AFT Pharmaceuticals Ltd
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AFT Pharmaceuticals is a drug maker that is based in New Zealand and dual-listed on the ASX and NZX. It is best known for its proprietary medicine Maxigesic®, but also in-licenses and distributes over 100 other pharmaceutical products.

Started by Hartley and Marree Atkinson in 1998, AFT began as a small local business that imported and distributed other company's medicines. In 2009, the company commercially launched Maxigesic® and it is licensed in over 100 countries all up, in tablet, IV and oral (i.e. drink) forms, for the treatment of mild to moderate pain experienced post-operations.

For many years, the USA was not a country Maxigesic® was approved in, but the tablet form was approved in March 2023 and the IV form in October 2023. It is distributed in the US by Hikma Pharmaceuticals and AFT is entitled to milestone payments and a profit share on sales under its licensing deal.

In FY24 (the 12 months to March 31, 2024), AFT Pharmaceuticals recorded $195.4m, up 25% in 12 months and nearly quadruple what it was a decade ago, and it made a $15.6m post-tax profit (up 47%). When it listed in 2015, the company had been profitable, but moved to a more aggressive (and loss-making) R&D-led growth strategy. With the company having risen to the next level, the company pivoted to profitability again, and has reached that highmark.