AFT Pharmaceuticals delivered a 22% revenue jump in FY26 to NZD 254.7 million, surpassing profit guidance and expanding its footprint to 87 countries. The company is advancing multiple R&D projects, including a pivotal Phase III injectable iron trial, while targeting over NZD 300 million in revenue for FY27.
- FY26 revenue growth of 22% to NZD 254.7 million
- Operating profit of NZD 24.4 million exceeds guidance
- Sales now in 87 countries with strong international growth
- R&D pipeline includes injectable iron Phase III trial
- FY27 revenue target above NZD 300 million and profit guidance
Strong Financial Performance Sets Stage for Ambitious Growth
AFT Pharmaceuticals (NZX:AFT) closed FY26 with a robust 22% increase in operating revenue, reaching NZD 254.7 million, driven by double-digit sales growth across Australia, Asia, and international markets. Operating profit came in at NZD 24.4 million, comfortably ahead of guidance, enabling the company to increase its dividend by 39% to 2.5 cents per share.
The company’s strategy of disciplined international expansion is paying off, with product sales outside Australasia surging 66%. AFT’s medicines are now available in 87 countries, up from 85 earlier in the year, including recent additions like Taiwan and Egypt, reflecting a widening global footprint across Europe, North America, Asia, and Africa.
R&D Pipeline Advances with Multiple Commercial and Clinical Milestones
Behind the headline numbers, AFT is pushing forward a diverse R&D pipeline with eight patented products and over 24 off-patent injectables in development or commercialisation stages. Notably, the company is progressing a pivotal Phase III global study for its novel intravenous iron therapy, targeting a market forecast to reach US$7.4 billion by 2033.
This injectable iron candidate has shown promising initial Phase III data, including negligible free iron release, the ability to deliver large single doses, and a low incidence of adverse events. The global regulatory plan includes jurisdictions such as the US, China, Japan, and Europe, underscoring AFT’s ambition to capture significant market share.
Other R&D highlights include multiple Maxigesic formulations with patents extending to 2039, hospital injectable licensing agreements, and new product dossiers filed in key markets. The company is also developing treatments for orphan and unmet needs, such as Pascomer for facial angiofibromas and topical therapies for keloid scars and burning mouth syndrome.
Outlook Targets Revenue Above NZD 300 Million with Continued Investment
Looking ahead to FY27, AFT is targeting revenue exceeding NZD 300 million and operating profit between NZD 28 million and 32 million. Growth drivers include further expansion in Australasian markets, scaling of international hubs, particularly in the UK and South Africa, and ongoing R&D and licensing activities.
The company signals continued significant investment in its international business hubs and R&D pipeline, aiming to sustain its two-decade track record of uninterrupted growth. With multiple clinical and regulatory milestones on the horizon, AFT is positioning itself to capitalise on expanding global pharmaceutical markets.
While the company’s growth ambitions appear well-supported by current momentum, the timing and success of clinical trials and regulatory approvals remain key variables to watch as they will materially influence the trajectory of future earnings and market penetration.
Bottom Line?
AFT Pharmaceuticals is set to leverage strong FY26 momentum into FY27, but investors should monitor upcoming clinical trial outcomes and regulatory progress closely.
Questions in the middle?
- How will the Phase III injectable iron trial results influence AFT’s market positioning and valuation?
- Can AFT’s international hubs, particularly in the UK and South Africa, scale quickly enough to meet FY27 profit targets?
- What risks might regulatory delays or trial setbacks pose to AFT’s ambitious R&D pipeline and revenue projections?