What AFT Pharmaceuticals does

AFT Pharmaceuticals Limited is a New Zealand-founded multinational pharmaceutical company (NZX: AFT; ASX: AFP) that develops, markets, and distributes a broad portfolio of proprietary and in-licensed products across over-the-counter, prescription, and hospital channels. Founded in 1997 by Dr Hartley Atkinson (a former Roche executive), the company is headquartered in Takapuna, Auckland, and listed on the NZX and ASX since its December 2015 IPO, which raised NZ$35.6 million. AFT operates wholly-owned affiliates in Australia, the United Kingdom, Hong Kong, Singapore, Canada, the United States, South Africa, and Ireland, with products sold or licensed in 66–100+ countries.

The portfolio is anchored by the patented Maxigesic® (paracetamol + ibuprofen) combination family — tablets, IV, rapid-dissolve, oral liquid, and sachet formats — protected by patents running until 2039 and approved by the US FDA in 2023 for the IV and rapid formats. The Lipo-Sachets® line leverages proprietary LIPOSHELL® liposomal delivery for vitamin C, D, and collagen supplements. Other brands include Crystaderm® (antiseptic, approved in China), Ferro-Sachets® (iron supplements), Kiwisoothe® (digestive health), Opti-Soothe® (eye care), and Coco-Scalp. The R&D pipeline includes an IV iron project (FDA IND-cleared, targeting a US$7.41B addressable market), NasoSURF nasal drug delivery, antibiotic eyedrops, and topical treatments for strawberry birthmarks, keloid scarring, and vulva lichen sclerosus developed with Massey Ventures and Gillies McIndoe Research Institute.

Revenue is generated through direct product sales via affiliate field forces (e.g., an 11-person doctor-focused sales team in Australia), out-licensing to regional partners (Hikma Pharmaceuticals for US Maxigesic IV — triggering a US$6M license fee — and Grand Life Sciences for IV iron in China), pharmacy chain distribution (Boots, SuperDrug), NHS and private hospital formularies, and e-commerce (Amazon, Tmall CBEC, own online shops). H1 FY26 revenue grew 33% year-over-year to NZ$114.9M, with a public FY27 target of NZ$300M and FY26 operating profit guidance of NZ$20–24M. EBITDA swung from a NZ$0.7M loss in H1 FY25 to NZ$6.6M in H1 FY26, with net debt of NZ$20.9M as of 30 September 2025.

Name

AFT Pharmaceuticals

Legal name

AFT Pharmaceuticals Limited

Website

https://aftpharm.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

51–100 employees

Short description

AFT Pharmaceuticals is a New Zealand-based multinational (NZX: AFT; ASX: AFP) that develops, licenses, and distributes OTC, prescription, and hospital pharmaceutical products — led by the patented Maxigesic paracetamol+ibuprofen combination and LIPOSHELL® liposomal supplements — across 66+ countries via direct sales, licensing partners, pharmacy chains, and hospital formularies.

Ownership category

akta.pro rank

Product category

Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Pain Management & Anesthesiology Pharmaceuticals (HLAIAAAN)

akta.pro secondary industries

Specialty Care Pharmaceuticals (HLAIAAAB), Pain Relief & Anti-Inflammatory (Analgesics) (HLAIADAA), Eye, Ear & Nasal Care (HLAIADAF)

Keywords

• Pharmaceutical products
• Over-the-counter medicines
• Prescription pharmaceuticals
• Hospital drug supplies
• Drug licensing

Headquarters

HQ city

Takapuna

HQ country

New Zealand

HQ region

Oceania

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Product Sales (OTC and Prescription): Direct sales of pharmaceutical products across OTC (over-the-counter), prescription, and hospital channels. Products include Maxigesic pain relief, Crystaderm antiseptic cream, eye care products, supplements, and prescription medicines. Revenue from Australia ($66.5M in H1 FY26), NZ, and international markets.
2. Licensing and Royalty Income: Out-licensing of proprietary products and intellectual property to international partners generates upfront payments, milestone payments, and ongoing royalties. Examples: Hikma Pharmaceuticals license for Maxigesic IV in US ($6M license fee), Grand Life Sciences Group license for IV iron in China.
3. Royalties from Licensed Products: Ongoing royalty revenue from products out-licensed in international markets including Maxigesic franchise royalties, Crystaderm royalties, and other patented product royalties across 66+ countries.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

AFT Pharmaceuticals develops, markets, and distributes a portfolio of patented and generic pharmaceutical products across over-the-counter (OTC), prescription, and hospital channels. Its principal products are the Maxigesic® family of paracetamol + ibuprofen combination analgesics (tablets, IV, and rapid-dissolving forms), the Lipo-Sachets® range of liposomal supplements, Ferro-Sachets®, Crystaderm® antiseptic cream, Kiwisoothe® digestive health, and Opti-Soothe® eye care products. The company also generates revenue by out-licensing its proprietary products and intellectual property to international pharmaceutical partners.

