Mayne Pharma Group Ltd. · ASX:MYX
Mayne Pharma — Investor Presentation (February 2025)
39 slides from Mayne Pharma's investor presentation, Feb 26, 2025
Slide 1: Mayne Pharma Group Limited 1H FY25 Results Presentation
Mayne Pharma Group Limited 1H FY25 Results Presentation 26 February 2025 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: 1H FY25 Financial Highlights
1H FY25 Financial Highlights1 Simplification of our business model combined with our strong operating and financial discipline has delivered significantly improved financial results $213.1m 61.4% $31.0m Revenue Gross margin Underlying EBITDA2 up 13% on 1H FY24 up from 56.3% 1H FY24 up 288% on 1H FY2
Slide 4: 1H FY25 Operating Highlights
1H FY25 Operating Highlights Women’s Health Dermatology International • Continued growth across the Women’s • Gross margin percentage increased to • Modernisation upgrade (to be completed Health portfolio with increased operating 53% versus 45% in the pcp, driving overall March 2025) will significan
Slide 5: 1H FY25 Group Financial Performance
1H FY25 Group Financial Performance
Slide 6: Group Continuing Operations Overview
Group Continuing Operations Overview: Improved operational performance Change vs Change vs A$ million1 1H FY25 1H FY24 1H FY24 ($) 1H FY24 (%) Reported Revenue 213.1 187.9 25.2 13% Reported Gross Profit 130.9 105.8 25.1 24% Reported Direct Contribution 65.0 40.6 24.4 60% Reported EBITDA 26.1 (21.9)
Slide 7: Improved cost leverage through growth and opex discipline
Improved cost leverage through growth and opex discipline (A$m) Segment Performance1 1H FY25 1H FY24 Change (A$ million) 1H FY25 Commentary2 Revenue 213.1 187.9 13% Gross Profit 130.9 105.8 24% • Improvement in gross margins to 61% from 56% in the Direct Operating Expenses (65.9) (65.2) 1% pcp drive
Slide 8: Group Cash + Marketable Securities balance
Group Cash + Marketable Securities balance (A$m) Excluding class action payment company generated positive $19.5m from continuing operations + 25.9 -6.4 -33.3 -5.6 -3.7 -0.8 -0.4 168.8 149.3 135.5 126.2 124.9 30 Jun 2024 31 Dec 2024 Cash balance Cash balance Continuing operations Discontinued operat
Slide 9: Segment Performance
S pharma Segment Performance
Slide 10: Material Improvement in 1H FY25 Direct Contribution
Material Improvement in 1H FY25 Direct Contribution1 Platform enables scale and leverage with room to grow 1H FY25 Total Direct Contribution $65.0m 1H FY24 Total Direct Contribution $3.6m Dermatology $18.1m Women’s Health $18.1m $40.6m +$24.4m $22.1m $39.3m International $4.4m 10 1. Direct contribut
Slide 11: Segment Performance
Segment Performance Focused business delivering improved momentum and positive direct contribution in 1HFY25 Change vs Change vs Reported results (A$million) 1HFY25 1HFY24 2HFY24 FY24 1HFY24 1HFY25 1HFY24 2HFY24 FY24 1HFY24 1 Revenue Gross profit Dermatology 81.4 80.9 93.9 174.9 1% Dermatology 43.4
Slide 12: Women's Health
S pharma © Women’s Health
Slide 13: Women's Health: solid portfolio growth
Women’s Health: solid portfolio growth 1H FY25 Highlights Future growth drivers for Women’s Health • Continued focus on sales execution, targeted marketing and channel • US Patent No. 12,233,074, claiming certain aspects of NEXTSTELLIS®, management has delivered improved sales, higher margins and di
Slide 14: NEXTSTELLIS demand cycles up 33%
NEXTSTELLIS® demand cycles1 up 33% NEXTSTELLIS® Quarterly US Demand Cycles (thousands) NEXTSTELLIS ® Net Sales (US$m) and growth (pcp) 38% 5.8% 4.1% 100.0% 25.0 160.0 10.4% 152 22.4 146 90.0% 5.9% 138 140.0 11.3% 80.0% 20.0 18% 19.1% 118 125 120.0 70.0% 96% 16.3 25.4% 106 60.0% 15.0 13.8 100.0 22.4%
