Full year 2024 results briefing. Joining us today are Dr. Hartley Atkinson, Chief Executive Officer of AFT Pharmaceuticals, and Malcolm Tubby, Chief Financial Officer of AFT Pharmaceuticals. Before we begin, please note that any forward-looking statements mentioned on this call are based on management's current expectations and observations, and are subject to risk and uncertainties that can cause actual results to differ from the forward-looking statement. AFT Pharmaceuticals does not undertake any obligation to update publicly any forward-looking statements to reflect the events or change circumstances after the call. With that, I will turn over the call to the speakers. Dr. Atkinson, please go ahead.
Welcome, everyone. Thank you for joining us today. Just going to move through the investor presentation. This is for the last financial year, which is the period that goes to the 31st of March, 2024. And we've already essentially been through the disclaimer, so I'll take it that you've read that. Thank you. And then, as we've mentioned, presenting today is myself, Hartley Atkinson, and Malcolm Tubby, our Chief Financial Officer. And moving on to the summary page, as you can see, we are pleased to report record revenue, record earnings, and also lowering debt, and this occurred even with considerable investment as well to expand the business. So basically, if you look at, actually, on the left, that bottom graph, you know, maybe that gives you some indication.
If anything, we're starting to see escalating growth over the last sort of two or three years. And overall, too, we've roughly quadrupled sales over 10 years and roughly doubled sales over four years. So certainly, historically, we've grown the business significantly, and going forward, all this investment and work we're doing is certainly aimed to grow the business significantly going forward. And if you look at the graph, that certainly is consistent with what we are saying. Terms on the bottom right, the AFT Group operating profit, when we raised money originally on the share market, we raised it in order to accelerate R&D. We did indicate we'd initially make losses.
We have moved through that phase and are now starting to build our profits, as you can see, from that graph. So basically just the numbers, full year operating revenue was up 25% to just over NZD 195 million. So once again, we've grown sales. Ever since we started in a garage, we have grown sales year on year on year. What is pleasing and significant, we believe, is the international and Asian market revenue is starting to get more of a kick to it, which we believe it should do and will do going forward, where it's risen 70% in terms of sales, with our local Australasian markets up 14%. EBITDA improved to just over NZD 26 million. Operating profit rose 23% to NZD 24 million.
You know, and look, what did happen, though, was there was a lot of work going on behind the scenes with pretty aggressive work on setting things up for further growth in future, which we'll talk more about as we hit some of the later slides. Yeah, there's been a lot of work in the R&D portfolio and also ongoing investment into the Australasian product portfolio. Look, we were pleased and, you know, we were interested during the year to read some comments that, you know, with our growth plans, we'd be lucky, you know, to decrease debt. We probably wouldn't pay a dividend. We're happy to prove those comments totally wrong, where we've seen our net debt decline 45% to NZD 16.2 million, down from almost NZD 30 million.
Although, you know, we do make the point that, you know, we are comfortable with a reasonable level of debt anyway, and that's still not our overriding driver. But regardless, we were happy to see the NZD 16 million debt target. And basically in terms of what we're kind of doing now, I mean, we're pretty close, as you can see, to ticking off the NZD 200 million we talked about a while ago, and really, we're very firmly focused on the NZD 300 million revenue target as our next target that we're aiming for. So to flick on and just look at the individual markets, in Australia, primarily our sales growth was led by our OTC markets, which had been some of our main focus.
We grew revenues by 15% and cracked the NZD 100 million mark, which is something we were, you know, aiming to do and keen to do. And yeah, now, if we look at figures as well, we see in terms of suppliers to Australian pharmacies, we sit comfortably within the top 20. And when I say top 20, this means any sort of suppliers, whether it's L'Oréal or Elizabeth Arden, you know, so we're in with non drug makers as well, sitting within that top 20 in the Australian pharmacy channel. So that's certainly helpful, you know, to make us more important in terms of business size going forward, dealing in that market. Our liposomal vitamins, t hat launch has been a bit more challenging than we had hoped, and we have and are spending some more money on it to build it up.
Despite this, we are the number one liposomal vitamin in Australia, so we've ticked that one off, and now from that beachhead, we'll look to further growing the business. Maxigesic as well has carried on as the top combo analgesic in its segment as well. Also similarly, we hold the top lubricating eye drop in the Australian market. So we've got a lot of really good positions there.
