March Quarter FY 2026 Investor Update

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





7 April 2026
March Quarter FY 2026 Investor Update
FY26 sustained double digit growth across all markets
HIGHLIGHTS
- Sustained double digit sales growth across all markets lifts FY26 sales to a record
and reconfirming operating earnings guidance of $20 million to $24 million
- On track for FY 27 sales to reach $300 million target
- New partnership for Maxigesic
®
tablets (marketed as Combogesic Rapid) in the US
with Cost Plus, the public benefit pharmacy chain backed by billionaire Mark
Cuban
- AFT South Africa integrates newly acquired hospital drugs into its operations with a
strong contribution to revenue and earnings expected in FY 27.
- Advancing Novel Iron Injection project after successful US FDA meetings
AFT Pharmaceuticals (NZX: AFT; ASX: AFP), New Zealand’s largest domestic
pharmaceuticals company
1
, today announces sustained growth across all its
operations. Consequently, the company will report record sales when it releases its FY
26 financial results on 21 May 2026 and operating earnings within the guidance range
of $20 million to $24 million.
AFT reiterates that it remains on track to deliver revenue for the year to 31 March 2027
of $300 million. It also announces a new partnership in the US with Cost Plus, the
pharmacy chain backed by US billionaire Mark Cuban, for the distribution of its
Maxigesic
®
Rapid tablets; and continued advances in its international business and
research and development pipeline.
AFT Managing Director Dr Hartley Atkinson said: “We are closing out the FY26 financial
year pleased with our strategic and operational progress. We have seen sustained
growth across all our operations, and we are making good progress in the markets
where we have set up new business hubs — markets that share similar dynamics to
our successful Australasian operations. As a consequence, we are today firming our
guidance for FY 26 operating earnings.”


1
https://tin100.com/reports/2025-tin-report/

MAXIGESIC RAPID TO BE SOLD THROUGH MARK CUBAN’S COST PLUS
Maxigesic Rapid in the US (marketed as Combogesic Rapid) is now set to be
distributed through Cost Plus, the public benefit organisation founded in 2022 with the
backing of the US billionaire and Shark Tank star Mark Cuban.
Cost Plus was established to lower the distribution costs of medicine. Since its founding
in 2022 it has grown rapidly and now stocks more than 2,300 commonly prescribed
medicines. It distributes these medicines, online and through affiliated pharmacies at
cost plus a 15% markup
2
and its reach extends to all 50 US states.
AFT is now concentrating on this channel to market Maxigesic Rapid for the main
markets in the US, while Alexso will continue to distribute the medicine for the market
segments of its distribution arrangements we disclosed in 2024 and Hikma will continue
to distribute the intravenous form of the medicine.
Finally, AFT continues to expand its portfolio of medicines in this market including our
Liposachet range, Kiwisoothe, and Optisoothe range. These medicines are available
through Amazon presently with other channels currently under negotiation.
SOUTH AFRICA INTEGRATION OF PHARMA DYNAMICS BOOSTS OUTLOOK
AFT Pharmaceuticals South Africa (AFT SA) has successfully integrated the Pharma
Dynamics’ hospital business it acquired in December 2025 and sees the company
making a strong contribution in the FY 27 financial year.
AFT SA is driving out costs from the business and driving efficiencies. Including the
Pharma Dynamics hospital portfolio, it now has a portfolio of seventeen products, up
from four at the end of September 2026, demonstrating the expanding footprint and
acceleration in the business. AFT SA has recruited three new staff in finance, logistics
and regulatory affairs to maintain this momentum.
NOVEL INJECTABLE IRON R&D PROGRESS
We are now advancing towards the launch of a pivotal study of our novel injectable
iron treatment, after successful engagement with the US Food and Drug
Administration (FDA).
The FDA meeting follows the completion of the clinical study completed in Q2 FY 26
that demonstrated the patient benefits of a reduced dosing administration profile.
The medicine showed fewer side effects and delivered indications of lower toxicity
when compared to an oral iron therapy and the leading intravenous therapy.
The product — with a projected potential market of US$7.4 billion in 2033
1 —
is one of
the most exciting products in the AFT development portfolio and continues attract
unsolicited expressions of interest from companies around the world. As disclosed, in
November 2026, we have struck a licence agreement with Chengdu-based Grand
Life Sciences Group in China, where a partner is required to complete development
in that country.
The new iron infusion clinical study, co-funded with our development partner Hyloris,
is aimed at providing the evidence to deliver regulatory approval world-wide. It is

2
Cost plus also charges distribution fees on top of the 15% mark up

planned to cover around 1,360 patients at study sites in New Zealand, India, China,
Japan, the US, Armenia, and Europe.
AFT continues to strengthen its existing OTC iron portfolio which includes Ferro-Liquid,
Ferro-Tab, Ferro-F-Tab, Ferro-sachets, Ferro LipoSachets, and FerroMalt. We are
presently completing two clinical studies targeted at supporting promotion in existing
territories and enabling further regulatory approvals, in other AFT affiliate markets.
Additionally, we are developing a further new OTC iron formulation to add to our
extensive range of iron products.
We meanwhile continue to advance our broader development portfolio that spans
pain, dermatology, eyecare, injectables supported by the cashflows generated by
our growing global operations.
OUTLOOK
Dr Atkinson said the outlook for FY27 remained positive for AFT despite the global
uncertainties that have emerged since the beginning of the year.
“We have seen broad-based growth across all our operations and continuing strong
demand. We had already significantly lifted inventory levels which will help to
manage the uncertainties and ensure a continued supply to our customers.
“We are also continuing to put additional projects in place to support our drive
towards our FY 27 $300 million revenue target. Consistent with this, our regulatory team
continues to file registration applications for at least seventy new products per year
across our affiliates. We look forward to providing more detail when we release our FY
26 financial results at the end of May.”
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. 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.