AFT reports record sales and invests for growth

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

21 NOVEMBER 2024
FINANCIAL RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2024
AFT reports record sales and invests for growth
AFT Pharmaceuticals (NZX:AFT, ASX:AFP) today reports record sales for the six months
to the end of September 2024 led by double digit sales growth in Australasia despite
subdued economic conditions.
Both International and Asia sales were lower due to specific significant one-off factors,
but a strong recovery is forecast in the second half of the financial year. These factors
included a temporary one-off reduction in demand as several of our largest customers
reduced stock in response to the improving supply chain outlook. In Asia, a doctors
strike in South Korea, which has now been resolved, significantly impacted Maxigesic
IV sales.
In line with prior years, AFT expects a strong recovery in the second half of the year,
with the results assisted by the resolution of the demand disruptions and new product
launches. However, given the trading challenges of the last six months, the company
expects its operating profit for the year to the end March 2025 to range between $15
million to $20 million
1
.
HIGHLIGHTS
• Half-year operating revenue up 4% to $86.7 million led by growth in the core
Australasian business
• Revenue in International and Asian markets dropped largely due to short term,
significant one-off reductions in demand from several of our largest customers
• Operating loss of $1.8 million down from operating profit of $3.3 million
• EBITDA
1

loss of $0.7million down from EBITDA gain of $4.1million. Net loss after tax
of $2.4 million down from net profit of $1.8 million
• Balance sheet strong with net debt
2
down 37% to $18.9 million from $30.6 million,
and working capital reduction with lowering inventory cover post pandemic
supply disruptions
• Momentum expected to accelerate in H2 FY25 assisted by product launches in
multiple markets.
• FY 25 guidance for operating profit to range between $15 million to $20 million
1
.
(All comparisons are to H1 FY 24 unless otherwise stated)

AFT Pharmaceuticals Chair David Flacks said: “The first half of the financial year has
underscored the value of our strategy to diversify our business across geographies and
therapeutic categories. We remain confident of a strong finish to the year, and while our
outlook is lower than the expectations that we had at the start of the year, we believe

1
This range is lower than guidance given at the company’s annual meeting in August for an operating profit of $22
million to $25 million.
2
Excludes related party loan

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

we will deliver a result that will further extend the company’s long-standing record of
growth.”
Co-Founder and Managing Director Dr Hartley Atkinson said: “The demand disruptions
of the last six months,
primarily caused by two significant one-off events have
overshadowed what is a resilient underlying performance in both the core Australasian
markets and further afield.
“We have benefited from double digit revenue growth in Australasia. In the markets
affected by the destocking we have seen the in -market sell through continuing at a
similar rate seen in prior periods.
“We have meanwhile made significant strategic progress in the new business hubs in
North America, the United Kingdom, Europe, Singapore, Hong Kong, and South Africa,
where we are investing to capture the significant potential we see for our broader
portfolio of medicines.
“The sales disruptions have impacted earnings in the six-month period. However, with
accelerating sales, we remain confident of a recovery of momentum in the second half
of the year and going forward in line with prior years Encouragingly, October
International and Asia sales were double prior year”
“During the half year we concluded licensing negotiations for Maxigesic IV for Brazil and
China so that we now cover nine of the top ten global pharma markets. We are seeing
increased interest in the company’s products with 19 separate licensing negotiations
currently in progress, with one of these anticipated to be concluded shortly,” Dr Atkinson
said.
“In North America we have launched Maxigesic IV
2
and are readying for the launch of
the rapid dissolving form of the medication around year end, alongside several of our
OTC medicines. The planned launch of Crystaderm in China by our distributor Hainan
Haiyao Co. later this year will also represent an important milestone for the company.
“We continue to see strong interest from China for a number of our products.”
FINANCIAL RESULTS
Revenue from the sale of products and royalties grew by 6.0% to $86.6 million from $81.7
million.
Growth in the Australasian business – led by the OTC portfolio of medicines - making
the largest contribution to the increase. Revenue in Australasia was up a pleasing 17%
to $76.8 million.
These gains were diluted by the disruption to sales in the International and Asian
businesses. The net impact of these one-off events was a combined reduction in
income from product sales and royalties in these two markets from $16.3 million to $9.8
million.
Total revenue, which includes licensing income of $0.2 million, rose 4% to $86.7 million
from $83.6 million.

2
In the US and several other markets Maxigesic is sold as Combogesic, however for simplicity we refer to the medicine
in this release with the name familiar to Australasian audiences.

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

Gross Margin on product sales and royalty remained steady at 41.6%. The overall gross
margin reduced to 41.7% from 43.0% due to the lower license income.
Operating expenses increased with start-up funding for the new business hubs in North
America, the United Kingdom, and South Africa; marketing for new products and
markets; and an increase in research and development expenditure.
The resulting operating loss was $1.8 million, down from an operating profit of $3.3 million
in the same period of the prior financial year. For the same reasons EBITDA
3
fell from
$4.1 million to a loss of $0.7 million, while net profit after tax fell from $1.8 million to a loss
of $2.5 million.
Further detail on the performance of AFT’s individual markets is contained in our interim
report also released to the NZX and ASX today and available at the following link:
https://investors.aftpharm.com/Investors/

RESEARCH AND DEVELOPMENT
Research and development expenditure (expensed and capitalised) in the half year
period rose to $8.9 million from $7.0 million in the same period a year ago, all of which
has been funded through earnings.
The development portfolio also offers the company significant opportunities in
international markets either through out licensing or through distribution in markets
where we have established a presence. Collectively the medicines in the portfolio
open multibillion addressable markets to the company. Reinforcing this potential is the
existing strong interest in both the companies recently developed products and those
closer to commercialization.
Just after the balance date we rounded out the research and development
programme with the addition of a significant late-stage commercialization project for
a novel injectable medicine containing a patented New Chemical Entity (NCE).
Following the addition of this project the programme now extends to a range of
products across the dermatology, eyecare, pain and drug delivery categories.
The therapeutic application of the NCE presently remains confidential, but it is targeted
at a global market that is forecast to grow from around US$3 billion in 2024 to more than
US$7 billion in 2033. The medicine will be delivered as a single dose for the majority of
patients, offering potential advantages over existing treatments, which generally
require two injections.
The conditional agreement envisages AFT undertaking a final confirmatory Phase III
clinical trial of the medicine involving approximately 1,000 patients to confirm the
efficacy of the medicine and its safety. The company has already received significant
interest from potential licensing partners including China, the world’s second largest
pharma market.

3
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 in the company’s Interim Report and the investor presentation
released to the NZX and ASX today.

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

The timeframe for the commercialisation of these projects varies between the long
term such as our topical Keloid Scars project to the more immediate such as NasoSURF,
Pascomer and the new novel injectable project.
BALANCE SHEET
AFT remains well funded. Net debt
1
at the end of September 2024 was $18.9 million, up
slightly from the $16.2 million as at the end of March, but down from $30.6 million at the
same time a year ago.
Reflecting the improving supply chain situation, consistent with some of our
international customers, we have further reduced inventory now at $47.9 million down
from $49.1 million at the end of March 2024 and $54.6 million at the end of September
2023.
OUTLOOK
Dr Atkinson said the company is expecting revenue growth for the year to the end of
March 2025 to accelerate in the second half in line with patterns established in prior
years. This growth is expected to be assisted by a strong program of new product
launches especially in International markets, building momentum in the new markets,
and the normalisation of demand following the two unexpected, but significant events
seen during the first half of this financial year.

We now expect to deliver an operating profit for the year to the end of March 2025 to
range between $15 million to $20 million. Finally, Directors continue to expect to declare
a dividend for the full year. Our focus is now on next annual rolling revenue target of
$300 million annual revenue which we aim to achieve by the end of FY2027.
Released for and on behalf of AFT Pharmaceuticals Limited by Malcolm Tubby, Chief
Financial Officer.
For more information:
Investors Media
Dr Hartley Atkinson Richard Inder
Managing Director The Project
AFT Pharmaceuticals Tel: +64 21 645 643
Tel: +64 9488 0232

About AFT Pharmaceuticals
AFT is a growing New Zealand based multinational pharmaceutical company that
develops, markets, and distributes a broad portfolio of pharmaceutical products across
a wide range of therapeutic categories which are distributed across all major
pharmaceutical distribution channels: over the counter (OTC), prescription and hospital.
Our product portfolio comprises both proprietary and in-licensed products, and includes
patented, branded, and generic drugs
4
. Our business model is to develop and in-license
products for in our markets of Australia, New Zealand, Singapore, Malaysia, Hong Kong,
USA, Canada, EU ex Ireland and UK, and to out-license our products to local licensees
and distributors to over 125 countries around the world. For more information about the
company, visit our website www.aftpharm.com
.


1
excludes related party loan

---

2025
INTERIM
REPORT
Results for the half year to
30 September 2024

Contents
Highlights 02
Chairman and Managing Director’s Report 04
Regional Performance 10
EBITDA Reconciliation 12
Financial Statements 16
Company Directory 35
This report provides a summary review of AFT’s operational and
financial performance for the six months to 30 September 2024
and should be read in conjunction with the company’s financial
statements on pages 16 to 34 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 reviewed 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.

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.
We are focussed on, and are delivering,
long-term sustainable growth.
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 1

Record Sales; Investing for Growth
$
86.7m

Total operating revenue increases 4% with gains in Australasia
diluted by sales disruptions in international markets.
$
1.8m

Operating loss down from an operating
profit of $3.3 million following sales
disruptions and investments for growth.
$
18.9m

Net debt down 37% to $18.9 million*
from $30.6 million at the end
of September 2023.
OUR STRATEGIC ACHIEVEMENTS

Maxigesic IV and
Maxigesic Rapid
go on sale in the
US and we are
preparing for the
launch of other
OTC products in
that market.

Maxigesic IV
licensed in
China to Xizang
Weixinkang
Pharmaceutical
Co, a Shanghai
stock exchange
hospital
injectables
focused company.

Crystaderm gains
approval for sale
in China, licensed
to Hainan Haiyao
Co with the
launch planned
for this year
together with
a further four
products agreed
this week.

