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Highlights
- Mayne Pharma earnings surged 116% year-to-date
- Quarterly sales dip due to weaker dermatology performance
- Acquisition by Cosette expected to close this year
Mayne Pharma (ASX:MYX) has reported a substantial earnings rise of 116% for the financial year to date, reflecting the company’s strategic focus on efficiency and product performance. This strong year-to-date outcome comes even as the company faced softer quarterly sales figures, particularly in its dermatology division.
For the nine months ended March 31, Mayne Pharma recorded earnings of $28.6 million, more than doubling from $13.2 million in the prior corresponding period. The revenue for the same period reached $299.9 million, representing a 5% increase. These figures underscore a positive momentum built over the financial year, driven largely by the company’s expanding product footprint and operational resilience.
However, the third quarter presented notable challenges. Unaudited net sales for the quarter fell to $86.6 million, reflecting an 11.3% drop compared to the previous quarter. The company attributed this decline to a temporary slump in dermatology sales, an area that has historically been a key revenue contributor.
Despite a sluggish start to the quarter in January and February, Mayne Pharma highlighted a meaningful rebound in its underlying EBITDA in March. The company expressed confidence that this recovery will persist into the final quarter of FY25, setting the stage for a potentially strong finish to the year.
In a strategic development likely to reshape its future, Mayne Pharma is poised for acquisition by U.S.-based pharmaceutical player Cosette. The deal is expected to close later this year, pending regulatory approvals and customary closing conditions. The acquisition could provide new opportunities for growth and capital backing, as well as an expanded market reach for Mayne Pharma’s product offerings in women’s health and dermatology.
This combination of strong year-to-date earnings growth and strategic acquisition plans suggests that Mayne Pharma is navigating its challenges with a forward-looking approach. As the company prepares for the next phase under new ownership, its operational turnaround and financial performance remain key areas of focus.
