Mayne Pharma's CEO, Mr Shawn Patrick O'Brien said 'We have made meaningful progress during the first half of FY24 across our entire business, and already delivered four out of five year-end goals.

We achieved positive direct contribution in each of our three segments, positive underlying EBITDA, a breakeven run rate in December for NEXTSTELLIS and executed on cost reductions.'

'We delivered growth in our US Women's Heath and Dermatology businesses and our International business is showing operational improvement. Our US$10m cost reduction program commenced in Q2 and has delivered US$5m cost reductions to date, principally in our Women's Health business. We have undertaken significant work to simplify our business and increased operating and financial discipline through the implementation of new systems to manage our copay and other channel liabilities, which has led to increased transparency and reduced volatility in the financial performance of our businesses. We have also made material progress in managing the residual liabilities associated with our discontinued operations.'

'Our revenue increased by 43% on the second half of FY23 ('2HFY23'), which is the appropriate comparable period as it includes the contribution from the additional Women's Health products (ANNOVERA, IMVEXXY, BIJUVA and pre-natal vitamins) licenced in December 2022, and marketed by Mayne Pharma from January 2023. Direct Contribution improved materially to $40.6m (from A$3.8m in 2HFY23) and underlying EBITDA increased to A$8.0m, a A$33.9 turnaround on the comparable period loss of A$25.9m.'

Achieved four of five FY24 goals by midyear: NEXTSTELLIS break even run rate, all three business units delivering positive contribution, positive group underlying EBITDA and US$10m cost reduction program Reported revenue of A$188m, up 43% on 2HFY23 reflects strong performance in US Women's Health (formerly BPD) and Dermatology (formerly PPD) segments Women's Health sales up 45% to US$47.3m (A$72.4m) vs 2HFY23, with NEXTSTELLIS achieving break even run rate in December 2023 and growth contribution from ANNOVERA, IMVEXXY and BIJUVA Dermatology sales up 70% vs 2HFY23 to US$52.9m (A$80.9m) with improved performance of core portfolio and a strong contribution from launches of authorised generic ORACEA and RHOFADE Direct Contribution of A$40.6m with Women's Health, Dermatology and International all delivering positive results Underlying EBITDA of A$8.0m, a material gain compared to 2HFY23 loss of A$25.9m Closing cash (including marketable securities) of A$146.8m, with cash outflow of A$73.3m in the period including: - A$19.2m outflow relating to continuing operations including an investment of $25.7m of net working capital to support growth - A$36.4m outflow on investing and financing including repayment of receivables facility, RHOFADE investment, and on-market buyback - A$13.8m outflow to close out discontinued operations liabilities New Orange Book listed patent granted for NEXTSTELLIS, with expiration date of 2036

Contact:

Craig Haskins

Tel: +61 421 029 843

Email: ir@maynepharma.com

(C) 2024 Electronic News Publishing, source ENP Newswire