Investment in
business hubs
North America,
the United
Kingdom, Europe,
Singapore, Hong
Kong, and South
Africa, to capture
the significant
potential we see
for our broader
portfolio of
medicines.

Extended our
development
portfolio to
eight projects
with the addition
of a late-stage
commercializa-
tion project for a
novel injectable
medicine
containing a
patented New
Chemical Entity.

Acquired licenses
for a portfolio
of niche
intravenous
medicine in
Europe and
advanced com-
mercialization.
* excluding related party loan
2 | WORKING TO IMPROVE YOUR HEALTH

Extending Our Record of Growth
AUSTRALIA
Revenue:
$50.8 million
up 19%
Operating profit
$4.0 million
from $0.5 million
Key drivers:
Strong growth across
all channels.
NEW ZEALAND
Revenue:
$26.0 million
up 14%
Operating profit
$3.7 million up
from $2.6 million
Key drivers:
Strong growth across
all channels.
ASIA
Revenue:
$4.4 million
down 18%
Operating profit
$0.5 million down
from $1.6 million.
Key drivers:
Disruptions to demand
in Korea,
INTERNATIONAL
Revenue:
$5.6 million
down 57%
Operating profit
$4.6 million down from
a profit of $3.1 million
Key drivers:
Destocking in response to an
easing of supply chain pressures
and lower licensing income.
A strong performance from our core operations
New Zealand 27.1%
Australia 51.1%
Asia 6.5%
International 15.3%
New Zealand 30.0%
Australia 58.5%
Asia 5.1%
International 6.4%
1H FY24 Revenue1H FY25 Revenue
$200
$180
$160
$140
$120
$100
$80
$60
$40
$20
$-
NZ$ MILLION
AFT Pharmaceuticals Revenue
2014 20152016 2017 2018 2019 2020 2021 2022202320242025
$40
$49.0
$56
$69
$64.0
$85
$69.0
$80.0
$85.0
$106.0
$56.0
$113.1
$130.3
$195.4
$111.8
$83.6$86.7
$156.6
FULL FINANCIAL YEARFIRST HALF FINANCIAL YEARSECOND HALF FINANCIAL YEAR
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 3
1H FY 2025 FINANCIAL AND STRATEGIC HIGHLIGHTS

Extending Our Reach,
Diversifying Our Earnings
AFT Pharmaceuticals has again delivered
another record sales result for a half year period.
However, the result has underscored the value
of our strategy to diversify our business across
geographies and therapeutic categories.
We have benefited from double digit revenue
growth in Australasia. But in international and
Asian markets, sales were lower due to specific
significant one-off factors. These factors included
a temporary one-off reduction in demand as
several of our largest customers reduced stock
in response to the improving supply chain outlook.
In Asia, a doctors strike in South Korea, which
has now been resolved, significantly impacted
Maxigesic IV sales.
These disruptions have impacted earnings
and overshadowed what is a resilient underlying
performance.
In the markets affected by the destocking we have
seen the in-market sell through continuing at a
similar rate seen in prior periods. We have made
significant strategic progress in the new business
hubs in North America, the United Kingdom,
Europe, Singapore, Hong Kong, and South Africa,
where we are investing to capture the significant
potential we see for our broader portfolio
of medicines.
During the half year we concluded licensing
negotiations for Maxigesic IV for Brazil and China
so that we now cover nine of the top ten global
pharma markets. We are seeing increased interest
in the company’s products with 19 separate
licensing negotiations currently in progress.
In North America we have launched Maxigesic
IV
1
and are readying for the launch of the rapid
dissolving form of the medication around year
end, alongside several of our OTC medicines.
The planned launch of Crystaderm in China by
our distributor Hainan Haiyao Co. later this year
will also represent an important milestone
for the company.
We continue to see strong interest from China
for a number of our products.
We also remain confident of a recovery
of momentum in the second half of the year
and going forward in line with prior years.
Financial Results
Revenue from the sale of products and product
royalties grew by 6.0% to $86.5 million from
$81.7 million.
Growth in the Australasian business – led by the
OTC portfolio of medicines – made the largest
contribution to the increase. Revenue in Australasia
was up a pleasing 17% to $76.8million.
These gains were diluted by the disruption to sales
in the International and Asian businesses. The net
impact of these one-off events was a combined
reduction in income from product sales and
royalties in these two markets from $16.3 million
to $9.8 million.
Total revenue, which includes licensing income
of $0.2 million, rose 3.7% to $86.7 million from
$83.6 million.
Gross Margin on product sales and royalties remained
steady at 41.6%. The overall gross margin reduced to
41.7% from 43.0% due to the lower license income.
Operating expenses increased with start-up
funding for the new business hubs in North
America, the United Kingdom, and South Africa;
marketing for new products and markets; and an
increase in research and development expenditure.
The resulting operating loss was $1.8 million, down
from an operating profit of $3.3 million in the same
period of the prior financial year. For the same
reasons EBITDA
2
fell from $4.1 million to a loss
of $0.7 million, while net profit after tax fell from
$1.8 million to a loss of $2.5 million.
NZ$ MILLION
Revenue by Region
1H 20241H 20251H 20241H 20251H 20241H 20251H 20241H 2025
AustraliaNew ZealandAsiaInternational
$60
$50
$40
$30
$20
$10
0
$42.7
$50.8
$22.7
1
In the US and several other markets Maxigesic is sold as Combogesic, however for simplicity we refer to the medicine in this release
with the name familiar to Australasian audiences.
2
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 12 of the company’s Interim Report and in the investor presentation released to the NZX and ASX today.
$26.0
$5.4
$12.8
$4.4$5.6
4 | WORKING TO IMPROVE YOUR HEALTH

Dr Hartley Atkinson | Co-Founder and Managing Director David Flacks | Chairman
CHAIR AND MANAGING DIRECTOR’S REPORT
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 5

Research And Development
Research and development expenditure (expensed
and capitalised) in the half year period rose to $8.9
million from $7.0 million in the same period a year
ago, all of which has been funded through earnings.
The development portfolio continues to offer the
company significant opportunities in international
markets either through out licensing or through
distribution in markets where we have established
a presence. Collectively the medicines in the
portfolio open significant addressable markets
to the company. Reinforcing this potential is the
existing strong interest in both the companies
recently developed products and those closer
to commercialization.
Just after the balance date we rounded out
the research and development programme
with the addition of a significant late-stage
commercialization project for a novel injectable
medicine containing a patented New Chemical
Entity (NCE). Following the addition of this
project the programme now extends to a range
of products across the dermatology, eyecare,
pain and drug delivery categories.
The therapeutic application of the NCE presently
remains confidential, but it is targeted at a global
market that is forecast to grow from around
US$3 billion in 2024 to more than US$7 billion in
2033. The medicine will be delivered as a single
dose for the majority of patients, offering potential
advantages over existing treatments, which
generally require two injections.
The conditional agreement envisages AFT
undertaking a final confirmatory Phase III clinical
trial of the medicine involving approximately 1,000
patients to confirm the efficacy of the medicine
and its safety. The company has already received
significant interest from potential licensing partners
including China, the world’s second largest
pharma market.
The timeframe for the commercialisation of these
projects varies between the long term such as our
topical Keloid Scars project to the more immediate
such as NasoSURF, Pascomer and the new novel
injectable project.
Balance Sheet
AFT remains well funded. Net debt at the end of
September 2024 was $18.9 million
3
, up slightly from
the $16.2 million as at the end of March, but down
from $30.6 million at the same time a year ago.
Reflecting the improving supply chain situation,
consistent with some of our international
customers, we have further reduced inventory now
at $47.9 million down from $49.1 million at the end
of March 2024 and $54.6 million at the end
of September 2023.
Governance
Just after balance date we announced the
appointment of Allison Yorston as an independent
non-executive director. The appointment fills
the vacancy left by Anita Baldauf who retired
from the Board at the shareholders meeting in
August. We are delighted to welcome Allison,
currently the Chief Marketing Officer for Suntory
Beverage and Food Oceania, to our Board. Alison
has outstanding experience as a senior marketing
executive in Australia and New Zealand and brings
valuable expertise as we grow and consolidate
our position in Australasia and build our presence
internationally. We also thank Anita for her
contributions to the company.
Outlook
In line with prior years, AFT expects a strong
recovery in the second half of the year, with the
results assisted by a strong program of new
product launches especially in international
markets, building momentum in the new markets,
and the normalisation of demand following the
two unexpected, but significant events seen
during the first half of this financial year.
However, given the trading challenges of the last
six months, the company expects its operating
profit for the year to the end March 2025 to range
between $15 million to $20 million
4
. We also expect
to declare a dividend for the full year.
While this outlook is lower than our earlier
expectations, we believe we are positioned to
further extend the company’s long-standing record
of growth. Indeed, we are now setting our sights
on a rolling annual revenue target of $300 million,
which we aim to achieve by the end of the 2027
financial year.
We look forward to updating you with
on our progress.
David Flacks Dr Hartley Atkinson
Chair Managing Director
3
Exclusive of related party loan.
4
This range is lower than guidance given at the company’s annual meeting in August 2024 for an operating profit of $22 million to $25 million.
6 | WORKING TO IMPROVE YOUR HEALTH

“We are positioned
to further extend the
company’s long-standing
record of growth.”
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 7
CHAIR AND MANAGING DIRECTOR’S REPORT

AFT’s Global Reach
Our medicines are now available in nearly 80 countries
AFT medicine launched
AFT medicine launch pending
AFT New Zealand
Head office
AFT Australia
AFT Singapore/
Malaysia
AFT South Africa
AFT USA
AFT UKAFT EuropeAFT CanadaAFT Hong Kong
8 | WORKING TO IMPROVE YOUR HEALTH

AFT medicine launched
AFT medicine launch pending
AFT New Zealand
Head office
AFT Australia
AFT Singapore/
Malaysia
AFT South Africa
AFT USA
AFT UKAFT EuropeAFT CanadaAFT Hong Kong
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 9