Importantly, we've bedded down our GP field force. We still think that's important, too, because promoting to doctors, especially for new types of products, is something that's important to be able to do, and having your own field force really helps to execute that strategy. We did see a drop due to a number of factors, partly product mix, also some additional investment over and above what we had initially planned. So the operating profit dropped from NZD 19 million to NZD 15.5 million, but we still see, long term, we're very well set up in the Australian market to keep growing things. So that's that slide, and then moving on to the New Zealand market. Revenues rose by 11%, so still double digit, to NZD 48.7 million.
Once again, the OTC channel led that growth, and hospital and prescription channels were growing, but more subdued. Operating profit was slightly down on the year before. Once again, similar things with product mix. There have been quite a few changes post-pandemic with some of the products, which has had some impact, but, you know, we, as a business, are confident we can work our way through those, and you always get some ups and downs, and that's one of the reasons, too, we have lots of segments, and we're not just reliant on one market or one product. In fact, I mean, a point to make that's probably quite important, is I think some people misinterpret that we're a Maxigesic company. Although Maxigesic is one of our key products, you'll see later on, we're talking about our R&D pipeline. It's very broad.
We've got products coming in to launch. There's a lot of things aimed at not just Maxigesic, but still, Maxigesic is an important product for us, but we're much broader than some of the commentary we get suggests. Having said that, we are proud sponsors of the New Zealand Warriors, you can see on the bottom left, and this actually seems to be working quite well in drumming up interest from a lot of our customers, so we're pretty happy with that sponsorship. And you can see on the far right, the pie graph, we are starting to further expand our OTC sales in the New Zealand market, which is another parameter that we were keen on. So flicking on to Asia.
Certainly, as you're all aware, Asia's a large population right on our backdoor step. This is only just, and it's still in its real starting phase, but you can see, though, we got operating revenue grew by 57%, which was pleasing, to crack NZD 10 million. Driven, yeah, by hospital channel, we got very strong demand for Maxigesic IV from the Korea market, where the product has been going literally gangbusters. China, cross-border e-commerce, look, this is always a long-term play, but we're starting to make some good progress, and yeah, we've moved well through the NZD 1 million sales level, and we're sort of closing in on the NZD 2 million sales level. You know, things, once again, always take time in these markets.
You don't click your fingers and sales grow through the roof, but that's getting, you know, a nice sort of ongoing growth, albeit with some investment as well. Operating profit was up reasonably significantly, 177%. One of our key aims this year is also the launch. We've successfully registered Crystaderm in the China market. We've had to increase our manufacturing capacity by adding another two sites in preparation for this launch, because even launching in Australia last year was one of our things that probably did pull us back in that we ran out of stock pretty much straight away. So we are, you know, going to rely on additional manufacturing, which is what we've also been spending a little bit of money on as well. So that's Asia. Then moving on to international.
You can see on the revenue graph, we are getting increased revenue internationally as we start to build things up. We did have some nice licensing income last year, but, you know, we also see product sales starting to accelerate as we roll out our R&D portfolio, which includes Maxigesic, but also, we have strengthened up and invested a lot in some additional affiliates or hubs as well, which we'll talk about. So we've launched Maxigesic IV in the United States through Hikma, which is the largest analgesic market in the world, and that sale sort of happened towards the end of February, so that's still ongoing. And then as well, you can see on the far right, is actually manufactured Maxigesic.
It's in the U.S., it's called Combogesic, that's actually manufactured tablets ready to sell, and we're just working presently. We're going to run it essentially through our own office in the United States, but with local partners and distributors who will sell into specific subcategories of the U.S. market. And that presently, we are undergoing a couple of negotiations which are at contract stage. Can't give you an exact date, but we are anticipating that we would launch this calendar year in the U.S. market, all going well. And then to look at the global map, we did last year have various commentaries on every market country that we were doing something in. To be honest, that got to be so crowded, we're no longer able to do that.
But just generally to point out, so yellow is where we have launched product. You can see that we've filled in the North American market now with Canada, the U.S., Mexico, also some countries now in Latin America as well, such as Chile and Peru, down the west coast. We're also starting to get some launches within Africa as well, and the Middle East launches are extending. So, you know, we are busy extending those launches, but what's actually pretty important we see, though, is that we have built a lot on our affiliate in the U.K. Some of the things we've been doing is we've been purchasing licenses in the U.K. so we can accelerate that business.
So, we have sales going with two products presently, but we are working on significantly building that. Same with AFT Europe. We've increased resources into our office there in Ireland, and we've done a lot of work there. We've purchased assets off a German company in receivership, six product licenses, and we are going to be rolling those products out from those around Europe as well, which we see to be a really good beachhead. Canada, we've also set up as well, and we are working at the moment on launching Maxigesic IV ourselves in Canada.
