Court of Appeal dismisses PBL Port Wine Stain profit claim

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


9 MARCH 2026

Court of Appeal dismisses PBL Port Wine Stain profit claim

AFT Pharmaceuticals (NZX: AFT; ASX: AFP), New Zealand’s largest domestic
pharmaceuticals company, today notes a Court of Appeal judgment dismissing the
other party’s appeal from a 2023 High Court judgment dismissing its claim for a share
of any profits earned by AFT from the use of its topical skin medicine Pascomer as a
treatment for Port Wine Stains (PWS).

In a judgment released yesterday, the Court of Appeal has dismissed a claim that AFT
be required to share with PBL Solutions Limited (PBL) any profit which AFT may earn
from the application of Pascomer for the treatment of non-orphan
1
conditions such
as PWS. PWS is potentially a much larger market than the Facial Angiofibroma orphan
indication by virtue of circa 36 times more potential patients.

PBL is a company associated with a former contractor to AFT and is a 35% shareholder
in AFT Orphan Pharmaceuticals Limited, a company created to pursue orphan
applications.

AFT will continue to provide an account to PBL for any profits (if any) earned for orphan
drug applications of Pascomer and will share 35% of those profits with PBL. PBL and
AFT will share costs related to the appeal.

AFT continues to review the judgment and will be making no further comment at this
time. The judgment itself is confidential to the parties pending their review for any
confidential information prior to its release. The company does not expect the
judgment to have a material effect on AFT’s FY 2026 earnings guidance.


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

1
Orphan drugs are medicines developed for the treatment rare diseases and potentially qualify for an orphan drug
designation which can result governments providing incentives and offering exclusivity for the treatment of the
conditions with the goal of making the drug commercialisation for the applications attractive.

2


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
2
. 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.