Pharmazen

[lorraina]

PharmaZen Limited Press Release
19 December 2024
Christmas and almost the end of another financial year has rolled around fast in 2024. At Board level
we farewelled Ken Fergus last month which followed Peter Dobbs retirement in June and the
appointment of Jessie Chan in February. So, this is my first letter to Shareholders in what has been a
challenging year, featuring positives and negatives in equal measure in your Company's progress.
Waitaki continues to adapt to changed market circumstances, both in the form of valuable new
opportunities whilst working to mitigate ongoing raw material supply challenges. As you would
expect, cash is being very carefully prioritised to the highest value opportunities across product
development, market development and new manufacturing facilities.
The Board is grateful for Craig's leadership and energy stepping up to the short-term challenges while
not losing sight of the long-term opportunities. It is also appropriate to acknowledge the huge efforts
this year of all staff, who tirelessly meet often changing customer and shipping deadlines, without
losing sight of quality and safety.
I will provide a further update in March with a detailed snapshot of 2024 financial performance. Until
then, I thank you for your support and wish you all a joyous holiday period and a prosperous, positive
2025.
Vincent Pooch
Chair of PharmaZen Limited

[BlackPeter]

PharmaZen Limited Press Release
19 December 2024
Christmas and almost the end of another financial year has rolled around fast in 2024. At Board level
we farewelled Ken Fergus last month which followed Peter Dobbs retirement in June and the
appointment of Jessie Chan in February. So, this is my first letter to Shareholders in what has been a
challenging year, featuring positives and negatives in equal measure in your Company's progress.
Waitaki continues to adapt to changed market circumstances, both in the form of valuable new
opportunities whilst working to mitigate ongoing raw material supply challenges. As you would
expect, cash is being very carefully prioritised to the highest value opportunities across product
development, market development and new manufacturing facilities.
The Board is grateful for Craig's leadership and energy stepping up to the short-term challenges while
not losing sight of the long-term opportunities. It is also appropriate to acknowledge the huge efforts
this year of all staff, who tirelessly meet often changing customer and shipping deadlines, without
losing sight of quality and safety.
I will provide a further update in March with a detailed snapshot of 2024 financial performance. Until
then, I thank you for your support and wish you all a joyous holiday period and a prosperous, positive
2025.
Vincent Pooch
Chair of PharmaZen Limited

Sounds like a happy chair addressing undemanding share holders. Did he write that after the Christmas Function - or is this the way they keep the market informed?

[Minimoke]

Sounds like a happy chair addressing undemanding share holders. Did he write that after the Christmas Function - or is this the way they keep the market informed?

Its not really an "update" - so I dont know what his "further" one will be.

The moment you see "safety" in an announcement you know the corporate mumbu jumbo deflections are in full swing.

[Sideshow Bob]

Terrible announcement - waste of time with no meaningful info.

What a way to introduce yourself as the new chairman.

[Doozer]

While it is disappointing to get no news and probably means a poor result, I think Vincent Pooch is a very good operator and a huge upgrade on the previous chair. Expecting a lot more clarity in March.

[Monty]

Appalling lack of detail, symptomatic of the previous chairs reports.

Nothings changed.  Expect to read excuses for all the initiatives reported at the last AGM

[Doozer]

Any news on the March announcement promised by the new chair? Pretty sure it's April now...

[Monty]

Looking Ahead
With end customer demand continuing to be strong, we go into 2024 with considerable optimism.
New opportunities are arising in and around our consumer product ranges with AiOra set to receive a significant push in
2024. New Zealand music icon Boh Runga is taking on an ambassador role fronting our range extension into glandulars.
The AiOra range was developed to access the non-ingredient markets in Southeast Asia, and it is pleasing to note that we
will have products in both China and Korea this year.
The pet range will be launched across three online platforms in China in July. In conjunction with our Chinese partner
significant work has gone into finalising packaging, product and distribution channels.
Challenges with trademark registration will see the range marketed as Waitaki Pet and we are enthusiastic about the initial
feedback and potential

I wonder how all of these opportunities have rolled out - surely there is something good to report, didnt the Christmas message from the Chair say there was going to be something in March? (I still fail to see how a 2nd rate music icon can be the face for a supplement brand)

[Monty]

Comment made on the Sharetrader forum of a rumour of "trouble at the mill"

Shouldn't be surprised really, I doubt few if any of the initiatives mentioned last year have come to anything, if they had there would have been some positive interim releases by now

Wasn't there a new freeze drier damaged in transit last year, has it been repaired, installed & producing?

