2024 ASM Chairs address & presentation

AFT Pharmaceuticals
2024 Annual Meeting
Milford Cruising Club

Friday, 2 August 2024

Chairman’s Address

[Slide 7: Record revenue amid International expansion and portfolio growth – speaker
David Flacks
I am proud to report that AFT has delivered another year of significant growth and
expansion.
Full-year operating revenue increased by 25% to $195.4 million. Revenue is more than four
times the revenue we were generating at the time of our IPO and our listing on the
NZX/ASX at the end of 2015.
We also delivered record earnings. EBITDA rose by 22% to $26.2 million, and our operating
profit increased by 23% to $24.2 million.
Our products are now sold in more than 70 countries, and we have seen robust topline
growth across all territories. We are particularly pleased with our progress in the United
States and China, the world’s largest pharmaceutical markets.
The intravenous form of our Maxigesic pain relief medicine went on sale in the United
States earlier this year, triggering a $6 million licence payment from our distributor Hikma
Pharmaceuticals.
We are now working towards the US launch of Maxigesic Rapid, a rapid dissolving form
of the medicine. In June we signed our first US distribution agreement for Maxigesic Rapid
with Alexso, an established pharmaceutical distribution company, and we expect further
distribution agreements to follow.
Meanwhile, as we announced in early July, having secured a distribution agreement of
our topical antiseptic Crystaderm with the Shenzen stock-exchange listed Hainan Haiyao
Co., we are now ready to make our first steps into the Chinese domestic market. We see
it as just the first step in this important territory.

These launches and the broader growth across all regions underscore the effectiveness
of our strategy and our proven and unique ability to consistently identify and address
unmet health needs across the world.
Alongside these achievements we have continued to invest for future growth.
As Hartley will discuss in detail shortly, these efforts have seen the launch of new products
in our core Australasian markets; the expansion of new business operations in North
America, Europe, the UK and Asia and the addition of several new projects to our
development pipeline.
[Slide 8: Significant financial improvement since IPO – speaker David Flacks]
Our performance in the 2024 financial year represents an extension of a decades-long
record of growth.
The diagram on the left shows the continued growth in AFT shareholder equity. It reached
a low of $5 million in the 2019 financial year. Since then, it has grown steadily to almost
$90 million in the latest financial year. Over the same period our debt-to-equity ratio has
also significantly improved.
This success is not only attributable to the growth of Maxigesic in international markets, it
also reflects strong growth in Asia across a range of products, and importantly our stellar
growth in Australasia - the engine of our business.
By way of example, at IPO we had about 100 products in New Zealand and 45 products
in Australia. As of today, these numbers stand at 150 products on shelf in New Zealand
and more than 85 in Australia. More importantly, we continue to expect strong growth in
the coming years both through in-licensing and through commercialising our own
intellectual property.
Our payment of a maiden dividend last year and the significant increase in the dividend
this year is a tangible demonstration of the Board’s confidence in the company’s
prospects.
As Hartley will discuss in detail later, we are now looking to the next target of $300 million
revenue.
In light of such a positive outlook and such an enduring record, it should come as no
surprise that we are disappointed with the current share price.
Our shares are now trading at around $3. This price is only slightly higher than the $2.80 at
which we issued shares in the company at the initial public offer.
We acknowledge that our growth trajectory has not always been smooth. Our
international roll out has not proceeded at the pace we anticipated. There have been
delays to some development projects. Our earnings have not always met market
expectations as we have prioritised growth or faced the normal volatility in demand that
is in the nature of our business.

We understand investor frustrations with these challenges. But to value the company’s
shares at a price that is largely unchanged from when we joined the NZX and ASX is
inconsistent with the progress we have made.
Again your board believes AFT has created significant value through substantial growth,
ongoing investments in R&D and now through the payment of dividends.
I can assure you that Hartley, I and the rest of the Board, and the entire management
team are focused on ensuring that the value we have created is recognised and we are
working hard to make this happen.
[Slide 9: Sustainability and governance – speaker David Flacks]

Putting in place a governance framework that is focused on long-term sustainability is at
the centre of the Board’s efforts. Over the last year we have continued to evolve this
framework in line with best practice and align it with the interests of our stakeholders.

