Auckland-based AFT Pharmaceuticals, the maker of the popular painkiller Maxigesic, recently reported a net loss of $2.5 million in the first half of the year. This loss was attributed to sales disruptions in major Asian markets, where sales dropped by 18%. Despite this setback, the company saw record sales in Australasia, with operating revenue increasing by 4% to $86.7 million.
The company’s managing director, Dr. Hartley Atkinson, emphasized the importance of investing in research and development to ensure a strong pipeline of products targeting lucrative markets. AFT Pharmaceuticals has been focusing on developing treatments for patients who currently have limited options, which could potentially drive future growth.
While the company has revised its operating profit forecast for the full year to $15-20 million, Atkinson remains optimistic about the outlook. He mentioned that sales in Asian markets have started to recover, and the company has received significant forward orders for its international business. Additionally, AFT Pharmaceuticals traditionally experiences a boost in sales during the second half of the year, particularly in allergy and eye care products.
Atkinson highlighted that the company’s allergy and eye care products tend to sell well during the summer months, with allergy medicine being a strong performer in the New Zealand market. In Australia, their lubricating eye drops are the top-selling product, especially during the hot and dry summer season when many people experience dry eyes.
Overall, despite the initial loss in the first half of the year, AFT Pharmaceuticals is optimistic about the upcoming months. With a focus on research and development, a strong product pipeline, and a history of strong sales in key markets, the company is well-positioned to capitalize on future opportunities and drive growth in the pharmaceutical industry.