Australia
GROWTH ACROSS ALL CHANNELS
Revenue in Australia grew 19% to $50.8 million
from $42.7 million in the same period a year ago.
Revenue was lifted by strong growth in all channels.
OTC market growth was led by eyecare, pain relief
and the iron supplements. Hospital growth was led
by the company’s broad portfolio of injectables.
The prescription channel growth was broad-based
across the product range.
Our new product launch program continues to roll
out as planned. Growth is primarily driven by existing
products but new launches will then contribute as
they become established in the market.
Australian operating profit rose to $4.0 million
from $0.5 million in the same period of the prior
year. Selling and distribution expenses reduced
as a percentage of revenue, as the benefits of the
prior year’s additional investment into the sales
team were bedded down.
Revenue:
$50.8 million
up 19%
Operating Profit:
$4.0 million
from $0.5 million
Australia Channels
68.4%
8.1%
23.6%
66.8%
7.8%
25.4%
Asia
READYING FOR THE LAUNCH
INTO CHINA
Asia revenue was down to $4.4 million from
$5.4 million in the same period of the prior year.
We have seen good growth in the OTC business
and particularly via the online cross border
e-commerce channel (CBEC) into China.
These gains were diluted by the doctors strike
in South Korea.
Operating profit was down to $0.5 million from
$1.6 million in the prior year reflecting the lower
revenue driven by the Korean doctors strike and
increased spending on marketing and business
development initiatives.
We secured approval for the sale of our Crystaderm
antiseptic cream in China last year, signed a
distribution agreement with Hainan Haiyao
Co in July and are targeting a launch this year.
Additionally, we have just completed a further
four distribution agreements with Hainan Haiyao
for Vitamin C LipoSachets, Vitamin D LipoSachets,
Ferro LipoSachets and Kiwisoothe tablets which we
expect to generate sales from the next financial year.
We signed Xizang Weixinkang Pharmaceutical
Co Ltd (WXK), an established hospital injectables
focused company in China and listed on the
Shanghai Stock Exchange main board, to distribute
Maxigesic IV in this market.
We continue to see strong interest from China in our
products and expect to conclude further agreements.
Revenue:
$4.4 million
down 18%
Operating Profit:
$0.5 million
down from $1.6 million
Asia Channels
18.5%
8.0%
73.5%
34.5%
61.7%
2025
2024
OTC – Over the counter
Prescription
Hospital
3.8%
OTC – Over the counter
Prescription
Hospital
2025
2024
10 | WORKING TO IMPROVE YOUR HEALTH

New Zealand
HOSPITAL AND PRESCRIPTION
LEAD DEMAND
Revenue in New Zealand grew 14% to $26.0 million
from $22.7 million in the same period of the
prior year. Revenue was led by the OTC and
prescription channels.
Growth in the OTC business was driven by eyecare
and dermatology. The hospital and prescription
channel were steady across all categories. Similarly
in New Zealand our new product launches
proceeded as planned.
New Zealand operating profit improved to
$3.7 million from $2.6 million in the same period
of the prior year, driven by the revenue growth.
Selling and distribution expenses reduced a little
as a percentage of revenue.
Revenue:
$26.0 million
up 19%
Operating Profit:
$3.7 million
up from $2.6 million
New Zealand Channels
51.9%
32.3%
15.8%
54.4%
32.0%
15.8%
International
INVESTING IN NEW BUSINESS HUBS
Revenue from product sales and royalties in the
international business fell 50% to $5.4 million from
$10.9 million in the same period of the prior year.
This result was driven by large customers reducing
inventory in response to an improving supply chain
outlook. Licensing income of $0.2m was down on
the $2.0 million of the prior year.
Including licensing income, we recorded an operating
loss of $4.6 million compared to a profit in the prior
year of $3.1 million. In addition to lower sales this
followed from lower license payments as well as the
increased costs associated with the establishment
and operation (selling and distribution costs) of our
new business hubs in the UK, North America and
South Africa together with an increase in expensed
research and development investment.
Maxigesic IV
5
is launched in North America and we
are readying for the launch of the rapid dissolving
form of the medication around year end alongside
several of our OTC medicines.
In the UK we are making steady progress with
Maxigesic tablets through pharmacies and Amazon.
During the period we were approved as a supplier
to the UK’s National Health Service (NHS) and our
first round of contract bids for hospital injectable
medicines were 100% successful with first sales due
Revenue:
$5.6 million
down 57%
Operating Profit:
$4.6 million
$4.6 million down from
a profit of $3.1 million
to commence in February 2025. We see this as an
encouraging sign given the significant size of the
UK hospital injectable market. Sales of Maxigesic IV,
like the US, will require inclusion of the medicine in
hospital formularies, but we are confident of closing
in on these in the coming months.
In Europe we continue to make significant progress
in commercializing the products that we acquired
last year with a significant number of licensing
agreements signed for Austria, France, Germany,
Ireland, Italy and the Nordics. Sales of these new
products will commence next financial year.
Our South African operation is still in the early stages
of development. We have acquired a company with
an existing South African Health Products Regulatory
Authority license. This acquisition has fast track the
establishment of the AFT subsidiary by two years
and we plan for sales to the private hospital market
to start during the next financial year.
5
In the US and several other markets Maxigesic is sold as Combogesic, however for simplicity we refer to the medicine in this release
with the name familiar to Australasian audiences.
OTC – Over the counter
Prescription
Hospital
2025
2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 11
REGIONAL PERFORMANCE

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 Six months ended 30 September
2025
$000
2024
$000
Net (Loss)/profit after tax attributable to owners of the parent (2,456)1,816
Less: Finance income (22)(30)
Add back: Interest costs1,357 1,814
Add back: Other finance loss/(gain)(299)(502)
Add back: Depreciation490 457
Add back: Amortisation653 391
Add back: Income tax expense/(benefit)(383) 152
EBITDA(660)4,098
12 | WORKING TO IMPROVE YOUR HEALTH

AFT Pharmaceuticals Limited
CONSOLIDATED
FINANCIAL
STATEMENTS
For the Six Months Ended
30 September 2024

Independent Auditor’s Report
To the Shareholders of AFT Pharmaceuticals Limited
Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim
financial statements’) of AFT Pharmaceuticals Limited (‘the Company’) and its subsidiaries
(‘the Group’) on pages 16 to 34 which comprise the consolidated balance sheet as
at 30 September 2024, consolidated income statement and the consolidated statement
of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows for the six months ended on that date, and notes to the interim
financial statements, including material accounting policy information.
Based on our review, nothing has come to our attention that causes us to believe that the
interim financial statements of the Group do not present fairly, in all material respects, the
financial position of the Group as at 30 September 2024 and its financial performance
and cash flows for the six months ended on that date in accordance with NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’).
Our responsibilities are further described in the Auditor’s Responsibilities for the Review
of the Interim Financial Statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in
AFT Pharmaceuticals Limited or its subsidiaries as auditor of the Company and Group.
Directors’ responsibilities for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair
presentation of the interim financial statements in accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34 Interim Financial Reporting and for such internal control
as the directors determine is necessary to enable the preparation and fair presentation
of the interim financial statements that are free from material misstatement,
whether due to fraud or error.
14 | WORKING TO IMPROVE YOUR HEALTH

Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based
on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the interim financial statements,
taken as a whole, are not prepared, in all material respects, in accordance with
NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. We perform procedures, primarily consisting of making
enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review
are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and consequently do not enable
us to obtain assurance that we might identify in an audit. Accordingly we do not express
an audit opinion on the interim financial statements.
Restriction on use
This report is made solely to the Company’s shareholders, as a body. Our review has been
undertaken so that we might state to the Company’s shareholders those matters we
are required to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our engagement, for this report, or for the
conclusions we have formed.
Bryce Henderson, Partner
for Deloitte Limited Auckland,
New Zealand
21 November 2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 15

Consolidated Income Statement
For the Six Months Ended 30 September 2024
Note
Unaudited
6 Months
Ended
30 Sep 2024
$’000
Unaudited
6 Months
Ended
30 Sep 2023
$’000
Revenue 486,71383,614
Cost of sales(50,514)(47,678)
Gross profit 36,19935,936

Other Income -85
Selling and distribution expenses(26,695)(23,797)
General and administrative expenses(6,008)(5,468)
Research and development expenses(5,299)(3,506)
Operating (loss)/profit (1,803)3,250

Finance income2230
Interest costs(1,357)(1,814)
Other finance gain / (loss)299502
(Loss)/Profit before tax (2,839)1,968

Income tax benefit/(expense)383(152)
(Loss)/Profit after tax (2,456)1,816

(Loss)/Profit is attributable to:
Equity holder of the parent(2,186)1,816
Non-controlling interests(270) -
(Loss)/Profit after tax (2,456)1,816

Earnings per share
Basic and diluted earnings per share ($) ($0.02)$0.02
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
16 | WORKING TO IMPROVE YOUR HEALTH

Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2024
Note
Unaudited
6 Months
Ended
30 Sep 2024
$’000
Unaudited
6 Months
Ended
30 Sep 2023
$’000
(Loss)/profit after tax (2,456)1,816

Other comprehensive income
Items that may be subsequently reclassified to profit and loss
Foreign exchange difference on translation of foreign operations(188)(59)
Other comprehensive loss for the year, net of tax (188)(59)

Total comprehensive (loss)/income (2,644)1,757

Total comprehensive (loss)/income is attributable to
Equity holder of the parent(2,374)1,757
Non-controlling interests(270) -
(2,644)1,757
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 17
INTERIM FINANCIAL STATEMENTS 2025

Consolidated Statement of Changes in Equity
For the Six Months Ended 30 September 2024
NoteShare capitalShare optionsreserveForeign currency translation reserveRetained earningsTotalNon-controlling

interestsTotal
$’000$’000$’000$’000$’000$’000$’000
Balance 31 March 2023 78,240 -226(5,198)73,268 -73,268

Unaudited
Six months to
30 September 2023

Profit after tax - - -1,8161,8161,816
Other comprehensive income - -(59) -(59)(59)
Total comprehensive income - -(59)1,8161,757 -1,757
Movement in share options reserve -35 - -3535
Dividends paid - - -(1,154)(1,154)(1,154)
Balance 30 September 2023 78,24035167(4,536)73,906 -73,906

