The AFT Pharmaceuticals Ltd (ASX: AFP) share price is unmoved in early trading this morning after the company released its latest financial results.
AFT Pharmaceuticals shares finished yesterday's trading up 1.65% to $4.30 per share.
The pharmaceutical drug manufacturer's share price has fallen more than 3% over the past 12 months, so let's take a closer look at the company's trading results for the FY21 period to 31 March.
AFT Pharmaceuticals report
The Australian pharmaceuticals giant released a positive report overall on the company's FY21 performance, despite noting several challenges it has faced this financial year.
The company's highlight was its revenue, which reached a new record of $113.1 million for the 12-month period up to 31 March, up 7% from the $105.6 million in the prior corresponding period.
AFT Pharmaceuticals' profit after tax was down nearly $4 million, decreasing to $7.8 million down from $12.7 million in the prior year, which the company says "benefited from a one-off gain" of $9.8 million related to the orphan drug
Pascomer.
Its Asian market revenue was also weaker, which the company blamed on the region transitioning towards purchasing higher-margin pharmaceutical products. Meanwhile, the company's gross profit grew by 1% to $48.8 million from $48.3 million and its total assets jumped by nearly 20%, as the company sought to protect inventory amounts.
AFT Pharmaceuticals is now targeting an operating profit range of $18 million to $23 million for FY22.
AFT Pharmaceuticals management comments
AFT Pharmaceuticals chair David Flacks said there was a sense of deserved optimism around the company:
The 2021 financial year has been one of the more challenging in AFT's history as business conditions tightened around the world in the wake of the pandemic.
Nevertheless, as we report another year of record revenue and a more than doubling in underlying earnings, we can look back on the year with a sense of achievement.
AFT Pharmaceuticals share price snapshot
Despite its slight losses this past year, the AFT Pharmaceuticals share price remains very close to its 5-year highs, and more than $1 higher than in January 2020.
AFT Pharmaceuticals shares have rocketed by 16% over the past month since the company signed a major US supply deal, but that's against losses of 15% since 2021 began, as well as its broader 12-month decline.
