AFT Pharmaceuticals has reduced its annual operating loss from $14.8 million to $10.1 million in the last twelve months, with the company reporting a growth in operating revenues and improved margins.
Total income increased 16% to $81.9 million, with the year seeing several key milestones reached including licensing or distribution agreements for Maxigesic in a total of 125 countries.
The company successfully concluded a phase 3 study for the intravenous form of Maxigesic, and launched clinical studies in Australia and NZ for NasoSurf.
CEO Hartley Atkinson said the FY2018 results reflect "significant progress on development and commercialisation of our key innovative products".
He noted that further key product development advances were made during the year, adding "while these are not immediately apparent in FY2018 income, again they are important building blocks for future sales growth and profitability".
Most of the operating revenue growth came from the Australian market which surged 33% to almost $50 million in sales.
Hartley said the company was confident of break-even in FY2019.
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