role
is to manage and provide leadership to the Board
and to facilitate the Board’s interface with the
Chief Executive Officer.
Conflicts of Interest
The Board is conscious of its obligations to ensure
that directors avoid conflicts of interest (both real
and perceived) between their duty to AFT and their
own interests. The Board Charter and the Conflicts
of Interest Policy outline the Board’s policy on
conflicts of interest. AFT maintains an Interests’
Register in which relevant disclosures of interest
and securities dealings by the directors are recorded.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
5
PRINCIPLE 2: BOARD COMPOSITION AND PERFORMANCE

Company Secretary
The Company Secretary, Malcolm Tubby, is responsible
for supporting the effectiveness of the Board
by ensuring that its policies and procedures are
followed and for coordinating the completion
and dispatch of the Board agendas and papers.
The Company Secretary is accountable to the
Board, via the Chairman, on all governance matters.
Diversity and Inclusion
(Recommendation 2.5)
The Board recognises that building diversity across
AFT will deliver enhanced business performance.
AFT has adopted a Diversity and Inclusion Policy
and is committed to achieving diversity in the skills,
attributes and experience of its Board members,
management, and staff across a broad range
of criteria (including, but not limited to, culture,
gender, and age).
AFT is proud to have a workforce consisting
of many individuals with diverse skills, values,
backgrounds, ages, genders, and ethnicities,
and experiences. The Company works to ensure
that its selection processes for recruitment
and employee development opportunities
are free from bias and are based on merit.
The Board as a whole is responsible for overseeing
and implementing the Diversity and Inclusion
Policy but has delegated to the Remuneration
and Nominations Committee the responsibility
to develop and to recommend measurable
objectives to the Board that are designed
to adhere to the Policy.
AFT’s Diversity and Inclusion Policy is implemented
by promoting the following principles:
• reviewing progress against measurable diversity
objectives and initiatives developed by AFT
to deliver outcomes consistent with the Policy;
• promoting a working environment free from
discrimination, harassment, and victimisation;
• emphasising the accountability of AFT’s leaders
to cultivate a culture of inclusion in which the
strengths of every individual are recognised
and valued;
• raising employee awareness of workplace
diversity by designing, delivering, and measuring
the effectiveness of programmes that promote
workforce diversity, inclusion, and gender equity;
• striving to ensure that all employees and
contractors receive equal and fair treatment
in all aspects of the Company’s employment
policies and practices;
• promoting a culture that empowers employees
to act in accordance with the Policy; and
• regularly benchmarking AFT’s diversity
standpoint, status, and objectives against
appropriate external comparators.
The Board has conducted its annual assessment of
its diversity objectives and the Company’s progress
towards achieving these objectives in respect of
the financial year ended 31 March 2023. The steps
AFT took during the year to develop and maintain
a diverse and inclusive working environment
and fair remuneration, including gender pay gap
reporting, are detailed in the latest Annual Report.
In the year ahead (the financial year ending
31 March 2024) the Company will continue
to monitor and benchmark against the diversity
and inclusion objectives agreed by the Board
in the financial year ended 31 March 2024.
6
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
PRINCIPLE 2: BOARD COMPOSITION AND PERFORMANCE

PRINCIPLE 3
Board Committees
“The Board should use committees where this will enhance its effectiveness
in key areas, while still retaining Board responsibility.”
Employees are not permitted to attend meetings of
the Audit and Risk Committee without an invitation.
The Chairman of the Committee should not have
a long-standing association with AFT’s external
audit firm as a current, or retired, audit partner
or senior manager at the firm.
The current members of the Committee are Jon Lamb
(Chairman), David Flacks and Anita Baldauf.
All members are independent, non-executive
directors. Anita Baldauf is considered to have
a financial background for the purposes
of the NZX Listing Rules.
The Audit and Risk Committee held four formal
Committee meetings during the financial year
ended 31 March 2023.
Remuneration and Nominations Committee
(Recommendation 3.3, 3.4)
The Remuneration and Nominations Committee’s
role is to oversee remuneration policies and
practices at AFT, oversee management succession
planning, consider the composition of the Board,
and recommend candidates to fill Board vacancies
as and when they arise.
The Committee is also tasked with annually
monitoring and evaluating the Company’s
performance with respect to its Diversity
and Inclusion Policy.
Under the Remuneration and Nominations
Committee Charter, the Committee must be
comprised of a minimum of three members,
a majority of whom are independent directors.
Management of the company are not permitted
to attend the Remuneration and Nomination
Committee unless invited.
The Chairman of the Committee is required
to be independent. The current members of the
Committee are Jon Lamb (Chairman), David Flacks
and Ted Witek.
The Remuneration and Nominations Committee
held two meetings during the financial year ended
31 March 2023 and carried out other functions
via circular resolution.
The Board uses committees to deal with issues
requiring detailed consideration, thereby enhancing
the efficiency and effectiveness of the Board.
However, the Board retains ultimate responsibility
for the functions of its committees and determines
each committee’s roles and responsibilities.
The current committees of the Board are:
• Audit and Risk Committee;
• Remuneration and Nominations Committee; and
• Regulatory and Product Development Oversight
Committee.
Details of the roles and responsibilities of these
committees are described in their respective
charters and summarised below. The committee
charters are available in the Investor Centre
on the Company’s website.
From time to time the Board may constitute
an ad-hoc committee to deal with a particular
issue that requires specialised knowledge and
experience. Proceedings of each committee
meeting are reported back to the Board to allow
other directors to question committee members
and to keep apprised on matters being considered
by each committee.
Audit and Risk Committee
(Recommendation 3.1, 3.2)
The primary function of the Audit and Risk
Committee is to assist the Board in fulfilling its
oversight responsibilities relating to the Company’s
risk management and internal control framework,
the integrity of its financial reporting and the
Company’s auditing processes and activities.
Under the Audit and Risk Committee Charter,
the Committee must be comprised of a minimum
of three members who are each non-executive
directors, a majority of whom are independent
directors and at least one director with an
accounting or financial background. Further, the
Chairman of the Committee is required to be
independent and not be the Chairman of the Board.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
7

Regulatory and Product Development
Oversight Committee
(Recommendation 3.5)
The Regulatory and Product Development
Oversight Committee’s role is to, at least
bi-annually, review the Company’s regulatory
risk management framework relating to product
development; oversee the Company’s strategy
relating to key clinical and product development
projects and monitor the Company’s compliance
framework against applicable regulations
regarding the sale and distribution of
pharmaceutical products.
Committee members also meet frequently on
an informal basis to discuss regulatory and new
product development matters. The functioning
of the Committee complements the monthly
monitoring undertaken by the Board on the status
of new product development and filings.
Under the Regulatory and Product Development
Oversight Committee Charter, the Committee
must be comprised of a minimum of three members.
The current members of the Committee are
Ted Witek (Chairman), Hartley Atkinson,
and Marree Atkinson.
The Regulatory and Product Development
Oversight Committee met twice during
the financial year ended 31 March 2023.
Board and Committee Attendance
(Recommendation 3.5)
A table showing the number of Board and
committee meetings each director was eligible
to attend and attended during the financial year
ended 31 March 2023 is provided in the Statutory
Disclosures section of the latest Annual Report.
Takeover Response Guidelines
(Recommendation 3.6)
AFT’s independent directors have received legal
advice on their directors’ duties, and the process
to be followed, in the event of a takeover offer.
The Board has formally adopted this advice
as the protocols to be applied in the event
of a takeover offer. Any takeover of AFT shares
would require the support of the Atkinson Family
Trust, which at present holds approximately
69% of the shares on issue.
PRINCIPLE 3: BOARD COMMITTEES
8
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023

PRINCIPLE 4
Reporting and Disclosure
“The Board should demand integrity in financial and non-financial reporting,
and in the timeliness and balance of corporate disclosures.”
information are founded on a sound system
of risk management and internal control and that
the system is operating effectively in relation
to financial reporting and other material risks.
As part of this process, the Chief Executive Officer
and Chief Financial Officer are required to state
in writing to the Board that, to the best of their
knowledge, the Company’s financial reports
and accompanying non-financial statements:
• present a true and fair view of the Company’s
financial condition and operational performance;
• are in accordance with the relevant accounting
standards; and
• are founded on a sound system of risk
management and internal controls that
are operating effectively.
The Board receives copies of all material
announcements made to the NZX and ASX.
Non-Financial/Environmental Social and
Governance (‘ESG’) Reporting
(Recommendation 4.4)
Over recent years AFT has been evolving its
strategies to incorporate the ESG factors that are
material to the Company’s ability, and commitment,
to creating value long-term. It has also taken steps
to report its progress against those strategies
in a way that is aligned with the Company’s
broader reporting standards and commitments.
The Company has aligned its ESG reporting to the
United Nations Sustainable Development Goals,
which reflect the most urgent global environmental,
political, and economic challenges.
Having completed a systematic and robust
assessment of the ESG issues that are material to
AFT during the year to 31 March 2022, AFT is now
evolving the breadth and depth of measures against
which it can assess its performance against these
material issues and establish a broader range of
targets. These disclosures are overseen by the Board.
In addition to the information contained in this
Governance Statement further detail is covered
in the ESG section of the latest Annual Report.
In addition to the information contained in this
Governance Statement further detail is covered
in the ESG section of the latest Annual Report.
AFT is committed to the promotion of investor
confidence by ensuring that the trading of Company
shares takes place in an efficient, competitive, and
informed market. The Board is tasked with ensuring
the integrity of financial and non-financial reporting
to shareholders and other stakeholders.
Market Disclosure Policy
(Recommendation 4.1)
AFT’s Market Disclosure Policy establishes the
Company’s procedures for meeting the continuous
disclosure requirements of both the NZX Main
Board and the ASX.
A copy of the Market Disclosure Policy is available
in the Investor Centre on the Company’s website.
In addition to the procedures set out in that Policy,
directors and management consider at each
meeting whether there are any issues that
require disclosure to the market.
Governance Policies
(Recommendation 4.2)
AFT’s governance charters and policies can be found
in the Investor Centre on the Company’s website.
Financial and Non-Financial Reporting
(Recommendation 4.3, 4.4)
The Board is responsible for ensuring the integrity
of its financial and non-financial reporting.
AFT is committed to providing shareholders and
other stakeholders with a balanced and, clear,
objective, understandable and easily accessible
assessment of its performance, business model,
strategic objectives and its progress against them.
To achieve these goals the Company reports a range
of financial and non-financial information at each
results announcement and in its full-year reports.
Reporting Oversight
The Audit and Risk Committee closely monitors
financial and other reporting risks in relation to
the preparation of the financial statements and
accompanying non-financial information.
With the assistance of management, the Audit and
Risk Committee works to ensure that the financial
statements and accompanying non-financial
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
9

PRINCIPLE 5
Remuneration
“The remuneration of directors and executives should
be transparent, fair and reasonable.”
AFT is committed to remunerating its non-executive
directors, executive directors, and employees fairly,
transparently, and reasonably.
Director Remuneration
(Recommendation 5.1)
Director Remuneration Policy
AFT’s policy regarding remuneration of its directors
is set out in the Board Charter. Key aspects of this
policy in respect of Non-Executive and Executive
Director remuneration are summarised in the
“Non-Executive Director Remuneration” and
“Executive Director Remuneration” sections below.
Non-Executive Director Remuneration
The current maximum total monetary sum
permitted to be paid by the Company by way
of non-executive directors’ fees is $575,000
per annum. This sum has not been increased
since it was approved by shareholders in 2015.
Directors’ fees were reviewed in May 2022 and the
overall increase of 17% as detailed in the table below
was approved, effective from April 2022. Committee
fees are payable to directors, as detailed in the table
below. Despite this increase, directors’ fees are still
within the $575,000 per annum limit noted above.
Directors may hold shares in the Company,
the details of which are set out in the Director
Interest Disclosures section of the latest
Annual Report.
It is the Company’s policy to encourage directors
to hold shares in the Company.
The non-executive directors are entitled to be
reimbursed for all reasonable travel, accommodation
and other expenses incurred by them in connection
with their attendance at Board or shareholder
meetings or otherwise in connection with AFT’s
business. No retirement allowances will be paid
to the non-executive directors on their retirement.
The current approved fixed annual fees payable
to non-executive directors are detailed in the
table below.
Executive Director Remuneration
See heading “Chief Executive and Chief of Staff
Remuneration” under “Senior Executive
Remuneration” below.
PositionFees per annum
effective April 2022
1
Board of Directors
Chair$127,500
Director
2
$70,000
Audit and Risk Committee
Committee Chair$20,000
Committee Member$5,000
Remuneration and
Nominations Committee
Committee Chair$7,500
Committee Member³$5,000
Regulatory and Product
Development Oversight
Committee
Chair
3
$15,000
Committee Member⁴$5,000
1 All fees are paid in NZD unless stated.
2 Fee payable to non-United States (US) based directors. US-based directors receive USD$70,000.
3 Fee payable to non-US based directors. US based directors receive USD$5,000.
4 Fee payable to non-US based directors. US based directors receive USD$15,000.
10
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023