The biggest change this year has been the completion of our first climate risk assessment
and the initial disclosure required under the Aotearoa New Zealand Climate Standards.
As part of these efforts, we have modified our governance framework to ensure the
systematic assessment and management of the company’s climate-related risks and
opportunities. At the centre of this program is a standing management led committee –
The Climate Governance Working Group – which updates the board quarterly on its
activities.
We are committed to playing our part to assist in the global efforts to limit greenhouse
gases and mitigate the impact of climate change. To this end we have established
targets for Scope 1 and 2 emissions, consistent with limiting global warming to a 1.5-
degree increase and we are actively developing our emissions reduction plan.

I want to make it clear that our approach to sustainability - and our reporting of it - is
founded on a clear sense of prioritising the sustainability matters that are material to the
business.
We settled on our priorities – set out on the top left of this slide - through a rigorous
programme of engagement with all our stakeholders in 2022 . We followed up with
stakeholders again this year to ensure our assessment remained robust.
We report on our progress on these matters in detail in our annual report, but I just want
to discuss a few important highlights.
Our top priority is “working to improve health and wellbeing”. The best measure of our
success in this domain is the progress we have made with sales growth and the expansion
of our product portfolio.

One development we are particularly excited about is the planned launch in Australia
and New Zealand of a cold and flu medicine that incorporates the restricted
decongestant Pseudoephedrine.
The AFT formulation incorporates a technology that limits criminal extraction of the
decongestant which is used as a key ingredient in the manufacture of
methamphetamine.
This is an innovation that not only meets demand for effective cold and flu medicines. It
is also one that helps to protect the 7,000 plus pharmacies across Australasia that stock
our products. Many pharmacists fear the new availability of Pseudoephedrine will see
criminals target their businesses.
In other areas we have further embedded processes to ensure we operate ethical and
sustainable supply chains and minimise our environmental footprint. These efforts have
seen our key product suppliers attest to compliance with our supplier code of conduct
and our modern slavery policy.
We have also met the majority of our goals to increase the sustainability of our
packaging.
Finally, we have continued to build a culture that is aimed at retaining the immense talent
we already have in the business and bringing in new talent to advance our strategy. This
is a culture that celebrates diversity, fairness, and performance.
By way of illustration, we have a very diverse team. Our 110 employees hail from 24
countries and represent 37 cultural identities. 60% of our team are women and 40% are
men.
AFT is fortunate to benefit from a talented team committed to the company and its
success. I want to thank the team for their dedication and hard work over the past year.
Before closing I want to touch on changes within the boardroom.
As I mentioned earlier, we welcomed Andrew Lane to the Board in September 2023.
Andrew has brought to the company more than 30 years’ experience in the global
pharmaceuticals industry with expertise across a broad range of areas. He is helping us
to sharpen our focus in a number of critical areas. Andrew will address you ahead of his
election to the Board.
Meanwhile Anita Baldauf, who joined the Board in 2020, retires at the conclusion of this
meeting. I want to thank her for her service, her perspectives on international markets
and finance have been of great value as we have extended our global footprint.
I also want to acknowledge the rest of the board, and our Managing Director Hartley
Atkinson, in particular, for their efforts and commitment to the company’s success.
Finally I want to acknowledge shareholders. AFT is a strong and growing company and I
want to thank you for your continuing support.

I will now invite Hartley to address the meeting.

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

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

---

2024 ANNUAL
SHAREHOLDERS
MEETING
AUCKLAND
2 AUGUST 2024
10.30AM

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

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH33
David Flacks
AFT Pharmaceuticals Chair
Welcome

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH44
Dr Hartley Atkinson
CEO and Managing Director
DIRECTORS
Anita Baldauf
Independent Director
Andrew Lane
Independent Director
Marree Atkinson
Chief of Staff, Executive Director
Dr Ted Witek
Independent Director

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH55
Agenda
•Welcome
•Chair address
•Managing Director’s address
•Questions
•Resolutions
•General business
•Meeting close

