Mayne Pharma Group Ltd. · ASX:MYX
Mayne Pharma — Shareholder Meeting (November 2023)
42 slides from Mayne Pharma's shareholder meeting presentation, Nov 30, 2023
Slide 1: ASX cover letter for AGM presentation
30 November 2023 Manager, Company Announcements ASX Limited Level 4 20 Bridge Street SYDNEY NSW 2000 Via E-Lodgement Dear Sir/Madam Mayne Pharma Group Limited For personal use only Please find attached the AGM presentation which contains a business update to be delivered to shareholders at Mayne Pha
Slide 2: Mayne Pharma Group Limited Annual General Meeting
For personal use only Mayne Pharma Group Limited Annual General Meeting 10.00am (Melbourne time) 30 November 2023
Slide 3: 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 4: How to ask a question
How to ask a question ● To ask a written question select the Q & A icon For personal use only ● Select the topic your question relates to from the drop-down list ● Type your question in the text box and press the send button ● To ask a verbal question follow the instructions below the broadcast wind
Slide 5: How to vote
How to vote ● When the poll is open, select the vote icon at the top of the screen For personal use only ● To vote, select either For, Against or Abstain ● You will see a vote confirmation ● To change or cancel your vote “click here to change your vote” at any time until the poll is closed 4
Slide 6: Introduction
Introduction For personal use only Frank Condella Prof Bruce Robinson David Petrie Shawn Patrick O’Brien Chair Non-Executive Director Non-Executive Director CEO & Managing Director Dr Katie Macfarlane Ann Custin Patrick Blake Aaron Gray Non-Executive Director Non-Executive Director Non-Executive Dir
Slide 7: Agenda
Agenda For personal use only 1 Chair’s Address 2 Business Update 3 Formal Business 4 Closing 6
Slide 8: Chair's Address
For personal use only Chair’s Address Frank Condella
Slide 9: Business Update
For personal use only Business Update Shawn Patrick O’Brien
Slide 10: Agenda
Agenda For personal use only ● FY23 Performance and Financial Key Highlights ● YTD Oct-FY24 Unaudited Update ● Women’s health segment ● Dermatology segment ● International segment ● Strategy, Outlook and Capital Management 9
Slide 11: Mayne Pharma at a Glance
Mayne Pharma at a Glance Capitalising on commercial opportunities across three attractive business units Putting the right people, products, and processes in place to address the needs of patients and For personal use only drive long-term sustainable growth in each of our three segments Branded Prod
Slide 12: FY23 Performance Highlights
FY23 Performance Highlights REFOCUSED ON CORE BUSINESS For personal use only • Completed sale of Metrics Contract Services and US Retail Generics for a combined sale price of US$565m GREW ALL THREE SEGMENTS • Expanded US Women’s Health portfolio • BPD/Women’s Health – strong revenue via license of e
Slide 13: FY23 Financial Overview
FY23 Financial Overview • Results are presented from continuing operations to exclude Metrics Contract Services (MCS) which was divested on 4 October 2022 and to exclude the US Retail Generics business (previously included in the Portfolio Products (PPD) segment) which was divested on 7 April 2023.
Slide 14: YTD Oct-FY2024 Update
YTD Oct-FY2024 Update1 GROUP in A$ m Jul-Oct FY23 Mar-Jun FY23 Jul-Oct FY24 Total Net Sales 33.0 97.8 124.8 Total Gross Margin 13.5 47.8 71.7 For personal use only Total Gross Margin % of Net Sales 41% 49% 57% Pivoting to growth Direct OPEX 38.6 43.1 45.3 Indirect OPEX 22.6 23.1 25.7 Underlying EBIT
Slide 15: BPD (Women's Health)
For personal use only BPD (Women’s Health)
Slide 16: Women's Health / Branded Products Division (BPD)
Women’s Health / Branded Products Division (BPD) Leader in US Women’s Health For personal use only ● A leading position in strong and growing market with four novel women’s healthcare products ● Licensing rights acquisition added a complementary portfolio of stable products with long patent lives
Slide 17: BPD YTD October FY24 results
Women’s Health / Branded Products Division (BPD) YTD October FY24 results1 ● YTD-FY24 net sales +45.3% for BPD on prior 4-month period FY24 Women’s Health ● Segment performance reflects growth in expansion portfolio as well For personal use only Outlook as improved performance of NEXTSTELLIS® follow
Slide 18: Dermatology
For personal use only Dermatology
Slide 19: Dermatology / Portfolio Products Division YTD October FY24 results
Dermatology / Portfolio Products Division (PPD) YTD October FY24 results1 ● YTD-FY24 Net Sales +640% vs PCP, +55.5% vs prior 4-month period For personal use only FY24 Dermatology ● YTD-FY24 Gross Margin +999+% vs PCP, +174% vs prior 4-month period Outlook ● Net revenues growing steadily, benefitting
Slide 20: Building market leadership and scale
Dermatology / Portfolio Products Division (PPD) Building market leadership and scale ● Five proprietary brands and 20 generic dermatologics For personal use only ● Recent acquisition of RHOFADE®, an FDA-approved topical cream used to treat rosacea (launched 10/2/2023) ● Mayne Pharma portfolio can fi
Slide 21: International
For personal use only International
Slide 22: International YTD October FY24 results
