Adelaide, Australia - Mayne Pharma Group Limited (Mayne Pharma or the Company) (ASX: MYX), today announces its financial results for the 12 months ended 30 June 2024 (FY24).
Mayne Pharma's CEO, Mr Shawn Patrick O'Brien said 'Mayne Pharma has delivered a significant improvement in Group performance, achieving all five key operating metrics including a positive direct contribution from all three business segments and a positive underlying EBITDA in FY24.' 'Our broadened portfolio in Dermatology and Women's Health uses our existing commercial infrastructure and strengthens our market presence. Our refined US channel strategy has not only increased margins but importantly, is providing greater patient access.'
'Looking ahead, we are focused on capitalising on our market leading position in Women's Health and Dermatology to drive further revenue growth. Opex will be considered under a disciplined framework to support our sales initiatives, continue to improve cost leverage and deliver improved EBITDA performance and cashflow.'
Corporate
In late September 2023, Mayne Pharma closed an asset purchase agreement to acquire the global rights to RHOFADE (oxymetazoline hydrochloride cream 1%) from Novan, Inc. and EPI Health, LLC. RHOFADE is indicated for the topical treatment of persistent facial erythema associated with rosacea in adults. RHOFADE was an important contributor to the overall growth in the Dermatology segment in FY24. Mayne Pharma continued its on-market share buy-back in FY24 with the Company buying back $10.9m worth of shares during the period. The Company considers a range of factors when determining whether and when to buy back shares.
Post period end, on 3 July 2024 the Company announced a binding agreement to settle the shareholder class action commenced in August 2021. The agreed settlement amount was $38m, of which approximately $4.7m was funded by insurance, with the remainder paid from Mayne Pharma's cash reserves in July 2024.
Outlook
The Company expects to improve shareholder value in FY25 through growth in underlying EBITDA, driven by further revenue growth and cost leverage. All three segments are expected to deliver positive direct contribution. Mayne Pharma expects to drive growth across the Women's Health segment with a focus on sales execution and targeted marketing efforts to further increase operating leverage.
For Dermatology, Mayne Pharma plans to continue to evaluate capital efficient and accretive business arrangements to drive the growth in revenue and margin. We will continue to leverage the channel strategy as a preferred solution by partners, prescribers and patients. For International, the Company intends to leverage the capability and capacity created by investments and operational improvements.
About Mayne Pharma
Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising novel pharmaceuticals, offering patients better, safe and more accessible medicines. Mayne Pharma is a leader in dermatology and women's health in the United States and also provides contract development and manufacturing services to clients worldwide. Mayne Pharma has a 40- year track record of innovation and success in developing new oral drug delivery systems. These technologies have been successfully commercialised in numerous products that continue to be marketed around the world. KAPANOL and RHOFADE are trademarks of Mayne Pharma. ANNOVERA, BIJUVA, IMVEXXY, KADIAN, NEXTSTELLIS, ORACEA and UROREC are trademarks of third parties.
Contact:
Dr Tom Duthy
Tel: +61 402 493 727
Email: ir@maynepharma.com
Lisa M. Wilson
Tel: +1 917-543-9932
Email: ir@maynepharma.com
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