CHAIR ADDRESS

Record Revenue, Amid International Expansion and Portfolio Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH7
HIGHLIGHTS
•Full-year operating revenue up 25% to $195.4 million, extending a decades long record of revenue growth;
•EBITDA
1
rose 22% to $26.2 million; operating profit rises 23% to $24.2 million, both at a record.
•Our products are now sold in more than 70 countries, and we are now represented in the two largest pharmaceutical markets in the world (US and China)
•We have significantly invested for growth with the expansion of our global presence, including the launch of new products in our core Australasian markets and
new business operations in North America, Europe the UK and Asia and extended our research and development program
7
1
EBITDA is a non-GAAP measure of financial performance and is defined and reconciled to NZ GAAP on page 37 of this presentation.
$49.0
$56.0
$64.0
$69.0
$80.0
$85.0
$106.0
$113.1
$65.8
$83.6
$49.0
$56.0
$64.0
$69.0
$80.0
$85.0
$106.0
$113.1
$90.8
$111.8
$130.3
$156.6
$195.4
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
$200.0
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY 2023FY 2024
$NZM
OPERATING REVENUE - 10YR CAGR OF 14.8%
-$10.1
$6.1
$11.4
$10.7
$20.4
$19.7
$24.2
-$15.0
-$5.0
$5.0
$15.0
$25.0
$35.0
FY2018FY2019FY2020*FY 2021FY2022FY2023FY 2024
NZ$M
AFT GROUP OPERATING PROFIT
Operating profit ex license incomeLicense income

•Shareholder equity has grown steadily since FY19 amid an expanding medicine portfolio, continued investment in research and development and international
expansion.
•Net debt has consistently shrunk as a proportion of equity since 2021 and in FY 24 was down (down 45% to $16.2 million and ahead of 1x EBITDA target’)
•Dividend declared of 1.6 cents per share against 1.1 cents for FY23
•We are forecasting strong revenue growth and targeting operating profit, excluding any significant one-off license income, to range between $22 million to $25
million, driven by better quality earnings from trading.
Significant financial improvement since IPO
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH88
1.0
1.6
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
FY 2023FY 2024
CENTS/SHARE
DIVIDEND
-$20.0
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
NZ$M
NET DEBT AND EQUITY
EquityNet Debt

Sustainability and Governance - Focused on What Matters
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH9
Sustainability
•We continued to evolve of our sustainability framework against
best practice. This has included a further review of what is
‘material’ to AFT
•We completed our first climate risk assessment, and our first
disclosure required under the Aotearoa New Zealand Climate
Standards
•We determined that climate change does not represent a
material risk to our business
•Established targets for Scope 1 and 2 emissions
consistent with limiting global warming to a 1.5-degree
increase
•Developing our emissions reduction plan
•Continuing to evolve the measures and targets we use to
assess progress on our sustainability agenda
Governance
•Andrew Lane joined the Board in September 2023
•Anita Baldauf retires at the conclusion of today’s
meeting.
BREAKING THE BAD OF
PSEUDOEPHEDRINE
•We have deployed a matrix technology
reduces the amount of pseudoephedrine
that can be extracted from the medicines.
•Approved for in Australia, seeking New
Zealand approval
•Seeing strong interest from pharmacists
concerned about in store robberies

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH1010
Dr Hartley Atkinson
Co-Founder and Managing Director
CEO Address

Australia: Sales Growth Led by OTC Markets
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenue rose 15% to $108.2 million; driven by OTC channel growth; AFT’s liposomal vitamins and Maxigesic are
the leaders in their respective segments
•Operating profits down to $15.5 million from $19.3 million following increased marketing spend on product launches.
Margins impacted by discounting and a change in mix, but we expect a normalisation in the coming year.
11
65.0%
9.6%
25.4%
70.3%
8.0%
21.7%
AUSTRALIA CHANNEL
OTCPrescriptionHospital
$61.4
$68.3
$76.7
$36.0
$42.7
$58.1
$65.5
$94.1
$108.2
$-
$20.0
$40.0
$60.0
$80.0
$100.0
FY2020FY2021FY2022FY2023 FY 2024
$NZM
AUSTRALIAN REVENUE
FY23
FY24

New Zealand: Growth in OTC
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenue rises 11% to $48.7 million, with the OTC channel leading growth.
•Operating profit was $7.3 million compared to $8.1 million in the prior year. In part this reflects the increased
marketing spend associated with product launches and brand support for Maxigesic.
12
$30.1
$30.5
$35.1
$21.3
$22.7
$22.9
$26.0
$44.2
$48.7
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
$50.0
FY2020 FY2021 FY 2022 FY2023 FY 2024
$NZM
NEW ZEALAND REVENUE
52.3%
33.6%
14.1%
55.1%
31.3%
13.6%
NEW ZEALAND CHANNEL
OTCPrescriptionHospital
FY23
FY24