But there is a whole list of other products behind it, from our in-licensing programs, where it is actually not that complicated when we're talking to partners to say, "You know, we want to license Australia, New Zealand." Then we had added on Singapore and Hong Kong, and now literally we've added on the U.K. and Canada, you know, so we're finding that we're able to do that. And the other place, too, that we have added on, we're just in the process of setting the company up, and we already have two or three products signed for that market, is South Africa as well. So we have all these now business hubs or affiliates, and we do believe that will give us a lot broader reach, diversify our business, et cetera, and really help us long-term, significantly grow the business.
So that's the global map. In terms of R&D, looking at that, it's split into two parts really. We've done a lot of R&D on existing products and already paid for that, most of it. For products like Maxigesic, we have about at least 9 different dose forms, which we're rolling out. Well, the two most important really is the intravenous, but also we have a fast special nanotechnology, fast-dissolving tablet with a patent till 2039, and that's the one we're launching in the U.S. market, and we'll also roll that out to our existing licensees. Crystaderm is a product we've done a lot of work on the manufacturing and dossier side, and we are working on launching that this year into Canada and into China.
As I'm sure you know, China is the world's second largest pharmaceutical market. So we've done a lot of work, and we have a company retained to do that for us in China, but we're also having further discussions with local China-based companies. So the plan is not 100% firm at the moment, but we are going to launch that, planning to launch that this calendar year, and presently that's on track. We bought a niche enema product some time ago, and we just got the dossier lined up, and we're starting to do regulatory filings and licensing for that product. We have developed KiwiSoothe, an actinidin-based kiwifruit-based product, which is tablets and sachets for gut discomfort and constipation, and we have some good interest for that.
We're launching that in various countries. We also have an analgesic cream as well for osteoarthritis and neuropathic pain, so we're also in the process of filing that in a number of markets this year as well. But you can see our R&D spend was reasonably flat, went up slightly, still around the NZD 12 million mark. We are expensing more of it, Malcolm, aren't we?
Yep, yep.
So there's more expensing of the R&D, which is hitting the P&L rather than the balance sheet. Certainly, that was one of the things that did take some money out of what our earnings would have been. Flicking on to the R&D pipeline. In our opinion, this is very significant, because we have a number of interesting projects under development. In the dermatology area, we have a Pascomer product, we have a strawberry birthmark product, which is a very common condition around the world. Keloid scars, where scars grow, is also a common condition, and vulvar lichen sclerosus is another common condition without any approved treatments. We have an antibiotic eye drop for drug-resistant eye infections.
We're doing a few projects with Hyloris, who were our partners for Maxigesic IV. So we're doing a Burning mouth syndrome project, treatment there, which we're working with Hyloris. And actually, this is a relatively common condition. There are no treatments for it that are approved. So once again, it's a nice area to target. But and also NasoSURF drug delivery, we're working on that. We have had some delays on that. We are working on some technical aspects, and we're hoping to resolve those during this year. We do have another project which is under late stage negotiation, which, in our view, is, if it's achieved, and we sign the agreement, is very significant because it's a novel, it's an NCE, it's late stage development. It requires one large clinical study.
We would do that as well in partnership with Hyloris, and that is a very interesting project which we would hope to update the market on in probably the next kind of four to six weeks. So that's our investment to talk about the details of the money.
Thanks, Hartley. So yeah, revenue up 25% to just under NZD 200 million. Gross profit up 21% to NZD 88 million. Operating expenses also up 21% to NZD 64 million, to give us a record operating profit of NZD 24 million, which is up 23%. Finance expenses have come down. That's predominantly interest cost has actually gone up a little bit on the debt, as we know, with the higher interest rates, but we've had some favorable currency, which is pulling that number down. We're back in a tax paying position, so that's that line there, and then profit after tax of NZD 15.6 million. At the bottom of the page, we take out the license income to show the margin on the product sales and royalties.
So down from 46% to 43%, for the reason that Hartley's touched on, which is primarily the investment into the new products in Australasia. And then in Australasia, sales growth in relatively lower margin products, and we did have the write-offs are a bit higher this year, and that accounted for probably about 0.7, 0.8% of that change. And a fair chunk of that was products that we'd bought in through COVID, and that, well, we no longer needed them, so we've written those off. If we go to the next slide, the balance sheet. So the current assets up a little bit. Inventory is up a little bit and debt is down. A good improvement in the cash, up to NZD 12 million at year-end.