Audited
Year ended 31 March 2024
Profit after tax - - -15,60915,60915,609
Other comprehensive income - -(67) -(67)(67)
Total comprehensive income - -(67)15,60915,542 -15,542
Movement in share options reserve -139 - -139139
Dividends paid - - -(1,154)(1,154)-
Balance 31 March 2024 78,2401391599,2578 7,79 5 -8 7,79 5

Unaudited
Six months to
30 September 2024

Loss after tax - - -(2,186)(2,186)(270)(2,456)
Other comprehensive income - -(188) -(188) -(188)
Total comprehensive income - -(188)(2,186)(2,374)(270)(2,644)
Movement in share options
reserve
-56 - -56 -56
Dividends paid - - -(1,678)(1,678) -(1,678)
Balance 30 September 2024 78,240195(29)5,39383,799(270)83,529
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
18 | WORKING TO IMPROVE YOUR HEALTH

Consolidated Balance Sheet
As at 30 September 2024
Note
Unaudited
30 Sep 2024
$’000
Audited
30 Mar 2024
$’000
Unaudited
30 Sep 2023
$’000
ASSETS
Current assets
Inventories47, 8 7449,05754,648
Trade and other receivables28,00044,22233,411
Cash and cash equivalents10,68612,0406,172
Derivative assets12216408893
Total current assets86,776105,72795,124
Non-current assets
Property, plant and equipment440363433
Intangible assets56,50053,45949,717
Right of use assets3,0593,4583,665
Deferred tax 1,1182,2509,933
Total non-current assets61,11759,53063,748
Total assets 147,893165,257158,872
LIABILITIES
Current liabilities
Trade and other payables25,28034,14032,151
Provisions4,1927,3316,540
Lease liabilities7752796748
Related party loan7439 - -
Current Income tax liability1,0583,8015,321
Derivative liabilities12195 - -
Interest bearing liabilities7 - -3,585
Total current liabilities31,91646,06848,345
Non-current liabilities
Lease liabilities72,8483,1943,421
Interest bearing liabilities729,60028,20033,200
Total non-current liabilities32,44831,39436,621
Total liabilities 64,36477,46284,966
EQUITY
Share capital878,24078,24078,240
Retained earnings/(losses)5,3939,257(4,536)
Share options reserve819513935
Foreign currency translation reserve(29)159167
Equity attributable to equity holder of the parent83,7998 7,79 573,906
Non-Controlling Interests(270) - -
Total equity 83,5298 7,79 573,906
Total liabilities and equity 147,893165,257158,872
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
On behalf of the Board on 21 November 2024

David Flacks Dr Hartley Atkinson
Chair Founder and Chief Executive Officer
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 19
INTERIM FINANCIAL STATEMENTS 2025

Consolidated Statement of Cash Flows
For the Six Months Ended 30 September 2024
Unaudited
6 Months
Ended
30 Sep 2024
$’000
Unaudited
6 Months
Ended
30 Sep 2023
$’000

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers103,666102,317
Payments to suppliers and employees(98,084)(93,722)
Tax paid(1,229)(1,127)
Net cash generated from operating activities 4,3537,468

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(150)(76)
Purchase of intangible assets(3,789)(4,769)
Net cash used in investing activities (3,939)(4,845)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital - -
Dividends paid(1,678)(1,154)
Payment for lease liabilities(408)(331)
Borrowings drawn1,400 -
Related party loan439-
Interest received2230
Interest paid on lease liabilities(146)(145)
Interest costs paid on borrowings(1,211)(1,669)
Net cash used in financing activities (1,582)(3,269)

Net decrease in cash(1,168)(646)
Impact of foreign exchange on cash and cash equivalents(186)(58)
Opening cash and cash equivalents12,0403,291
Closing cash and cash equivalents 10,6862,587

Made up of:
Cash and cash equivalents10,6866,172
BNZ overdraft -(3,585)
10,6862,587
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
20 | WORKING TO IMPROVE YOUR HEALTH

Reconciliation of Profit After Tax with Net Cash Flow From Operating Activities
30 Sep 2024
$’000
30 Sep 2023
$’000

Loss after tax(2,456)1,816

Non-cash items and items classified as financing activities
Depreciation7393
Depreciation ROU assets417364
Amortisation653391
Intangible disposals96292
Interest on lease liabilities146145
Share option expense56-
Interest and finance expense1,2111,669
Unrealised (gain)/loss on foreign currency movements385(239)
Provision for tax expense(1,612)(975)
Interest received(22)(30)

Movement in working capital
Decrease/(Increase) in inventories1,183(12,251)
Decrease/(increase) in trade and other receivables 16,22213,307
(Decrease)/increase in trade and other payables, provisions(11,999)2,886
Net cash generated from operating activities 4,3537,468
The accompanying Notes form an integral part of the condensed consolidated interim Financial Statements.
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 21
INTERIM FINANCIAL STATEMENTS 2025

Notes to the Financial Statements
For the six months ended 30 September 2024
1. Reporting Entity
AFT Pharmaceuticals Ltd (the “Company” or
“Parent”) together with its subsidiaries (the
“Group”) is a pharmaceutical distributor and
developer of pharmaceutical intellectual property.
The Company is incorporated and domiciled in
New Zealand; it is registered under the Companies
Act 1993. The address of the Company’s registered
office is 129 Hurstmere Road, Takapuna,
New Zealand.
The Company is a FMC reporting entity under the
Financial Markets Conduct Act 2013 and is listed
on both the NZX and ASX.
These condensed consolidated interim financial
statements were approved by the Directors on
21 November 2024 and are not audited but have
been reviewed by Deloitte Limited in accordance
with NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor
of the Entity
2. Basis of Preparation and Principles
of Consolidation
Statement of compliance
These general-purpose financial statements for
the six months to 30 September 2024 have been
prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP).
They comply with NZ IAS 34 and IAS 34, Interim
Financial Reporting. The Group is a for-profit entity
for the purposes of complying with NZ GAAP.
The condensed consolidated interim financial
statements do not include all the notes normally
included in an annual financial report. Accordingly,
this report should be read in conjunction with the
audited financial statements for the year ended
31 March 2024, which have been prepared in
accordance with the New Zealand equivalents
to IFRS Accounting Standards (‘NZ IFRS’)
and IFRS Accounting Standards (‘IFRS’).
The same accounting policies and methods
of computation are followed in the condensed
consolidated interim financial statements
as compared to the audited financial statements
for the year ended 31 March 2024, as described
in those annual financial statements
Basis of accounting
These consolidated financial statements have been
prepared under the historical cost convention,
as modified by the revaluation of financial assets
and liabilities (including derivative instruments)
at fair value through profit or loss and/or other
comprehensive income.
Functional and presentation currency
The consolidated financial statements are
presented in New Zealand dollars (NZD), which is
the Company’s functional currency rounded to the
nearest thousand dollars unless otherwise stated.
Items included in the financial statements of each
of the subsidiaries are measured using the currency
of the primary economic environment in which the
entity operates (the functional currency).
Foreign currency transactions and balances
The results and balance sheets of all foreign
operations (none of which has the currency of a
hyperinflationary economy) that have a functional
currency different from New Zealand dollars are
translated into the presentation currency as follows:
• Monetary assets and liabilities for each balance
sheet presented are translated at the closing rate
at the date of that balance sheet
• Income and expenses for each income statement
and statement of comprehensive income are
translated at average exchange rates, unless
this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the
transaction dates, in which case income and
expenses are translated at the dates of the
transactions, and
• Exchange differences arising are recognised in
other comprehensive income and accumulated
in a foreign exchange translation reserve.
• Non-monetary items carried at fair value that are
denominated in foreign currencies are translated
at the rates prevailing at the date when the fair
value was determined. Non-monetary items that
are measured in terms of historical cost
in a foreign currency are not retranslated.
22 | WORKING TO IMPROVE YOUR HEALTH

Basis of consolidation
The consolidated financial statements incorporate
the assets and liabilities of all subsidiaries of the
Group as at the balance date and the results of all
subsidiaries for the six-month period then ended.
Intercompany transactions, balances and unrealised
gains on transactions between subsidiary companies
are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of the
impairment of the asset transferred.
Critical accounting estimates and judgements
In applying the Group’s accounting policies,
the directors are required to make judgements
(other than those involving estimations) that have
a significant impact on the amounts recognised
and to make estimates and assumptions about
the carrying amounts of assets and liabilities that
are not readily apparent from other sources.
The estimates and associated assumptions are
based on historical experience and other factors
that are considered to be relevant. Actual results
may differ from these estimates.
The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period
in which the estimate is revised if the revision
affects only that period or in the period of the
revision and future periods if the revision affects
both current and future periods.
Significant estimates are disclosed in each of the
applicable notes to the financial statements and
are designated with an
symbol.
Accounting policies
Accounting policies are disclosed in each of the
applicable notes to the financial statements and
are designated with an
symbol. All mandatory
amendments have been adopted in the current
year. None had a material impact on these financial
statements. The accounting policies applied by
the Group in the preparation of the condensed
consolidated interim financial statements are
the same as those applied by the Group in the
preparation of its consolidated financial report for
the year ended 31 March 2024. The accounting
policies have been applied consistently throughout
the Group for the purposes of this interim report.
Standards and interpretations in issue
not yet effective
At the date of authorisation of these financial
statements, the Group has not applied new and
revised NZ IFRS standards and amendments that
have been issued but are not yet effective. It is not
expected that the adoption of these standards
and amendments will have a material impact
on the financial statements of the Group.
In April 2024, the International Accounting
Standards Board introduced IFRS 18 Presentation
and Disclosure in Financial Statements (effective for
reporting periods beginning on or after 1 January
2027). This standard replaces IAS 1 Presentation
of Financial Statements. An equivalent, NZ IFRS 18
was issued on 23 May 2024. NZ IFRS 18 also applies
to reporting periods (including interim periods)
beginning on or after 1 January 2027 and will
replace NZ IAS 1. Management are still assessing the
impact and note this may change the presentation
of primary statements.
Goods and Services Tax (GST)
The income statement and the statement of
comprehensive income have been prepared so that
all components are stated exclusive of GST. All items
in the balance sheet are stated net of GST, with
the exception of accounts receivable and payable,
which include GST invoiced. All components of the
statement of cash flows are stated exclusive of GST.
3. Significant Transactions
and Events in the Financial Year
The Group has received confirmation from the
Inland Revenue Department that its application
for amending each of the 2018 to 2022 income
tax returns for capitalised product development
expenditure to be treated as deductible has been
approved. The Group has therefore calculated the
current tax and deferred tax expense on that basis
in the current year which includes the deduction for
2018 to 2022 tax years approximating $4.5 million.
Inland Revenue Department declined to amend
the 2018 to 2022 income tax returns for capitalised
product registration expenditure but did not make
any determination or advise on the deductibility,
nor did it advise or make any determination in
respect of deductions claimed for the 2023 income
year or in respect of claims in future years. Given
this uncertain tax position, no deductions have been
accounted for. Based on previous advice received
the Group remains confident a case for deductibility
exists and it will be taking further advice on how
to progress this matter to a resolution.
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 23
INTERIM FINANCIAL STATEMENTS 2025