Senior Executive Remuneration
(Recommendation 5.2, 5.3)
Remuneration Policy
AFT has adopted a formal Remuneration Policy,
the purpose of which is to outline the remuneration
principles that apply to all employees to ensure
that remuneration practices within AFT are fair
and appropriate for the organisation and
its directors and employees.
AFT’s Remuneration Policy supports the Company
to attract, retain and motivate high-calibre people
to achieve the Company’s business objectives
and create shareholder value. The Remuneration
Policy is available in the Investor Centre on the
Company’s website.
Under AFT’s remuneration framework, remuneration
paid to the CEO and senior officers includes a mix
of the following fixed and variable components:
• Fixed remuneration, which includes base salary
and employer KiwiSaver (or overseas equivalent)
contributions (where relevant) and relates
to the base requirements of the role.
• A discretionary Short-Term Incentive (STI) may
be offered to some employees, at the discretion
of the CEO (or be offered to the CEO and/or
Chief of Staff, at the discretion of the Board).
AFT’s short-term incentive is performance based,
with any short-term incentive plan payment being
conditional on satisfaction of pre-determined
Company and individual performance objectives.
Potential short-term incentive payments are
generally between 10% to 30% of base salary,
depending on seniority and role, and this
increases to 75% for the Chief Executive Officer.
• A Long-Term Incentive (LTI) Plan may be offered,
generally only to permanent senior management,
as approved by the Board. AFT currently operates
an option scheme. This is designed to attract
and retain senior managers within the business
and to align the interests of management with
shareholders’ interests.
• Under the LTI Plan, participants are granted
options to acquire ordinary shares in AFT.
One option will give the participant the right
to subscribe for (or otherwise purchase) one
ordinary share, subject to meeting any vesting
conditions set by the Board and payment of
the exercise price. The Board has an absolute
discretion to invite employees to participate in
the LTI Plan and to set the terms and conditions
of options at the time they are granted.
The maximum aggregate number of options that
may be granted under the LTI Plan is 5% of the
total number of ordinary AFT shares on issue
immediately after the issue of options, unless
shareholder approval is obtained. With respect
to AFT’s LTI Plan, no director or employee is
permitted to enter into financial products or
arrangements that operate to limit the economic
risk of their vested or unvested entitlements.
In addition, AFT may offer provisions that have
a monetary benefit to employees but are not
considered part of remuneration.
Each year an internal review against our public
company peers is carried out to benchmark salaries
with market increases and adjustments are made
accordingly.
The Remuneration and Nominations Committee
is responsible for reviewing the remuneration
of the Company’s senior executives in consultation
with the CEO. The Company’s senior executives
are subject to regular performance reviews.
The performance of senior executives is reviewed
by the CEO who meets with each senior executive
to discuss their performance, as measured against
key performance targets (both financial and
non-financial) previously established and agreed
with that executive.
During the financial year ended 31 March 2023,
performance reviews took place in accordance
with this process.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
11
PRINCIPLE 5: REMUNERATION

Chief Executive
and Chief of Staff Remuneration
The executive directors, Hartley Atkinson and
Marree Atkinson, receive remuneration and other
benefits in their respective executive roles
as CEO and Chief of Staff and, accordingly,
do not receive directors’ fees.
Their remuneration packages are set by the Board
to reflect the scope and complexity of each role,
with reference to comparative market data.
During the financial year ended 31 March 2023,
Hartley Atkinson, and Marree Atkinson’s
remuneration both comprised a fixed cash
component and an at-risk short-term incentive.
Neither executive director was issued any form
of long-term incentive during the financial period.
Further details on the actual remuneration received
by the executive directors during the financial year
ended 31 March 2023 can be found in the Statutory
Disclosures Section of the latest Annual Report.
The executive directors’ performance is reviewed
by the Board annually. During the financial year
ended 31 March 2023, performance reviews took
place in accordance with that process.
No termination payments are payable to the
executive directors in the event of serious
misconduct.
12
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
PRINCIPLE 5: REMUNERATION

PRINCIPLE 6
Risk Management
“Directors should have a sound understanding of the
material risks faced by the issuer and how to manage them.
The Board should regularly verify that the issuer has appropriate
processes that identify and manage potential and material risks.”
Risk Management Framework
(Recommendation 6.1)
Like other businesses, AFT manages a range
of risks that have the potential to impact its
performance, operations, reputation, and
customers’ safety. While some risks can never
be eliminated, AFT works hard to identify their
significance and manage them.
AFT has designed and implemented a risk
framework for the oversight and management
of financial and non-financial business risks,
as well as related internal compliance systems
that are designed to:
• optimise the return to, and protect the interests
of its stakeholders;
• safeguard the Company’s assets and maintain
its reputation and social licence to operate;
• improve the Company’s financial and operating
performance;
• fulfil the Company’s strategic objectives; and
• manage the risks associated with the sale
and distribution of pharmaceutical products.
The Board has ultimate responsibility for AFT’s risk
management and internal control system, setting
the ‘tone at the top’ with regards to risk culture
and reviews the risk management framework
and risk register at least twice a year.
The Audit and Risk Committee and Regulatory and
Product Development Oversight Committee, under
delegation from the Board, assists the Board in
discharging its responsibilities.
The Audit and Risk Committee monitors compliance
with the overarching risk and compliance framework,
while the Regulatory and Product Development
Oversight Committee oversees the Company’s
regulatory risk management framework regarding
the development, quality assurance and sale
and distribution of pharmaceutical products.
The Audit and Risk Committee, in conjunction with
management, regularly reports to the Board on
the effectiveness of the Company’s management
of its material business risks and whether the risk
management framework and systems of internal
compliance and control are operating effectively
and efficiently in all material respects.
The Audit and Risk Committee conducts six-monthly
reviews of AFT’s risk management framework and
principal risks register and satisfies itself that AFT’s
approach to risk is sound. Information regarding
AFT’s internal audit functions can be found under
the section headed “Internal Audit Function” below.
Principal Risks
(Recommendation 6.2)
AFT’s current principal risks and their mitigations
are summarised below.
AFT’s risk management framework has positioned
AFT well to respond to the challenges the
Company faces and further detail is included
in the Company’s latest annual report.
1. Delay or failure in the development,
manufacture, commercialisation, or regulatory
approval process for AFT products.
AFT mitigates this risk by:
- adopting a low risk and low-cost
development programme;
- using multiple manufacturing sites for our
key products and maintaining close working
relationships with our suppliers;
- engaging both in-house and external
regulatory experts in our key markets; and
- monitoring regulatory timetables and
maintaining regular dialogue with licensees
to anticipate and manage delays proactively,
where necessary.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
13

2. Competition of pharmaceutical products
and devices.
AFT mitigates this risk by:
- product innovation;
- diversification of our product portfolio; and
- maintaining a broad range of distribution
channels, partners, and geographies.
3. Intellectual Property (IP) infringement
and protection for AFT products.
AFT mitigates this risk by:
- taking actions to protect our IP, including
filing patent applications, and entry into
confidentiality agreements with licensees,
suppliers, and employees to protect trade
secrets;
- undertaking extensive “freedom to operate”
reviews before we make our IP applications
to ensure that they do not infringe any other
IP and are protectable; and
- regularly monitoring pharmaceutical patent
registrations.
4. Reliance on third parties for the manufacture,
distribution, and licensing of AFT products
AFT mitigates these risks by:
- using multiple manufacturers where possible
for our key products;
- operating an inventory policy of holding
a minimum of three months’ inventory to
minimise interruption of supply;
- being selective in our choice of distribution
and licensing partners and having performance
obligations in our commercial agreements.
- engaging with suppliers on compliance with
our Modern Slavery Policy to ensure AFT and
all the entities it controls address and report
on any Modern Slavery and ethical sourcing
risks in its operations and supply chain; and
- introducing a Supplier Code of Conduct in the
2023 financial year, which fosters and
encourages respect for Human & Labour Rights,
Ethical Business Practices, Environmental
Responsibility, Product and Service Quality
and Safety with our external partners.
5. Product liability and risks associated with
marketing drugs and conducting clinical trials
AFT mitigates this risk by:
- having adopted compliance and regulatory
systems to monitor our compliance with
applicable laws and regulations;
- manufacturing products in compliance with
Good Manufacturing Practice and other
relevant regulatory requirements, including
supplying products for use only with
approved Certificates of Analysis;
- maintaining and regularly reviewing a register
of known adverse events;
- focusing on novel dose forms, combinations,
and delivery systems of approved drugs,
meaning clinical trial risks are relatively low;
- contracting out clinical trials to specialists;
- implementing a comprehensive product,
clinical trial, and contamination insurance
programme; and
- ensuring that product labelling declares
reported risks and adverse events are
incorporated in the product package insert,
in accordance with licensors’ advice, and local
regulatory accepted rules and labels.
6. Failure to execute growth strategy.
AFT mitigates this risk by:
- adopting expansion strategies that are
scalable and are not capital intensive, for
example using out-licensing and distributor
arrangements outside of Australia and
New Zealand; and
- closely monitoring our personnel, internal
company structures and systems to ensure
they remain appropriate to support our
growth plans.
7. Capital management.
AFT mitigates this risk by:
- closely monitoring forecasts, cash flows
and our financial covenants to ensure they
are not breached;
- actively monitoring key revenue growth plans;
- managing the mix of equity capital and
borrowings; and
- maintaining an active investor relations
program should a further equity raise
be considered.
14
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
PRINCIPLE 6: RISK MANAGEMENT

8. Key personnel loss.
AFT mitigates this risk by:
- succession planning and promoting a culture
of diversity and inclusion;
- adopting a competitive remuneration policy
designed to assist us in retaining key
personnel; and
- carefully selecting our personnel to try
to ensure that they fit with our culture
and growth plans.
9. Health and safety risks.
AFT mitigates these risks by:
- adopting a Health and Safety Policy and both
the Board and management are committed
to promoting a safe and healthy working
environment for everyone working in/or
interacting with AFT’s business. The Health
and Safety Policy requires AFT people to
endeavour to take all practicable steps to
provide a working environment that promotes
health and wellbeing, while minimising the
potential for risk, personal injury, ill health,
or damage;
- agreeing a detailed (Board-approved)
programme of work, which aims to ensure
AFT remains compliant with its health and
safety obligations. The Board is updated on
health and safety (including wellness) matters
and metrics at each Board meeting and there
is a detailed review on health and safety risks
each quarter; and
- establishing an employee-led Health and
Safety Committee. The committee meets
regularly to monitor and manage health
and safety risks, including hazards, within
the business, and inform Board reporting.
Further detail on the Company’s
management of health and safety risks
is covered in the latest Annual Report.
10. Cyber risk.
AFT mitigates this risk by:
- maintaining robust systems and processes
to support our information and communication
technology (ICT) system security;
- commissioning regular independent reviews
of our ICT systems;
- maintaining and regularly reviewing business
continuity and disaster recovery plans and
systems; and
- promoting a culture of cybersecurity in the
organisation through regular training; and
communication.
11. Climate change risk.
AFT mitigates this risk by:
- commencing preparations to report against
the new Aotearoa New Zealand Climate
Standards for the 2024 financial year.
Through this process the Company will
identify and assess and develop practices
and processes to manage any climate related
risks to the Company.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
15
PRINCIPLE 6: RISK MANAGEMENT

PRINCIPLE 7
Auditors
“The Board should ensure the quality and independence
of the external audit process.”
External Auditor Independence
(Recommendation 7.1)
AFT has adopted an Audit Independence Policy
that requires, and sets out the criteria for, the
external auditors to be independent. The Policy
recognises the importance of facilitating frank
dialogue between the Audit and Risk Committee,
the auditor and management.
The Policy prescribes the services that can and
cannot be undertaken by the external auditors,
which are designed to ensure that services
provided by AFT’s external auditors do not conflict,
and are not perceived as conflicting, with their
independent role.
The Policy also requires that the key audit partner
be changed at least every five years so that
no person shall be engaged in an audit of AFT
for more than five consecutive years. AFT engaged
a new audit firm in February 2018 and in accordance
with this Policy and in accordance with NZX Listing
Rule 2.13.3 has rotated to a new audit partner
for the year to 31 March 2023.
The Audit and Risk Committee Charter requires
the Committee to facilitate the continuing
independence of the external auditor by assessing
the external auditor’s independence and
qualifications and overseeing and monitoring
its performance.
This involves monitoring all aspects of the external
audit, including the appointment of the auditor,
the nature and scope of its audit, and reviewing
the auditor’s service delivery plan.
In carrying out these responsibilities the Audit and
Risk Committee meets regularly with the auditor
without executive directors or management present.
The auditor is restricted in the non-audit work
it may perform, as detailed in the Auditor
Independence Policy. In the last financial year, the
audit firm has undertaken specific non-audit work.
Details of this work are covered in the Company’s
latest Annual Report.
None of that non-audit work is considered to have
compromised (or been seen to have compromised)
the independence of the auditor. For further details
on the audit and non-audit fees paid and work
undertaken during the period, refer to the Financial
Statements included in the latest Annual Report.
The Audit and Risk Committee regularly monitors
the ratio of fees for audit to non-audit work.
Internal Audit Function.
(Recommendation 7.3)
AFT does not have a dedicated internal auditor.
Instead, internal controls are managed on
a day-to-day basis by the finance team. Compliance
with internal controls is reviewed annually by AFT’s
auditors who provide feedback on AFT’s control
environment, which is reviewed by the finance
team and Board.
The Board and finance team regularly consider
how AFT can improve its internal audit and risk
management practices during AFT’s annual
governance review, bi-annual risk reviews,
preparation of interim and full-year financial
statements and following AFT’s annual audit.
16
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023