So total assets now have NZD 165 million, and equity up to NZD 88 million. We're still, the inventory levels, we're still holding them. There is still a bit, it's, it's getting better, but we all know there are disruptions in the market. So we're still working on trying to bring the number of days down, but obviously we're having to stock up as well for new product launches that we're bringing in. So it's still work in progress for us, the inventory. And if we move on to the cash flow, we've generated NZD 29 million from operating activities, spent NZD 9 million investing, predominantly research and development, and then the NZD 10 million finance activities, that's interest, and then there's a NZD 5 million debt reduction in there as well.
So an increase in the cash of NZD 8 million to put us in the position of NZD 12 million at the end of the year. I'll pass back to Hartley.
Yeah. Look, thanks, Malcolm, and look, just to try and summarize, you know, looking at our outlook, I mean, we do believe we're positioned to drive continued growth in revenue and earnings. You know, and we are basically setting a lot of things in place for growth within this coming financial year, but also financial years going forward. You know, with the pipeline, a lot of in-licensing still occurred, and that in-licensing also feeds into all the various affiliates that we've now set up. So that really does leverage things going forward. So we are targeting operating profit of NZD 22 million -25 million. We're not really expecting any significant one-off licensing income this year, so that's then just more from normal trading.
We see that going forward, I guess we're not gonna talk about out years, but certainly, you know, once some of the larger things get set in place, which don't really hit this year, like the Maxigesic IV will start to move in the U.S., but really it's more in year sort of 2 and 3 and 4, you really see the growth we're seeing from other markets. You know, we think there'll be more of an impact going in those out years. AFT, we believe, is well positioned to build on its long record of growth. You know, as we've shown you, we have quadrupled sales over 10 years, roughly, and we've doubled them over about the last 4 years, you know, and we're not backing off at all. We've got the ongoing rollout of Maxigesic and its line extensions.
We've still got a lot of significant launches in places as well that are still underway. Additional R&D products, we're now starting to commercialize some of those, so we've got other products starting to follow along on top of Maxigesic. As I do try and keep saying, we're not just a Maxigesic company. The planned launch of 61 new products over the next 24 months in Australasia, so as we've said before, we've had a lot of in-licensing work. We've got a whole department now that does that. And we do see the margins trending back towards historical averages. Yeah, and these numerous new launches and increasing rates of growth in other markets around the world for the AFT different companies, and that's one of the other key things that we're working hard on.
Also importantly, you know, this robust product development pipeline, you know, we see that as important, and we're interested, too, like, even when we look at the Hyloris analyst report, they ascribe a valuation of EUR 60 million to Maxigesic IV, and they're only a very minor partner in the whole thing. And, you know, we, we sort of see our R&D pipeline as very valuable, going forward, and we know that, you know, it only takes one good success in the United States, a market like that, and you really do see some significant action. So that's just something we're carrying on, working on, the R&D pipeline is very important. And, I mean, after all, we're funding that out of existing cash flows.
We're not going to the market to raise money or anything like that, and despite what's been said, our cash flow is not disappearing either. So look, our goal of NZD 200 million in annual revenue, we see that as within touching distance, and really, internally, we're focused on our next target, which is NZD 300 million annual revenue. So look, thank you very much for listening, and I think we'll hand over to answer some questions now, if that's okay. Thank you.
Thank you. This concludes the speaker's remarks, and we will now begin the Q&A session. If you'd like to ask a question, please submit it using the Q&A function on the right side of the screen. Today's first question is from Soo Romanoff , from Edison Group. She asks: Congratulations on the full year 2024 results. We saw some nice revenue growth, but it seems we had some headwinds with slightly unfavorable sales in the mix in the domestic markets and overstocking related issues. Could you please elaborate on these issues and whether we should view these as an ongoing trend?
Yeah. No, thanks for that. So look, I can partly answer, and probably Malcolm can partly answer it. I mean, certainly, post-pandemic, you know, there have been some quite significant changes in the market, where some of the products, like liposomal vitamin sales, did actually decrease quite a lot. We've seen that starting to come back now, but, you know, at one stage, they were a good 40% or 50% down on what we'd sort of seen even just after the pandemic. And as a result of that, we did get caught with too much stock, and, you know, we are, we have discounted to shift that stock. You know, so those sort of things do sort of have an impact, but we still see that as something that will resolve.
