Mayne Pharma Group Ltd. · ASX:MYX
Mayne Pharma — Investor Presentation (February 2024)
29 slides from Mayne Pharma's investor presentation, Feb 26, 2024
Slide 1: Mayne Pharma Group Limited 1HFY24 Results Presentation
Mayne Pharma Group Limited 1HFY24 Results Presentation Shawn Patrick O’Brien (CEO) Aaron Gray (CFO)
Slide 2: Disclaimer
Disclaimer The information provided is general in nature and is in summary form only. It is not complete and should be read in conjunction with the company’s audited Financial Statements and market disclosures. This material is not intended to be relied upon as advice to investors or potential inves
Slide 3: 1HFY24 Operational and Financial Highlights
1HFY24 Operational and Financial Highlights ● Reported revenue of $188m (compared to $131m in 2HFY231) reflects strong performance in US Women's Health2 and Dermatology3: ‒ Women’s Health achieved breakeven run rate on NEXTSTELLIS® in December and growth in contribution from other products ‒ New US
Slide 4: 1HFY24 Achieved 4 out of 5 FY24 Goals
1HFY24 Achieved 4 out of 5 FY24 Goals Deliver positive direct Return Company to Optimise cost base with Return Company to NEXTSTELLIS® run rate contribution in all three positive underlying EBITDA OPEX and other reductions positive operating cash breakeven segments in FY24 of >US$10m generation in F
Slide 5: Key segment highlights: delivering on commitments
Key segment highlights: delivering on commitments Women’s Health Dermatology International • Direct contribution $18.1m in 1HFY24 • Direct contribution $18.1m in • Direct contribution $4.4m in 1HFY24 vs vs -$1.7m in 2HFY23 1HFY24 vs $1.5m in 2HFY23 $4.0m in 2HFY23 • Core portfolio performing well wi
Slide 6: 1HFY24 Group Financial Performance
1HFY24 Group Financial Performance
Slide 7: Group Continuing Operations Financial Overview: Improved operational performance
Group Continuing Operations Financial Overview: Improved operational performance1 Change vs A$ million2 1HFY23 2HFY23 1HFY24 2HFY23 Reported Revenue $52.2 $131.4 $187.9 $56.5 Reported Gross Profit $15.1 $68.4 $105.8 $37.4 Reported Direct Contribution ($45.6) $3.8 $40.6 $36.8 Reported EBITDA ($87.2)
Slide 8: Reported EBITDA to Underlying Bridge
Reported EBITDA to Underlying Bridge A$million 1HFY23 2HFY23 1HFY24 Reported Revenue 52.2 131.4 187.9 Reported Gross Profit 15.1 68.4 105.8 Total Gross Profit % of Revenue 29% 52% 56% Direct OPEX -60.7 -64.6 -65.2 Direct Contribution -45.6 3.9 40.6 Indirect OPEX -49.8 -52.4 -51.2 Other Income 3.8 5.
Slide 9: Group Cash: Reconciliation to closing Cash + Marketable Securities balance
Group Cash: Reconciliation to closing Cash + Marketable Securities balance (A$m) 68% of cash use in 1H related to investing/financing and discontinued operations 30 Jun 2023 balance 31 Dec 2023 balance Continuing Operations (32%) Discontinued operations (18%) Investing & Financing (50%) • Earn out p
Slide 10: Conversion Underlying EBITDA : Underlying Free Cash Flow
Conversion Underlying EBITDA : Underlying Free Cash Flow ($Am) Underlying EBITDA 8.0 Non cash items in underlying EBITDA 1.9 Movements in underlying net working capital 2.8 Earn out payments (3.9) Maintenance Capex (0.7) Lease payments under AASB 16 (1.8) Underlying free cash flows before net workin
Slide 11: Consolidated Balance Sheet
Consolidated Balance Sheet A$ million 30 Jun 2023 31 Dec 2023 Change ● Marketable securities of $A36.7m is Cash and equivalents 92.6 109.2 16.6 included in Other Assets Inventory 82.7 91.9 9.2 ● Working capital movements vs 30 June Receivables 194.9 184.7 (10.2) 2023 include: PP&E 43.7 44.3 0.6 - Re
Slide 12: Segment Performance
rand pharma Segment Performance
Slide 13: Segment Performance
Segment Performance Refocused business delivering improved momentum and positive direct contribution in 1HFY24 Reported results (A$m) 1HFY23 2HFY23 FY23 1HFY24 1HFY23 2HFY23 FY23 1HFY24 1 Revenue Gross profit Dermatology 11.2 45.8 57.0 80.9 Dermatology -4.5 15.2 10.7 36.6 Women's Health 13.4 48.5 61
Slide 14: Women's Health
rand pharma Women’s Health
Slide 15: Women's Health: continued growth