Slide 15: Driving demand with IMVEXXY and BIJUVA
Driving demand with IMVEXXY® and BIJUVA® for menopausal patients Licensed Portfolio Demand TRx (thousands)1 IMVEXXY® BIJUVA® ANNOVERA® 200 70 169 177 61 16 14 180 53 14 60 14 160 12 12 137 50 45 12 140 107 38 10 120 40 100 8 30 80 6 60 20 4 40 10 20 2 - - - 2HFY23 1HFY24 2HFY24 1HFY25 2HFY23 1HFY24
Slide 16: Dermatology
Dermatology
Slide 17: Dermatology: Improved product mix, solid channel growth
Dermatology: Improved product mix, solid channel growth from disintermediation strategy 1H FY25 Highlights Channel Strategy Update • Improving the product mix for Dermatology drove a 22% improvement to direct • Continued deployment of disintermediation strategy across both Dermatology contribution,
Slide 18: Dermatology margins and direct contribution growth
Dermatology margins and direct contribution growth 1H FY24 Revenue by Category – TOTAL US$52.9 million 1H FY25 Revenue by Category – TOTAL US$53.8 million $8.8, 17% $12.3, 23% Total Growth: 1.7% $41.5, 77% $44.1, 83% Growth Drivers RHOFADE® gACCUTANE® DORYX® Top 5 Products All Other Top 5 Products A
Slide 19: International
International
Slide 20: International: investing to create new opportunities
International: investing to create new opportunities 1H FY25 Highlights Packaging Hall - Cartoner, Tamper Evident Labeller, Bundler & Case Packer • International revenue increased 8% to $37.4m ($34.6m pcp), gross profit increased by 1% to $10.6m • International performance impacted by timing of cert
Slide 21: Scheme Implementation Deed with Cosette
Scheme Implementation Deed with Cosette
Slide 22: Scheme Implementation Deed (SID) with Cosette Pharmaceuticals, Inc
Scheme Implementation Deed (SID) with Cosette Pharmaceuticals, Inc • Acquisition of Mayne Pharma by Cosette Pharmaceuticals, Inc (Cosette) by means of a Scheme of Arrangement; SID signed on 20 February 2025 • Acquisition price of A$7.40 per share in cash The • The Scheme Consideration of A$7.40 per
Slide 23: Scheme Implementation Deed: About Cosette
Scheme Implementation Deed (SID) with Cosette Pharmaceuticals, Inc • US based fully integrated pharmaceutical company consisting of products in women’s health, About cardiology and dermatology Cosette • Corporate and manufacturing facilities in New Jersey and North Carolina and is supported by 350 p
Slide 24: Indicative Timetable
Indicative Timetable Event Expected Date First Court Hearing Late March 2025 Dispatch of Scheme Booklet to Mayne Pharma Shareholders Late March 2025 Scheme Meeting Late April to Early May 2025 Second Court Date Early to Mid May 2025 Effective Date Mid May 2025 Implementation Date Late May to Early J
Slide 25: Outlook
Outlook
Slide 26: 2HFY25 outlook and focus
2HFY25 outlook and focus The Company expects to grow underlying EBITDA in 2HFY25 via revenue growth and cost leverage, with all three segments contributing positive direct contribution Women’s Health Dermatology International Deliver profit potential of current Differentiate channel solution to enab
Slide 27: For further information contact
Q&A For further information contact: Dr Tom Duthy +61 402 493 727 ir@maynepharma.com You deserve tomorrow. 27
Slide 28: Appendix
S pharma Appendix
Slide 29: Women's Health: solid portfolio growth (USD and AUD)
Women’s Health: solid portfolio growth (USD and AUD) Women's Health in US$'000 1HFY25 1HFY24 2HFY24 FY24 Total Revenue 62,342 47,277 46,361 93,638 Total Gross Profit 50,824 38,334 36,049 74,383 Total Gross Profit % of Revenue 82% 81% 78% 79% Direct OPEX (24,864) (26,527) (24,765) (51,292) Direct Con
Slide 30: Dermatology: Improvements in product mix delivers strong contribution