4. Revenue from Operations
Unaudited
6 Months
Ended
30 Sep 2024
$’000
Unaudited
6 Months
Ended
30 Sep 2023
$’000

Sale of goods85,59581,030
Royalty income950625
Licensing Income1681,959
Total revenue from operations86,71383,614
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract
with a customer and excludes amounts collected on behalf of third parties:
• The sale of goods, which are recognised when control of the product is transferred to the customer
at a point in time.
• Licensing income, the Group has entered into a number of out-licencing contracts whereby the
Group’s obligations are the provision of territorial rights to the company’s intellectual property and
the provision and support of the documentation required to enable registration of the product in the
territory. The Group typically receives an upfront fee, milestone payments for specific registration and/or
development-based outcomes, and sales-based milestones or royalties as consideration for the license.
Licenses coupled with other services, must be assessed to determine if the license is distinct (that is, the
customer must be able to benefit from the IP on its own or together with other resources that are readily
available to the customer, and the Group’s promise to transfer the IP must be separately identifiable
from other promises in the contract). If the license is not distinct, then the license is combined with other
goods or services into a single performance obligation. Revenue is then recognised as the Group satisfies
the combined performance obligation.
A license will either provide:
• A right to access the entity’s intellectual property throughout the license period, which results in
revenue that is recognised over time;
or
• A right to use the entity’s intellectual property as it exists at the point in time in which the license
is granted, which results in revenue that is recognised at a point in time. For sales- or usage-based
royalties that are attributable to a license of IP, the amount is recognized at the later of:
– when the subsequent sale or usage occurs; and
– the satisfaction or partial satisfaction of the performance obligation to which some or all of the sales-
or usage-based royalty has been allocated.
• Royalties Royalty revenue is recognised on an actual and accrual basis in accordance with the substance
of the relevant agreement provided that it is probable that economic benefits will flow to the Company
and the amount of revenue can be measured reliably. Royalty arrangements are recognised by reference
to the underlying agreement.
AP
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
24 | WORKING TO IMPROVE YOUR HEALTH

5. Joint Operations
Hyloris Pharmaceuticals SA and AFT have been collaborating in the development of the
Maxigesic IV product. AFT has now licensed the product to a number of partners covering
multiple countries. Maxigesic IV is protected by several granted and pending patent
applications. Under the terms of the development collaboration agreement between
Hyloris and AFT, Hyloris is eligible to receive a share on any product related revenues,
such as license fees, royalties, milestone payments, received by AFT. The arrangement
constitutes a joint operation whereby the Group recognises, in relation to its interest in the
joint operation, its share of assets and liabilities in the consolidated statement of financial
position and share of revenue earned and expenses incurred in the consolidated income
statement. The Group accounts for the assets, liabilities, revenues and expenses relating
to its interest in the joint operation in accordance with the NZ IFRS standards applicable
to the particular assets, liabilities, revenues and expenses.
Interests in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement
have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control
is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
6. Segment Reporting
Operating Segments
Australia
$’000
New
Zealand
$’000
Asia
$’000
Rest of
World
$’000
Head
Office
$’000
Total
$’000

30 September 2024
Revenue - Sale of goods50,76225,9654,0404,828 -85,595
Revenue - Royalties - -395555 -950
Revenue - Licensing - - -168 -168
Total revenue50,76225,9654,4355,551 -86,713
Other income - - - - - -
Depreciation - ROU assets26026 - -131417
Depreciation - Other7 - - -6673
Amortisation - - -653 -653
Operating (loss)/profit3,9783,710496(4,637)(5,350)(1,803)
Finance income - - - -2222
Interest expense - Loans - - - -(1,211)(1,211)
Interest expense - Lease
liabilities
(54)(3) - -(89)(146)
Other finance gains/(losses) - - - -299299
(Loss)/profit before tax3,9243,707496(4,637)(6,329)(2,839)
Total assets51,35436,571458,8461,118147,893
ROU assets1,05162 - -1,9463,059
Property plant and
equipment
84 - -2354440
Pascomer IP - - -12,500 -12,500
Other intangible assets - - -44,000 -44,000
Total liabilities11,21020,384(1)70032,07164,364
Capital expenditure *67 --3,862844,013
AP
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 25
INTERIM FINANCIAL STATEMENTS 2025

**Restated Operating Segments
**Australia
$’000
**New
Zealand
$’000
**Asia
$’000
**Rest of
World
$’000
**Head
Office
$’000
Total
$’000
30 September 2023
Revenue - Sale of goods42,70422,6775,09310,556 -81,030
Revenue - Royalties - -323302 -625
Revenue - Licensing - - -1,959 -1,959
Total revenue42,70422,6775,41612,817 -83,614
Other income - - -8585
Depreciation - ROU assets20529 - -131364
Depreciation - Other8 - - -8593
Amortisation - - -390 -390
Operating (loss)/profit5492,6031,6213,094(4,616)3,251
Finance income1 - - -2930
Interest expense - Loans - - - -(1,669)(1,669)
Interest expense - Lease
liabilities
(46)(5) - -(94)(145)
Other finance gains/(losses) - - - -502502
(Loss)/profit before tax5042,5981,6213,094(5,848)1,969
Total assets45,63149,444551,25212,541158,872
ROU assets1,340117 - -2,2083,665
Property plant and
equipment
32 - -2400434
Pascomer IP - - -12,500 -12,500
Other intangible assets - - -37,217 -37,217
Total liabilities11,36128,81227844,71384,966
Capital expenditure *1 - -4,785744,860
* Capital expenditure includes both intangible and tangible asset additions.
** Restatement of segment note
The structure of the segment note has been updated to reflect enhanced internal business
reporting and the comparative segment notes have been restated to reflect this change.
Head office costs that were previously reported within the NZ operating segment are now
separately disclosed under the Head Office column as these costs support all operating
segments. Head office functions include maintaining all supplier relationships, procurement
of inventory, regulatory activity, governance marketing activity and finance activity.
No other segments have been changed. Total assets and Capital expenditure for Rest
of World have been restated to reflect the fact that this segment manages intangible
assets and incurred capital expenditure.
The below items were previously reported under the New Zealand Segment, the table
below shows the restatement into the new operating segment.
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
26 | WORKING TO IMPROVE YOUR HEALTH

Australia previously reported$’000New Zealand previously reported$’000Asia previously reported$’000Rest of World previously reported$’000Australia restated$’000New Zealand restated$’000Asia restated$’000Rest of World restated$’000Head Officerestated $’000
Depreciation -
ROU assets205159 - -20529 - -131
Depreciation -
Other885 - -8 - - -85
Amortisation -390 - - - - -390 -
Operating profit549(2,013)1,6213,0945492,6031,6213,094(4,616)
Finance income129 - -1 - - -29
Interest expense -
Loans -(1,669) - - - - - -(1,669)
Interest expense -
Lease liabilities(46)(99) - -(46)(5) - -(94)
Other finance
gains/(losses) -502 - - - - - -502
Profit / (loss) before
tax504(3,250)1,6213,0945042,5981,6213,094(5,848)
Total assets45,85562,850550,16245,63149,444551,25212,541
ROU assets1,3402,325 - -1,340117 - -2,208
Property plant and
equipment32400 -232 - -2400
Pascomer IP - - -12,500 - - -12,500 -
Other intangible
assets - - -37,217 - - -37,217 -
Total liabilities3,16178,1582,5111,13611,36128,81227844,713
Capital expenditure14,847 -121 - -4,78574
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief operating decision maker (CODM). For the purposes of NZ IFRS 8, the CODM is a
group comprising the Board of Directors, together with the Chief Executive Officer, the Chief
of Staff, the Chief Financial Officer and the Director of International Business Development.
Management report on operating segments net of intersegment revenue so that the revenue
amount reflects the end customer’s reportable geography. Inter-segment transactions are
eliminated for Management reporting. This has been determined on the basis that it is this group
that determines the allocation of the resources to segments and assesses their performance. The
Group has four operating segments based on geographical locations reportable under NZ IFRS
8, as described below, which are the Group’s strategic groupings of business units. The following
summary describes the operations in each of the Group’s reporting segments:
• New Zealand – Includes the sales and distribution activity relating to the New Zealand market.
• Australia – Includes the sales and distribution activity relating to the Australian market.
• Asia – Includes the sales and distribution activity relating to the Asian market.
• Rest of World – Includes the out-licensing of IP developments to markets in which the Group
does not have a presence and the export of products to export markets. The costs of research
and development and new market development activity not specific to the other segments are
expensed to this segment.
• Major Customers – Revenues from one customer of the Australian segment (being a
licensed wholesaler) represents approximately NZ$15.3m (6 months to 30 September
2023 NZ$ 16.4m) and from one customer of the New Zealand segment (also being a
licensed wholesaler) represents approximately NZ$ 12.7m (6 months to September 2023:
NZ$12.3m) of the Group’s revenues.
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 27
INTERIM FINANCIAL STATEMENTS 2025

7. Interest Bearing Liabilities
Unaudited
as at
30 Sep 2024
$’000
Audited
as at
31 Mar 2024
$’000
Unaudited
as at
30 Sep 2023
$’000
Current lease liabilities752796748
Non-current lease liabilities2,8483,1943,421
Related party loan439 - -
BNZ overdraft - -3,585
BNZ Term loans current portion - - -
BNZ Term loans non-current portion29,60028,20033,200
Total33,63932,19040,954

