re-issued FY22H1 Presentation

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Working to improve yourhealth
1H FY2022 Investor presentation
18 November 2021

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Importantnotice
This presentation has been prepared by AFT Pharmaceuticals Limited (“AFT”), to provide a general overview of the
performance of AFT for the half year ended 30 September 2021. It is not prepared for any other purpose and must not be
provided to any person other than the intended recipient.
This presentation should be read in conjunction with AFT’s interim financial statements, market releases and other periodic
and continuous disclosure announcements, which are available at www.nzx.com and www.asx.com.au.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
All references to financial years appearing in this presentation are for the period ending 31 March, unless otherwise
indicated. This presentation is not a recommendation, offer or invitation to acquire AFT’s securities or other form of
financial advice or disclosure document.
While reasonable care has been taken in compiling this presentation, none of AFT nor its subsidiaries, directors, employees,
agents or advisers (to the maximum extent permitted by law) gives any warranty or representation (express or implied) of
the accuracy, completeness or reliability of the information contained in it nor takes any responsibility for it.
The information in this presentation has not been and will not be independently verified or audited. This presentation may
contain certain forward-looking statements and comments about future events, including with respect to the financial
condition, results, operations and business of AFT.
These statements are based on management’s current expectations, which may involve significant elements of subjective
judgement and assumptions as to future events which may or may not be correct, and the actual events or results may
differ materially and adversely from these statements. Past performance information given in this presentation is given for
illustrative purposes only and should not be relied upon (and is not) an indication of future performance.

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INVESTOR
PRESENTATION
NOVEMBER
2019
Delivering growth in a COVID-19 headwind
$48.8
$55.5
$64.0
$69.0
$80.0
$85.1
$105.6
$113.1
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
FY2016FY2017FY2018FY2019FY2020FY20211H 2022
NZ$ Millions
Total revenue from operations
1H
$1.2
$4.2
$(2.3)
$3.1
$7.9
-$4.0
-$2.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
FY2019FY2020*FY20211H 2022
NZ$Million
Net profit before tax
1H
*FY2020 operating profit and net profit before tax exclude one-off non-cash $9.8 revaluation gain on the revaluation of Pascomerassets.
For further detail see page 34 of AFT Pharmaceuticals’ FY2021 annual report.
$2.4
$5.5
$6.1
$11.4
$10.7
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
FY2019FY2020*FY20211H 2022
NZ$ Million
Operating profit
1H

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INVESTOR
PRESENTATION
NOVEMBER
2019
•Core Australasian markets supported by new product
launches and consolidation of leadership position across
therapeutic focus areas.
•Maxigesic® commercialisation momentum continues
‒Sustained market leadership in Australia
‒Maxigesic IV® licenses extend including the landmark
licensing deal with Hikma in the US and registrations
now in 29 countries.
‒Tablets now sold in 46 countries with Switzerland,
Greece and Lithuania added.
•Accelerating Asia and E-Commerce
•Development portfolio expands with trials for a new
application of Pascomer and ongoing development of
Maxigesic dose forms and NasoSurf
Extending the foundations for AFT’s future growth

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Strategic and operational update

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59%
11%
30%
59%
12%
29%
Australia channel
OTCPrescriptionHospital
Australia grows despite lockdowns
$28.5
$29.2
$49.2
$50.3
$61.4
$68.3
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
FY2018FY 2019FY2020FY2021 1H FY22
NZ$ Million
Australia total revenue
1H
•Maxigesic and eyecare ranges lead growth and drive a positive half year outcome
•OTC revenue growth hindered by COVID-19 particularly the Eastern states
•Product launches delayed in the first half planned for the second half of the year
•30new product launches planned between now and the end of FY23
1H 2021
1H 2022
2%

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New Zealand benefits from fewer restrictions
$13.7
$15.8
$27.1
$26.8
$30.1
$30.5
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
FY2018FY 2019FY2020FY20211H FY22
NZ$ Millions
New Zealand total revenue
1H
•Growth led by the OTC channel (up 13%) and reflects a period of more normal trading, with
Vitamin C Liposachetsand Maxigesic leading growth
•The hospital channel grew 23% lifted by antibiotic sales
•The prescription channel grew 15% with the return to a period of more normal activity
55%
29%
16%
54%
29%
17%
New Zealand channel
OTCPrescriptionHospital
1H 2022
1H2021
15%

