Everyone loves vitamin C, especially in New Zealand when there are colds, flu and the coronavirus lurking as winter approaches.
And so it was with NZ-based AFT Pharmaceuticals which yesterday confirmed guidance of between $NZ18.8 million and $NZ21.8 million with the final result expected to be at the mid to upper end of the range.
That news saw the shares jump more than 16% to $3.60 on low turnover (very few shares are traded in Australia).
AFT said in a trading update released yesterday to the NZX and ASX that demand had been especially strong for its injectable antibiotics and vitamin C medicines.
“Meanwhile, international demand for the company’s Maxigesic medicines has also been strong and we have been working with our international partners to ensure an uninterrupted supply…this is not without challenges, given disruption to global trade routes caused by the virus,” the company told shareholders this afternoon.
CEO Hartley Atkinson says it sold $1.2 million of Vitamin C sachets in New Zealand in three days, equivalent to a full year of sales. It has also seen strong demand from hospitals for its pneumonia antibiotic treatment Piptaz.
“We have seen strong demand for this product and our other injectible antibiotics as our Australian-based customers have increased stocks in preparation for the possibility of a more serious outbreak,” Dr. Atkinson said.
“Our Australasian over-the-counter and hospital businesses have seen strong demand for our injectable antibiotics, our suite of analgesics (including our patented Maxigesic pain relief products) and for our supplements such as Vitamin C Liposachets,” the company said yesterday
“International demand for the company’s Maxigesic medicines has also been strong and we have been working with our international partners to ensure an uninterrupted supply to our global customer base.
“This is not without challenges, given disruption to global trade routes caused by the virus.
However, we are confident that any financial impact on the global business could in part be offset our local sales gains, Dr. Atkinson said in the statement.
