Mayne Pharma (ASX:MYX) trims net loss to $50.4m

Company News

by Lauren Evans

Mayne Pharma (ASX:MYX) posted its half year results for the six months ending December 31.

The pharmaceutical company reported a net loss after tax of $50.4 million, which it said was driven by intangible asset impairment associated with the generic business. However, this was an improvement from the $181.3 million loss in the prior year period. 

Its reported revenue fell 6 per cent from the prior year period to $196.4 million, while its EBITDA rose 20 per cent to $48.8 million. 

In its outlook, Mayne said its success and performance would be heavily influenced by the effective execution of its strategic priorities and would depend on several factors including the timing of FDA approvals, payer coverage and reimbursement, competitive intensity in key product areas and the ongoing impacts of Covid.

“We made significant progress with the launch of NEXTSTELLIS and 2,100 healthcare professionals (HCPs) have now written the product since launch, the bulk of which came in the 2QFY22,” said chief executive officer Scott Richards.

“This is particularly pleasing given the Covid pandemic and the recent Omicron variant which have impacted the uptake of NEXTSTELLIS due to reduced access to physicians and material absences in the sales team.”

The company did not declare an interim dividend.

Shares in Mayne Pharma (ASX:MYX) are trading 4 per cent lower at $0.24. 

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