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Hospital/Rx channel underpins Asian result
$2.2
$2.9
$1.3
$2.1
$4.9
$4.4
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
FY2018FY 2019FY2020FY2021 1H FY22
NZ$ Million
Asia total revenue
1H
•Hospital/Rx sales rise 32% due to strong anti-bacterial sales
•TMall store, aimed at reaching into China and building brand recognition, making a growing
contribution to OTC sales. To be extended
•Growth diluted by weaker sales to Singapore of Maxigesic, which stockpiled the medicine in the
prior year.
•ASX-listed McPherson’s to pick up OTC distribution in Singapore
10%
28%
62%
9%
22%
70%
Asia channel
OTCPrescriptionHospital
1H 20211H 20211H 2021
1H 2022
32%

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Maxigesic drives international licensing and sales revenue
$4.4
$7.6
$3.6
$5.9
$9.1
$9.9
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
FY2018FY 2019FY2020FY2021 1H FY22
$NZ Millions
International total revenue
1H
•Maxigesic IV licensing income drives strong total revenue growth
•Product sales down 35% to $2.6 million as the prior year benefited from stock pipeline fills.
•Sales improving as markets move to living with COVID-19.
•Royalties more than doubled
97%
3%
39%
61%
International channel
OTCHospital
1H 2021
1H 2022
74%

Launched
Launch P endin g
Available
I re la n d– Tablets launched
IV licensed
U n it e dK in g dom– Tablets laun c h e d
IV licensed
Belgium, Luxembourg- Tablets l aunching 2021
IV licensed July 2021
France- Tabletsl aunch ing2021
IV Licensed
Spain&Portugal – Tablets launched
IV licensed
N o r d ic s – Tabletslaun c h e d
IV licensed
EasternEurope&Balkans
- Tablet s launched
EasternEuropeIV- Licensed
I ra q– K u r d is tanla unc h e d
A u stra li a – N o . # 1 P a ra - Ibu C o mb o.
Growing market share
- Maxigesic IVlaunched
UnitedArabEmirates –
Tablet sales strong
Italy – Tablet sales growing
IV Licensed
Greece –Orals and IV
licensed
Germany –Orals Launched 2020
Germany - IV Launched 2021
Switzerland– Tablets licensed2019, launched 2021
Brazil –licensing
negotiationsunderway
Columbia, Peru, Chile-
distributor appointedOrals
IV Licensed 2021
Mexico–Tablets launched 2021
I VLicensed
USA- IV Licensed
IV Submitted for Registration
Tablets - submitted for
registration and licensing
discussions underway
Canada- Tablets l aunch ed2021
CACM– Tablets launched
IV licensed
S in g a pore&B r unei – Tabletsla unc h e d
Russia –Orals licensed
China- licensingnegotiations underway
T aiwan –Tablets Licensed
K o re a – IV licensed
Japan- licensing
discussions
areunderway
Indonesia- distributor appointedforIV
Pakistan-
distributor
appointed
f or IV
Ma la y s ia– Tablets laun c h e d
P h ili p pines–AFT to sell post
registration via distributor
MAXIGESIC GLOBAL UPDATE
[Oral Dose Forms & IV]
Vietnam–distributorappointedforIVand O rals
Austria –IV licensed & launched 2021
Netherlands –IV licensed
Poland –IV and orals licensed
NZ– Maxigesic , Maxigesic PE,
Maxigesic IVlaunched
Thailand –
IV licensed

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Maxigesicroll out continues across the world
11
2
3
4
7
9
20
28
43
53
84
0
10
20
30
40
50
60
70
80
90
FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
Countries
Maxigesic countries sold and ordered*
TARGETED MAXIGESIC FY 2022-2023
FY 2022 progress to date:
•Tablets: Launched in
Switzerland, Greece and
Lithuania
•Maxigesic IV: launched in
Germany and Austria
•Oral Liquid: Registered in
Italy and Malta.
ProductMaxigesic TabletsMaxigesic IVMaxigesic Oral Solution
Territories31 Oct 202131 March 202131 Oct 202131 March 202131 Oct 202131 March 2021
Licensed100+100+100+100+100+100+
Registered5149292120
Sold in46435300

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R&D investment lays foundation for future growth
•Maxigesic dose forms:
‒Maxigesic Cold & Flu final studies underway this year
•Pascomer: Treatment of facial angiofibromas
‒Licensed for North America to Timber Pharmaceuticals and Europe to Desitin
‒Global Phase II/III study patient enrolment closed now despite the pandemic
•NasoSURF: Intranasal drug delivery instead of an injection
‒Clinical studies of the first dose form to commence in FY22
•Other products:
‒Other products in development: Medicinal Cannabis, Crystawash Extend,
Crystaderm
*Research and development costs also include new market development costs.
$9.5
$4.1
$2.0
$3.4
$2.8
$2.5
$1.5
$7.2
$6.0
$2.4
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
FY2018FY2019FY2020FY20211H 2022
$NZ Million
Research and development expenditure*
Expensed R&D costsCapitalised R&D costs