PRINCIPLE 8
Shareholder Rights and Relations
“The Board should respect the rights of shareholders and foster
constructive relationships with shareholders that encourage
them to engage with the issuer.”
Information for Shareholders
(Recommendation 8.1, 8.2)
AFT is committed to maintaining a full and open
dialogue with its shareholders (and other interested
stakeholders). The Company has in place an
investor relations programme to facilitate effective
two-way communication with shareholders.
The aim of the Company’s communication
programme is to provide stakeholders with
information about the Company and to enable
them to actively engage with the Company and
exercise their rights in an informed manner.
The Company facilitates communication with
shareholders through written and electronic
communication, and by facilitating shareholder
access to directors, management, and the
Company’s auditors.
The Company provides shareholders with
communication through the following channels:
• the Investor Centre on the Company’s website;
• full-year and half-year results and/or reports;
• the Annual Shareholders Meeting;
• regular disclosures on Company performance
and news via the NZX and ASX online disclosure
platforms; and
• disclosure of presentations provided to analysts,
investors and the media during regular briefings.
The Company’s website is an important part
of the Company’s communication programme.
Included on the website is a range of information
relevant to shareholders and others concerning
the financial position, operation and governance
of the Company, including information about
the Company and its history, biographies of the
Company’s directors and senior management, the
Company’s Constitution, Board Charter (and the
charters of the various committees) and other
corporate governance policies of the Company.
Shareholders may, at any time, direct questions, or
requests for information to directors or management
through the Company’s website or by sending an
email to: investor.relations@aftpharm.com
The Company provides shareholders with the
option to receive communications from, and
send communications to, the Company and its
share registrar electronically. A majority of AFT’s
shareholders have elected to receive electronic
communications.
Shareholder Voting Rights
(Recommendation 8.3)
In accordance with the Companies Act 1993,
AFT’s Constitution and the NZX Listing Rules,
AFT refers major decisions which may change
the nature of AFT to shareholders for approval.
In the financial year ended 31 March 2023, there
were no such transactions requiring shareholders’
approval under the Companies Act 1993,
AFT’s Constitution and/or the NZX Listing Rules.
As required by the NZX Listing Rules, AFT conducts
voting at its shareholder meetings by way of polls,
reflecting the principle of one share, one vote.
Further information on shareholder voting rights
is set out in AFT’s Constitution.
Annual Shareholders Meeting
(Recommendation 7.2, 8.2, 8.5)
AFT’s 2023 Annual Shareholders Meeting is
currently intended to be held in early August 2023.
Shareholders will be given an opportunity to
participate, vote and ask questions and comment.
In addition, the Company’s auditors, Deloitte,
will be available to answer any questions about
their audit report. A Notice of Meeting will be
posted on AFT’s website as soon as possible
and will be posted at least 20 working days
prior to the meeting.
AFT PHARMACEUTICALS CORPORATE GOVERNANCE STATEMENT 2023
17

Level 1, 129 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
+64 9 488 0232
www.aftpharm.com

---

AFT PHARMACEUTICALS MODERN SLAVERY STATEMENT 2023
1
2023
MODERN
SLAVERY
STATEMENT

WORKING TO IMPROVE YOUR HEALTH2
Introduction
AFT Pharmaceuticals Limited (‘AFT’, ‘the Company’)
(NZ Company Number 873005/ ARBN: 609 017
969) is a pharmaceutical company listed on the
Australian and New Zealand stock exchanges.
It develops, markets, and distributes a broad
portfolio of pharmaceutical products across a wide
range of therapeutic categories in Australia and
New Zealand and a narrower portfolio around
the world.
The Company is built on integrity and a clear
purpose of working to improve the health of the
people and communities it serves. It is a mission
that has at its heart a commitment to sustainability,
the maintenance of corporate governance
standards that are aligned with best practice,
and high professional, legal, and ethical standards,
including the protection of human rights.
AFT regards Modern Slavery in all its forms,
including slavery, servitude, forced or compulsory
labour and human trafficking (together ‘Modern
Slavery’) as unacceptable, intolerable and in direct
conflict with our commitments and the Company’s
values.
This Modern Slavery Statement outlines the steps
that we have taken to identify, manage and mitigate
the specific risks of Modern Slavery that may
be in our operations and supply chains.
It has been prepared in accordance with the
Australian Modern Slavery Act 2018 (Ch) for the
reporting period 1 April 2022 to 31 March 2023
and it applies to the Company and all the entities
that it controls.
AFT expects to build on the programme set out
in this statement in line with its commitment
to continue to evolve its governance framework,
advance its sustainability agenda and enhance
the health and wellbeing of the people and
communities it serves.
This Modern Slavery Statement was approved
by the Board of AFT Pharmaceuticals Limited
on 22 May 2023.

1 A reference to ‘AFT’ and ‘the Company’ in this Modern Slavery Statement includes all those entities, even though some
of the entities are not reporting entities for the purposes of the Australian Modern Slavery Act 2018
2 For a list of those entities please see the ‘Statutory Information’ section of AFT’s 2023 annual report, which is available
in the Investor Centre on the Company’s website at: www.aftpharm.com.


David Flacks Dr Hartley Atkinson
Chair Managing Director

AFT PHARMACEUTICALS MODERN SLAVERY STATEMENT 2023
3
AFT’s Business and Supply Chain Risks
Workforce
AFT considers the risk of Modern Slavery within
our own workforce is non-existent, given the
work performed, the strength of our governance
framework, including our commitments to
ethical and lawful conduct and our reporting
and monitoring requirements.
AFT is nevertheless aware we must continue
to educate and build awareness amongst
our workforce about Modern Slavery and our
intolerance of all forms of Modern Slavery
and unethical practices.
Supply Chain
The risk of Modern Slavery in AFT’s supply chain
is considered to be lower than in some other
industries, because of the highly regulated nature
of the pharmaceutical industry.
Nevertheless, AFT recognises the risk of Modern
Slavery could potentially exist through our broad
network of global suppliers and their supply chain,
which AFT does not control or directly influence.
We also recognise the management of these risks
presents challenges to the Company, particularly
where the outsourcing of manufacturing is to
overseas suppliers based in higher-risk jurisdictions.
3 AFT is only required to report its compliance with the NZX Corporate Governance Code as dated 17 June 2022,
but has elected to report its compliance with the newest version of the code dated 1 April 2023.
AFT’s 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 to out-license our products to local licensees
and distributors in more than 125 countries around
the world.
Our home market product portfolio comprises
more than 150 proprietary and in-licensed products,
and includes patented, branded, and generic drugs.
We have four offices around the world, Auckland,
Sydney, Hong Kong and Ireland, and as at the date
of this statement we employ around 100 people.
Our supply chains are extensive and sometimes
complex, with a high proportion of products
sourced from large pharmaceutical companies
and manufacturers based in regions including
Europe, the United States, India, and Asia.
We also source from businesses located in Australia
and New Zealand. A number of third-party
suppliers also support our business with services,
ranging from information technology to cleaners
and freight carriers.
Risk Management and Mitigation
AFT is dedicated to playing our part in identifying
and addressing any potential Modern Slavery
across our organisation and within our supply
chains. We have taken the following steps
to assess and address those risks.
Policies and Governance
AFT’s corporate governance framework has been
structured according to the principles of the Third
and Fourth Editions of the Australian Securities
Exchange (ASX) Corporate Governance Council
Principles and the recommendations of the NZX
Corporate Governance Code³.
The AFT Board considers that AFT’s corporate
governance structures, practices and processes
comply with best practice directly, indirectly and
address and manage potential Modern Slavery
risks in the ways detailed below.
Our corporate governance framework, including
our Modern Slavery and other key policies
mentioned in this statement, and our annual
governance statement is available in the Investor
Centre on the Company’s website at:
https://investors.aftpharm.com/Investors/

WORKING TO IMPROVE YOUR HEALTH4
Code of Culture & Ethics
AFT has a Code of Culture & Ethics which
is a framework of standards by which our directors,
employees, consultants, contractors, interns and
secondees of AFT Pharmaceuticals and our related
companies (AFT People) are expected to conduct
their professional lives.
It outlines AFT’s values and our expectations
of AFT People, particularly in relation to acting
honestly, with integrity and in accordance with law.
The Code of Culture & Ethics also provides that
material breaches/matters are to be reported
to the Board and how, including the resort,
if necessary, to AFT’s Whistleblowing Policy
(see below).
Modern Slavery Policy
AFT’s Board developed and introduced a Modern
Slavery policy in 2022. The purpose of the policy
is to ensure AFT, our people and all the entities
that we control:
• comply with all applicable laws and regulations;
• address potential Modern Slavery risks in our
supply chain and business operations; and
• set minimum standards for employees and
those who work on AFT’s behalf with respect
to the identification of any potential Modern
Slavery risks.
The policy requires AFT and its business units
to adopt policies and procedures to ensure
that we are addressing and reporting on any
Modern Slavery and ethical sourcing risks
in our operations and supply chain.
It stipulates that compliance with the Modern
Slavery Policy – and compliance with applicable
Modern Slavery laws and regulations – be embedded
within supplier contracts. It requires that
AFT has the capacity to cease dealing with
a counterparty if it is found in breach of either.
The policy also requires AFT and our business
units to engage with suppliers to ensure
compliance with the policy and transparently
report on the steps we take to address Modern
Slavery risks in our operations and supply chains.
Whistleblowing Policy
AFT’s Whistleblowing Policy states that AFT
is committed to the highest standards of conduct
and ethical behaviour in all of our business activities.
The policy provides a mechanism for raising
and appropriately addressing issues if they arise.
It also provides procedures to protect the rights
of people who raise concerns about any
wrongdoings in or by AFT.
Diversity and Inclusion Policy
AFT’s Diversity and Inclusion policy outlines the
Company’s commitment to creating a diverse
and inclusive working environment at all levels,
recognising that a diverse workforce builds
competitive advantage, enhances business thinking
and helps the Company to connect innovatively
with consumers and markets around the world.
In addition to measures to drive diversity and
monitor and report on progress on our diversity
goals, the policy requires that all AFT people
receive equal and fair treatment in all aspects
of the Company’s employment practices and
processes.
Employment Policies
AFT has a comprehensive suite of employment
related policies which are relevant to addressing
labour standards and expectations in our
operations.
These include an anti-Bullying, Discrimination
and Harassment Policy, which aims to support
a working environment which is free from unlawful
discrimination, harassment, sexual harassment,
bullying, vilification and victimisation and where
all workplace participants are treated with
dignity, courtesy, and respect.

AFT PHARMACEUTICALS MODERN SLAVERY STATEMENT 2023
5
Anti-Bribery and Anti-Corruption Policy
AFT’s Anti-Bribery and Anti-Corruption Policy
prohibits bribery and corruption, in any form,
whether direct or indirect thereby expressly
prohibiting conduct that could be used to facilitate
Modern Slavery and other forms of exploitation.
The policy applies to AFT People and those who
work on our behalf and commits the Company
to auditing and monitoring of the policy and
sets out the consequences of non-compliance.
Supplier Code of Conduct
In 2023 AFT introduced a Supplier Code of Conduct.
The code applies to all suppliers of both products
and services to AFT, including their parent,
subsidiaries, affiliates, and subcontractors.
The code requires suppliers among other things to:
• comply with applicable national, and international
laws;
• observe and model ethical business practices;
• ensure all workers are treated in a manner
consistent with international human rights
standards, including the UN Universal Declaration
of Human Rights, the UN Convention on the
Rights of the Child, and the International Labour
Organisation Core Conventions; and
• establish and follow effective policies and
procedures to promote workplace health
and safety.
It also requires suppliers to attest to compliance
with the code and allows for inspections by AFT.
Inspection of Key Manufacturing Sites
AFT and most of our suppliers operate within
the heavily regulated pharmaceutical sector and
must comply with Good Manufacturing Practice
(GMP) requirements to ensure our products are
consistently produced, controlled, and shipped
according to quality standards. These standards,
in themselves, provide considerable protection
against Modern Slavery practices among
our suppliers.
It is normal practice for national regulators
to undertake inspection of our suppliers and
third- party manufacturers to ensure GMP
compliance, while AFT conducts our own audits
to ensure compliance with relevant GMP related
procedures and our Modern Slavery policies.

Since the introduction of the Modern Slavery
policy in the 2022 financial year, AFT has moved
to implement the policy across our business
and our supply chain.
In the 2023 financial year AFT also sent to suppliers
a copy of the Modern Slavery Policy and requested
they attest to compliance with it. So far more than
90% have attested to compliance with the policy
and we are following up with the remainder.
The requirements for supplier attestation under
the Modern Slavery Policy have since been
enhanced by AFT’s introduction of a Supplier Code
of Conduct, which requires a similar attestation
in accordance with the Modern Slavery Policy and
the company’s broader Environmental Social
and Governance framework.
We are in the early stages of rolling out this
code and expect to attest to supplier compliance
with it in future Modern Slavery Statements
and annual reports.
Measuring our Effectiveness
Embedding our modern slavery policy in the supply chain
Supplier inspections
COVID-19 continued to curtail physical site inspections
over the reporting period. However, with the
gradual normalisation in global health conditions,
the rolling programme of site inspections of key
manufacturing and distribution sites have resumed.
None have revealed any instances of concern.
Internal monitoring and training
In the 2023 financial year the Board received
no reports of Modern Slavery in our business.
AFT also conducted two training sessions relating
to the core policies and procedures across the
organisation. All new recruits into the company
were trained on these policies.
Next Steps
AFT understands that embedding awareness
of Modern Slavery across our business and with
our suppliers is an ongoing process. We will continue
to deepen our understanding of the potential risks
of Modern Slavery in our operations and supply
chains and we are continuing to engage with
our suppliers in relation to the measures that
have been taken to date.
Meanwhile, as we continue to evolve both
the scope of our Modern Slavery framework
and our broader approach to corporate governance
and reporting, we expect further improvements
in our processes and procedures.

Level 1, 129 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
+64 9 488 0232
www.aftpharm.com

---

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN:
ARBN 609 017 969



Results for announcement to the market
AFT Pharmaceuticals Limited
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing operations $156,641 Up 20%
Total Revenue $156,641 Up 20%
Net profit/(loss) from continuing operations $10,654 Down 46%
Total net profit/(loss) $10,654 Down 46%
Interim/Final Dividend
Quoted Equity Securities:
Amount per Quoted Equity
Security
No dividends have been paid on ordinary shares. A dividend
of 1.1 cents per share was declared on May 22 2023.
Imputed amount per Quoted
Equity Security
N/A
Record Date 16/06/2023
Dividend Payment Date 04/07/2023
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.26 $0.23
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Accompanying this announcement are the Group’s audited
consolidated financial statements for the twelve months
ended 31 March 2023. These financial statements and the
full year results commentary dated 22 May 2023 provide the
balance of information requirements in accordance with NZX
Listing Rule 3.5 and Appendix 2.
Pursuant to ASX listing rule 1.15.3 AFT Pharmaceuticals
Limited confirms that it continues to comply with the rules of
its home exchange (NZX Main Board).
Authority for this announcement
Name of person

authorised to
make this announcement
Malcolm Tubby
Contact person for this
announcement
Malcolm Tubby, Chief Financial Officer,
AFT Pharmaceuticals Ltd
Contact phone number +64 9 488 0232
Contact email address malcolm@aftpharm.com
Date of release through MAP

22 May 2023

Audited financial statements accompany this announcement.