Is the Rolleston plant producing product, is it even occupied?   I am not expecting a good report in this space

[Sideshow Bob]

We are getting into the territory of the Annual Result announcement (which is always ridiculously late). Typically comes out late April to mid May.

Half expected to be today to slip under the Easter radar.....

The heat has gone out of the petfood job - so would be interesting to get some commentary around Rolleston. As a bit of a guide (paywalled) https://www.nzherald.co.nz/hawkes-bay-today/news/ziwi-nzs-biggest-pet-food-factory-reduces-production-amid-drop-in-demand/PJ2DCDMOVFEJBCW3NS447RHAAU/

Plenty of new facilities and exporters now in that space, and freeze-dried isn't as "special" as it once was.

Looks like Cibus have lost interest in their investment??

[lorraina]

Looks as though Rolleston has been "mothballed",without ever starting production.
Port Hills Road factory still operating,however I notice fewer workers' cars in their car park.
Big ask for Port Hills factory to cover Rolleston capital equipment spend.

[Basil]

Oh dear I am genuinely sorry to hear that.  Sounds grim.  I've seen this so many times in my career with small companies.  They try and grow too fast, and the wheels come off.  I hope it works out okay for shareholders.

[winner (n)]

Update looks good

https://prod-trade.usx.co.nz/api/file/6808724337f7103db765a89d.pdf

[lorraina]

PharmaZen Limited Press Release
23 April 2025
Dear Shareholders,
As noted in my December 2024 letter, the 2024 financial year presented both significant challenges and notable
achievements for our Company.
The second half of 2024 demonstrated a positive trajectory, with unaudited sales increasing by over 20% on the
first half and unaudited underlying EBITDA more than doubling compared to the first half. These results reflect
encouraging progress in our operations. However, full-year sales grew by only 4% compared to 2023, falling short
of our expectations due to supply chain constraints affecting our key krill-based product line. Consequently,
underlying EBITDA for the year declined by approximately 50% compared to the prior year. We are currently
finalising year-end processes with our auditors and will provide a comprehensive report once audited figures are
available.
It is appropriate to update shareholders on the impact of Tariffs in the US. New Zealand now has a 10% tariff on
material going into the USA, however there are significant exemptions available that will limit the impact. As it
stands today, we expect the tariff costs to sit with the customers.
We believe the current tariff landscape presents a compelling opportunity. With trade between China and the US
facing significant tariffs it is increasingly unsustainable for companies in those markets to maintain
competitiveness without adapting their manufacturing strategies.
As a result, we expect a growing number of U.S. and Chinese companies to actively seek offshore production
solutions to protect market share. New Zealand's strong regulatory reputation, tariff advantages and premium
production capabilities position us as a highly attractive partner for these manufacturers. We are well-placed to
capitalise on this shift.
Looking ahead, we are excited to announce a new Joint Venture with a leading Australasian pet care distributor to
manufacture pet treats and supplements for distribution through their network. This initiative, developed as part
of our long-term strategy, holds significant potential for expansion beyond Australia and New Zealand. We
anticipate this partnership will become a meaningful contributor to our future revenue streams.
We remain committed to addressing challenges and capitalising on opportunities to drive sustainable growth.
Thank you for your continued support.
Vincent Pooch
Chair of PharmaZen Limited

[Minimoke]

Sounds like an opportunity to turn the lights on at the Rolleston plant.