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Financial performance

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Six months to 30 September
2021
NZ$ (000)
2020
NZ$ (000)
Change
(%)
Total revenue from operations$55,513$48,82113.7%
Gross profit$26,705$20,33231.3%
Gross profit/revenue48.1%41.6%
Operating expenses and other income $(21,214)$(17,910)18.4%
Operating profit$5,491$2,422126.7%
Operating profit /revenue (%)9.9%5.0%
Net finance expense$(1,059)$(1,193)(11.2)%
Finance expense/revenue (%)(1.9)%(2.4)%
Tax (expense)$(250)$(37)
Net profit after tax$4,1821,192250.8%
INVESTOR
PRESENTATION
MAY 2020
Licensing income lifts earnings; investments for growth
•Gross profit margins improve due to higher license income and price increases
•Selling and distribution expenses expand with investment into Australasian brands, expected to
remain steady as a percentage of Australasian sales going forward
•R&D expenditure rises with investment in NasoSURF development and Australasian in-licensing
costs
•Corporate costs also higher due to investing in increased personnel for growth
Revenue from product sales and royalties $50,706$48,5244.5%
Gross profit from product sales and royalties $21,898$20,0359.3%
Gross profit from product sales and royalties/revenue43.2%41.3%

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NZ$ (000)
Unaudited
30 Sept ’21
Audited
31 March ’21
Unaudited
30 Sept ’20
Inventories$34,129$33,654$35,995
Cash and cash equivalents $5,907$3,209$5,870
Net debt$32,592$35,152$34,277
Total assets$105,708$105,132$93,983
Total equity$41,096$36,588$29,866
Balance sheet highlights: debt reduces and cash
and equity rise
•Inventories remain elevated to protect the company against supply disruptions
•Cash position building

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INVESTOR
PRESENTATION
MAY 2020
Cash flow highlights
Six months to 30 September
2021
NZ$ (000)
2020
NZ$ (000)
Net cash from/ (used in) operating activities$6,826$(2,740)
Net cash used in investing activities$(2,770)$(3,889)
Net cash from/ (used in) financing activities$(1,326)$6,704
Net increase/(decrease) in cash$2,731$75
Impact of forex movements on cash and cash equivalents$(33)$(324)
Opening cash and cash equivalents $3,209$6,119
Closing cash and cash equivalents $5,907$5,870

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Summary and outlook

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A challenging half year but growth potential remains
strong
Positive achievements across all our key markets
•Good growth in New Zealand, Asia
•Good progress commercialising Maxigesic
•Landmark licensing agreements with Hikma for
Maxigesic IV in the US and FDA acceptance of the
New Drug Application
Covid-19 has impeded our progress
•Supply disruptions delay product launches
•Delays to product launches and regulatory
approvals continue
•Lockdowns, travel restrictions and government-
imposed limits to patient access disrupts OTC
medicine sales

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Focus for the remainder of FY22 and outlook
Further drive internationalsales
Acceleratenumber of new countries in which Maxigesic islaunched
Growing sales in newly launched markets such as Canada, Germany,
Switzerland
Launchnew line extensions – Maxigesic IV, Hot Drink, Oral Liquid
Extend internationallicensing
FinaliseMaxigesic licensing agreement discussions inBrazil,China and Japan
DriveAustralia and New Zealand sales
Drive Maxigesicsales and line extensions in AU &NZ such as hot drink
Ongoing in-licensing to expand ANZ business
Targeting the launch of circa 30 products before the end of FY23
Financial outlook
Guidance for FY22 operating profit of $18 million to $23 million reaffirmed for
the year to 31 March 2022, assuming the maintenance of margins and targeted
sales outlook
Dividend policy remains on the agenda as we progress debt reduction to the
target of $25 million to $30 million and linked to underlying earnings progress

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Working to improve yourhealth

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Appendix 1: Australasian product portfolio
AFT has the #1 selling product (Maxigesic) in the Australian para-ibu
1
combo pain relief. AFT’s portfolio includes a
combination of 125 proprietary, branded and generic products which address the following therapeutic areas:
Pain
Maxigesic, ParaOsteo, ZoRub OA/HP, Fenpaed, Combolieve
Day/Night
Eyecare
Hylo, Novatears, CromoFresh, Opti-soothe Wipes/Mask,
VitAPOS
Vitamins
Ferro-liquid, FerroTab, Ferro-F, Ferro-sachets, Lip VitC,
CalciTab
Allergy
Loraclear, Histaclear, Fexaclear, Levoclear, Allersoothe,
Lorapaed, Becloclear, Steroclear
Gastrointestinal
Gastrosoothe/Forte, LaxTab, Micolette, Nausicalm,
DiaRelieve
Dermatology
Crystaderm, Crystawash Hand Sanitizer, Crystasoothe, ZoRub
anti-chafing, Decazol, MycoNail, RestoraNail
Hospital
Maxigesic IV, Injectables
1
Paracetamol and Ibuprofen