Driving Australasian Growth With New Products
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•A full portfolio of product launches for our Australasian
business, with over 60 targeted for FY25 to FY26
•DuringFY24 we launched 18 new products across Australasia
including:
•Extending Ferro Range
•Ferrocare Pregnancy Multivitamins
•Ferro-MR Tablets
•Ferro-MR + Vit C Tablets
•Ferro-Malt Tablets
•Extending Preservative Free Eye Drop Range
•DorzolaTim Preservative Free Eye Drops
•Extending Hospital injectable products
•5 new injectables
13

Asia: Maxigesic IV Drives Growth; Supported by OTC and Online
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Operating revenue grew 57% to $10.7 million from $6.8 million, with growth driven by the hospital channel and strong
demand for Maxigesic I V, particularly in Korea. Chinese cross border e-commerce (CBEC) initiatives also contribute
•Operating profit up 177% to $2.5 million from $0.9 million.
•Crystaderm China distributor Hainan Haiyao Co Ltd agreed and launch late 2024.
•.
•Operating profit rose to $2.5 million from $0.9 million.
$3.7
14
14.7%
5.9%
79.4%
23.9%
8.2%
67.9%
ASIA CHANNEL
OTCPrescriptionHospital
$4.9
$4.4
$5.5
$3.6
$5.4
$3.2
$5.3
$6.8
$10.7
$-
$2.0
$4.0
$6.0
$8.0
$10.0
FY2020 FY2021 FY 2022 FY2023 FY 2024
$NZM
ASIAN REVENUE
FY23
FY24

International – Expanding into New Markets
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
15
•Revenue from product sales and royalties in the international business grew
by 78% to $19.3 million
•Operating profit rises to $8.6 million from $0.3 million lifted by milestone
payments following the launch of Maxigesic IV in the US.
•Maxigesic Rapid tablets to be launched in US late 2024
$9.1
$9.9
$13.1
$4.7
$12.8
$7.0
$15.0
$11.7
$27.8
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY2020 FY2021 FY 2022 FY2023 FY 2024
$NZM
INTERNATIONAL REVENUE
2
3
4
7
9
20
28
43
46
61
73
0
10
20
30
40
50
60
70
80
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY 2024
COUNTRIES
COUNTRIES WHERE MAXIGESIC IS SOLD AND ORDERED

AFT’s Global Reach
Our medicines are now available in more than 70 countries around the world
16AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH

Expanding AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH17
AFT PHARM UK (70% AFT)
•Launched Combogesic IV & Tablets
•6 approvals now (purchased 2 registration licenses to save time)
•4 registrations submitted & 8 being filed soon
•Further pipeline = 22
AFT PHARM EUROPE
•Purchased product licenses for niche IV drugs from bankrupt German
pharmaceutical company
•Acquired EU rights (minus Poland) for niche IV drug being discontinued
by a large pharmaceutical company
•Agreements for above made/in progress for selected EU nations
AFT PHARM USA
•Appointed distributor Alexso for Combogesic Tabs for selected channels
and negotiating with others
•AFT to sell unregulated OTCs to add to Amazon sales
Opening new markets for our proprietary IP and in-licensed new products

Expanding AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH18
AFT PHARM CANADA (70% AFT)
•Launched Maxigesic tablets through a partner, to launch Crystaderm FY25
through a partner
•Approval for Maxigesic IV. To launch ex AFT Pharm Canada
•Pipeline = 1 submitted and 4 in preparation
AFT PHARM SOUTH AFRICA (70% AFT)
•Purchased company with existing SAHPRA licenses (saves 2 years)
•Move existing 10 licenses to AFT Pharm & launch in private hospital market
starting FY26
AFT PHARM SINGAPORE
•Launched Maxigesic tablets & to launch Maxigesic IV, Maxigesic PE
•Launching further selected AFT products
•Pipeline = 8 submitted and 6 in preparation
AFT PHARM HONG KONG
•Launched Maxigesic tablets & launching Maxigesic IV
•Launching further selected AFT products
•Pipeline = 8 submitted and 11 in preparation
Opening new markets for our proprietary IP and in-licensed new products

