The pharmaceutical company has also seen a 16% growth in revenue, as it launches Maxigesic across several countries
AFT Pharmaceuticals has announced its full-year audited financial results for the year ending 31 March 2018 (FY2018).
“The FY2018 results reflect the significant progress on development and commercialisation of our key innovative products in addition to expanding our Australasian business,” says Hartley Atkinson, CEO of AFT Pharmaceuticals.
“Our Operating Revenues grew 16% to $80.1m, with our largest market Australia growing at a significant 33%.
“Importantly our overall company gross profit grew by 32% as our margins expanded from 38% in the prior year to 43% this financial year. This has been driven by increases in sales of over the counter (OTC) products consistent with our strategy.”
The company’s Maxigesic product has now been licensed or under distribution agreements in 125 countries, and sold and launched in ten countries.
Registration work and launch preparations are reportedly “well underway” to increase launches over the next three years.
AFT Pharmaceuticals has also invested into research and development for new products.
“We have successfully concluded our largest clinical trial, the Phase 3 study for the intravenous (IV) form of Maxigesic,” the company reports.
“The completion of this study along with the Maxigesic Oral Liquid study represents a significant amount of our clinical trial expenditure planned at IPO.
“Research and development declined to 10% of revenues as we completed the significant proportion of our current development program of our key products.”
Selling and distribution also declined to 36% of revenue supporting the OTC products in Australia, New Zealand and Southeast Asia.
In total, operating expenses represented 58% of revenue.
‘Rest of World’ revenue grew by 27% to $2.5 million and this market now makes up 3.1% of the Group Operating Revenue.
“Most of the revenues are from sales and royalties of Maxigesic,” explains AFT Pharmaceuticals.
“For example, sales to the United Arab Emirates have grown by 30%, while in Italy in market sales made by the licensee have grown well.
“Maxigesic is being sold in eight countries outside of Australia and New Zealand (Brunei, Israel, Italy, Malta, Serbia, Singapore, United Arab Emirates and United Kingdom).
“Launches are also dictated by regulatory timelines which influence the new market timelines. These were negatively impacted by slower than expected registrations in the EU.
“However these registrations have now been achieved and launches are anticipated to get back on track this current financial year.”