---

2023
ANNUAL
REPORT

Developing innovative
products that
make a real difference
to your health.

Contents
At a Glance 4
Chairman and CEO’s Report 6
Business Focus:
- Regional Performance 10
- Research and Development 16
Sustainability 20
Reconciliation of EBITDA to GAAP 35
Directors 36
Management Team 38
Independent Auditor’s Report 41
Financial Statements 44
Statutory Disclosures 74
Directory 83
This report provides a summary review of AFT’s operational and
financial performance for the year to 31 March 2023 and should
be read in conjunction with the company's financial statements
on pages 44 to 73 of this report.
The information provided in this report has been compiled in
accordance with relevant law, rules and corporate governance
recommendations for investor reporting. Financial information
has been prepared in accordance with appropriate accounting
standards and has been audited by Deloitte Limited.
Throughout this report we have focused on what we believe
matters most to our stakeholders and our business. We have
endeavoured to ensure all information is accurate through
internal verification and other approval processes.
WORKING TO IMPROVE YOUR HEALTH2

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 around the world.
AFT PHARMACEUTICALS ANNUAL REPORT 2023
3

1.1 cents per share
Maiden dividend declared,
reflecting confidence in future growth.
$19.7 million
Operating profit in line with the prior year,
which included $6.7 million of licensing income.
$10.7 million
Net profit after tax down from $19.8 million
in the prior year amid higher finance costs
and a return to paying tax.
$156.6 million
Operating revenue up 20% on the prior year lifted
by strong product sales growth in all regions
and market channels.
$29.9 million
Net debt
1
in line with $29.3 million at the end
of March 2022, with investments for growth
funded through operating cash flows.
Record revenue and a maiden dividend
FY23 Highlights
1. Net debt is interest bearing liabilities of $34.6 million less cash of $4.7 million.
4WORKING TO IMPROVE YOUR HEALTH

NZ$ MILLION
AFT Operating Profit
1
2017 2018 2019 2020 2021 2022 2023

FY23 operational highlights
FY22 RevenueFY23 Revenue
New Zealand 27%
Australia 60%
Asia 4%
International 9%
New Zealand 28%
Australia 61%
Asia 4%
International 7%
Extending our record of growth and profitability
AUSTRALIA
Revenue:
$94.1 million
UP 23%
Operating profit
up 23%
to $19.3 million
Key drivers:
OTC medicines including, pain,
eyecare and vitamins.
Hospital channel
NEW ZEALAND
Revenue:
$44.0 million
UP 26%
Operating loss
of $0.8 million
Key drivers:
OTC medicines including, pain,
eyecare and vitamins.
Hospital and
prescription channels
ASIA
Revenue:
$6.8 million
UP 24%
Operating profit
up 25%
$0.8 million
Key drivers:
OTC channel
Online via Tmall
Maxigesic
INTERNATIONAL
Revenue:
$11.7 million
DOWN 11%
Operating profit
down 89%
$0.5 million
Key drivers:
Lower licensing income
71% growth in product
sales and royalties
¹ Excluding head office costs
$160
$140
$120
$100
$80
$60
$40
$20
$-
NZ$ MILLION
AFT Pharmaceuticals Revenue
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$40
$49
$56
$64
$69
$80
$85
$106
$113
$130
$157
FINANCIAL YEAR
10-YEAR COMPOUND ANNUAL GROWTH RATE 14.5%
OPERATING PROFIT (EX LIC INCOME) LICENSE INCOME
-$16.4
$1.6
-$11.2
$1.1
$4.9
$1.2
$7.6
$3.8
$8.6
$2.1
$13.7
$6.7
$18.8
$0.9
-$20
-$15
-$10
-$5
$0
$5
$10
$15
$20
$25
AFT PHARMACEUTICALS ANNUAL REPORT 2023
5
AT A GLANCE

Dear shareholders,
We are delighted to report on the progress AFT has made over the last year. We have again
generated record revenue and extended what has been an uninterrupted record of revenue growth.
Maiden dividend declared
as outlook strengthens
$200 MILLION ROLLING TWELVE-MONTH
STRETCH REVENUE TARGET CLEARLY IN SIGHT
We have again executed well on our strategy
of identifying and then meeting health needs
with in licensed and proprietary medicines in our
Australasian markets and offshore. We have extended
our product portfolio and the development pipeline
and continue to extend our reach into new markets,
including the US, the world’s most important
healthcare market and China.
Our achievements this year and our confidence that
the company can continue to grow have brought
AFT to the point that it is now ready to begin
paying dividends. Accordingly, we have this year
declared a maiden dividend of 1.1 cents per share
payable in July.
Financial Results
Annual operating revenue reached $156.6 million
up 20% from the $130.3 million in the same period
a year ago, amid strong growth both in the core
Australasian business and global product sales.
AFT achieved the result despite a significant
reduction in licensing income, which amounted
to $6.7 million in the prior year. Excluding licensing
income of $0.9m, revenue from product sales
and royalties increased by a significant 26% to
$155.8 million from $123.6 million in the prior year.
Operating profit from product sales, royalties
excluding licensing income rose 38% to $18.8
million from $13.6 million in the prior year, despite
the investment of $8 million in sales and marketing
to capitalise on growth opportunities. These
investments included a new sales force in Australia
targeted at general practitioners and an expanding
presence in international markets.
Operating profit including licensing income was
$19.7 million in line with the prior year's $20.4 million
and – as previously signalled – was lower than
originally expected due to delays in obtaining US
regulatory approval for Maxigesic IV®, the intravenous
form of our patented pain relief medicine.
EBITDA
1
of $21.4 million was in line with the prior
year’s result. Net profit after tax was $10.7 million,
down from the $19.8 million in the same period a
year ago, primarily reflecting a return of taxation
expenses with the previous tax losses now fully
utilised but also to a lesser extent higher
finance costs.
Operational Achievements
Following 22 new product launches during the year,
our Australasian portfolio now extends to more
than 150 medicines, spanning seven therapeutic
areas ranging from pain management through
to eyecare, dermatology and gastrointestinal
medicines, among others. We are also on track with
our target to launch a further 68 new products by
the end of the 2026 financial year.
Our international portfolio, which is founded on our
family of patented Maxigesic pain relief medicines,
continues to expand in both scale and scope.
Maxigesic is now sold in 61 countries globally in
a variety of dose forms. We this year registered a
patented prescription fast release tablet version
of our Maxigesic pain relief medicine with the US
Food and Drug Administration (FDA), a first for
a New Zealand company.
The FDA is meanwhile considering our application
for registration of Maxigesic IV. Earlier this month
it confirmed receipt of a complete response to its
review questions. It also provided a 17 October
2023 PDUFA date, the date at which the regulator
must respond to our application.
Taking advantage of the tight funding conditions
faced by biotechs around the world and our cash
flows, we have acquired two new projects for our
development portfolio, covering topical treatments
for strawberry birthmarks and drug-resistant
eye infections.
1. EBITDA is non-GAAP measure of earnings before interest tax
depreciation and amortisation. It is defined and reconciled to
GAAP measure of net profit after tax on page 35 of this report.
6WORKING TO IMPROVE YOUR HEALTH

“Our international portfolio, which is founded on our
family of patented Maxigesic pain relief medicines,
continues to expand in both scale and scope.”
David Flacks | Chairman Dr Hartley Atkinson | Co-Founder and Managing Director

AFT PHARMACEUTICALS ANNUAL REPORT 2023
7
CHAIRMAN AND CEO’S REPORT

Our development pipeline, a foundation of our
future growth, now encompasses 21 different
products, targeting therapeutic applications with
significant addressable markets. The projects
include nine Maxigesic dose forms and several
are at an advanced stage.
Supported by our consistently strong top line
revenue growth and our ability to sustain strong
gross margins, we this year decided to increase
investment in product promotion and distribution
to ensure we fully captured the potential
of our portfolio.
We launched a new Australian sales force directed
at general practitioners. We increased marketing
expenditure associated with new product launches,
launched a broad range of our products into China
via the cross-border ecommerce platform Tmall
Global and expanded our international business
including the creation of a majority owned
subsidiary, AFT Pharmaceuticals UK.
This investment in distribution and product
promotion alongside our investment in research
and development has diluted our earnings for the
2023 financial year. However, we remain confident
the investment will be a key driver of growth and
shareholder value.
We have already seen the investment in Australia
deliver good revenue growth. We expect to see the
same in international markets in the coming year
and expect both factors to drive growth
in operating profit margins.”
Regional Performance
The core Australasian business made the biggest
contribution to growth, adding $26.4 million in
incremental revenue. The combined Australian
and New Zealand markets, presently AFT’s largest,
grew revenue by 23.5% to $138.1 million, from $111.8
million in the prior year, further demonstrating their
strength and ongoing growth potential.
The international business grew strongly with
revenue from product sales and royalties rising 71%
to $10.8 million from $6.4 million in the same period
a year ago. Total international revenue of $11.7m was
down on the prior year’s $13.1 million, which was
boosted by $6.7 million of licensing revenue.
Dose forms of Maxigesic are now sold in
61 countries up from 46 at the end of March
2022 and the company continues to advance
the commercialisation of line extensions.
The Asian business meanwhile has seen strong
growth in the OTC business as the expanded
distribution of our products in Singapore starts
to deliver on its promise. The Asian business
also benefited from strong sales of Maxigesic
in Malaysia, launches in Korea and Indonesia and
strong growth in sales of our OTC products on
our Tmall site.
Further detail on the performance of individual
markets is contained on pages 10 to 13 of this report.
Research and Development
Our research and development programme has
continued to strengthen the foundations for AFT’s
future growth.
The two new patent-protected development
projects added this year, a topical treatment for
strawberry birthmarks and an eye drop targeted at
drug resistant superbugs, if successfully advanced,
have significant global sales potential.
The development portfolio now encompasses
21 products, which offers AFT access to significant
global markets. This broad diversification of
products provides some protection as development
paths are never smooth and are
often unpredictable.
We are in a strong position, by virtue of being a
profitable pharma company, to acquire rights to
new projects on attractive terms due to tight global
funding conditions.
Nevertheless, we continue to take a disciplined
approach to the programme. Research and
development expenditure (expensed and capitalised)
in the 2023 financial year was $11.8 million compared
to $10.4 million in the previous year.
Balance Sheet and Dividend
AFT remains well funded. Net debt at the end of
the financial year was $29.9 million in line with the
$29.4 million at the end of September 2022 and
$29.3 million at the end of March 2022.
“ We this year registered a patented prescription fast release tablet
version of our Maxigesic pain relief medicine with the US Food
and Drug Administration, a first for a New Zealand company.”
8WORKING TO IMPROVE YOUR HEALTH

However, it is higher than the target of one times
EBITDA, due to the increased investment in our
distribution networks, lower-than-expected
licensing income and the company maintaining
higher inventory levels to manage the ongoing,
albeit easing, supply chain disruptions.
The maiden dividend of 1.1 cent per share
represents 11% of net profit after tax, lower than
the policy to pay 20% to 30% of (normalised) net
profit after tax. Directors determined a below-
policy pay out was appropriate given our growth
opportunities, the capital required to fund them,
and the desire to reduce debt to our target levels.
The record date for dividend entitlements is
19 June 2023, and the payment date is 4 July 2023.
Sustainability and People
AFT has this year continued to advance its
sustainability agenda by beginning to introduce
objective and robust measures of performance in
the ESG areas that are material to our business.
We understand measurement is an important step
to help AFT to refine our priorities, better manage
risks, and identify opportunities for innovation. It
also promotes transparency and helps stakeholders
understand how we are managing our sustainability
risks and opportunities.
Measurement of our performance in the areas we
have identified as our priorities is also the logical
precursor to the next stage in the evolution of our
strategy – the establishment of robust targets for
improvement that are meaningful and material to
our business and our stakeholders. In the coming
financial year this includes accounting for, and
developing strategies to manage, our greenhouse
gas emission.
Supporting and developing our people and
promoting a diverse and inclusive culture that
makes AFT attractive to talented people are at
the heart of our approach. And while we are ever
vigilant to ensure we deliver on these goals,
we recognise AFT’s good fortune in having a team
that is so committed to the company’s success.
We are proud of the way the team has embraced
the challenges of the last year and delivered such
and outstanding result for all of our stakeholders.
On behalf of the board and shareholders we thank
them for their efforts
"Our near-term rolling twelve-month
stretch revenue target of
$200 million is clearly in sight”
Outlook
AFT expects the momentum we have seen in the
2023 financial year to continue in the new financial
year, supported by successful execution of our
planned product launches, continuing growth in
the existing portfolio, and the investments we
have made to strengthen our global distribution
networks. We also expect this growth to drive
growth in operating profit.
For the year to the end of March 2024 we expect to
generate operating profits of between $22 million
and $24 million. The final outcome is subject to the
successful execution of launches in Australasian
and International markets. The guidance does not
include $6 million of licensing income which is
expected in the first half of calendar year 2024
on the launch of Maxigesic IV in the US.
We continue to progress commercialisation plans
for Maxigesic Rapid Tablets in the US market.
The approach we take in this market could also
influence our results, but presently it is too early
to be able to estimate the impact.
AFT has entered the new financial year well
positioned to extend its record of growth.
Our near-term rolling twelve-month stretch
revenue target of $200 million is clearly in sight,
as we continue to build our presence in our
domestic markets and exploit the opportunities
we see in international markets.
We look forward to providing a further update
at our annual shareholders’ meeting in August.
With our warm regards,
David Flacks Dr Hartley Atkinson
Chair Co-Founder
and Managing Director
AFT PHARMACEUTICALS ANNUAL REPORT 2023
9
CHAIRMAN AND CEO’S REPORT