International YTD October FY24 results1 For personal use only ● YTD-FY24 net sales and margin down FY24 International on prior 4-month period, driven Outlook primarily by timing ● Costs continue to be managed and our Mayne International Pharma Product CDMO ongoing productivity initiatives are Austra
Slide 23: Strategy, Outlook and Capital Management
For personal use only Strategy, Outlook and Capital Management
Slide 24: Strategy for 2024 Growth
Strategy for 2024 Growth Continuing positive momentum into FY24 – solid Q1 momentum continuing into Q2 For personal use only Women’s Health Dermatology International ✓ Deliver positive contribution • Complete integration of • Positive profit and • Pursue targeted margins in all three segments licens
Slide 25: Capital Management
Capital Management Jul-Oct FY 2024 FY24 Capital Management Priorities For personal use only Current company cash balance A$163.9m Oct 31, 2023 ● Maintain conservative balance sheet and solid liquidity position through transition phase with planned capital Cash uses first 4 months FY24 (A$) 61.5m str
Slide 26: Formal Business
For personal use only Formal Business Frank Condella
Slide 27: General business – item
General business – item 1 ● To receive and consider the Director’s Report, Financial Statements and the Independent Auditors Report for the financial year ended 30 June 2023 For personal use only 26
Slide 28: Re-election of Mr Frank Condella
For personal use only Resolution 1 Re-election of Mr Frank Condella
Slide 29: Proxy results: Re-Election of Mr Frank Condella
General business – Resolution 1 For personal use only Proxy results: Re-Election of Mr Frank Condella 43,168,545 shares 98.33% Shares to be voted in favour 432,465 shares 0.99% Shares to be voted against 54,419 shares N/A Shares to abstain from voting 297,539 shares 0.68% Shares open to proxy holder
Slide 30: Re-election of Mr Patrick Blake; Election of Ms Anne Lockwood
For personal use only Resolutions 2 and 3 Re-election of Mr Patrick Blake Election of Ms Anne Lockwood
Slide 31: Proxy results: Re-Election of Mr Patrick Blake
General business – Resolution 2 For personal use only Proxy results: Re-Election of Mr Patrick Blake 43,166,063 shares 98.34% Shares to be voted in favour 433,201 shares 0.98% Shares to be voted against 57,919 shares N/A Shares to abstain from voting 295,785 shares 0.68% Shares open to proxy holders
Slide 32: Proxy results: Election of Ms Anne Lockwood
General business – Resolution 3 For personal use only Proxy results: Election of Ms Anne Lockwood 43,051,073 shares 98.20% Shares to be voted in favour 493,338 shares 1.12% Shares to be voted against 114,272 shares N/A Shares to abstain from voting 295,785 shares 0.68% Shares open to proxy holders 3
Slide 33: Adoption of Remuneration Report
For personal use only Resolution 4 Adoption of Remuneration Report
Slide 34: Changes to remuneration
Changes to remuneration ● Short term incentive introduced in FY23 to better align with market practice For personal use only ● KPIs set for FY24 for CEO and CFO: - EBITDA target (25% weighting) - Operating cash flow target (25% weighting) Short Term - Achievement of target NEXTSTELLIS® business resu
Slide 35: Proxy results: Adoption of Remuneration Report
General business – Resolution 4 For personal use only Proxy results: Adoption of Remuneration Report 28,062,065 shares 65.23% Shares to be voted in favour 14,658,927 shares 34.08% Shares to be voted against 152,430 shares N/A Shares to abstain from voting 293,916 shares 0.69% Shares open to proxy ho
Slide 36: Issue of STI and LTI grants to the CEO and Managing Director
For personal use only Resolution 5 Issue of Short-Term Incentive grant of Restricted Stock Unit Performance Rights and Long-Term Incentive grant of Performance Rights under the Employee Performance Rights and Option Plan (PROP) to the CEO and Managing Director
Slide 37: Proxy results: STI and LTI grants to CEO and MD
General business – Resolution 5 Proxy results: Issue of Short-Term Incentive grant of Restricted Stock Unit Performance Rights and For personal use only Long-Term Incentive grant of Performance Rights under the Employee Performance Rights and Option Plan (PROP) to the CEO and MD 29,652,463 shares 67
Slide 38: Appointment of BDO Audit Pty Ltd as Auditor
For personal use only Resolution 6 Appointment of BDO Audit Pty Ltd as Auditor
Slide 39: Proxy results: Appointment of BDO Audit Pty Ltd as Auditor
General business – Resolution 6 For personal use only Proxy results: Appointment of BDO Audit Pty Ltd as Auditor 43,306,492 shares 98.82% Shares to be voted in favour 218,539 shares 0.50% Shares to be voted against 132,202 shares N/A Shares to abstain from voting 297,235 shares 0.68% Shares open to
Slide 40: Extension of On-Market Share Buy Back
For personal use only Resolution 7 Extension of On-Market Share Buy Back
Slide 41: Proxy results: Extension of On-Market Share Buy Back
General business – Resolution 7 For personal use only Proxy results: Extension of On-Market Share Buy Back 43,447,374 shares 99.00% Shares to be voted in favour 140,780 shares 0.32% Shares to be voted against 70,679 shares N/A Shares to abstain from voting 295,635 shares 0.68% Shares open to proxy h
Slide 42: Mayne Pharma Group Limited Annual General Meeting
For personal use only Mayne Pharma Group Limited Annual General Meeting 10.00am (Melbourne time) 30 November 2023
Mayne Pharma Group — Shareholder Meeting (November 2023) on 6ix