You know, so that's some sort of market changeable conditions like that, but we don't see it as a long-term problem. But certainly, it did have a bit of an impact in this last financial year. Malcolm, you probably also have some comments about write-offs and stuff. We had a few things, didn't we?
Yeah, we did. So we've cleaned that out, and there was a fair bit of the product we bought in for COVID that was within that. So but looking forward, we see good growth in the revenue in Australia, and the gross profit will trend back. It's not gonna pop straight back, but it is trending back up, and where we can, you know, in this market, where we can get price increases, we will take them, but you've got to be careful how you do those right now.
Sue also asks: Since the U.S. launch of Maxigesic IV in February, have you received any initial market feedback for the product? And what are the sales split with Hikma, and are you expecting any further milestone payments from Hikma in the near term?
Sure. Look, I can partly answer that, and Malcolm can answer the payment part. So yeah, look, we launched towards the end of February in the United States. It's looking pretty typical to most markets, where we're seeing some sales in the less restricted segments, such as ambulatory care. So there are sales within that segment of the market, and much as anywhere else, there are fairly established formulary systems within the U.S. market, hospitals and things like that. So at the moment, it's primarily working through those formularies in order to get a listing, and usually we found that takes about six months.
So we're really in that sort of process at the moment, and the main thing is getting listings in some of those formularies, and then we'll start to see sales kind of build from there, which is pretty typical of most of the markets around the globe. Malcolm, do you want to comment on how the actual - it's a profit share agreement, isn't it, how it works?
Yeah. Thanks, Hartley. So yeah, the significant milestone, as we know, that came in at the end of the financial year, and the money came in as well. And then moving forward, we make a gross profit margin as we sell product to Hikma, and then there's a profit share formula. So each time they click over $20 million of a defined operating profit, that triggers a $4 million milestone payment to us. Unfortunately, under the accounting standards, that will be lumpy, so we'll recognize it when it actually happens. But, we're anticipating that we'll be able—as we start seeing the trend in the market, we'll be able to start putting some expectation around when we think that's gonna land.
Thank you. As a reminder, if you would like to ask a question, please submit it using the Q&A function on the right side of your screen. Our next question is from Matt Montgomerie, from Forsyth Barr. Gross margins improved through the second half of the year, but were still below normal levels. Could you please talk to the quantum drag of the write-offs? What drove the cut discounting and adverse mix? What gives you confidence this will unwind? And what does normalization look like to you from a gross margin perspective?
Okay, thank you. So maybe I can just have a brief say, and then hand, hand over to Malcolm-
Yeah.
It's a more numbers-based question. So I think some of the things we've touched on already, you know, such as the liposomal vitamin overstocking and then, having to, we thought it was more prudent to discount it, to sell the volumes at a much higher discounted rate, to clear stock was the best strategy, but of course, then that does impact on margin. There have been some products launched last year, where the whole margin mix then was probably, with timing, was skewed towards some lower margin products like in the New Zealand market, we did launch one product, which has been nice and successful, but had a relatively lower margin. You know, so I don't know, I don't sometimes wanna say adverse.
Obviously, the margin went down, but, you know, as we then launch other products with higher margin, we see that as trending back, and the discounting being something we'd choose not to carry on with once we've addressed our current overstocking position. Malcolm, do you wanna maybe add a bit more?
Yeah. And so with the write-offs, the write-offs were up by around NZD 1.4 million -NZD 1.5 million, more than we would normally expect. I think our underlying history is sort of around NZD 800,000-NZD 1 million, maybe. So yeah, that was. We see that as more of a one-off element that happened during the year that's just gone. I think that covered. Was there anything else in there that we missed?
I think that's covered most of it, I hope.
I believe you did cover most of it. The next question from Matt is, the 3 years of the last 4 years, you have downgraded EBIT guidance prior to the year-end. Full year 2025 guidance is for strong growth. Could you please provide an indication of why full year 2025 will be different? Has there been a change in how you set guidance? And to provide the market with increased confidence, could you please waterfall us through the full year 2025 guidance from full year 2025, full year 2024, in terms of revenue, gross margins, and SG&A?
So I guess maybe once again, I can make a couple of comments, then Malcolm's probably best to pick up on the rest. I mean, traditionally we had recognized, looking backwards, we had a problem around including lumpy, large licensing payments, and timing of those certainly caused us problems in two prior years, which was those two initial ones that Matt has alluded to. This current year, we were able, if we wanted to, to trim expenditure really to fit our guidance. But we were also aware, we weren't certain when we'd receive the large, lumpy Hikma payment for the launch in the U.S.. It could have been either, we thought February or March, but could also equally easily have been, say, April or something like that.
