Mayne Pharma : 2022 Half Year Investor Presentation

Mayne Pharma Group Limited

1HFY22 Results Presentation 25 February 2022

Scott Richards, CEO Peter Paltoglou, CFO

Disclaimer

The information provided is general in nature and is in summary form only. It is not complete and should be read in conjunction with the company's audited Financial Statements and market disclosures. This material is not intended to be relied upon as advice to investors or potential investors.

Non-IFRS information

• Other than as indicated, the financial information contained in this document is directly extracted or calculated from the audited Financial Statements. Throughout this document some non-IFRS financial information is stated, excluding certain specified income and expenses. Results excluding such items are considered by the Directors to provide a meaningful basis for comparison from period to period.
• Earnings before interest, tax, depreciation and amortisation (EBITDA) - a non-IFRS term - is considered by Directors to be a meaningful measure of the operating earnings and performance of the Group and this information may be useful for investors.
• The non-IFRS financial information has not been audited by the Group's auditors.

Forward looking statements

• This presentation contains forward-looking statements that involve subjective judgement and analysis and are subject to significant uncertainties, risks and

contingencies, many of which are outside the control of, and are unknown to the Company. 'potential', 'expect', 'anticipate', 'intend', 'plan' and 'may', and other words of similar meaning.

These forward looking statements use words such as No representation, warranty or assurance (express or

implied) is given or made in relation to any forward looking statement by any person (including the Company). Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements. Subject to the Company's continuous disclosure obligations at law and under the listing rules of the Australian Securities Exchange, the Company disclaims any obligation to update or revise any forward looking statements. The factors that may affect the Company's future performance include, among others: changes in economic conditions, changes in the legal and regulatory regimes in which the Company operates, litigation or government investigations, decisions by regulatory authorities, changes in behaviour of major customers, suppliers and competitors, interruptions to manufacturing or distribution, the success of research and development activities and research collaborations and the Company's ability to protect its intellectual property.

Other

• A glossary of industry terminology is contained in the Mayne Pharma Annual Report which can be accessed atmaynepharma.com/investor-relations/results-reports and product descriptions are detailed atmaynepharma.com/us-products andmaynepharma.com/australian-products.
• ABSORICA®, ACTIKERALL®, ACZONE®, EFUDIX®, NEXTSTELLIS®, NUVARING®, PROTOPIC®, SOLARAZE®, SOLTAMOX®, TARGADOX® and TAZORAC® are

trademarks of third parties.

2

Business and strategy update

Mayne Pharma overview

Company Overview

• Diversified pharma with novel brands, established brands, generics and contract services
• Transformational opportunity with NEXTSTELLIS® oral contraceptive
• Dermatology go-to-market approach attracting high quality pharma partners
• Highly valued US pure play CDMO business with double digit track record of growth
• $1.5b of assets across operations and $0.9b of tangible assets
• Multiple options for near term value creation

1HFY22 reported gross profit

>85%	of revenue in US
80%	of gross profit in growth categories
100+	marketed products
100+	contract service clients

• internally owned manufacturing sites

20%

38%

Dermatology

US contract services

15 export countries

4%

International

10%

Branded inc.

NEXTSTELLIS

28%	Retail generics

900+ employees

1b	doses sold globally

4

Solid operating performance before NEXTSTELLIS® start-up investments

A$million1			Change
1HFY22	1HFY21	1HFY22 v
	1HFY21
Reported revenue	196.4	208.8	(6%)
Reported gross profit2	89.3	96.9	(8%)
Reported EBITDA	48.8	40.5	20%
Reported net loss after tax	(50.4)	(181.3)	nm
Underlying EBITDA3	23.7	38.5	(38%)
Underlying EBITDA (excl. NEXTSTELLIS®)4	44.4	39.9	11%

• Reported revenue excluding retail generics up 20% on 1HFY21

	Change
2HFY21	1HFY22 v
2HFY21
192.0	2%
85.1	5%
25.6	91%
(27.1)	nm
25.0	(5%)
32.8	35%

• Reported EBITDA affected by the non-cash NEXTSTELLIS® deferred consideration reassessment due to COVID and associated longer time period for physician and patient activation and higher cost of payer coverage and reimbursement
• Operating expenses (excluding NEXTSTELLIS®) down 12% or $8m on 1HFY21

1. Attributable to members. EBITDA excludes asset impairments.
2.	Gross profit calculation includes A$7.5m depreciation in cost of sales
3. Adjustments to underlying EBITDA outlined on page 25	5
4.	Excludes NEXTSTELLIS® direct contribution (gross profit less direct operating expenses)