Mayne Pharma (ASX:MYX) reports losses in FY21

Company News

by Lauren Evans

Mayne Pharma (ASX:MYX) reported revenue of $400.8 million for the year ending 30 Jun 2021, down 12 per cent from the prior year. 

The pharmaceutical company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $66.1 million, down 18 per cent from the prior year.

Net loss after tax reached $208.4 million, compared to $92.8 million in the prior year, driven by intangible asset impairments that incurred in the first half of FY21.

CEO Mr Scott Richards said, “At a group level, results have been impacted by the weakening USD which had a $10m adverse impact on EBITDA, the Covid-19 pandemic and ongoing challenges in the US retail generic sector."

Mayne Pharma entered into four new supply agreements with pharma companies to launch up to 11 dermatology products across FY22 targeting addressable markets of US $500 million.

The company declared no final dividend to be paid.

Shares in Mayne Pharma (ASX:MYX) are trading 9.5 per cent lower at $0.27. 

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