In fact, we thought it probably might be April, but in fact, it all went on track, or better than on track, and we were able to secure that within this financial year. Once we were confident about that, you know, with additional work we're doing with the R&D portfolio, and also a lot of this expansion work around the world with these different affiliates, you know, we were sort of more confident, and I guess we made the decision not to pull back and really to double down on the big picture. We appreciate, of course, we'd probably get punished for that short term, but to be frank, we still are looking, you know, to really grow this business.
I guess that's our thinking has been we've invested around that, because we were able to get that money. I think still, if you look at our overall profit, you're still seeing it's on an upward trajectory, and that's really what we're working on. But Malcolm, maybe if you wanna comment more about this year, I suppose, and-
Yeah, I think, yeah, looking forward, I think you've covered all that last year off. But so looking forward to the guidance, revenue, we're looking at similar sort of growth to the year that we've just finished. Margin, we see that getting a slight tick up. As I've just said, Australasia will be slower at bringing its margin back, but international and Asia margins are good. We are gonna carry on investing into products and into markets. So you're gonna see a growth in the dollar value there on the spend. And then we have - there's no significant license income, which we don't include in the outlook. There is none on the horizon, in any case.
There is a small amount in there, I think it's around about NZD 1 million, which is just our recurring license income, which is more commercial milestones.
Thank you. As a reminder, if you would like to submit a question, please go ahead and use the Q&A function on the right side on the screen. Our next question is from Christian Bell from Jarden Securities. Gross margin declined around 360 basis points, which you pointed to product mix, yet your ANZ OTC mix lifted from 61% to 66%. Can you please explain how that works? You also called out pricing discounting. Can you further explain, and whether you expect this to unwind, and why?
Yep. So that's touching on what we talked about with the new products that we're launching in Australasia. We, you know, to put more support behind them, there has been a mix of marketing and some discounting going on there. And then the growth in OTC has come from the lower margin products, and then we've had those additional write-offs.
Yeah, and I guess in terms also, part of the question maybe is about, well, your OTC increased, but then, you know, how come then also margins, maybe, product mix, decreased? Look, I mean, in general, OTC products do certainly have higher margins, but there are some examples. I know some things we launched in the New Zealand market were still an acceptable margin, but were not up at our normal, OTC, margin level. But overall, from a strategic point of view, they were one of, if not the biggest selling product line in retail pharmacy. So we actually decided that we did want to be in that exact product and that category, category, 'cause that helps to strengthen our overall position. And yeah, sales went pretty well. I think we sold at least NZD 400,000 or NZD 500,000-
Mm-hmm.
-for that particular product. So yeah, things like that can have an impact. So there's some things that are, you know, like that, but they're not necessarily saying, it's not a case of Chicken Little, the sky's falling.
Thank you. Christian also asks, "In terms of full year 2025 EBIT guidance assumptions, what is your gross margin excluding license income? It was 43% in full year 2024. And why do you think it improves?
Yeah, with guidance, we do just give the operating profit guidance. We don't get into that level of detail.
Additionally, he also asks, "ROW was EBIT break even, so what type of contribution are you expecting in full year 2025, and how much of that is driven by U.S. sales?
Sorry, can you repeat that one?
Yes. ROW was EBIT break even, so what type of contribution are you expecting in full year 2025, and how much of that is driven by U.S. sales?
Oh, I see. Yeah. Okay.
I think once again, there's a few things there. We're not really breaking it down to individual market segments, are we?
No.
You know, and also too, as we build our U.K. business and all these individual businesses, which honestly, we have multiple products going in and being filed at the moment, at this point in time, we're not gonna break them out and start to get, yeah, sort of multiple watered down, well, not watered down, but multiple different segments. So we're just really giving the overall figure, haven't we, Malcolm?
Yeah, that's right.
Thank you. This concludes the Q&A session. I will now turn over the call to Dr. Hartley Atkinson and Malcolm Tubby for closing remarks.
Yeah, no, thank you very much, everyone, for dialing in and for listening. Look, I hope you can see, you know, we're making progress on our expansion, you know, with the growth in sales, a lot of investment, and that's all future-looking and stuff. And we, you know, we're doing this, yeah, with the R&D and all these different things, but yet, you know, we're still overall increasing profits. You know, we're not looking to raise capital or anything like that, so we're doing all this internally. It's all self-funded. Yeah, and we hope you will be interested in our ride going forward. Thank you.