Mayne Pharma Group Ltd reported a 6% decline in group revenue to AUD 383.7 million for fiscal 2026, though gross profit remained broadly flat at AUD 248.1 million. The company’s gross margin improved by 411 basis points year-over-year to 64.7%, driven by operational efficiencies.
Underlying EBITDA decreased 27% to AUD 34.2 million, primarily due to one-off share-based retention expenses. Reported EBITDA totaled AUD 141.4 million, compared with AUD 18.4 million in fiscal 2025, reflecting the impact of litigation, restructuring charges, and derivative fair value adjustments. Operating cash flow from continuing operations was AUD 24.9 million, while adjusted operating cash flow fell 24% to AUD 34.5 million. Cash and marketable securities declined to AUD 80 million as of June 30, 2026, from AUD 100.4 million a year earlier.
Women’s health revenue decreased 2% in Australian dollar terms to AUD 174.3 million, though it rose 2% in U.S. dollar terms to $118.2 million. Dermatology revenue fell 6% in local currency to AUD 94.1 million, a 10% decline on a U.S. dollar basis due to currency effects. International revenue dropped 7% to AUD 70.7 million.
The company’s dermatology segment delivered a direct contribution of AUD 44.5 million, up 11%, while women’s health and international segments declined by 7% and 38%, respectively. Specific 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 declined 13% to $25.7 million, with product returns exceeding AUD 11 million.
Mayne Pharma received AUD 14.4 million from Cosette for court-ordered legal costs and interest, offset by AUD 12.6 million in litigation and transactional costs. Royalties and earn-out payments totaled AUD 22.8 million.
The company’s DistributeRx healthcare solutions platform, launched in March, added about 5,000 prescribers and secured one third-party manufacturer, with seven more in negotiation across 13 pipeline products. A facility expansion is planned in two phases to increase capacity sevenfold. The company employs 470 staff globally, with 227 in the U.S. and 243 in Australia.
Chief Executive Officer Aaron Gray described fiscal 2026 as a year of resilience amid disruption, highlighting the FDA’s removal of the black box warning on BIJUVA in February as a market de-risking event. The menopause market, estimated at $10 billion–$15 billion in 2026, is projected to grow to $15 billion–$25 billion by 2030.
Mayne Pharma’s stock closed at $3.17, unchanged from the previous session, with a 52-week range of $2.04 to $6.50.
