Mayne Pharma Group Ltd (MYX) posted improved profitability in fiscal 2026 despite a 6% decline in group revenue, driven by a sharp expansion in gross margins and a shift in its product mix toward higher-margin dermatology offerings.
The Australian specialty pharmaceutical company reported group revenue of AUD 383.7 million for the year ended June 30, 2026, down from AUD 408.1 million in fiscal 2025. Gross profit remained broadly flat at AUD 248.1 million, but gross margin expanded by 411 basis points to 64.7%, up from 60.6% a year earlier. Underlying EBITDA fell 27% to AUD 34.2 million, though this was adjusted upward by AUD 2.5 million from an initial July projection of AUD 31.7 million.
Reported EBITDA totaled AUD 141.4 million, compared with AUD 18.4 million in fiscal 2025, reflecting significant one-off items including AUD 14.4 million received from Cosette in legal cost reimbursements and AUD 12.6 million in related litigation expenses. Operating cash flow from continuing operations was broadly stable at AUD 24.9 million, while adjusted operating cash flow declined 24% to AUD 34.5 million. Cash and marketable securities stood at AUD 80 million as of June 30, down from AUD 100.4 million a year prior.
Revenue from women’s health products, which account for the largest segment, fell 2% to AUD 174.3 million, though U.S. dollar-denominated sales rose 2% to $118.2 million. Dermatology revenue declined 10% in U.S. dollar terms to $94.1 million but represented a higher share of the portfolio, with branded products increasing from 54% to 58% of the segment. International revenue dropped 7% to AUD 70.7 million.
Key product performance varied: NEXTSTELLIS net sales rose 6% to $45.2 million, BIJUVA net sales increased 20% to $15 million, and IMVEXXY net sales grew 8% to $29.3 million. ANNOVERA net sales fell 13% to $25.7 million, impacted by over AUD 11 million in product returns. The company also launched generic RHOFADE in July 2026 following the FDA’s removal of the black box warning on BIJUVA in February.
Mayne Pharma’s U.S. commercial footprint expanded with the launch of DistributeRx in March, adding about 5,000 prescribers and signing one third-party manufacturer, with seven more in negotiation across 13 pipeline products. The company plans a new facility to increase capacity sevenfold in two phases. Total employees stood at 470 as of June 30, including 227 in the U.S. and 243 in Australia, with manufacturing operations at Salisbury, South Australia, reporting a 97.4% on-time delivery rate.
The stock last traded at AUD 3.17, within a 52-week range of AUD 2.04 to AUD 6.50.