Research and Development Investments Moving to Commercialisation
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH19
Several projects have exited (or are exiting) development during the year, and are moving to revenue generation
$6.3
$7.0
$9.1
$10.4
$5.6
$5.0
$11.9
$12.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
FY 2021FY 2022FY 2023FY 2024
NZ$M
RESEARCH AND DEVELOPMENT EXPENSES*
COMMERCIALISATION PROGRESSING
•Maxigesic – nine dose forms and protected by patents.
•Tablets/Oral liquid
•Hot drink & dry stick
•Rapid Dissolving Tablet (Patent 2039).
•USA agreements
•Intravenous (Patent 2035)
•Brazil agreement. Further major agreement under contract
•Crystaderm – antibacterial and anti-acne cream, a unique and
proprietary formulation
•China distribution agreement
•Micolette – micro-enema for bowel obstruction
•Multiple agreements in progress
•Kiwisoothe – tablets and sachets for gut discomfort and constipation
•Multiple launches in AFT territories
•Capsaicin – cream in two strengths for Osteoarthritis (low) and
Neuropathic pain (high)
*Expensed and capitalised

A Strong Research and Development Pipeline
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH20
AFT’s positive cashflows have positioned the company well to undertake and secure
research and development projects either alone or in partnership with others.
PROJECT PATENTPARTNERSHIP AND APPLICATION
DERMATOLOGY
Pascomer2040/2044
1
Facial angiofibromas / Port Wine Stains
Strawberry Birthmarks 2041 & 2044
1
Gillies McIndoe and Massey Ventures
Keloid Scars topical treatment2044
1
Gillies McIndoe and Massey Ventures
Vulvar Lichen Sclerosis TBCHyloris Pharmaceuticals
EYECARE
Antibiotic Eye Drop2037 & 2044
1
For drug resistant infections:
- Conjunctivitis, Keratitis, Post Kpro prophylaxis
PAIN
Burning Mouth SyndromeTBCHyloris Pharmaceuticals
DRUG DELIVERY
NasoSURF for conscious sedation 2036
Hospital injectables
Targeted range of 5 injectablesN/A
Injectables offer strong opportunities. (AFT affiliates - AU,
NZ, SG, MY, HK, ZA, CA, UK- offer a target market of
US$119M and AFT Pharm EU offers of a target market of
US$448M)
OTHER
Novel new medicine (confidential)2037Late-stage development under negotiation

A Sophisticated Research and Development Programme
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH21
STRAWBERRY BIRTHMARKS R&D*
•Identified drugs that inhibit growth strawberry birthmark cells
•Identified synergistic combinations & derive IP – 2041 and 2044 patent filings
•Advanced formulation work underway in Canada on 4 cream, 2 ointment and 2 gel formulations
•Meet FDA in 2025 to discuss and agree development pathway
*
Research conducted in conjunction with GMRI and Massey University

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Outlook: Positioned to Drive Continued Growth in Revenue and Earnings
•
AFT is well positioned to build on its long record of growth supported by:
•The ongoing roll out of Maxigesic and its line extensions
•Additional R&D products now being commercialized
•The planned launch of over 60 new products over the next 24 months in
Australasia and margins trending back to historical averages
•Numerous new launches and increasing rates of growth in other markets
around the world including AFT companies.
•A significant product development pipeline
•We are now turning to the next target of $300 million annual revenue.
22

QUESTIONS

RESOLUTIONS
24

Resolution 1: Auditors Remuneration
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH25
That the directors are authorised to fix the fees and expenses of Deloitte as auditor
for the 2025 financial year.

Resolution 2: Re-election of David Flacks
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH26
That David Flacks be re-elected as a director of AFT Pharmaceuticals Limited.

Resolution 3: Re-election of Dr Ted Witek
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH27
That Dr Ted Witek be re-elected as a director of AFT Pharmaceuticals Limited.

Resolution 4: Election of Andrew Lane
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH28
That Andrew Lane be elected as a director of AFT Pharmaceuticals Limited.

