Mayne Pharma says the future will be brighter, but HY is down

Company News

by Jessica Amir

Pharmaceutical company, Mayne Pharma (ASX:MYX) reported worsened results over the half year ending December 2017 with its profit, falling to a loss of $174 million.

It comes as the company was hit by $190 million in adjustments, including impairments, abnormal antibiotic (Doryx ) returns and restructuring expenses and liabilities following the US tax rate drop.

Its revenue from ordinary activity fell about 18 per cent compared to the same time last year, falling to $243 million in the half year.

As for what the future holds, the company says it has seen improved trading conditions in the in January and it’s positioned for a stronger second half driven by a stabilised genetic market, new products and an expanded dermatology sales team.

Shares in Mayne Pharma (ASX:MYX) are trading 5 per cent higher to $0.73.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.