Pharmaceutical company AFT Pharmaceuticals (ASX: AFP) has teamed up with pharma wholesaler Alexso to distribute Combogesic, or Maxigesic Rapid Tablets, in the United States, the largest pharma market in the world.
Maxigesic Rapid is a treatment for postoperative pain management. Clinical data showed that Combogesic IV provides more analgesia, or pain relief, than comparable doses of paracetamol IV, ibuprofen IV and placebo.
President of Alexso, Troy Farahmand, commented, “We are thrilled to introduce Combogesic to our portfolio of non-opioid pain management solutions. This partnership with AFT Pharmaceuticals aligns perfectly with our commitment to offering physicians effective alternatives to opioids. Combogesic will play a crucial role in our mission to combat pain while reducing the reliance on addictive opioid medications.”
Maxigesic IV was first launched in the US in February 2024 following FDA approval. This launch was the most significant of the year. It delivered a $8.9 million milestone payment to AFT and its development partner, Hyloris Pharmaceuticals. The launch is also expected to deliver an ongoing and growing stream of payments from its profit share agreement.
AFT Pharmaceuticals Managing Director, Dr Hartley Atkinson said, “We are delighted to announce our partnership with Alexso, an established pharmaceutical distribution company which prioritises non-opioid pain management solutions. We are pleased to be launching our second patented pharmaceutical into the United States market, which we anticipate will occur during this financial year.”
AFT is a growing multinational pharmaceutical company that develops, markets, and distributes a broad portfolio of pharmaceutical products across a wide range of therapeutic categories. These products are distributed across over-the-counter (OTC), prescription and hospital channels.
In the twelve months to March 2024, AFT’s full-year operating revenue was up 25% on PCP to $180.8 million, lifted by 20% growth in product sales and royalties across all channels and territories.
The Company’s family of Maxigesic pain relief medicines and the Australian over-the-counter (OTC) business made the strongest contributions. Plus, its sales in international and Asian markets (excluding licensing income) rose 70%, and it reported an EBITDA of $24.2 million, up 22% and an Operating Profit of $22.4 million, up 23%.
In the period, its research and development expenditure in this financial year was steady at $11.1 million.
AFT saw a short-term reduction of margins in Australasia due to some overstocking and subsequent price discounting of some key high-margin lines, stronger sales of lower-margin products, and some stock write-offs, including some one-offs dating back to the pandemic.
The Company has been working on expanding its global footprint, establishing business operations in several countries: the US, Canada, the UK, and Europe through its subsidiary based in Ireland, Singapore and Hong Kong. Additionally, it is setting up AFT Pharmaceuticals South Africa.
It is also advancing its plans to launch its antiseptic cream Crystaderm this calendar year in China, the world’s second-largest healthcare market. In May 2024, it licensed Maxigesic IV, the intravenous form of its proprietary pain relief medicine, for Brazil, the largest pharmaceutical market in South America.
The growth ventures have raised AFT’s profit guidance from $20.3 million to $23.1 million. The Company will continue negotiating with other distributors for additional specific market channels in the United States.
Alinda is a Business Reporter for The Sentiment
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