The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has issued an infringement notice to Pharmazen Limited for failing to file financial statements on time.
Pharmazen has not yet filed audited financial statements for the year ended 31 December 2024 that were due by 30 April 2025, as required under section 461H of the Financial Markets Conduct Act 2013 (FMC Act). It was also late to file financial statements in 2024 and 2023.
Pharmazen informed the FMA that the delay this year was due to ongoing negotiations with their bank about matters relevant to the entity's going concern assessment. Pharmazen has notified the FMA that it intends to publish its financial statements on 6 June 2025.
FMA Director of Markets, Investors and Reporting John Horner says, "Financial statements provide investors and other stakeholders with important information for decision-making purposes. For many FMC reporting entities, financial statements are the only source of financial information available. It's a fundamental obligation that reliable financial statements are made available to the public in a timely manner".
"Entities should report within the required timeframes regardless of challenges impacting the going concern assessment. Informing investors in a timely way is essential to enable them to make informed decisions," says Mr Horner.
The FMA's infringement notice requires Pharmazen to pay a $7,500 fee for an infringement offence under s 461H of the FMC Act. It has 28 days to pay the infringement fee or respond to the notice.