Product overview

AFT Pharmaceuticals is a multinational pharmaceutical company that develops, markets and distributes a broad portfolio of pharmaceutical products across over-the-counter (OTC), prescription and hospital distribution channels. The company's product portfolio comprises proprietary and in-licensed products, including patented, branded and generic drugs. Core products include the Maxigesic® family (paracetamol + ibuprofen combination) available as tablets, IV, and rapid dissolution formulations; the Lipo-Sachets® line featuring liposomal delivery technology for vitamins and supplements; prescription hospital products including Maxigesic IV and various generic injectable and oral medications; and OTC products like Kiwisoothe® for digestive health and Opti-Soothe® for eye care. AFT operates international business hubs in UK, Canada, South Africa, and Asia while maintaining strong Australasian operations.

Differentiator

Problem solved

Functional benefit

Brands

• Maxigesic: Patented combination pain relief product (paracetamol and ibuprofen). Available in tablet, IV, rapid dissolving, oral liquid, and hot drink sachet forms. Marketed as Combogesic in some markets.
• Combogesic
• Crystaderm
• Kiwisoothe
• Lipo-Sachets
• Ferro-Sachets
• Opti-Soothe
• Coco-Scalp
• Maxiclear

Products and services

• Maxigesic® Patented combination of paracetamol (500mg) and ibuprofen (150mg) tablets for double-action pain relief of headache, migraine, backache, period pain, dental pain, muscular pain, cold/flu symptoms, sore throat and fever, sold OTC through pharmacies.
• Maxigesic IV (Combogesic IV) Intravenous formulation of Maxigesic combining paracetamol and ibuprofen sodium dihydrate, used in hospital settings for acute pain and fever relief where oral administration is not suitable.
• Maxigesic Rapid Fast-dissolving tablet formulation of Maxigesic using micronized active pharmaceutical ingredients for faster release, particularly of ibuprofen, providing quicker onset pain relief.
• Vitamin C Lipo-Sachets® Liposomal vitamin C supplement using patented LIPOSHELL® technology to provide superior absorption compared to standard vitamin C supplements.
• Vitamin C Lipo-Sachets® for Kids Children's liposomal vitamin C supplement delivered using patented LIPOSHELL® technology, available in Blackcurrant flavor.
• Vitamin D Lipo-Sachets® Liposomal vitamin D3 supplement using patented LIPOSHELL® technology to support immunity and bone health, available in Melon flavour in pack sizes of 14 and 30 sachets.
• Lipo-Sachets® Collagen Liposomal collagen supplement for skin and joint health using patented LIPOSHELL® technology, part of the broader Lipo-Sachets health and beauty range.
• Ferro-Sachets® Iron supplement containing 14mg elemental iron microencapsulated in liposomal form together with vitamin C, vitamin B12 and folic acid, supplied in packs of 28 sachets.
• Kiwisoothe® Digestive health product containing Zygestinase, an enzyme extract from New Zealand kiwifruit, supporting healthy digestive function and protein digestion.
• Opti-Soothe® Preservative-Free Eyelid Wipes Preservative-free eyelid wipes infused with tea tree oil, hyaluronic acid, chamomile, aloe vera and green tea extract for everyday eyelid hygiene.
• Crystaderm® Antiseptic skin cream used for skin infections, approved for sale in China and other markets.
• Maxigesic IV (HK) Intravenous pain relief medicine combining paracetamol and ibuprofen sodium dihydrate for hospital use in Hong Kong.
• Paracetamol IV (HK) Intravenous paracetamol formulation available in the Hong Kong market for clinical use.
• StablevaX-Based Thermostable Sterile Injectables Fridge-free room-temperature stable sterile injectable pharmaceuticals developed with Stablepharma, targeting the anti-infective and oncology therapy areas in a global market valued at over USD $6 billion.
• Injectable Iron IV Therapy (AFT IV Iron) Novel intravenous iron formulation with reduced dosing administration, fewer side effects, and lower toxicity than current leading IV iron therapies, targeting a projected $7.41 billion global market.

Quantifiable outcome

• Phase III trial showed delivery complications at 2.7% vs 29.7% for leading IV iron therapy
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core.

