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 is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.