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Pain
Maxigesic
Medicated
Vitamins
Ferro-sachets, Lipo VitC, Lipo VitD and expanding pipeline –
T Mall
Dermatology
Crystawash Extend Hand Sanitizer, Hemptuary
Hospital
Maxigesic IV, Injectables
Appendix 2: AFT Asian product portfolio
AFT’s Asia portfolio includes a range of proprietary, branded and generic products which address the following
therapeutic areas:

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Appendix 3: AFT Global product portfolio
AFT is building the global presence of its proprietary and patented products through its network of licensees and
distributors.
It continues the development of its portfolio of repurposed medicines: Maxigesic, Pascomer, NasoSURF, Crystawash
Extend and Crystaderm
Pain
Maxigesic oral dose forms – tablets, solution, hot drink sachet,
rapid, cold and flu
Hospital
Maxigesic IV (intravenous)
NasoSurf – nasal nebuliser drug delivery
Dermatology
Pascomer – primarily North America & Europe
Crystawash extend – selected territories such as Canada &
Middle East
Crystaderm – selected territories such as Canada
1
Paracetamol and Ibuprofen

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Appendix 4: Maxigesic dose forms extend the market
•Estimated total analgesic market size
$6.2 billion, oral dose forms US5.4
billion and injectable forms US724
million**
•Maxigesic tablets are patent protected
out to 2025-2028, beyond which the
brand name is expected to cement
Maxigesic’s OTC position in the market
*Maxigesic IV is a prescription product for hospital use *Management estimates
Maxigesic® TABLETS
Maxigesic® IV
Maxigesic® ORAL LIQUID
Maxigesic® HOT DRINK SACHET
Maxigesic® RAPID
Maxigesic®
COLD & FLU
Maxigesic®
DRY STICK SACHET
Maxigesic® family growth
Revenue
Time
•AFT is now leveraging the brand goodwill into Maxigesic
variants, including:
―Maxigesic PE (2034 patent)
―Maxigesic Hot Drink Sachet (2025, 2028 patent)
―Maxigesic Dry Stick Sachet (2036 patent)
―Maxigesic IV (2034 [AU] 2031, 2035, 2037 [Global] patents)
―Maxigesic Oral Liquid (2025, 2028 patents)
―Maxigesic Cold & Flu (2025, 2028 patents)
―Maxigesic Rapid (2039 patents)

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INVESTOR
PRESENTATION
MAY 2020
Appendix 5: Detailed balance sheet
NZ$ (000)
Unaudited
30 Sept ’21
Audited
31 March ’21
Unaudited
30 Sept ’20
Current assets$66,187$67,902$58,549
Non-current assets $39,521$37,230$35,434
Total assets$105,708$105,132$93,983
Current liabilities $25,422$32,102$25,948
Non-current liabilities$39,190$36,442$38,149
Total liabilities $64,612$68,544$64,097
Total equity$41,096$36,588$29,866
Total liabilities and equity$105,708$105,132$93,983

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AFT was founded 23 years ago by Dr Hartley and Marree Atkinson. Since then AFT has remained an Atkinson-family controlled
business and has grown organically into Australia and internationally
The 2015 IPO raised funds to pursue a more aggressive (and loss-making) R&D-led growth strategy. AFT has now returned to
profitability as intended, as the company was prior to IPO
Appendix 6: History of AFT Pharmaceuticals
199720042005200920132014
2015
2020
AFT founded by Dr
Hartley and Marree
Atkinson
Development of
Maxigesic
commences
First sales into
Australia
Maxigesic registered
in New Zealand and
sales commence
Maxigesic
registered in
Australia
AFT launches the sale
of products into the
SE Asian market
$33m IPO to fund
new R&D
development
programmes for
Maxigesic and other
proprietary products
2019
AFT returns to
profitability following a
significant investment
period funded by the
2015 IPO
In FY20 AFT delivers
over $100m of
revenue and
operating profit
growth of 87%
Maxigesic sales
commence in
Australia
2021
AFT completes licensing
Maxigesic IV to Hikma
for USA
FDA accepts Maxigesic
IV Registration

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Working to improve yourhealth