AFT Pharmaceuticals Limited (ASX:AFP): What Supports Its FY27 Revenue Target?

Aditi Sarkar

13 November 2026 03:25 PM AEDT

AFT Pharmaceuticals Limited (ASX:AFP): What Supports Its FY27 Revenue Target?

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Highlights

AFT Pharmaceuticals (ASX:AFP) traded at AUD 3.60 on 13 November 2026, unchanged.
FY26 Revenue increased 22% to NZD 254.7 million.
FY26 operating profit reached NZD 24.4 million.
The company declared a 2.5-cent-per-share dividend.

AFT Pharmaceuticals Limited develops, licenses and markets pharmaceutical products, with established activities in Australasia and an expanding international distribution network. Its ASX-listed shares, trading as AFP, were at AUD 3.60 on 13 November 2026, unchanged during the session. The company's FY26 results and its stated FY27 targets put attention on product sales, licensing income and the financial contribution from newer markets. Financial results are reported in New Zealand dollars, distinct from the Australian-dollar share quotation.

Medicines Portfolio and Geographic Reach

AFT Pharmaceuticals (ASX:AFP) supplies prescription and over-the-counter medicines across therapeutic areas including pain management, allergy, dermatology and eye care. The company combines its own development projects with the licensing of products sourced from partners. Australia and New Zealand remain its principal trading markets, while its international programme covers the United Kingdom, Europe, North America, Asia and South Africa. Product approvals, distribution agreements and hospital formulary access govern how quickly individual medicines can reach customers.

FY26 Sales and Operating Performance

For the financial year ended 31 March 2026, Operating Revenue rose 22% to NZD 254.7 million from NZD 208.0 million. Product sales and royalties reached NZD 251.6 million, increasing 21%, while licensing income was NZD 3.1 million against NZD 0.7 million in FY25. Revenue from Australasia was NZD 210.5 million. International product sales rose 66% to NZD 28.5 million, and Asian product sales and royalties increased 41% to NZD 15.6 million. The company attributed its performance to its established markets, product launches and broader geographic distribution.

Earnings, Dividend and Balance Sheet

FY26 Earnings before interest, tax, Depreciation and Amortisation were NZD 28.8 million compared with NZD 20.9 million a year earlier. Operating profit increased to NZD 24.4 million from NZD 17.6 million, while net profit after tax was NZD 14.1 million, up from NZD 11.4 million. AFT (ASX:AFP) declared a dividend of 2.5 New Zealand cents per share, compared with 1.8 cents for FY25. Net Debt increased to NZD 38.6 million from NZD 14.5 million, partly reflecting Working Capital and Investment in South African products. Profit growth therefore occurred alongside higher net borrowings.

International Expansion and Development Work

AFT Pharmaceuticals (ASX:AFP) continued expanding distribution of Maxigesic, marketed as Combogesic in certain markets. Its United Kingdom activities include tablet distribution and an intravenous formulation introduced in selected hospitals, with further uptake dependent on formulary decisions. In Canada, the company launched Combogesic IV and maintained a pipeline of other medicines. Its research programme also includes an intravenous iron therapy project and development work in ophthalmology. These projects involve clinical, regulatory and commercial milestones; their future outcomes should not be treated as established sales.

FY27 Guidance and Business Risks

Management stated an FY27 revenue target of at least NZD 300 million and guided to operating profit between NZD 28 million and NZD 32 million. Achieving those figures depends on continued trading in existing markets, product launches and contributions from international hubs. Potential constraints include regulatory review, product supply, foreign currency movements, working capital requirements and the pace of licensing transactions. The higher net debt balance also merits attention alongside cash generation and dividend payments.

Key Insights

AFT's FY26 report recorded higher sales, profit and distributions while also showing greater net debt. Its FY27 targets depend on both established Australasian operations and expansion outside the region. Subsequent earnings releases, product launches, development milestones and balance-sheet movements will help evaluate whether the operating trajectory remains consistent with the company's guidance.

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