AFT Pharmaceuticals yesterday announced its financial results for the year ended 31 Mar 2017 with total income increasing 8% to $70.8m, although operating losses increased from $8.9m in 2015/16 to $14.8m this year.
Australian revenue grew by 19% to $37.1m and this market now makes up 54% of total income, while Maxigesic sales more than tripled from 22 million tablets to 74 million.
The product is now licensed or under distribution agreements in 112 countries and is being sold in eight territories: Australia, Brunei, Italy, New Zealand, Serbia, Singapore, United Arab Emirates and the United Kingdom.
AFT increased investment in R&D by 38.0% to $11.6m with sinus nebuliser NasoSURF completing Class I Medical Device registration in US and clinical studies in Australia/NZ under way.
Skin therapy Pascomer has earnt Orphan Drug Designation from the FDA as well as the European Medicines Agency (EMA).
The board says it expects AFT will "significantly narrow its losses in FY2018 and return to profitability during the FY2018/FY2019 period", dependent on Australian sales growth and licensing agreements in territories such as the US & Europe.
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