AFT’s operations globally
are expanding in scale and scope
NEW ZEALAND SNAPSHOT
DISTRIBUTION
900 PHARMACIES
PRODUCTS
150+
across seven therapeutic categories:
pain, eyecare, medicated vitamins,
allergy, gastrointestinal health,
dermatology, and hospital
REVENUE
$44.0m
UP 26%
ON THE PRIOR YEAR
New Zealand revenue grew a strong 26% to reach
$44.0 million from $35.1 million in the prior year,
while the operating loss (including head office
costs) was $0.8 million against a $0.1 million loss
in the prior year.
NEW ZEALAND – GROWTH ACROSS ALL CHANNELS
We also saw strong growth across all channels, with
the OTC segment, growing by 15% to $23.0 million.
The pain relief category also benefited growth in
the entire Maxigesic range.
The hospital channel saw growth of 20%, and the
prescription channel of 50% following the post covid
recovery in general practitioner and hospital demand.
10
WORKING TO IMPROVE YOUR HEALTH

Revenue in Australia grew a strong 23% to reach
$94.1 million from $76.7 million in the prior year,
while operating profit rose 23% to $19.3 million
from $15.7 million last financial year.
Growth was led by the OTC channel, which rose by
30% to $61.2 million. It benefited from continued
strong growth in the pain-relief segment.
We successfully launched the Maxigesic hot drink
sachet and growth has continued in the broader
Maxigesic range. The pain segment was also
helped by the removal of comparative advertising
restrictions on Maxigesic, following AFT prevailing
in a court case appeal against Reckitt Benckiser
at the start of 2022.
Eyecare and vitamins also made important
contributions, and we are pleased to report that we
are seeing the early impact of the new investment
in our distribution capabilities. Over the year we
introduced 22 new products to the Australian market.
The hospital channel grew by 14% to $24 million
with good growth in injectables and the prescription
channel grew by a modest 5% to $9 million.
AUSTRALIA SNAPSHOT
DISTRIBUTION
6,800 PHARMACIES
PRODUCTS
85+
ACROSS SEVEN
THERAPEUTIC
CATEGORIES
REVENUE
$94.1m
UP 23%
ON THE PRIOR YEAR
AUSTRALIA – SALES SUPPORTED BY NEW PRODUCT LAUNCHES
AFT PHARMACEUTICALS ANNUAL REPORT 2023
11
REGIONAL PERFORMANCE

Revenue in Asia grew a strong 24% to reach
$6.8 million from $5.5 million in the prior year,
while operating profit also rose 25% to
$0.8 million from $0.6 million in the prior year.
Over the last year we have continued to build the
scale of the Asian business and recently expanded
the team in Hong Kong as it fulfils a new function
as the head office for the Asian region.
The OTC channel led the growth particularly with
high demand for Maxigesic in Malaysia. The Tmall
business is now starting to make a meaningful
contribution to revenue.
Our ‘Kiwi Health Global Flagship Store’, has been
launched under China’s Cross Border E-Commerce
initiative. It is carrying a broad range of AFT’s
OTC products including Maxigesic, Vitamin C
Lipo Sachet, Vitamin D Lipo Sachet, Ferro Sachet,
Crystaderm and the long-lasting Crystawash
Extend among others.
Finally, with the registration of Crystawash Extend
in China we are now exploring ways to reach
deeper into the Chinese market using domestic
distribution channels and we are in the final stages
of the registration process for one of our R&D
projects on page 16 to 19 which we believe could
have significant upside. We have also seen strong
growth in the hospital channel, with Maxigesic IV
seeing strong acceptance in the market particularly
in South Korea.
ASIA SNAPSHOT
DISTRIBUTION
DISTRIBUTORS
AND ONLINE
VIA TMALL
REVENUE
$6.8m
up 24%
on the prior year
ASIA – EXTENDING OUR OTC FOOTPRINT
12WORKING TO IMPROVE YOUR HEALTH

Product
Maxigesic
Tablets
Maxigesic IV
Maxigesic
Oral Solution*
Maxigesic
Sachet
Territories31 March
2023
31 March
2022
31 March
2023
31 March
2022
31 March
2023
31 March
2022
31 March
2023
31 March
2022
Licensed100+100+100+100+100+100+100+100+
Registered6652433714221
Sold in55462171021
The Maxigesic commercialisation programme
continues with revenue from product sales
and royalties up 71% to $10.8m.
Maxigesic is now sold in 61 countries, up from
46 at the end of March 2022. Over the year, the
intravenous form of Maxigesic IV was licensed in
Canada, Iraq, Kurdistan, Columbia, Peru, and Chile
and registered in Pakistan and nine additional
INTERNATIONAL SNAPSHOT
100+
COUNTRIES
WITH MAXIGESIC
DISTRIBUTION
AGREEMENTS
61
REVENUE
$11.7m
DOWN 11%
ON THE PRIOR YEAR
INTERNATIONAL – COVID PRESSURES EASING
countries in Eastern Europe. It was meanwhile
launched in Ireland, France, Italy, Indonesia, Korea,
Nordics, Netherlands and Panama.
The new unique Maxigesic hot-drink sachet, has
been launched in Australia in two strengths, whilst
the first launch of Maxigesic oral liquid occurred
in Italy in January.
We have now achieved licensing and distribution
of Maxigesic in various dose forms in many of the
world’s most significant markets, including the
US where we are on the verge of commercialising
the intravenous form of Maxigesic on page XX.
Consequently, our focus is now on growing our
in-market sales post launch.
We have invested in the international business,
broadening its scope beyond Maxigesic. Notably
we have recently established AFT Pharmaceuticals
UK in collaboration with our long-time partner
Edge Pharmaceuticals. In addition to Maxigesic
IV we are seeking to launch a targeted range of
products in that market,.
Additionally, we now have two dedicated staff
in Europe to improve coordination with license
holders in European markets and we launched
online with Amazon in the US with our patented
Lipo sachet range.
COUNTRIES
WHERE MAXIGESIC IS SOLD
AFT PHARMACEUTICALS ANNUAL REPORT 2023
13
REGIONAL PERFORMANCE

Launched
Launch Pending
Available
Belgium & Luxembourg - Tablets re-launching 2022
IV launched 2023
France - Tablets launching 2022
IV launched 2023
Spain & Portugal - Tablets launched 2019
IV licensed
EasternEurope&Balkans -
Tablets launched
Easten Europe - IV licensed
Iraq & Kurdistan - Tablets launched
Australia-No.#1Para-IbuCombo.
Growingmarketshare
-MaxigesicIVlaunched
United Arab Emirates -
Tablets launched
Maxigesic IV launched
Oman - IV launched
Italy - Tablet sales growing
IV launched
Oral suspension launched 2023
Greece - Tablets launched 2021
IV licensed
Germany - Tablets launched 2020
IV launched
Switzerland - Tablets launched 2021
IV licensed
Brazil - licensing
negotiations underway
Argentina - IV licensed
Columbia, Peru & Chile -
distributor appointed Orals
IV licensed
Mexico - Tablets launched 2021
IV licensed
CACM - Tablets launched
IV launched
USA - IV licensed
Canada - Tablets launched 2021
IV licensed
Singapore & Brunei - Tablets launched
Russia -
on hold
China - licensing negotiations underway
Taiwan - Tablets licensed-
Korea - IV launched 2022
Oral licensed
Japan-licensing
discussions
are underway
Indonesia - IV launched
Pakistan -
IV registered
Malaysia - Tablets launched
Phillipines - AFT to sell post
registration via distributor
Vietnam - distributor appointed for IV and Orals
Thailand - IV licensed
Austria - IV licensed and launched 2021
Netherlands - IV launched
United Kingdom - Tablets launched
IV licensed
Nordics - Tablets launched
IV launched
Ireland - Tablets launched
IV launched
Poland - IV and Orals licensed
NZ - Maxigesic, Maxigesic PE,
Maxigesic IV launched
Maxigesic Hot Drink
launched 2023
Maxigesic Hot Drink launched 2022
Maxigesic Global Update
Extending our reach into a US$59 billion market
1
¹ www.expertmarketresearch.com/reports/analgesics-market
WORKING TO IMPROVE YOUR HEALTH14

Launched
Launch Pending
Available
Belgium & Luxembourg - Tablets re-launching 2022
IV launched 2023
France - Tablets launching 2022
IV launched 2023
Spain & Portugal - Tablets launched 2019
IV licensed
EasternEurope&Balkans -
Tablets launched
Easten Europe - IV licensed
Iraq & Kurdistan - Tablets launched
Australia-No.#1Para-IbuCombo.
Growingmarketshare
-MaxigesicIVlaunched
United Arab Emirates -
Tablets launched
Maxigesic IV launched
Oman - IV launched
Italy - Tablet sales growing
IV launched
Oral suspension launched 2023
Greece - Tablets launched 2021
IV licensed
Germany - Tablets launched 2020
IV launched
Switzerland - Tablets launched 2021
IV licensed
Brazil - licensing
negotiations underway
Argentina - IV licensed
Columbia, Peru & Chile -
distributor appointed Orals
IV licensed
Mexico - Tablets launched 2021
IV licensed
CACM - Tablets launched
IV launched
USA - IV licensed
Canada - Tablets launched 2021
IV licensed
Singapore & Brunei - Tablets launched
Russia -
on hold
China - licensing negotiations underway
Taiwan - Tablets licensed-
Korea - IV launched 2022
Oral licensed
Japan-licensing
discussions
are underway
Indonesia - IV launched
Pakistan -
IV registered
Malaysia - Tablets launched
Phillipines - AFT to sell post
registration via distributor
Vietnam - distributor appointed for IV and Orals
Thailand - IV licensed
Austria - IV licensed and launched 2021
Netherlands - IV launched
United Kingdom - Tablets launched
IV licensed
Nordics - Tablets launched
IV launched
Ireland - Tablets launched
IV launched
Poland - IV and Orals licensed
NZ - Maxigesic, Maxigesic PE,
Maxigesic IV launched
Maxigesic Hot Drink
launched 2023
Maxigesic Hot Drink launched 2022
AFT PHARMACEUTICALS ANNUAL REPORT 2023
15

R&D portfolio development
PORTFOLIO EXPANDS, EXTENDING AFT’S GROWTH OPPORTUNITIES
Our research and development programme has continued to strengthen the foundations
for AFT’s future growth. We are pleased to have secured approvals for two of our products
in the world’s two largest healthcare markets.
In April the US Food and Drug Administration
registered our rapid release tablet form of Maxigesic,
the first time a New Zealand pharmaceutical
company has received approval for a patented,
locally developed prescription medicine.
In early May we received notification from the
FDA that it would respond to AFT’s request for
registration of the intravenous form, Maxigesic IV,
in October of this year.
Meanwhile in March we gained approval to sell
our long-lasting hand sanitiser Crystawash Extend
in China.
The development portfolio now encompasses
nine primary projects. This broad diversification of
products provides protection as development paths
are never smooth and are often unpredictable, as
the experience with our nasal nebuliser NasoSURF
has shown on page 18.
During this financial year, we have added two
major projects to our pipeline, the first, the
development of a topical treatment for strawberry
birthmarks and secondly an eye drop targeted
at drug resistant superbugs. Both of these patent-
protected projects, if successfully developed,
have significant global sales potential.
An important factor in this expansion has been a
reduction in the availability of development capital
to capital consuming biotechnology companies
amid the downturn in international financial
markets. AFT, as a profitable company, is able to
fund all of its projects from its existing cashflows.
We continue to evaluate additional opportunities.
We continue to take a disciplined approach
to the programme. Research and development
expenditure (expensed and capitalised) in the
2023 financial year was $11.8 million compared
to $10.4 million in the previous year.
16WORKING TO IMPROVE YOUR HEALTH16WORKING TO IMPROVE YOUR HEALTH

“AFT as a profitable company
is able to fund all of its projects
from its existing cashflows.”
Target approval late 2023
Target filing 2023
Target completion in 2023
Already launched in Australia
Filed
Target filing 2023
Target filing 2023
Targeted in 1H 2024
Target filing 2023
Timeline confidential
PRODUCTROUTE ADMIN /
DUE FORM
STAGE FORMULATION
MANUFACTURING
CLINICAL DEVELOPMENTREGULATING FILINGCOMMERCIALIZATION
Pain
MaxigesicIV USA
MaxigesicDry Stick
MaxigesicDay/Night
MaxigesicCold, Flu
& Sinus Kit
Nasosurf
Intranasal
Eyecare
Antibiotic
Eyedrop
Dermatology
Project SDTopical
Strawberry
birthmarks
Topical
Gastroenterology
Project KWTablets
Project KWSachet
Project KWCombo
Project BTEnema
CBD
AFT PHARMACEUTICALS ANNUAL REPORT 2023
1717
RESEARCH AND DEVELOPMENT

Maxigesic:
Development work on the additional dose forms of Maxigesic continues as we seek to build
the widest portfolio of paracetamol-ibuprofen combination products available globally.
We are targeting further global registrations of:
• Maxigesic Rapid (patent expiry 2039), a rapid release tablet form;
• Maxigesic Dry Stick Sachets, (paten t expiry 2036), sachets
of flavoured granules that can be taken without water;
• Maxigesic Cold & Flu: Sinus & Pain Kit launched in Australia
(patent expiry 2037); and
• Maxigesic Day/Night (patent expiry 2036).
Pascomer:
We completed our initial Pascomer clinical study
examining the potential of the medicine in the
treatment of facial angiofibromas. The evidence,
while compelling, did not reach the threshold
sufficient for registration as a treatment in the US,
however we still see potential for this medicine
in other markets and have already filed several
regulatory approvals.
We have also started a pilot study examining
the efficacy of the medicine in the treatment
of Port Wine Stain birthmarks. The study is in
the early stages, but should the development
be successful it offers a potentially larger
market opportunity than treatments for facial
angiofibromas. We expect the pilot study
to be completed this calendar year.
NasoSURF:
Our NasoSURF nasal nebuliser project struck
some manufacturing problems during the financial
year, and we are now switching to an additional
manufacturer in Australia to assist in resolving
these issues. We continue to expect to complete
the first human study this year and to make an
FDA New Drug Application (NDA) in 2024.
Antibiotic Eye Drop:
Following in-licensing of a key technology from
the US based company, Latitude Pharmaceuticals,
we are advancing work to go to the US FDA
with data for a pre-IND meeting early next year.
Latitude and AFT estimate the market potential
of the medicine to be as large as US$1 billion.
Project SD:
The development work has been completed
and the first regulatory filings have already
been made and we are planning further filings.
Potential markets are estimated to be around
US$200 million.
Project BT:
The development work has been completed
for this project and some further manufacturing
optimization work is underway before planned
regulatory filings during this year. Potential markets
are estimated to be around US$200 million.
Project KW:
The project, focused on the gastrointestinal tract,
comprises three separate developments. The first
two, a tablet and a sachet, are advancing at an
Italian based manufacturer with dossiers planned to
be available this calendar year. The third is planned
to be initiated this calendar year depending on
progress with the first two. The project is targeting
a market segment of US$700 million.
18WORKING TO IMPROVE YOUR HEALTH