Women’s Health: continued growth Highlights ● Revenue increase driven by: Women's Health in USD'000 1HFY23 2HFY23 1HFY24 - lift in NEXTSTELLIS® (33% increase in trade Total Revenue 9,005 32,667 47,277 cycles compared to 2HFY23, improved net Total Gross Profit 7,183 29,096 38,334 selling price) Total
Slide 16: Women's Health: top line portfolio growth
Women’s Health: top line portfolio growth Sales in USD ‘000 NEXTSTELLIS® Demand Cycles in ‘000s 50,000 1,841 5,040 40,000 10,776 2,224 30,000 2,855 8,368 15,819 20,000 12,163 10,000 1,918 - 13,802 7,087 7,057 - 1H FY23 2H FY23 1H FY24 Nextstellis Annovera Imvexxy Bijuva Other 16
Slide 17: Dermatology
rand pharma Dermatology
Slide 18: Dermatology: delivering on new product launches and channel strategy
Dermatology: delivering on new product launches and channel strategy Highlights Derm in USD'000 1HFY23 2HFY23 1HFY24 ● Revenue of US$52.9m, up 71% vs 2HFY23 Total Revenue 7,495 30,878 52,855 ● 1HFY24 gross margin 134% growth vs Total Gross Profit (3,036) 10,226 23,908 2HFY23 Total Gross Profit % of
Slide 19: Disintermediation Strategy
Disintermediation Strategy Mayne Pharma’s unique platform spans the entire value chain, allowing for the ability to create a comprehensive, frictionless, transparent, and cost-effective experience ● Launched pilot program with GoodRx in 1HFY24 in Women's Health and Dermatology which further unlocked
Slide 20: International
rand pharma International
Slide 21: International: improved financial profile
International: improved financial profile Highlights International in AUD'000 1HFY23 2HFY23 1HFY24 ● 1HFY24 net sales down compared to Reported Revenue 27,626 37,079 34,608 2HFY23, but gross profit up due to shift in Reported Gross Profit 8,876 10,048 10,480 customer mix / product pricing Total Gros
Slide 22: 2HFY24 Outlook and Key Focus
2HFY24 Outlook and Key Focus ● 2H revenue and earnings expected to deliver growth on 1H driven by: - Women’s Health: • continued growth across all Women’s Health brands, continued operational changes • continued evaluation of ROI on marketing spend - Dermatology: • maintenance of margin profile via
Slide 23: Q&A
Q&A You deserve tomorrow. 23
Slide 24: Appendix
rand pharma Appendix
Slide 25: Women's Health: continued growth (shown in AUD)
Women’s Health: continued growth (shown in AUD) Women's Health in AUD'000 1HFY23 2HFY23 1HFY24 Reported Revenue 13,427 48,463 72,389 Reported Gross Profit 10,712 43,171 58,696 Total Gross Profit % of Revenue 80% 89% 81% Direct OPEX (36,699) (44,870) (40,617) * Direct Contribution (25,987) (1,699) 18
Slide 26: Dermatology: delivering on new product launches and channel strategy (shown in AUD)
Dermatology: delivering on new product launches and channel strategy (shown in AUD) Derm in AUD'000 1HFY23 2HFY23 1HFY24 Reported Revenue 11,177 45,815 80,929 Reported Gross Profit (4,527) 15,207 36,607 Total Gross Profit % of Revenue -41% 33% 45% Direct OPEX (17,945) (13,695) (18,505) * Direct Cont
Slide 27: Group Financial Overview: EBITDA to operating cash reconciliation
Group Financial Overview EBITDA to operating cash reconciliation in M AUD YTD Dec Underlying EBITDA 8.0 Earn-out reassessment (16.7) Convertible note reval (10.0) Other continuing ops adj incl Fx (3.20) Reported EBITDA (21.9) D&A (35.9) Interest expense + discount unwind (17.0) Tax & other expense 4
Slide 28: Group cash and cash flow – figures in AUD
Group cash and cash flow – figures in AUD Activity Activity related to related to divested continuing in millions AUD Total businesses businesses Net Operating Profit After Tax (70.6) 0.0 (70.6) Depreciation & Amortization 37.4 - 37.4 Share-based payments expense 2.3 (0.2) 2.5 Non- Earn-out reval in
Slide 29: Disintermediation Strategy
Disintermediation Strategy Mayne Pharma’s unique platform spans the entire value chain, allowing for the ability to create a comprehensive, frictionless, transparent, and cost-effective experience The issues with traditional retail The Mayne Pharma Difference 130 territory • Significant discounts fo
Mayne Pharma Group — Investor Presentation (February 2024) on 6ix