AFT Pharmaceuticals Limited (AFT) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced directors, senior management, auditors, and legal counsel, and confirmed quorum for the meeting.

• Outlined meeting agenda: presentations, formal business, resolutions, and Q&A opportunities.

Financial performance review

• Operating revenue rose 25% to NZD 195.4 million, with record EBITDA up 22% to NZD 26.2 million and operating profit up 23% to NZD 24.2 million.

• Products now sold in over 70 countries, with strong growth in the US and China.

• Shareholder equity increased from NZD 5 million in 2019 to nearly NZD 90 million in 2024; net debt down 45% to NZD 16.2 million in FY24; debt-to-equity ratio improved.

• Maxigesic IV launched in the US, triggering a $6 million license payment; Maxigesic Rapid tablets to follow in late 2024.

• Dividend declared at 1.6 cents per share, up from 1.1 cents in FY23.

Board and executive committee updates

• Andrew Lane joined the board in September 2023, bringing 30+ years of global pharma experience; Anita Baldauf retired.

• Board succession and renewal discussed, with ongoing recruitment for a new director.

• Directors and senior management available for Q&A and post-meeting discussions.