Strawberry Birthmarks:
In cooperation with Massey Ventures, the IP
commercialisation arm of Massey University, and
the Gillies McIndoe Research Institute, we have
also started the development program for a
novel patented topical treatment for strawberry
birthmarks which are skin growths seen
in new-borns.
This project, which seeks to exploit the synergistic
action of two well-known heart medicines
(beta blockers and angiotensin-converting enzyme
inhibitors) in the treatment of the birthmarks.
We are aiming to submit an Investigational
New Drug (IND) application to the United States
Food and Drug Administration in 2024.
Project CBD:
Our medicinal cannabis (CBD) program
is progressing well but given the highly
competitive nature of this market opportunity
in the key target Australian market, we will not
disclose details until, and if, we are able
to secure an OTC approval in Australia.
This represents a lucrative opportunity for the
company, with some estimating the Australian
OTC CBD market alone to be worth some
A$250 million a year. Although it is not crucial
to be first to market, it will be an important
milestone for the company that can achieve
this target.
AFT PHARMACEUTICALS ANNUAL REPORT 2023
19
RESEARCH AND DEVELOPMENT

Working to Improve Your Health
OUR COMMITMENTS TO OUR STAKEHOLDERS
AFT Pharmaceuticals has delivered a decades-
long record of growth built on integrity and a
clear purpose of working to improve the health
of our customers and the communities we
serve. It is a mission that has at its heart a
commitment to sustainability, the maintenance
of corporate governance practices that are
aligned with best practice and high ethical
standards, and a determination to contribute
positively to environmental and social outcomes.
We understand accounting for and managing ESG
considerations are critical to our long-term ability
to create value and improve the health of the
customers and communities we serve.
In 2022 we completed an analysis of the material
issues to our business and our stakeholders. On the
back of this work, we established a sustainability
framework that we are now using to prioritise our
efforts to realise opportunities, manage the risks
to our business, and ensure we are creating shared
value with our stakeholders.
“ESG considerations are critical to our
long-term ability to create value and
improve the health of the customers
and communities we serve.”
This year we have further evolved the sustainability
framework by beginning to introduce objective
and robust measures of performance in the
ESG areas that are material to our business.
We understand measurement is an important step
to help AFT to refine our priorities, better manage
risks, and identify opportunities for innovation.
It also promotes transparency and helps
stakeholders understand how we are managing
our sustainability risks and opportunities.
Measurement of our performance in the areas we
have identified as our priorities is also the logical
precursor to the next stage in the evolution of our
strategy – the establishment of robust targets for
improvement that are meaningful and material
to our business and our stakeholders.
20WORKING TO IMPROVE YOUR HEALTH

OUR ESG HIGHLIGHTS
MEASURING THE SUSTAINABILITY OF OUR OPERATIONS
AFT’s Sustainability Framework
AFT’s framework clearly sets out our material
ESG issues and identifies what we see are the
six priorities for the business. Underneath each
of the six priorities we have identified areas of
focus, which set out what we will do to deliver
on our priorities. For the first time we have this
year we have listed the metrics we are using to
measure our performance. We expect to evolve
and refine these measures in line with the
evolution of our ESG framework.
The framework and our performance against it are
led by the CFO and overseen by the Board. It is used
to guide internal decision making and investment
and track progress and report publicly. We use this
framework to guide our investment in and delivery
of sustainability across the three ESG pillars. The
priority areas demonstrate where we can create
value for the business and our stakeholders.
As in previous years, we continue to map our
business and community initiatives onto the
United Nation’s Sustainable Development Goals
to show how our efforts fit within a global vision
for positive change.
ENVIRONMENTAL SOCIAL AND GOVERNANCE HIGHLIGHTS
OUR PEOPLEOUR PRODUCTSOUR BUSINESS
64% : 36%
FTE FEMALE
TO MALE RATIO
0
INSTANCES OF CONCERN
REVEALED BY GENDER
PAY PARITY REVIEW
0 hrs
LOST TIME TO INJURY
Instituted
A SUPPLIER CODE OF CONDUCT
0
PRODUCT RECALLS
90%+
OF OUR SUPPLIERS
ATTESTED TO COMPLIANCE
WITH OUR MODERN
SLAVERY POLICY
99%
OF PACKAGING WASTE
IN OUR WAREHOUSES DIVERTED
FROM LANDFILL
150
MEDICINES TARGETED AT SEVEN
THERAPEUTIC AREAS
61
COUNTRIES WHERE
OUR PRODUCTS ARE SOLD
7,700
PHARMACIES ACROSS
AUSTRALASIA THAT DISTRIBUTE
OUR PRODUCTS
$11.8m
SPENT ON RESEARCH AND
DEVELOPMENT, UP FROM
$10.4 MILLION IN FY22
AFT PHARMACEUTICALS ANNUAL REPORT 2023
21

ENVIRONMENTSOCIALGOVERNANCE
PRIORITY

Waste
minimisation
Working to improve
health and wellbeing
Best practice
corporate governance
AREAS OF FOCUS
Improving our
consumer packaging
How we measure performance:
• Continuous improvements
in reducing packaging
weight
• Introducing recycled
material into our packaging
• Making more of our
packaging recoverable
Reducing waste
in the supply chain
How we measure performance:
• Reducing packaging
consumption
• Reducing material
towards landfill
Better health and
wellbeing for patients
and communities
How we measure performance:
• Product reach and breadth
of therapeutic applications
• Philanthropic work
Best quality and safety
systems for manufacturing
and distributing medicines
How we measure performance:
• Compliance with best
practice standards in
medicine manufacture
• Our pharmacovigilance
practices and relationships
with our regulators
• Product recalls
Innovation
in response to need
How we measure performance:
• Investment in research
and development
• Product development
portfolio
• Patent portfolio depth
Complying with all
relevant and legal
listing requirements
How we measure performance:
• Regulatory and governance
code compliance
• Training and education
ESG reporting
and transparency
How we measure performance:
• Policy adherence by the
board and management
OUR MISSION: WORKING TO IMPROVE YOUR HEALTH
AFT is committed to enhancing the health and wellbeing of people and communities
in the markets we serve and operating a sustainable business.
Our Strategies
22WORKING TO IMPROVE YOUR HEALTH

ENVIRONMENTSOCIALGOVERNANCE
PRIORITY
Understanding
climate related risks
and taking action
Supporting
and developing
our people
Ethical and
sustainable
value chains
AREAS OF FOCUS
Undertaking a climate
risk assessment
How we measure performance:
• Preparing to report against
the Aotearoa New Zealand
Climate Standards
Working with suppliers
to take climate action
How we measure performance:
• Preparing to report
against the Aotearoa
New Zealand Climate
Standards
Developing our people
How we measure performance:
• Training
• Staff turnover
• Wellbeing support
Diversity and inclusion
How we measure performance:
• Compliance with our
code of culture and ethics
• Compliance with our
policy suite
• Monitoring gender,
culture identity, nationality
to ensure diversity.
• Living wage, parental leave,
and pay parity commitments
Health and safety
How we measure performance:
• Health and safety policy
compliance
• Supplier Code of Conduct
compliance
• Lost time to injury reporting
ESG performance
in our value chain
How we measure performance:
• Compliance with our
Supplier Code of Conduct
and our Modern Slavery
commitments
Ethical marketing and
sales practices
How we measure performance:
• Compliance with our code
of culture and ethics,
our anti-bribery
and corruption policies
UN Sustainable Development Goals
The UN sustainable development goals are a collection of 17 interlinked global goals designed
to be a blueprint to achieve a better and more sustainable future for all. The goals were established
in 2015 by the United Nations General Assembly and are intended to be achieved by the year 2030.
At AFT we believe we can meaningfully contribute to the six of the goals.
More information on the goals can be found here: https://sdgs.un.org/goals
SUSTAINABILITY
Good Health and Wellbeing
Ensure healthy lives and promote
well-being for all at all ages.
Gender Equality Achieve gender equality
and empower all women and girls.
Decent Work and Economic Growth
Promote sustained, inclusive, and sustainable
economic growth, full and productive
employment, and decent work for all.
Reduced Inequalities
Reduce inequality within and among
countries.
Responsible Production and Consumption
Ensure sustainable consumption
and production patterns.
Climate Action
Take urgent action to combat climate
change and its impacts.
AFT PHARMACEUTICALS ANNUAL REPORT 2023
23

10
Ethical and sustainable supply chains are categorised as a governance issue, as it encompasses the management
oversight of both environmental and social performance of contract manufacturers, license holders and other suppliers.
100
90
80
70
60
50
40
Business Priorities
Ethical & sustainable
supply chains
Product quality &
safety of medicines
Consumer/patient
good health
40 50 60 70 80 90 100
Product Innovation R&D
Employee Health,
Safety & Wellbeing
Access to medicines
Workforce: Diversity & Inclusion
Attraction & Retention
Climate change
Packaging: Consumer
& supply chain
Ethical business practices
including marketing
Corporate Governance,
compliance & transparency
Stakeholders Priorities
Environmental
Social
Governance
ESG matters material to AFT’s business
HOW WE SET OUR PRIORITIES
Our ESG framework is built on a thorough analysis of the material sustainability
issues facing AFT that matter most to our business and our stakeholders.
It also follows from an analysis of those areas where we can have the greatest
impact. In the context of our status as a publicly listed company, ‘material’ matters
are those that a reasonable person would consider having an impact on the
company’s valuation or the sustainability of our operations. However, in line
with best practice ESG standards we also considered those topics that reflect
AFT’s most significant impacts on the economy, environment, and people.
The culmination of this analysis is the materiality matrix below.
24
WORKING TO IMPROVE YOUR HEALTH

1. Improving Health and Wellbeing
Focus areas:
Better health and wellbeing for patients and communities
Best practice quality and safety systems for manufacturing and distributing medicines.
Innovation in response to patient need.
Extending our reach with new and
innovative medicines
Improving the health of our customers is the reason
we exist, and we are determined to be good to our
word by researching, developing, commercialising,
and distributing medicines and other healthcare
products that are proven to deliver tangible
improvements. We will never lean on pseudo-
science or spin to imply efficacy.
Our portfolio of medicines now extends to 150
products, up from 130 at the same time a year ago.
It spans our seven core therapeutic categories of
pain, eyecare, vitamins, allergy, gastrointestinal
medications, dermatology, and hospital products.
It is also continuing to expand with the launch of
68 new products slated for launch between the
current financial year (FY24) and the end of the
2026 financial year. Our products have been sold
in 61 countries, up from 46 at the same time a year
ago and we have licensees for our products in more
than 100 countries worldwide.
In the past year alone, we spent $11.8 million on
research and development, an increase on the
$10.4 million spent in the prior year. This level of
spending is in line with our spending over the last
two decades. These resources have been devoted
to tracking and responding to our customers’
needs, funding clinical trials to prove the efficacy
of our Maxigesic family of pain relief medicines and
other products such as Pascomer, our treatment for
a disfiguring and distressing skin disease. We are
also reaching out to clinicians and other healthcare
professionals to inform them about, and encourage
the use of, our products.
We apply the same standards to the products we
in license from our networks around the world.
Leveraging our global partnerships, we identify
solutions to meet hitherto unmet needs in our
home markets of Australia, New Zealand and turn
only to those products where there is a body of
evidence that attests to the benefits they offer.
Finally, all research and clinical trials are conducted
and are subject to ethical and patient safety standards
that are administered by independent oversight
bodies such as the US Food and Drug Administration,
Australia’s Therapeutic Goods Administration,
New Zealand’s Medicines, and Medical Devices
Safety Authority, among many others. Where we
are conducting clinical research, it is always overseen
by ethical research oversight bodies.
AFT PHARMACEUTICALS ANNUAL REPORT 2023
25
SUSTAINABILITY

Supporting academic research
In an ongoing recognition of the extent to which
we rely on New Zealand educational and research
institutions to train the people we need to grow
and thrive; we provide financial support. AFT has
a long-standing association with and provides
support to the University’s Medical Health Science
Professor Brian Anderson, who specialises in
paediatric anaesthesia, paediatric intensive care
paediatric and pharmacology. Our approach
with all philanthropic work is aligned with the
company’s determination to work in partnership
with organisations and people who are involved in
our business and to gift to areas where we believe
we can have the greatest impact.
Access to Medicines
We recognise access to medicines is an
important equity issue. We have a strong
history of working with clinicians who
engage regularly with our business to
identify countries, communities, and charities
that most need access to our products. We
also supply a number of rare medicines
vital to the health and well-being of the
populations we serve.
Late last year we worked with the Australian
government to deliver emergency supplies
of our medicine fomepizole to Indonesia to
help children poisoned by a tainted cough
syrup sourced from India (not an AFT
product). Batches of the syrup were tainted
with ethylene glycol, the effects of which can
be mitigated by fomepizole. In the middle
of weekend towards the end of last year we
worked with the Australian government to
get the only supplies of fomepizole available
in Australia from our warehouse in Sydney
to Jakarta to treat the children.