Opening balance of BNZ loan28,20033,20033,200
BNZ loans drawn down1,400 - -
Repayment of principal -(5,000) -
Closing balance29,60028,20033,200
The BNZ loans have a general security over the assets of the Group together with a Group
guarantee.
On 30 September 2022 the BNZ facility was renewed for a further three-year term through
to April 2026. The facility retains a) the $18.2 million term loan, b) the $10.0 million working
capital facility, c) the $3.0 million overdraft and d) the $5.0 million Business Finance
Scheme Loan (BFS). The maturity date for the BFS is May 2026.
Interest on the term loan and working capital facility is the BNZ CCAF or CARL plus
a margin of 1.45%. Interest on the overdraft is the BNZ market connect base rate plus
a margin of 1.00%. Interest on the BFS is fixed at 2.30%. The non fixed interest rates
are reset on a quarterly basis.
As at 30 September 2024 the Group overdraft facility was nil (September 2023:
drawn down by $3,585k).
All covenants relating to the BNZ facility have been complied with for the six months
ending 30 September 2024.
The related party loan consists of financing provided by the minority shareholder of
AFT Pharma UK Limited. Shareholder loans bear interest at AFT ‘s borrowing rate plus a
margin of 1.5%. AFT’s reciprocal financing contributions, as the majority shareholder of
AFT Pharma UK Limited, are eliminated upon consolidation. AFT Pharma UK Limited was
incorporated in December 2022 and has recently begun trading.
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions and other
short-term investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
AP
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
28 | WORKING TO IMPROVE YOUR HEALTH

8. Share Capital
Ordinary shares are classified as equity.
Unaudited
as at
30 Sep 2024
$’000
Audited
as at
31 Mar 2024
$’000
Unaudited
as at
30 Sep 2024
$’000
Audited
as at
31 Mar 2024
$’000
Ordinary share capital104,866,260104,866,26081,40681,406
Less capital raising costs - -(3,166)(3,166)
Total104,866,260104,866,26078,24078,240
Unaudited
6 months
ended
30 Sep 2024
$’000
Audited
12 months
ended
31 Mar 2024
$’000
Unaudited
6 months
ended
30 Sep 2024
$’000
Audited
12 months
ended
31 Mar 2024
$’000
Share capital at beginning of the year104,866,260104,866,26078,24078,240
Issue of ordinary shares for exercised
share options
- - - -
Total104,866,260104,866,26078,24078,240
Ordinary shares
No shares were issued during the period (In the six month period to September 2023: no
shares were issued as a result of staff share options being exercised as detailed below).
Staff share options
In May 2023 510,000 options were granted. A total of 25,000 have since lapsed, through
voluntary employee separations. None of the 485,000 outstanding options remaining have been
exercised and in the six month period to 30 September 2024, no new options were granted.
The Company has a share option plan for employees of the Group. In accordance with the terms of the plan,
as approved by the directors, certain employees on 5 May 2023 were granted share purchase options.
• Each employee share option converts into one ordinary share of the Company on exercise.
• No amounts are paid or payable by the recipient on receipt of the option.
• The options carry neither rights to dividends nor voting rights.
• Options may be exercised at any time from the date of vesting to the date of their expiry.
• The number of options granted is calculated in accordance with the performance-based formula
approved by the directors at previous Board meetings. The formula rewards employees to the extent
of the Group’s and the individual’s achievement judged against both qualitative and quantitative criteria
including the following financial and operational measures:
• Market share
• Net profit
• Target sales thresholds; and
• Product registration and licensing targets.
Staff share options are valued at fair value at the grant date as calculated using the Black Scholes model.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on
a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that
eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group
revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the
original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised
estimate, with a corresponding adjustment to the equity-settled employee benefits reserve.
AP
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 29
INTERIM FINANCIAL STATEMENTS 2025

9. Dividends per Share
On 4 July 2024 payment of a dividend of 1.6 cents per share or approximately $1.7 million
was paid. This was not imputed. In July 2023 a maiden dividend of 1.1 cents per share,
or approximately 1.2mil, was paid to the ordinary shareholders.
10. Contingent Assets and Liabilities
The Group has provided a guarantee to Investec Limited for the lease premises AFT
Pharmaceuticals (AU) PTY Limited occupies in Sydney, Australia. A deposit of AUD$84,000
is held with NAB bank as security for this lease.
The Group has provided a guarantee to Robt Jones Investment Holdings Ltd of $100,000
as security over the leased office premises at 129 Hurstmere Road, Takapuna. Auckland.
The Group placed NZD$75,000 on term deposit with BNZ bank as security for a guarantee
issued by BNZ in favour of the NZX.
The High Court of Auckland made judgement in late August 2023 in a case brought against
the Company by a former contractor to the Company, PBL Solutions Limited (PBL), in
Southeast Asia. In essence the case involved PBL’s opportunity to participate in Pascomer
drug development opportunities. As part of the judgement the Court ruled AFT is not
required to account to PBL for any profit which AFT may earn from the application of
Pascomer for treatment of nonorphan conditions such as Port Wine Stain (PWS).
PBL has appealed this aspect of the judgement. This has been set down to be heard in
February 2025. The group has included this appeal as one of its factors in assessing the
carrying value of the Pascomer IP, and the valuation indicates sufficient headroom such that
a reasonably possible change to the key assumptions is unlikely to result in an impairment
of the Pascomer assets. The key assumptions have remained materially the same as those
reported in the March 2024 annual report. These include successful clinic trials
and registration in the US, Europe, and Australasia; cashflows out to 2043 at a discount rate
of 12.5% and for PWS, consistent addressable markets in the US, Europe, and Australasia.
The Group continue to assume no growth in the patient base, peak penetration of 2.5%,
and a success probability of 30%.
11. Capital Commitments
The Group has no capital commitments as at 30 September 2024 (31 March 2024: nil,
30 September 2023: nil).
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
30 | WORKING TO IMPROVE YOUR HEALTH

12. Financial Risk Management
Managing financial risk
The Group’s activities expose it to various financial risks as detailed below.
• Market risk
Management is of the opinion that the Group’s exposure to market risk at balance date
is defined as:
Risk factor descriptionDescriptionSensitivity
Currency riskExposure to changes in foreign exchange rates on assets,
liabilities, revenue and expenses
As below
Interest rate riskExposure to changes in interest rates on borrowingsAs below
Other price riskNo commodity securities are bought, sold or tradedNil
• Foreign exchange risk
The Group benefits from the use of derivative financial instruments to manage foreign currency
exposures. The fair value of forward exchange contracts is calculated by reference to current
forward exchange rates at year end and the contract exchange rates, considered level 2 of the
fair value hierarchy.
The Group sells and purchases goods and services to and from overseas customers and
suppliers in several currencies, primarily AUD, USD, EUR and GBP which exposes the Group
to foreign currency risk. The Group manages foreign currency risk through use of derivative
arrangements, in particular forward exchange contracts. The exposure is monitored on a regular
basis based on Group foreign exchange policies, which allow for up to 50% forward cover out
for twelve months. Future revenues from markets outside Australasia will be denominated
primarily in USD and EUR which will provide an increasing natural hedge against costs.
In the current period for the six months to 30 September net foreign exchange gains totalled
$ 299k (2023: gains $492k). The balance of gains/losses are derived from the restatement of
monetary balances at the spot rate on the period-end balance date of 30 September 2024
and settlement of transactions during the period.
In total, the Group had financial assets and liabilities denominated in the following currencies:
Currency
Unaudited
30 Sep 2024
Audited
31 Mar 2024
Unaudited
30 Sep 2023
Assets
NZD$’000
Liabilities
NZD$’000
Assets
NZD$’000
Liabilities
NZD$’000
Assets
NZD$’000
Liabilities
NZD$’000
AUD30,1665,93441,7985,83419,9098,268
USD3,0403,2273,7777,3375,2806,304
MYR631351416671
GBP1,18438349431516547
EUR5,1425,6882,9085,5263,6167,511
SGD44510558962932
CNY79 -198842 -
BND - -8 - - -
HKD6324 - 6
YEN -2 - - - -
CHF - -8 - -
CAD1 - - - - -
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 31
INTERIM FINANCIAL STATEMENTS 2025

The following forward foreign exchange contracts were held at 30 September 2024:
Forward Foreign Exchange Contracts
Buy currency
Buy currency
amount $‘000
Sell amount
NZD$’000
Buy amount
NZD$’000
Fair value
NZD$’000
EUR2,9505,2425,192(50)
USD2,3303,8053,660(145)
Sell currency
Sell currency
amount $’000
Buy amount
NZD$’000
Sell amount
NZD$’000
Fair value
NZD$’000
AUD17,90019,70119,484216
Total Asset As at 30 September 2024216
Total Liability As at 30 September 2024 (195)
The following forward foreign exchange contracts were held at 31 March 2024:
Forward Foreign Exchange Contracts
Buy currency
Buy currency
amount $‘000
Sell amount
NZD$’000
Buy amount
NZD$’000
Fair value
NZD$’000
EUR4,8708,6448,838194
USD3,6505,9136,084171
AUD10,54011,56411,52143
Total asset as at 31 March 2024408
Total liability as at 31 March 2024 -
The following forward foreign exchange contracts were held at 30 September 2023:
Forward Foreign Exchange Contracts
Buy currency
Buy currency
amount $‘000
Sell amount
NZD$’000
Buy amount
NZD$’000
Fair value
NZD$’000
EUR1,8503,2473,28034
USD3,0754,9065,141235
GBP16030832618
Sell currency
Sell currency
amount $’000
Buy amount
NZD$’000
Sell amount
NZD$’000
Fair value
NZD$’000
AUD19,39021,49620,890606
Total asset as at 30 September 2023893
Total liability as at 30 September 2023 -
• Interest rate risk
Borrowings are at a mixture of floating base rates plus a margin determined by the Group’s
performance against covenant adherence levels, which exposes the Group to cash flow
interest rate risk. There are no specific derivative arrangements to manage this risk.
• Credit risk
Financial instruments, which potentially subject the Group to credit risk, principally consist
of accounts receivable and cash and cash equivalents. Regular monitoring is undertaken
to ensure that the credit exposure remains within the Group’s normal terms of trade.
The Group has one significant concentration of credit risk at 30 September 2024, with the
largest debtor being AU$ 6.1m (30 September 2023: AU$ 3.68m). The value is stated net
of expected rebates. There has been no past experience of default and no indications
of default in relation to this debtor.
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
32 | WORKING TO IMPROVE YOUR HEALTH