Dermatology: Improvements in product mix delivers strong contribution (USD and AUD) Dermatology in US$'000 1HFY25 1HFY24 2HFY24 FY24 Total Revenue 53,813 52,855 61,782 114,637 Total Gross Profit 28,699 23,908 31,119 55,028 Total Gross Profit % of Revenue 53% 45% 50% 48% Direct OPEX (14,119) (12,085)
Slide 31: International: strategic and operational levers building momentum
International: strategic and operational levers building momentum (AUD) International in A$'000 1HFY25 1HFY24 2HFY24 FY24 Reported Revenue 37,382 34,608 36,105 70,713 Reported Gross Profit 10,587 10,480 10,902 21,382 Total Gross Profit % of Revenue 28% 30% 30% 30% Direct OPEX (6,945) (6,057) (6,319)
Slide 32: Reported EBITDA to Underlying Bridge
Reported EBITDA to Underlying Bridge A$million 1HFY25 1HFY24 2HFY24 FY24 Reported Revenue 213.1 187.9 200.5 388.4 Reported Gross Profit 130.9 105.8 113.0 218.8 Total Gross Profit % of Revenue 61% 56% 56% 56% Direct OPEX (66.0) (65.2) (65.1) (130.3) Direct Contribution* 65.0 40.6 47.9 88.5 Indirect O
Slide 33: Earn-Out and Deferred Consideration Liabilities - Update
Earn-Out and Deferred Consideration Liabilities - Update Royalties Milestones TXMD: US$100m in net revenue (US$5m milestone payment) 8% Net Sales on all TXMD Licensed Products TXMD: US$200m in net revenue (US$10m milestone payment) (ANNOVERA®, IMVEXXY®, BIJUVA®) TXMD: US$300m in net revenue (US$15m
Slide 34: Consolidated Balance Sheet
Consolidated Balance Sheet Change on 31-Dec-24 30-Jun-24 pcp 1HFY25 Commentary Balance Sheet Extract A$m A$m A$m Cash 53.7 110.1 (56.4) Marketable securities 71.2 39.2 32.0 • Cash + marketable securities decreased by ($24.4m) Receivables 195.7 193.2 2.5 versus 30 June 2024 driven by the class action
Slide 35: Women's Health: revenue, margin and contribution summary
Women’s Health: revenue, margin and contribution summary 1HFY24 Total Revenue US$47.3m 2HFY24 Total Revenue US$46.4m 1HFY25 Total Revenue US$62.3m +44.6% v 2HFY23 +41.9% v pcp, -2% seq. +31.7% v pcp, +34.3% seq. $2.0, 4% $2.3, 5% $2.2, 4% $5.0, 11% $4.5, 10% $6.6, 11% $13.8, 29% $16.3, 35% $22.4, 36
Slide 36: Women's Health – favourable macro trends positions Mayne Pharma well
Women’s Health – favourable macro trends positions Mayne Pharma well Key macro trends in Women’s Health Mayne Pharma • Global menopause market hit US$15.4bn in 2021 and is • BIJUVA® – only available, FDA approved bioidentical projected to reach US$24.4bn by 20301 combination treatment for vasomotor
Slide 37: Dermatology: Mayne Pharma can fill 1 in 3 retail prescriptions
Dermatology: Mayne Pharma can fill 1 in 3 retail prescriptions for medical dermatology1 Key Macro trends in Dermatology Mayne Pharma • Rising incidence of skin diseases, and a growing awareness • Increasing number of patients are treatable via Mayne and increased spend on personal care (e.g. Acne –
Slide 38: Dermatology – channel strategy / full disintermediation
Dermatology – channel strategy / full disintermediation Network Ecosystem Disintermediation Mayne Pharma is leveraging the inefficiencies Involves removing the intermediary in the dermatology value chain through new (wholesaler) between the manufacturer partnerships aimed at improving patient (Mayne
Slide 39: Orange Book Listed Patents – Major Branded
Orange Book Listed Patents – Major Branded Last Patent Expiry Women’s Health Last Patent Expiry Dermatology 2032 2030 2034* 2034 2043# 2035* 2039 2039 1. Average of last patent expiry from 2024 onwards. Source: Orange Book: Approved Drug Products with Therapeutic Equivalence Evaluations. * Paragraph
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