December Quarter FY 2026 Investor Update

AFT Pharmaceuticals Limited, Level 1, 129 Hurstmere Road, Takapuna, Auckland 0622, New Zealand
Incorporated in New Zealand ARBN:
ARBN 609 017 969 investor.relations@aftpharm.com





15 January 2026
December Quarter FY 2026 Investor Update
AFT reports international development and R&D progress
HIGHLIGHTS
- AFT South Africa acquires Cape Town-based Pharma Dynamics’ hospital division
- Partnership with Stablepharma UK to develop room-temperature storage versions
of several fridge-stored injectables — opening a potential global market worth in
excess of US$6 billion
- Maxigesic
®
tablets (marketed as Combogesic
®
) to be sold directly by AFT in
Canada by 1Q 27, adding to a growing approved OTC portfolio
- New banking facility agreed with BNZ bank in December 2025 to support AFT’s
expansion plans
AFT Pharmaceuticals (NZX: AFT; ASX: AFP), the largest New Zealand based
pharmaceuticals company
1
, today reports on advances in strategic initiatives to
extend its decades-long growth record.
In the three months to the end of December 2025 AFT has accelerated the
development of its South African business with the acquisition of the hospital
operations of Cape Town-based Pharma Dynamics. Medicine licenses acquired
through the transaction also allow for sales in some other African territories.
AFT has also signed an agreement with the UK’s Stablepharma to commercialise a
new technology that will allow the storage of a range of injectables at room
temperature rather than refrigerated conditions — a project that has the potential to
open a global market to the company worth in excess of US$6 billion.
Finally, in its new business hubs in Canada, the UK and South Africa — markets that
offer similar trading characteristics as its highly successful Australasian business — AFT
is poised for a raft of new product launches in the new financial year (FY 27).
AFT Pharmaceuticals Managing Director Dr Hartley Atkinson said: “The last quarter of
2025 has been a period of considerable achievement. We have continued to extend
our reach into new markets, further diversified our product portfolio , and significantly
advanced the development of our R&D pipeline — all initiatives that will drive growth,
resilience, and long-term shareholder value.
“I am particularly excited by the agreement with Stablepharma to add the ambient
storage technology to our R&D pipeline. The technology’s potential to reduce the

1
https://tin100.com/reports/2025-tin-report/

considerable wastage and costs associated with pharmaceuticals that require
storage in refrigerated conditions represents a significant commercial opportunity for
AFT and pharmaceutical buyers worldwide.
Dr Atkinson noted the company continues to fund its growth investments with strong
cashflows from its existing operations and debt funding under a new facility agreed
with BNZ in December 2025.
“We are closing in on the last quarter of FY 26 seeing broad-based growth across our
operations. We are putting additional projects in place to support our drive towards
our FY 27 $300 million revenue target. We also reiterate that we remain on track to
deliver FY 26 operating earnings of $20 million to $24 million,” Dr Atkinson said,
An interview with Dr Atkinson is available here: https://youtu.be/YrhGT2ONZDY
GROWING HOSPITAL BUSINESS IN SOUTH AFRICA AND EUROPE
The acquisition of Cape-Town-based Pharma Dynamics’ hospital division from 1
December 2025 includes the product licenses and existing sales contracts for 13
products sold in South Africa. Additionally, there are two licenses for Namibia, one for
Zambia and one for Mozambique.
Due to a planned delay in transferring stock from Pharma Dynamics to AFT’s 3PL
distributor, sales for the first 3 months will be processed by Pharma Dynamics and its
gross profit booked to AFT Pharmaceuticals South Africa. From 1 March 2026, the
transaction will be fully completed. The acquisition will be funded from current
banking facilities.
AFT Pharmaceuticals Europe has also made good progress in commercialising the
product portfolio purchased in FY 25 from an insolvent German company. The
products required updates to the regulatory dossiers and licenses. However, launches
in Austria, Germany, Ireland and Italy are now targeted for around the end of FY 26.
The project is on track to recoup the investment within the expected timeframe.
Additional launches of these products are planned for Portugal and the Nordics in FY
27.
INJECTABLE AGREEMENT OFFERS POTENTIAL US$6 BILLION OPPORTUNITY
We are pleased to have reached a significant R&D agreement for the development
of ambient temperature storage technology for several injectable pharmaceuticals
(primarily oncology and anti-infectives) presently stored under refrigerated conditions.
AFT will work with our partner, the UK based Stablepharma, to develop its StablevaX™,
technology for these products. Stablepharma’s proprietary technology platform,
StablevaX™, is currently being used to reformulate existing and new vaccines and
pharmaceuticals into thermostable products that remain stable at temperatures 40°C
and above, removing the need for refrigeration or freezing throughout manufacture,
distribution, and administration. The global sales of the pharmaceutical products
covered by the agreement are in excess of US$6 billion. The first two product
developments will start prior to the end of FY 26 and offer the potential for global sales
of as much as US$500 million.
About 17% of the total US$6+ Billion addressable market is covered directly by AFT’s
own business hubs (AU, NZ, SG, HK, SA, CA & UK). Upon successful development of the

technology, AFT will look to sell the products itself in its own markets and to out-license
the technology into other markets.
GROWING OUR PIPELINE IN CANADA AND THE UK
Building on the successful launch of Combogesic IV in Canda in 1H 26, our Canadian
subsidiary AFT Pharmaceuticals Canada is looking forward to adding Combogesic
tablets to our over the counter (OTC) portfolio in 1Q 27.
When used in combination with the intravenous form of the medicine, the tablets
provide clinicians with a valuable alternative to opioids in both peri-operative settings
and in post-discharge care for patients requiring ongoing analgesia.
AFT Pharmaceuticals Canada has partnered with a local sales team of 40 sales
representatives to cover the retail pharmacy segment in addition to its own hospital
sales force and key account management team.
The launch in Canada of Combogesic tablets will be accompanied by the expansion
of the OTC portfolio with six new products in FY 27. We have a similarly full programme
of launches planned for the UK with 8 OTC launches planned for FY 27.
For and on behalf of AFT Pharmaceuticals Limited by Malcolm Tubby, Chief Financial
Officer.
For more information:
Investors Media
Dr Hartley Atkinson Richard Inder
Managing Director The Project
AFT Pharmaceuticals Tel: +64 21 645 643
Tel: +64 9488 0232

About AFT Pharmaceuticals
AFT is a growing New Zealand based multinational pharmaceutical company that
develops, markets, and distributes a broad portfolio of pharmaceutical products
across a wide range of therapeutic categories which are distributed across all major
pharmaceutical distribution channels: over the counter (OTC), prescription and
hospital. Our product portfolio comprises both proprietary and in-licensed products,
and includes patented, branded, and generic drugs
2
. Our business model is to
develop and in-license products for in our markets of Australia, New Zealand,
Singapore, Malaysia, Hong Kong, USA, Canada, EU ex Ireland and UK, and to out-
license our products to local licensees and distributors to over 125 countries around
the world. For more information about the company, visit our website
www.aftpharm.com.

About Stablepharma
Stablepharma is a UK-based biotech developing thermostable, fridge-free
formulations that address the global challenges of distribution, storage, wastage
and CO₂ emissions associated with temperature-sensitive medicines. Its proprietary
StablevaX™ technology enables existing, approved vaccines and pharmaceuticals

to be reformulated into products that remain stable without refrigeration, without
compromising efficacy. Stablepharma is committed to advancing global health
equity, reducing waste and supporting more resilient and sustainable healthcare
systems.