The Group’s cash and short-term deposits are placed with high credit quality financial
institutions. Accordingly, the Group has no significant concentration of credit risk other than
bank deposit. At balance date, bank deposits at each financial institution as a percentage
of total assets were 0.4% with Bank of New Zealand at 30 September 2024 (2023 overdraft
position), and 5.5% at NAB Bank (2023: 2.2%). The carrying value of financial assets
represents the maximum exposure to credit risk.
• Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short
notice to meet its commitments and arises from the need to borrow funds for working
capital. The directors monitor the risk on a regular basis and actively manage the cash
available to ensure the net exposure to liquidity risk is minimised.
The liquidity/maturity profile of the liabilities (inclusive of derivative assets and liabilities)
is as follows:
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
30 September 2024 (unaudited)
< 1 year
$’000
1-2 years
$’000
2-5 years
$’000
> 5 years
$’000
TOTAL
$’000
Trade and other payables(25,280) - - -(25,280)
Borrowings(2,655)(2,655)(33,804) -(39,114)
Lease liabilities(993)(863)(1,515)(1,063)(4,434)
Derivative instruments (outbound)(28,531) - - -(28,531)
Derivative instruments (inbound)28,552 - - -28,552
Total(28,907)(3,518)(35,319)(1,063)(68,807)

31 March 2024 (audited)$’000$’000$’000$’000$’000
Trade and other payables(34,609) - - -(34,609)
Borrowings(2,542)(2,542)(33,500) -(38,584)
Lease liabilities(1,010)(852)(1,539)(1,098)(4,499)
Derivative instruments (outbound)(26,078) - - -(26,078)
Derivative instruments (inbound)26,486 - - -26,486
Total(37,753)(3,394)(35,039)(1,098)(77,284)
Fair Values
The carrying values of trade receivables, trade payables and borrowings approximate their fair
values because of their short terms to maturity or interest reset dates. Trade receivables are
valued net of provision and trade payables are valued at their original amounts by contract.
13. Management of Capital
The Group’s objectives when managing capital are to safeguard the Group’s ability to
continue as a going concern so that it can continue to provide returns to its shareholders
and to maintain a strong capital base to support the development of its business. The Group
meets these objectives through a mix of equity capital and borrowings. The level and mix of
capital are determined by the Group’s internal Corporate Governance policies.
Under the BNZ facility, there is a covenant requirement that the facility, comprising an overdraft
and letter of credit facility, must not exceed the total of 70% of acceptable debtors plus 50%
of acceptable stock. Additional covenants include a requirement for a minimum principal and
interest cover ratio, a minimum net leverage ratio and a maximum capital expenditure (capex)
and research and development (R&D) ratio. Covenant reporting is required on a quarterly basis.
The Group was compliant with all BNZ covenants during the period.
14. Significant Events After Balance Sheet Date
Appointment of Allison Yorston as an independent non-executive director to the board of
AFT Pharmaceuticals Limited. There were no other significant events after balance sheet date.
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 33
INTERIM FINANCIAL STATEMENTS 2025

15. Related Parties
The Group had related party relationships with the following entities:
Related partyNature of relationship
Atkinson Family TrustAFT Chief Executive Officer, Hartley Atkinson, is a Trustee / Discretionary
Beneficiary of Atkinson Family Trust.
AFT Chief of Staff, Marree Atkinson, is a Discretionary Beneficiary
of Atkinson Family Trust
Edge GroupMinority shareholder of AFT Pharma UK Limited. Related party loan

Key management compensation
Unaudited
6 months
ended
30 Sep 2024
$’000
Audited
12 months
ended
31 Mar 2024
$’000
Unaudited
6 months
ended
30 Sep 2023
$’000
Director fees 243501252
Executive salaries8781,558779
Short term benefits240416208
Options expense - -35
Key management compensation1,3622,4751,274

Related party loan439 - -
Key management includes external directors, the Chief Executive Officer, the Chief
of Staff, the Chief Financial Officer and the Director of International Business Development.
These positions are mainly responsible for planning, controlling and directing the activities
of the business.
Notes to the Financial Statements (Continued) For The Six Months Ended 30 September 2024
34 | WORKING TO IMPROVE YOUR HEALTH

Directory
AFT is a company incorporated with limited liability under the New Zealand Companies Act 1993
(Companies Office registration number 873005).
Registered Offices Level 1, 129 Hurstmere Road, Takapuna,
Auckland 0622, New Zealand.
+64 9 488 0232
www.aftpharm.com
113 Wicks Road, North Ryde NSW 2113, Australia.
+61 2 9420 0420
Principal Administration Offices New Zealand:
Level 1, 129 Hurstmere Road, Takapuna,
Auckland 0622, New Zealand.
+64 9 488 0232
Australia:
113 Wicks Road, North Ryde NSW 2113, Australia.
+61 2 9420 0420
United Kingdom:
133 Whitechapel High Street, London, UK
Directors
– at the date of this Interim Report
Dr Hartley Atkinson
Marree Atkinson
David Flacks
Andrew Lane
Dr Ted Witek
Allison Yorston
Share Registrar:Computershare Investor Services Limited
Level 2, 159 Hurstmere Road, Takapuna,
Auckland 0622, New Zealand.
+64 9 488 8777
enquiry@computershare.co.nz
Computershare Investor Services Pty Limited, Yarra Falls,
452 Johnston Street, Abbotsford VIC 3001, Australia.
+61 3 9415 4083
enquiry@computershare.co.nz
Auditor Deloitte Limited,
Deloitte Centre, 1 Queen Street,
Auckland 1140, New Zealand.
+64 9 303 0700
Legal Counsel Harmos Horton Lusk
Level 33, Vero Centre,
48 Shortland Street, Auckland 1140, New Zealand.
+64 9 921 4300
Financial Calendar
Financial year end 31 March 2025
Full year results announcementMay 2025
Annual Meeting August 2025
Half-year end 30 September 2025
AFT PHARMACEUTICALS INTERIM REPORT 2025 | 35

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

---

1H 2025
INVESTOR
PRESENTATION
Dr Hartley Atkinson
Managing Director
Malcolm Tubby
Chief Financial Officer
21 NOVEMBER 2024

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
Agenda
•Highlights
•Strategic progress
•Financial Performance
•Outlook
•Questions
Dr Hartley Atkinson
Managing Director
Malcolm Tubby
Chief Financial Officer

Record Revenue and Investment for Growth
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH4
HIGHLIGHTS
•Half-year operating revenue up 4% to $86.7M led by growth in the core Australasian business. Sales from products and royalties up 6% to $86.5M
•Operating loss of $1.8M primarily due to several International customers reducing stock levels and Korean doctors' strike. EBITDA¹ fell to a loss of $0.7M.
•Balance sheet strong with net debt² down to $18.9M from $30.6M (FY24H1), inventory days reduced as supply chain outlook improves and covid constraints
unwind
•Momentum expected to accelerate in 2H assisted by product launches in all markets and resumption of normal trading post one-off 1H events
4
1
EBITDA is a non-GAAP measure of financial performance and is defined and reconciled to NZ GAAP on page 25 of this presentation.
2
Excluding related party loan
$83.6
$86.7
$49.0
$56.0
$64.0
$69.0
$80.0
$85.0
$106.0
$113.1
$130.3
$156.6
$111.8
$195.4
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY 2023FY 2024FY2025
NZ$M
AFT OPERATING REVENUE
$6.1
$11.4
$10.7
$20.4
$19.7
$24.2
-$1.8
-$5
$0
$5
$10
$15
$20
$25
FY2019FY2020*FY 2021FY2022FY2023FY 20241H 25
NZ$M
AFT GROUP OPERATING PROFIT*
Operating profit ex license incomeLicense income
* FY20 normalised to exclude $9.8m gain on de-recognition of equity accounted investment.

68.4%
8.1%
23.6%
66.8%
7.8%
25.4%
AUSTRALIAN CHANNEL
OTCPrescriptionHospital
Australia: Strong Growth in All Channels
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenue in Australia grew 19% to $50.8 million from $42.7 million in the same period a year ago. Revenue was lifted by strong growth in all
channels
•Our new product launch program continues to roll out as planned
•Operating profit rose to $4.0 million from $0.5 million in the same period of the prior year, as the investments in sales team deliver expected
growth
5
1H24
1H25
$42.7
$50.8
$61.4
$68.3
$76.7
$94.1
$65.5
$108.2
$-
$20.0
$40.0
$60.0
$80.0
$100.0
FY2020FY2021FY2022FY2023 FY 2024 FY2025
NZ$M
AUSTRALIAN REVENUE

51.9%
32.3%
15.8%
54.4%
32.0%
13.6%
NEW ZEALAND CHANNEL
OTCPrescriptionHospital
New Zealand: Growth led by the OTC and the prescription channels
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Revenue in New Zealand grew 14% to $26.0 million with growth led by the OTC and prescription channels and product launches in the prior
financial year.
•Operating profit was up to $3.7 million
6
1H 24
1H25
$22.7
$26.0
$30.1
$30.5
$35.1
$44.2
$26.0
$48.7
$-
$10.0
$20.0
$30.0
$40.0
$50.0
FY2020 FY2021 FY 2022 FY2023 FY 2024 1H 25
$NZM
NEW ZEALAND REVENUE