• Stablepharma LimitedcoreStrategic or Co-development Partner · 16 January 2026Development and option-to-license agreement to develop fridge-free sterile injectable medicines using Stablepharma's proprietary StablevaX™ stabilization technology. Targets anti-infective and oncology treatments in a global market valued at over USD 6 billion. Milestone and royalty revenue flows to Stablepharma upon commercialisation.
• MicrosizecoreTechnology or IntegrationLong-term supply agreement for micronized active pharmaceutical ingredients (APIs) critical for Maxigesic Rapid formulation. Microsize provides blended/micronized drug product intermediate using continuous blending technologies and largest micronization mills in pharmaceutical space.
• Hikma PharmaceuticalscoreChannel Partner/ Reseller/ DistributorUS licensee for Maxigesic IV (Combogesic IV). Extended license to Saudi Arabia, Iraq, and Jordan. Hikma launched Combogesic IV in US. Triggers US$6 million license fee payment to AFT.
• Grand Life Sciences GroupcoreChannel Partner/ Reseller/ DistributorChengdu-based top five Chinese pharmaceutical company by sales revenue. Out-licensing agreement for novel IV iron therapy for China. Features upfront, development and sales milestone payments as well as recurring royalties. Grand Life Sciences will contribute to funding global clinical development program.
• Massey VenturescoreStrategic or Co-development PartnerCommercialisation company of Massey University. Collaboration extending from 2022 to develop topical treatment for strawberry birthmarks and keloid/hypertrophic scarring. AFT manages clinical trials and global commercialization.
• Gillies McIndoe Research InstitutecoreStrategic or Co-development PartnerNew Zealand charitable research foundation. Partner in development of topical treatment for keloid and hypertrophic scarring. Conducted in-vitro cell line testing and identified key synergistic ingredients for patented topical treatment.
• Hyloris PharmaceuticalscoreStrategic or Co-development PartnerBelgium-based R&D partner. Multiple collaborations: Maxigesic IV development (65:35 revenue split), Burning Mouth Syndrome treatment (HY-090), Vulva Lichen Sclerosus treatment (HY-091). AFT responsible for clinical trial management and all global territories except Europe.
• Pharma DynamicscoreOthersAcquisition of Hospital Division by AFT Pharmaceuticals SA (Pty) Ltd. Provides additional product licenses and sales contracts across several African territories.

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Hyloris Pharmaceuticals: Belgian specialty pharma that co-develops value-added formulations with AFT (Maxigesic IV 65:35 split, HY-090 burning mouth, HY-091 vulva lichen sclerosus). Highly comparable in business model: reformulation/innovation of existing drugs with global out-licensing.
• Hikma Pharmaceuticals: Jordan-headquartered specialty and generic pharma company. Comparable as a broad-based branded and generic pharma operator with hospital, injectable, and OTC franchises, and is AFT's US licensee for Maxigesic IV.
• Aspen Pharmacare: South African-headquartered multinational pharma with branded, generic, OTC, and hospital portfolios across emerging and developed markets. Closely comparable geographic model to AFT (home-base leadership plus international expansion into UK, Australasia, and emerging markets).
• Perrigo Company: Global OTC and specialty consumer healthcare company with a portfolio of store-brand and branded self-care products across pain relief, eye care, and supplements. Comparable to AFT's Lipo-Sachets and OTC Maxigesic/Opti-Soothe consumer health lines.
• Pacira BioSciences: US specialty pharma focused on non-opioid pain management (e.g., EXPAREL). Comparable as a specialty pharma commercializing differentiated pain therapies in hospital and surgical settings, similar to Maxigesic IV.
• Collegium Pharmaceutical: US specialty pharma commercializing pain and neurology products. Comparable as a smaller-cap, specialty-focused pharma with hospital and prescription pain franchise overlap.
• Tris Pharma: US specialty pharma focused on innovative drug delivery technologies and pain/neurology products. Comparable to AFT in using proprietary delivery technology (Tris' LiquiXR/liquid delivery vs. AFT's LIPOSHELL and combination-analgesic platforms) to differentiate formulations.

Broad incumbents

• Dr. Reddy's Laboratories: Indian-headquartered global pharma with generics, OTC, and specialty hospital franchises distributed worldwide. Comparable scale of geographic reach and product breadth, with overlap in pain management, IV injectables, and emerging-market licensing models.
• Viatris: Global pharma formed from Mylan and Upjohn combining branded and generic portfolios across therapeutic categories and geographies. Comparable scale of global distribution in OTC, generics, and specialty pharmaceuticals.
• Stada Arzneimittel: European specialty and consumer healthcare company with branded generics, OTC, and consumer health portfolios across Europe, MENA, and Asia-Pacific. Comparable to AFT's portfolio breadth and regional/European channel strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights8 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFT Pharmaceuticals