Votes Cast Before the Meeting
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH29
RESOLUTION FOR AGAINST OPEN ABSTAIN
1. Auditors Fees and Expenses
2. Re-elec
tion of David Flacks
3. Re-elec
tion of Dr Ted Witek
4. Election of Andrew Lane
*
Percentage figures show proportion of total votes cast before the meeting

VOTING AND
GENERAL
BUSINESS
30

MEETING CLOSE
31

APPENDIX

AFT was founded over 25 years ago by Dr Hartley and Marree Atkinson. Since then, AFT has remained an Atkinson-family
controlled business and has grown organically into Australia and internationally
The 2015 IPO raised funds to pursue a more aggressive (and loss-making) R&D-led growth strategy. AFT has now returned to
profitability as intended, as the company was prior to IPO and its growth and global reach is now accelerating
Appendix 2: History of AFT Pharmaceuticals
19972004200520092013201420152020
AFT founded by
Dr Hartley and
Marree Atkinson
Development of
Maxigesic
commences
First sales into
Australia
Maxigesic registered
in New Zealand and
sales commence
Maxigesic
registered in
Australia
AFT launches the sale
of products into the
SE Asian market
$33m IPO to fund new
R&D development
programmes for
Maxigesic and other
proprietary products
2019
AFT returns to profitability
following a significant
investment period funded
by the 2015 IPO
In FY20 AFT delivers
over $100m of revenue
and operating profit
growth of 87%
Maxigesic sales
commence in
Australia
33
2024
Revenue reaches ~$200m,
AFT products are sold in
>70 countries and it sets a
target for $300m

Appendix 3: Australasian Product Portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief. AFT’s portfolio includes a
combination of over 150 proprietary, branded and generic products which address the following therapeutic areas:
PainMaxigesic, ParaOsteo, ZoRub OA/HP, Fenpaed,
Combolieve Day/Night
EyecareHylo, Novatears, CromoFresh,
Opti-soothe Wipes/Mask, VitAPOS
VitaminsFerro-liquid, FerroTab, Ferro-F, Ferro-sachets,
Lipo VitC, Lipo VitD, CalciTab
AllergyLoraclear, Histaclear, Fexaclear, Levoclear,
Allersoothe, Lorapaed, Becloclear, Steroclear
GastrointestinalGastrosoothe/Forte, LaxTab, Micolette,
Nausicalm, DiaRelieve
DermatologyCrystaderm, Crystasoothe, Topiderm range, Decazol,
MycoNail
HospitalMaxigesic IV, Injectables
1
Paracetamol and Ibuprofen
34

Appendix 4: AFT Global Product Portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic
1
, Pascomer, NasoSURF, and Crystaderm
Pain
Maxigesic oral dose forms
-Tablets
-Solution
-Hot drink sachet
-Rapid tablets
-Cold and Flu
-Day& Night
ZoRub Osteo and HP
Hospital
Maxigesic IV (intravenous)
NasoSurf – nasal nebuliser drug delivery
Dermatology
Crystaderm – selected territories
GastroenterologyKiwisoothe
Micolette
1
Paracetamol and Ibuprofen
35

Appendix 5: Extending the Reach of the Maxigesic Portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief and is building the presence
of the business internationally, through the adoption of existing products and the launch of new dose forms
1
Paracetamol and Ibuprofen
36
Product
Maxigesic TabletMaxigesic IVMaxigesic OralMaxigesic sachet
Territories31March
2024
31 March
2023
31March
2024
31 March
2023
31March
2024
31 March
2023
31March
2024
31 March
2023
Licensed100+100+100+100+100+100+100+100+
Registered6966504314222
Soldin605536211122

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.
Appendix 6: GAAP to Non-GAAP Reconciliation
37
Year to 31 March
2024
$000
2023
$000
Net profit after tax attributable to owners of the parent15,60910,654
Less: Finance Income (66)(13)
Add back: Interest costs 3.6862,873
Add back: Other finance loss/(gain)(1,404)1,010
Add back: Depreciation 1,003808
Add back: Amortisation 1,010916
Add back: Income tax expense/(benefit)6,4105,145
EBITDA26,24821,393

FOR MORE INFORMATION
Dr Hartley Atkinson
Managing Director
Email: hartley.atkinson@aftpharm.com
Malcolm Tubby
Chief Financial Officer
Email: malcolm.tubby@aftpharm.com
AFT Pharmaceuticals Limited
Level 1, 129 Hurstmere Road
Takapuna, Auckland 0622
New Zealand
www.aftpharm.com