18.6%
8.0%
73.5%
34.5%
3.8%
61.7%
ASIAN CHANNEL*
OTCPrescriptionHospital
Asia: Growth in OTC and Online
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Asian revenue was down to $4.4 million. Growth in OTC and online via cross border e-commerce channel into China
•Gains diluted by the doctors' strike in South Korea
•Operating profit is down to $0.5 million reflecting the lower revenue and increased spending on marketing and higher business development
initiatives.
$3.7
7
1H 24
1H 25
$5.4
$4.4
$4.9
$4.4
$5.5
$6.8
$5.3
$10.7
$-
$2.0
$4.0
$6.0
$8.0
$10.0
FY2020 FY2021 FY 2022 FY2023 FY 2024 1H 25
NZ$M
ASIAN REVENUE
* Includes license income

$12.8
$5.6
$9.1
$9.9
$13.1
$11.7
$15.0
$27.8
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY2020 FY2021 FY 2022 FY2023 FY 2024 1H 25
NZ$M
INTERNATIONAL REVENUE*
2
3
4
7
9
20
28
43
46
61
73
77
0
10
20
30
40
50
60
70
80
90
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY 20241H2025
COUNTRIES SOLD AND ORDERED
MAXIGESIC’S GLOBAL REACH
International – Investing for Long Term Growth in New Markets
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH8
•Revenue from product sales and royalties fell to $5.4 million as several of our large
customers cut inventory in response to an improving supply chain outlook.
•In-market product sales continue unabated despite customer destocking.
•Operating loss of $4.6 million. We expect the losses to reduce as trading
normalises and the investments in new business begin to deliver
.
* Includes license income

AFT’s Global Reach
Our medicines are now available in nearly 80 countries around the world
9AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH

Expanding AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH10
AFT PHARM UK (70% AFT)
•Launched Combogesic IV & Tablets
2
, seeing good progress
•A growing pipeline of products
•Now an accredited NHS supplier; won 100% of hospital bids; these
commence in early 2025
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
•First sales expected in H2
AFT PHARM USA
•Combogesic IV
1
sales
2
underway; secured a Medicare reimbursement
code
•Appointed distributors Alexso & Hikma for Combogesic Rapid
1
for
selected channels and considering others
•AFT to increase selected OTC offerings.
Opening new markets for our proprietary IP and in-licensed new products
1
The Maxigesic family of medicines is sold as Combogesic in the US, UK and several other markets.
2
AFT NZ

Expanding AFT’s Global Footprint
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH11
AFT PHARM CANADA (70% AFT)
•Launched Combogesic tablets
1
through a partner, to launch Crystaderm FY25
through a partner
•To launch Combogesic IV ex AFT Pharm Canada alongside selected OTC
offerings
•Building pipeline
AFT PHARM SOUTH AFRICA (70% AFT)
•Purchasing company with existing SAHPRA license (saves 2 years)
•Launch in private hospital market starting FY26
•Secured significant pipeline
AFT PHARM SINGAPORE
•Launching further selected AFT products
•A significantly expanding pipeline of new products
AFT PHARM HONG KONG
•Launching further selected AFT products
•A significantly expanding pipeline of new products
Opening new markets for our proprietary IP and in-licensed new products
1
AFT NZ

Research and Development Investments Moving to Commercialisation
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH12
Several projects have exited and are moving to revenue generation
COMMERCIALISATION PROGRESSING
18 agreements under discussion awaiting final signature on a four-drug
distribution agreement
Maxigesic – nine dose forms and protected by patents.
•Tablets, Oral Liquid, Hot drink & Dry Stick
•Rapid Dissolving Tablet (Patent 2039).
•Intravenous (Patent 2031, 2035)
Crystaderm – antibacterial and anti-acne cream, a unique and proprietary
formulation
Micolette – micro-enema for bowel obstruction
Kiwisoothe – tablets and sachets for gut discomfort and constipation
Capsaicin – cream in two strengths for Osteoarthritis (low) and Neuropathic
pain (high)
*Expensed and capitalised
$7.0
$8.9
$5.0
$9.1
$10.4
$11.9
$12.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY 2021FY 2022FY 2023FY 2024FY 2025
NZ$M
RESEARCH AND DEVELOPMENT EXPENSES*

A Strong Research and Development Pipeline
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH13
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 / 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)2032 & TBCLate-stage development
Multi Billion
addressable market of AFT’s
research and development
pipeline

Six months to 30 September
2024
$000
Revenue
%
2023
$000
Revenue
%∆%
Revenue86,71383,6144%
Gross profit36,19941.7%35,93643.0%
Operating expenses and other income
(38,002)
43.8%(32,686)39.1%
Operating (loss) / profit
(1,803)
3,250(155)%
Finance expenses and other income
(1,036)
(1,282)
Ta x
383
(152)
(Loss) / Profit after tax
(2,456)
1,816(235)%
Revenue from product sales and royalties
86,545
81,6566%
Gross profit from product sales and royalties
36,031
41.6%33,93741.6%
Gross Margin and Operating Profit Diluted by Mix Changes and Investment
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH14
•Revenue from product and royalties
up 6% lifted led by double digit
Australasian sales growth, but diluted
by one-off demand disruptions
•Total revenue which includes
licensing income of $0.2 million, rose
4% to $86.7 million
•Gross profit margins from product
sales and royalties were steady.
•Asian and International markets
Operating Profit reflect one-off
demand disruptions

Six months to 30 September
2024
$000
2023
$000∆%
Current assets (excluding cash)
76,090
88,952
Cash
10,686
6,172
73%
Non current assets
61,117
63,748
Total assets
147,893
158,872(7)%
Current liabilities (excluding interest-bearing liabilities)
31,916
44,760
Current interest-bearing liabilities
-
3,585
Non current liabilities (excluding interest-bearing liabilities)
2,848
3,421
Non-current interest-bearing liabilities (current and non-current)
29,600
33,200
Total liabilities
64,364
84,966(24)%
Total equity
83,529
73,906
Total liabilities and equity
147,893
158,872
(7)%
AFT is Well Funded – Well Positioned to Fund Growth Investment
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
•Net debt
1
at the end of September
2024 was $18.9 million down from
$30.6 million at the same time a year
ago.
•Reduced inventory days and inventory
now $47.9 million down from $49.1
million at the end of March 2024 in
concert with our customers, as the
supply chain outlook improves
15
1
Excluding related party loan

Six months to 30 September
2024
$000
2023
$000∆%
Net cash generated from operating activities
4,353
7,468(42)%
Net cash used in investing activities
(3,939)
(4,845)(19)%
Net cash (used)/generated from financing activities
(1,582)
(3,269)(52)%
Net increase/(decrease) in cash
(1,168)
(646)
Impact of foreign exchange on cash and cash equivalents
(186)
(58)
Opening cash and cash equivalents
12,040
3,291
Closing cash and cash equivalents
10,686
2,587313%
Growth Investment Underpinned by Ongoing Strong Cashflow
AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH16
•Net cash from operating activities reduces
due to one-off demand disruptions
•Continued investment into research and
development projects to fuel long term
growth growth
•End period cash holdings of $10.7 million

AFT PHARMACEUTICALS WORKING TO IMPROVE YOUR HEALTH
Outlook: Positioned to Drive Future Growth in Both Revenue and Earnings
•AFT expects a strong recovery in the second half of the year, in line with prior years, assisted by:
•a strong program of new product launches especially in International markets
•building momentum in the new markets
•the resumption of normal trading following the two significant unexpected events in H1
•Given one-off trading challenges of the last six months, the company expects its operating profit for the year
to the end March 2025 to range between $15 million to $20 million . We also expect to declare a dividend for
the full year.
•We are well positioned to further extend the company’s long-standing record of growth.
•We have set our sights on a rolling annual rolling revenue target of $300 million which we aim to achieve by
the end of FY2027
17

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
long term profitability as intended, as the company was prior to IPO and its growth and global reach is now accelerating
Appendix 1: 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
19
2024
Revenue reaches ~$200m,
AFT products are sold in
reaches 77 countries and it
sets a target for $300m

Appendix 2: 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
20

Appendix 3: AFT Global Product Portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic
1
, Pascomer, NasoSURF, and Crystaderm
PainMaxigesic oral dose forms
-Tablets
-Solution
-Hot drink sachet
-Rapid tablets
-Cold and Flu
-Day& Night
ZoRub Osteo and HP
HospitalMaxigesic IV (intravenous)
NasoSurf – nasal nebuliser drug delivery
DermatologyCrystaderm – selected territories
Gastroenterology
Kiwisoothe
Micolette
1
Paracetamol and Ibuprofen
21

Appendix 4: 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
22
Product
Maxigesic TabletMaxigesic IVMaxigesic OralMaxigesic sachet
Territories30 Sept
2024
31 March
2024
30 Sept
2024
31 March
2024
30 Sept
2024
31 March
2024
30 Sept
2024
31 March
2024
Licensed100+100+100+100+100+100+100+100+
Registered71695550161432
Soldin616044361122

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 5: GAAP to Non-GAAP Reconciliation
23
Six months to 30 September
2024
$000
2023
$000
Net profit after tax attributable to owners of the parent(2,456)1,816
Less: Finance Income (22)(30)
Add back: Interest costs 1,357 1,814
Add back: Other finance loss/(gain)
(299)
(502)
Add back: Depreciation
490
457
Add back: Amortisation
653
391
Add back: Income tax expense/(benefit)
(383)
152
EBITDA(660)4,098

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

---

Results for announcement to the market
AFT Pharmaceuticals Limited
Reporting Period 6 months to September 30 2024
Previous Reporting Period 6 months to September 30 2023
Currency NZ$
Amount (000s) Percentage
change
Revenue from continuing operations $86,713 Up 4%
Total Revenue $86,713 Up 4%
Net profit/(loss) from continuing operations $1,803 Down 155%
Total net profit/(loss) $1,803 Down 155%
Interim/Final Dividend
Quoted Equity Securities:
Amount per Quoted Equity Security $0.01600000
Imputed amount per Quoted Equity Security No imputation
Record Date 20/06/2024
Dividend Payment Date 04/07/2024
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 unaudited
consolidated financial statements for the six months ended 30
September 2024. These financial statements and the half year results
commentary dated 21 November 2024 provide the balance of
information requirements in accordance with NZX Listing Rules 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.tubby@aftpharm.com
Date of release through MAP

21 November 2024

Unaudited financial statements accompany this announcement.


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