Indonesian health authorities taking delivery
of our medicine fomepizole.
Product Safety and Quality
Efficacy of a medicine means nothing without the
highest standards of product safety and quality.
We recognise them as being at the foundations
of our business, our financial well-being, and our
corporate reputation. We also understand that
the multiple national regulators that approve
our products for sale around the world and our
customers and sales and distribution partners
will accept nothing less.
Whenever we take a new medicine to market or
in-license a product we must meet the stringent
regulatory requirements set and administered by
national food and medicine regulators. Registration
of a medicine requires independent analysis and
approval of the therapeutic claims we make and
the evidence and research we have undertaken to
make those claims. Registration also requires AFT
to file and update safety information with regulators
and maintain product traceability information. It
also requires compliance with Good Manufacturing
Practice (GMP) to ensure our products are
consistently produced, controlled, and shipped
according to nationally mandated quality standards.
A member of the executive team is dedicated
to managing and complying with regulatory
process while another oversees our research and
development processes. We and our licensees
monitor the markets in which we operate to ensure
counterfeits or copies of our medicines are not
being sold. Meanwhile our brands and anti-tamper
devices in our packaging such as seals, and blister
packs protect us against product interference,
and we continually review new technologies and
practices to ensure we evolve with the industry.
We operate a Board-level committee, the
Regulatory and Product Development Oversight
Committee, which oversees our regulatory and
risk management framework and the company’s
product labelling system. The committee charter
is available on the investor section of our website.
We have over the last year maintained our
strong record for product safety and quality.
No products have been sold into the market
without the required regulatory approvals,
we have received no notifications of concern
in relation product counterfeits, nor have we
issued any product recalls.
26
WORKING TO IMPROVE YOUR HEALTH

2. Best practice corporate governance
Focus areas:
Complying with all relevant legal and listing requirements
ESG Reporting and transparency
AFT Pharmaceuticals is committed to maintaining corporate governance standards in line with best
practice and high ethical standards. This commitment recognises good governance is fundamental
to our business success. Our governance framework puts in place clear standards of oversight
and risk management and ensures accountability to all our stakeholders.
We have continued to evolve our governance
framework and it is now embedded as a key pillar of
our broader sustainability framework (see above).
This year we have introduced a Supplier Code of
Conduct (see Ethical and Sustainable Value Chains
below). This policy builds on the introduction of
a Modern Slavery Policy and Statement and an
Anti-Bribery and Anti-Corruption Policy in the prior
year. For the first-time we are reporting objective
measures of performance across key areas as the
first step towards developing strategies and robust
targets for improvement that are meaningful and
material to our business and our stakeholders. This
includes our ongoing preparations to report against
the new Aotearoa New Zealand Climate Standards.
The Board has reviewed all key governance
policies during the year and received management
assurance of compliance with them. All employees
have received training and refresher courses on
key policies (see Supporting and Developing
our People below). Meanwhile, as at the time of
preparation of this report, we have received no
reports of bribery or corruption, nor any breaches
or issues of concern related to the company’s Code
of Culture and Ethics, Modern Slavery, Securities
Trading, and Market Disclosure Policies.
NZX and ASX Listing Rules
We continue to ensure that our governance
framework is aligned with our obligations as a listed
company and the prevailing standards of good
corporate behaviour. The AFT Board has had regard
to the NZX Listing Rules and a number of corporate
governance recommendations when establishing
its governance framework, including the Third and
Fourth Editions of the Australian Securities Exchange
(ASX) Corporate Governance Council Principles
and Recommendations (notwithstanding AFT is not
required to follow these recommendations due to its
ASX Foreign Exempt Listing) and the current NZX
Corporate Governance Code (NZX Code).
The NZX Listing Rules require AFT to formally
report its compliance against the recommendations
contained in the NZX Code as dated 17 June
2022 or voluntarily report against the code as
dated 1 April 2023. AFT has elected to do the
latter. We have set out in our 2023 Corporate
Governance Statement how we have implemented
the recommendations in the new code. Except to
the extent outlined in the Corporate Governance
Statement, the Board considers that AFT’s
corporate governance structures, practices and
processes have followed all their recommendations
in the new NZX Code in the financial year ended
31 March 2023.
AFT’s Corporate Governance Statement, our
governance charters and policies can be found in
the Investor Centre on our website. AFT’s corporate
governance charters and policies have been
approved by the Board and are regularly reviewed by
the Board and amended (as appropriate) to reflect
developments in corporate governance practices.
Visit investors.aftpharm.com/Investors
AFT PHARMACEUTICALS ANNUAL REPORT 2023
27
SUSTAINABILITY

3. Ethical and Sustainable Value Chains
Focus areas:
ESG performance of our value chain
Ethical marketing and sales practices
AFT is committed to operating an ethical and sustainable supply chain. Our supply chains are extensive
and sometimes complex, with a high proportion of products sourced from large and reputable
pharmaceutical companies and manufacturers based in regions including Europe, the United States
and India and Asia. Due to the extent of these networks, we recognise the supply chain represents
a reputational and financial risk to the business.
This year we introduced a Supplier Code of
Conduct. The code applies to all suppliers of both
products and services to AFT, including their
parent, subsidiaries, affiliates, and subcontractors.
The code requires suppliers among other things to:
• comply with applicable national, and international
laws;
• observe and model ethical business practices;
• ensure all workers are treated in a manner
consistent with international human rights
standards, including the UN Universal Declaration
of Human Rights, the UN Convention on the
Rights of the Child, and the International Labour
Organisation Core Conventions; and
• establish and follow effective policies and
procedures to promote workplace health
and safety.
The code also requires suppliers to attest
to compliance with the code and allows for
inspections by AFT. Meanwhile in 2022 the
company introduced a Modern Slavery Policy to
ensure that our supply chain was free of intolerable
practices such as slavery, servitude, forced or
compulsory labour and human trafficking. The
policy requires that the entities that AFT controls:
comply with all applicable laws and regulations;
address Modern Slavery risks in our supply chain
and business operations; and sets minimum
standards for employees and those who work on
our behalf.
Notably it requires that compliance with the
Modern Slavery Policy – and compliance with
applicable Modern Slavery laws and regulations
– be embedded within supplier contracts and
give AFT the capacity to cease dealing with a
counterparty if it is found in breach of either.
The policy also requires AFT and our business
units to monitor suppliers to ensure compliance
with the policy and transparently report on the
steps we take to address Modern Slavery risks
in our operations and supply chains.
In the 2023 financial year AFT sent all suppliers a
copy of the Modern Slavery Policy and requested
they attest to compliance with it. So far more
than 90% have attested to compliance and we
are following up with the remainder. The Modern
Slavery Policy and AFT’s second Modern Slavery
Statement issued in compliance with the Australian
Modern Slavery Act 2018 (Ch) and our Supplier
Code of Conduct can be found in the investor
centre on our website.
2023

SUPPLIER
CODE OF

CONDUCT
28WORKING TO IMPROVE YOUR HEALTH

4. Supporting and developing our people
Focus areas:
Developing our people
Diversity and inclusion
Health and safety
AFT is committed to ensuring equal opportunity for all its people regardless of race, nationality,
gender, sexual orientation, age, religion, or physical ability. We are also committed to developing
our people through education, training and providing workplace flexibility, including flexible
work hours to accommodate employee needs.
¹ Officers are considered to be the CEO and his direct reports. Managing Director Hartley Atkinson and Chief of Staff Marree Atkinson
are included in both the number of directors and the number of officers.
We make these commitments recognising that
building a culture of diversity, accountability,
and fair reward will deliver improved business
performance and help to ensure we can attract and
retain highly skilled people. These commitments
are underpinned by Board-level policies including
a Code of Culture and Ethics, Diversity & Inclusion,
Remuneration and Whistleblowing, all of which are
available on the investor section of our website.
We are proud of the diversity we have achieved
at AFT and believe it is one of our core strengths.
As at the end of March 2023 we had 100 employees
from 34 different cultural backgrounds and 27 birth
countries, with a gender split of 66% women and
34% men and an age spread of employees ranging
from 21 years to more than 70 years (average age
of 42 years 9 months old). We also benefit from
a loyal and stable workforce, with staff turnover
across the financial year of 12% a figure that
is consistent with prior years.
Employees by Gender Diversity
(%, as at 31 March 2023)
Female 66%
Male 34%
Gender composition of AFT’s workforce
The respective numbers and proportions of men
and women at various levels within the AFT
workforce as at 31 March 2023 and 31 March 2022
are set out in the table below:

Female Male
2023202220232022
Directors¹ 233%233%467%467%
Officers¹ 450%4 40%450%6 60%
Workforce6464%5961%3636%3839%
AFT PHARMACEUTICALS ANNUAL REPORT 2023
29
SUSTAINABILITY

Employees by Age Diversity
(%, as at 31 March 2023)
Australia 36%
New Zealand 29%
India 3%
China 3%
United Kingdom 5%
Malaysia 2%
Phillipines 2%
Germany 2%
Switzerland 2%
Other 16%
21-30 16%
31-40 25%
41-50 25%
51-60 26%
61-70 7%
70+ 1%
Employees by Birth Country Diversity
(%, as at 31 March 2023)
Our success on these measures reflects our
determination to promote a culture that is free
from discrimination, harassment and victimisation.
It also reflects our focus on emphasising the
accountability of AFT Pharmaceuticals’ leaders
to cultivate a culture of inclusion in which the
strengths of every individual are recognised and
valued.
These efforts are supported by an ongoing
programme to educate our team on the importance
of creating a diverse and inclusive environment
and providing awareness of the potential for
unconscious bias in people management processes.
This includes a formal managers’ training
programme provided by an external company for
maintaining our current diversity of culture, age,
and gender across departments.
Our team is also supported by continuous
workplace policy development. We have this year
updated our maternity policy where AFT will match
government contributions in all of the territories
where we operate, effectively doubling the
statutory entitlements of all our employees. This
year we also introduced a Family Violence policy
to provide time and support to any employees
associated with violence in the home.
We actively monitor the diversity of our workforce.
Our aim is to ensure that our workforce continues
to benefit from this broad range of perspective and
backgrounds, and we report quarterly to the board
on the number of employees, gender, age, birth
country and cultural identity.
30WORKING TO IMPROVE YOUR HEALTH

Remuneration and gender pay equity
We strive to ensure all employees and contractors
receive equal and fair treatment in all aspects of
the company’s employment policies and practices
and that they are incentivised towards the success
of the company. We hire the ‘best person’ for the
job, regardless of gender, age, culture region and
incentivise our people in a way that is aligned with
the long-term success of the company.
To ensure we deliver on these commitments we
undertake an annual merits-based remuneration
review, which provides visibility to management in
relation to the parity of working conditions and pay
across the workforce. This review also considered
deviations from company averages and targets
to understand whether any unconscious bias was
occurring in recruitment or promotion.
We are comfortable that we have achieved gender
pay equity, but it is clear that in some teams there
is over-representation of one gender over the other.
However, this reflects the higher applicant rate
of those genders when recruiting new members
to teams. This factor is taken into consideration
when making future hires, with the aim to correct
the imbalance over time, where possible. We are
meanwhile committed to paying the living wage,
but reflecting the capabilities and skills of our
people, the vast majority receive remuneration
well in excess of this level.
The remuneration of our Directors and Executive
Directors are overseen by the Board and the
company’s Remuneration and Nominations
Committee as detailed in our Corporate
Governance Statement.
Developing our people
We continue to upskill our people recognising
the role it plays in maintaining our competitive
advantage and building the company’s reputation
as a great place to work.
In addition to the formal induction processes into
our company culture and policies, we support
our staff in pursuing development of skills in
their chosen fields. All professional development
undertaken by our staff is paid for by AFT, this has
included courses for pharmacists, accountants,
and lawyers to ensure their continued education
and professional memberships are maintained.
Community
This year in Australia we worked with the Chemist
Warehouse to raise money for the women’s
mental health charities the Liptember Foundation
and the men’s mental health charity Gotcha 4
Life. We contributed 5% of the total gross sale
proceeds of Maxigesic tablets sold through
Chemist Warehouse over the promotional period.
The Liptember Foundation runs a campaign
each September dedicated to raising funds and
awareness for women’s mental health. The Gotcha
4 Life foundation aims to reduce the rate of suicide
in men across Australia. It does this by providing
support to organisations like Lifeline by recruiting
and training more male counsellors. It also aims to
have appropriately trained teachers reach out to
schools and develop programs that show how boys
and adolescent men can ‘open up’. Through both
promotions we contributed a total of A$20,000
to the charities.
AFT PHARMACEUTICALS ANNUAL REPORT 2023
31
SUSTAINABILITY

Meanwhile, in the wake of the Auckland floods
this year we donated packs of our hand sanitiser
Crystawash, and the long-lasting version
Crystawash Extend to Northshore communities
to protect them as they worked often in polluted
waters to repair the damage of the flooding.
This philanthropic work builds on past
contributions to charities working to improve
eyecare in Nepal (Eyes4Everest), delivering
medicines to communities in Vietnam (AusViet
Charity Foundation) and East Timor (Carmelite
Nuns) and providing medicine to help combat
scabies in Bougainville (Wesleyan Medical Mission)
among others. We also provide medicines to
firefighters involved in combatting bushfires each
season in Australia and to support services during
the recent flooding across New Zealand.
Health and safety
AFT has adopted a Health and Safety Policy
and both the Board and management are
committed to promoting a safe and healthy
working environment for everyone working
in or interacting with AFT’s business.
The Health and Safety Policy requires AFT people
to endeavour to take all practicable steps to provide
a working environment that promotes health and
wellbeing, while minimising the potential for risk,
personal injury, ill health, or damage. AFT operates
an employee-led Health and Safety Committee and
it meets regularly to monitor and manage health
and safety risks, including hazards, within the
business. We assist employee health by providing
flu vaccinations and train our people in first aid and
responses to emergencies such as cardiac arrests.
We undertake monthly audits of health and safety
practices and performance, and the outcomes
of these audits are reported to the Board.
We have a strong record in health and safety
as evidenced by our health and safety targets
and our progress on them below.
Indicator Target Performance
Lost time to injuries 0Achieved
Total recordable injuries 0Achieved
32WORKING TO IMPROVE YOUR HEALTH

