AFT reports double digit revenue growth in 1H FY27

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





06 October 2026
September quarter investor update
AFT reports double digit revenue growth in 1H FY27 and R&D
progress

HIGHLIGHTS
- On track to reach $300 million FY27 revenue target with all divisions showing double digit
revenue growth in 1H FY27
- FY27 operating profit guidance affirmed at $28 million to $32 million
- Maxigesic IV out licensed in Japan and the Philippines
- AFT’s fridge-free medicines R&D partner, StablePharma gains further validation for its
technology
- Achieved our third US FDA approval for a patented product with tentative approval of
Scomara
TM

- R&D pipeline progress including novel iron injectable product first study sites activated
- Successful launch of Maxigesic (Combogesic) Rapid in the US with Mark Cuban’s Cost
Plus Drugs Company
AFT Pharmaceuticals (NZX: AFT; ASX: AFP), New Zealand’s largest domestic pharmaceuticals
company
1
, today announces sustained double-digit revenue growth for 1H FY27. It also
reports it remains on track to deliver its FY27 $300 million revenue target and operating profit
guidance of $28 million to $32 million.
AFT Managing Director Dr Hartley Atkinson said: “We are pleased with our half year sales
progress and the ongoing advances we have made to extend our global footprint with
Maxigesic
®
IV out-licensing agreements in both Japan and the Philippines and good progress
with our R&D development pipeline. We are looking to the remainder of the financial year
with confidence.”
STABLEPHARMA EFFICACY AND SAFETY DATA PUBLISHED IN THE LANCET
StablePharma, our UK/Spanish R&D partner for developing fridge-free medicines has
achieved further validation for its technology, with positive results from its own first-in -human
study for vaccines published in The Lancet, one of the world’s leading medical journals.
The milestone strengthens the commercial case for a technology that promises to simplify
both vaccine and medicine distribution, reduce wastage, save costs and improve access
to vaccines and medicines.


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

The Lancet study, the first-in -human Phase I investigation, found the freeze-dried tetanus–
diphtheria booster SPVX02 produced immune responses and a safety profile broadly
comparable with conventional refrigerated vaccines. The results of this small initial trial were
also highlighted in the British Medical Journal.
AFT’s partnership with Stablepharma for refrigerated medicines utili ses similar technology for
non-refrigerated medicines and offers the company access to a market that is worth as
much as US$6 billion.
Additionally, we have now further advanced our cooperation with signing of a letter of intent
for the distribution of the vaccine SPVX02, in the UK, Canada, Australia and New Zealand,
with an option to extend the arrangement to Singapore and Hong Kong.
We are presently advancing the first two fridge-free medicine formulations under an existing
R&D development agreement with StablePharma. AFT expects the first product under the
agreement to come to the market in 2029.
The fridge-free vaccine study is available at the following link:
https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(26)00369-X/fulltext
A FULL PIPELINE OF PRODUCT LAUNCHES
AFT continues to strengthen its product pipeline.
Scomara - we achieved our third US FDA approval for a patented product with tentative
approval of Scomara, a treatment of Facial Angiofibromas in Tuberous Sclerosis (FA in TSC).
An existing product in the US market maintains a market exclusivity provision under US orphan
drug regulations until early 2029, which will delay the launch. However, with Scomara offering
competitive advantages over this product (ambient temperature storage and once-a-day
application) and little regulatory or R&D risk, it represents a significant opportunity for AFT in
the world’s largest pharma market and further afield.
Maxigesic IV - we have also forged agreements in two new markets in Asia with the out-
licensing of Maxigesic IV to Japan’s MIKASASEIYAKU CO., and to Indonesia’s Kalbe Farma for
the Philippines. Japan is the world’s third largest pharma market, offering significant potential
upside following the generation of additional Japanese patient clinical data.
We have also recently successfully completed a 240-patient clinical study to demonstrate
therapeutic equivalence for an OTC product which will enable regulatory filings in our key
Australian market. This product has been previously detailed in our investor presentations and
has significant sales potential in a A$50M plus segment in the Australian market.
Feramyl IV - the large 1,366 patient study for this novel injectable iron product is starting in
the first trial centres. The study is planned to include sites from New Zealand, Armenia, India,
China, Korea, Japan, the US and Europe. The novel iron product offers AFT entry into a market
worth as much as US$7.4 billion by 2033, with the first launch expected around the end of
2029 calendar year.
Pipeline - the R&D budget (capitalised and expensed) for FY27 is expected to be between
$23-25 million. Our global R&D pipeline of eight drugs continues to advance. We recently
engaged Pitt St, an Australian based research organisation providing issuer-sponsored equity
research on ASX-listed life sciences companies since 2016.

Evaluation of the existing business and three of the eight key R&D projects reached a
valuation of between NZ$12.63 – NZ$16.42 (base – bull case), emphasising the latent value
in our extensive R&D pipeline.
The Pitt Street research can be found on our investor website:
https://www.aftpharm.com/news/pitt-st-research-initiates-coverage-on-aft-pharmaceuticals/

LAUNCH PROGRESS
AFT has continued to make progress with new product launches in our key markets. Most
notable is the US launch and partnership with Mark Cuban’s Cost Plus Drug Company.
The US market entry is relatively late in our
global expansion. It is a complex market, and
a positive result could significantly lift our sales.
Progress will be clearer by the end of FY27.
Product launches continue in our other
International and Asian markets, Singapore,
Hong Kong, South Africa, Canada and the
UK.

In Canada, we have employed a Key
Account Manager to handle several OTC
launches. Additional launches across our
affiliates outside the core Australian and New
Zealand markets are expected to lift growth,
but demand both focus and promotional
investment.

OUTLOOK
Dr Atkinson said the outlook for FY27 remained
positive for AFT including across all business
regions.
“We are seeing continued growth across our
operations and ongoing strong demand. We
continue to maintain higher inventory levels which will help to manage the uncertainties
resulting from the geopolitical situation and ensure certainty of supply to our customers.
“We are also continuing to advance new product launches and put additional projects in
place to support our drive towards and beyond our FY27 $300 million revenue target and
operating profit target of $28 million to $32 million.
“For longer term growth, significant resource and focus continues to be directed towards our
R&D pipeline in addition to ongoing new product in-licensing and market development
including new product launches in AFT affiliates.”
Released for and on behalf of AFT Pharmaceuticals Limited by Stuart Houliston, Chief
Financial Officer.

Mark Cuban (left) with Dr Atkinson

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.