5. Waste minimisation
Focus areas:
Improving our consumer packaging
Reducing waste in the supply chain
AFT is working to minimise the waste it generates. Our immediate approach towards this vision
and to make a meaningful difference is to take a life-cycle approach to packaging from manufacture
to disposal, particularly of supply-chain and distribution, consumer, and hospital packaging.
We have also instituted recycling systems at our offices.
We are looking at the packaging material used
throughout the supply chain. Our report for
this year includes the primary and secondary
packaging which we previously did not report on.
Primary packaging is the material that contacts
the medicine. Secondary packaging is the external
packaging which encloses the primary packaging.
The primary packaging is regulated according to
strict pharmacopeial standards and consequently
most of our products cannot be manufactured from
recycled material. For example, the glass material
used to pack pharmaceutical products, especially
those for parenteral administration must be made
of specialist glass with high hydrolytic resistance.
AFT is a member of the Australian Packaging
Covenant Organisation (APCO), which partners
with government and industry to reduce the
harmful impact of packaging on the environment.
It achieves this by promoting sustainable design
and recycling initiatives, waste to landfill reduction
activities and circular economy projects.
Our latest APCO assessment recognises AFT as
‘advanced’ in its efforts against the organisation’s
goals. This is the same overall rating as the prior
year. We achieved the majority of packaging
goals we set in 2022 covering the development
of strategies to increase the sustainability and
recoverability of our packaging, our efforts
to recycle waste at our warehouses and our
elimination of problematic materials in the supply
chain. We made key advances in the design and
procurement of packaging category, with 98.7%
of our packaging optimised for material efficiency.
However, we have more work to do in improving
the labelling on our packaging to help consumers
understand how to dispose of it at the end of its
life. The full 2023 APCO report will be available
on our website when finalised.
AFT’s Packaging ProgressAFT’s Packaging Progress
Area of FocusKey Metrics
Governance
and strategy
Packaging sustainability
is integrated into our
business strategies.
Design and
procurement
100% of our packaging
reviewed against sustainable
packaging guidelines.
98.7% of our packaging has
been optimised for material
efficiency.
Recycled
content
31% of our packaging has at
least some packaging made
from recycled material.*
Recoverability 98.7% of our packaging is
designed to be recoverable
at end of life.
On site waste 99% of our packaging waste
in our warehouses is reused
or recycled.
Problematic
materials
1.3% single use packaging
in our supply chain.
* Most of our packaging in primary packaging is regulated
according to strict pharmacopeial standards and consequently
has to be made from non-recyclable material.
98.7%
OF OUR PACKAGING IS DESIGNED
TO BE RECOVERABLE AT END OF LIFE
AFT PHARMACEUTICALS ANNUAL REPORT 2023
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SUSTAINABILITY

6. Understanding our climate-related
risks and taking action
Focus areas:
Undertaking a climate-risk assessment
Working with suppliers committed to climate action
The majority of our greenhouse gas emissions directly attributable to the business are in the
distribution of our products via sea, land, and air freight modes of transport. We are committed
to understanding and communicating to shareholders the implications of climate change on our
business and what we are doing to mitigate the risks and take advantage of the opportunities.
In 2022 AFT began preparations to report against
the new Aotearoa New Zealand Climate Standards
in the 2024 financial year. AFT has resolved the
Board will have oversight of our climate related
risks and opportunities alongside its oversight
of the company’s broader ESG framework.
Our climate related risks are to be considered
as part of the Board’s annual strategic review
and to be integrated into our strategy and risk
management framework. Responsibility for
delivering against those strategic goals and
monitoring and managing climate related risks
will be delegated to the Managing Director in
accordance with the existing delegations as set
out in AFT’s Board Charter.
We have engaged Toitu Envirocare to assist with
the measurement and independent audit of the
company’s greenhouse gas emissions. Monitoring
of AFT’s progress against climate-related strategic
goals and assessing climate related risks, including
the measures and targets relevant to monitoring
progress, will be embedded within our existing
corporate reporting systems and processes.
The Board will be assisted in its oversight of
climate related risks and opportunities by the
Audit and Risk Committee. Meanwhile, the Board
will consider the extent to which it has the skills
and competencies to provide oversight of climate
related risks and opportunities as part of the
Board’s annual evaluation process.
34WORKING TO IMPROVE YOUR HEALTH

Reconciliation of EBITDA to GAAP
AFT’s standard profit measure prepared under New Zealand GAAP is net profit after tax.
AFT has used the non-GAAP profit measure of EBITDA when discussing financial
performance in this document. AFT directors and management believe that this measure
provides useful information as it is used internally to evaluate performance of business
units, to establish operational goals and to allocate resources.
Non-GAAP profit measures are not prepared in accordance with NZ IFRS (New Zealand
International Financial Reporting Standards) and are not uniformly defined, therefore
the non-GAAP profit measures reported in this document may not be comparable with
those that other companies report and should not be viewed in isolation or considered
as a substitute for measures reported by AFT in accordance with NZ IFRS.
GAAP to Non-GAAP reconciliation
NZ$'000’s
Year ended 31 March

2023

2022
Net profit after tax attributable to owners of the parent10,65419,848
Less: Finance income(13)(4)
Add back: Interest costs2,8732,435
Add back: Other finance loss/(gain)1,010(727)
Add back: Depreciation808827
Add back: Amortisation916260
Add back: Income tax expense/(benefit)5,145(1,163)
EBITDA21,39321,476
AFT PHARMACEUTICALS ANNUAL REPORT 2023
35

David Flacks
CHAIRMAN
Appointed 22 June 2015
David has a number of
governance roles and has
been chair of AFT since the
company’s initial public offer in
2015. David is also chair of the
Suncorp New Zealand group of
companies. He is a director of
Todd Corporation, and a number
of environmentally focused
pro bono organisations. He is a
former chair of the NZX Markets
Disciplinary Tribunal and a
former member of the Takeovers
Panel. He is also a director of
boutique corporate law firm
Flacks & Wong. David was for
many years a senior corporate
partner at Bell Gully and was
general counsel and company
secretary of Carter Holt Harvey
during the 1990s. He is a law
graduate from Cambridge
University.
Dr Hartley Atkinson
CHIEF EXECUTIVE OFFICER, EXECUTIVE
DIRECTOR, AND CO-FOUNDER
Appointed 4 September 1997
Hartley founded AFT in 1997.
Before founding AFT, Hartley
worked at Swiss multinational
pharmaceutical company,
Roche, for eight years where
he held positions as Sales &
Marketing Director, Medical
Director, Product Manager
and Medical Manager. Prior
to that Hartley was a Drug
Information Pharmacist and
Researcher at the Department
of Clinical Pharmacology,
Christchurch Hospital. Hartley
is the author of more than
30 scientific publications and
his work has been published
in the prestigious The New
England Journal of Medicine.
Hartley holds a doctorate in
Pharmacology, a Masters in
Pharmaceutical Chemistry with
distinction, and a Degree in
Pharmacy, all from the University
of Otago.
Marree Atkinson
CHIEF OF STAFF, EXECUTIVE DIRECTOR,
AND CO-FOUNDER
Appointed 4 September 2012
Marree has been involved in
all aspects of AFT’s business
since its establishment in
1997, including roles in sales,
regulatory affairs, customer
services and logistics. Marree’s
role as Chief of Staff sees her
involved in the day-today
running of AFT’s head office
including managing staffing
requirements and special
projects involving AFT’s head
and affiliate offices. Marree is
a registered nurse previously
practising at Waikato Hospital.
Directors
AFT has an experienced and balanced Board with a diverse range of skills. It comprises an Independent
Chairman, three other Non-Executive Independent Directors and two Executive Directors. Their names
and information about their skills, experience and background, together with information about AFT’s
management team, are set out above and on the following pages.
36WORKING TO IMPROVE YOUR HEALTH

DIRECTORS
Anita Baldauf
INDEPENDENT DIRECTOR
Appointed 4 November 2020
Anita brings to AFT a broad and
international experience in FMCG
and Corporate Finance. Her 22-
year career at Nestlé and L’Oréal
(Laboratoires Innéov), mostly
as CFO in multiple developed
and developing countries,
gave her a rich expertise in
finance and investor relations,
compliance and governance,
international business as well
as people development, and
value-based leadership. Anita
is impassioned about driving
impact, particularly in the area
of Wellbeing and mental health.
She is a Fellow of the Edmund
Hillary Fellowship, where she is
advising and supporting New
Zealand and international start-
ups and impact ventures as they
navigate through the challenges
of exponential change, rapid
growth, and their aim for impact
and sustainability.
Jon Lamb
INDEPENDENT DIRECTOR
Appointed 4 September 2012
Jon has led the strategic
planning, marketing and
restructuring of various
companies throughout his
career, including Beecham,
Nylex, Fletcher Challenge,
and the New Zealand Kiwifruit
Marketing Board.
He is a and a former Director
of Virionyx, a New Zealand
company that developed an
antiviral drug designed to
combat AIDS.
His is a Director of an Australian
cannabis company and Deputy
Chair of Australian diagnostic
company ATF Group.
Jon has been involved with
AFT since 2004, firstly as a
consultant, and then in his
current capacity as a Director.
Jon is a Member of the Institute
of Directors and has a Diploma
from the Marketing Institute
of the UK (now the Chartered
Institute of Marketing).
Dr Ted Witek
INDEPENDENT NON-EXECUTIVE DIRECTOR
Appointed 23 December 2020
Ted served Boehringer Ingelheim
Pharmaceuticals for nearly
25 years where he held various
pharmacology and clinical
research positions, including
Director of Respiratory and
Immunology Clinical Research
leading to his roles as President
and CEO of Boehringer
Ingelheim’s Canadian and
Portuguese operations. He led
the Global Operating Team for
Spiriva serving as Co-Chair of
the Global Alliance with Pfizer.
Ted also was Chief Scientific
Officer & Senior Vice President,
Corporate Partnerships, at
Innoviva (Formerly Theravance,
Inc.). He also served on the Board
of Directors of Canada’s Research-
Based Pharmaceutical Companies
(Rx&D) including Chair of the
Health Technology Assessment
and Public Relations Committee.
He was appointed to the Ontario
Health Innovation Council, an
advisor to the Design for Health
Program at OCAD University. He
is currently an Adjunct Professor &
Senior Fellow at the University of
Toronto’s School of Public Health
& Leslie Dan Faculty of Pharmacy.
He serves as Director of the DrPH
program. Ted is the author of
more than 100 scientific papers as
well as several chapters
and books.
AFT PHARMACEUTICALS ANNUAL REPORT 2023
37

Malcolm Tubby
CHIEF FINANCIAL OFFICER
Malcolm is a qualified Chartered
Accountant in the United
Kingdom and New Zealand with
a wealth of senior corporate
governance expertise, including
roles in significant public
companies as Chief Financial
Officer. He has experience
in senior positions in public
and private companies in
pharmaceuticals, beverages,
insurance and aged care
facilities in Australia and
New Zealand. Malcolm has
been involved with AFT since
its foundation.

Ioana Stanescu
DIRECTOR RESEARCH AND DEVELOPMENT
Ioana has overall responsibility
for AFT’s research and
development. She has over
25 years’ experience in the
pharmaceutical industry,
including positions as Vice
President Quality Assurance &
Regulatory Affairs and Head
of Vaccine Business Area at
FIT Biotech Ltd, and a WHO
adviser within Central and
Eastern Europe. She has also
coordinated several European
Union funded research grants
and was selected as an Expert
by the European Health
Committee – Council of Europe
to participate in a research study
in 1999.

Vladimir Illievski
REGULATORY AFFAIRS MANAGER
Vladimir holds a Masters
degree in Pharmacy from the
University of Ljubljana, Slovenia,
where he started his career
as a pre-clinical researcher
before moving to New Zealand.
Prior to joining AFT in 2006,
Vladimir worked for Douglas
Pharmaceuticals in various roles
including as Quality Control
and Quality Assurance Analyst
and as a Regulatory and Senior
Regulatory Associate. Vladimir
has responsibility for product
registrations in countries in
Australasia, Asia, the Middle East
and the United Kingdom.

Management Team
38WORKING TO IMPROVE YOUR HEALTH

Louise Clayton
DIRECTOR INTERNATIONAL BUSINESS
Having worked with brands
within the supplement, over
the counter, health and
beauty channels, Louise has
significant experience in driving
international brands through a
variety of roles encompassing
sales, brand marketing,
product sourcing, new product
development, and new market
expansion. With over 20 years’
experience with international
business, key accounts, sales
and marketing teams, Louise has
a core focus on brand growth
and development within local
and international markets.
Scott Crawford
GENERAL MANAGER PROMOTED PRODUCTS
Scott joined AFT in 2013 and is
responsible for the Promoted
Products Sales in Australia and
New Zealand across all retail
channels including Primary
Care, Pharmacy, Supermarkets,
Petrol, and Convenience. His
role as General Manager of
Promoted Products involves
the coaching and development
of account managers, field
supervisors and trade marketing
across ANZ. Scott has over
20 years’ experience in fast-
moving consumer goods in both
Australia and New Zealand and
has previously held roles with
Red Bull, Ferrero Confectionery,
Smiths Snackfoods and
National Foods.

Murray Keith
GROUP MARKETING MANAGER
Murray joined AFT
Pharmaceuticals in 2011 and
has since been responsible
for managing our marketing
function, with a primary focus on
the Australian and New Zealand
markets. His extensive marketing
career prior to joining AFT
includes a range of roles working
across a number of blue-chip
brands and companies, including
Nestlé, Lion Nathan, Bay of
Plenty Rugby, Nestlé Purina,
New Zealand Lotteries and
Fonterra Brands.
MANAGEMENT TEAM
AFT PHARMACEUTICALS ANNUAL REPORT 2023
39