Mayne Pharma Group (MYX) H1 2026 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2025 was $212.1 million, down 0.5% year-over-year, with gross margin improving to 65.3% from 61.4% due to disciplined pricing, favorable product mix, and channel execution, especially in Dermatology.

• Underlying EBITDA was $28.6 million, down 8% year-over-year, while reported/adjusted EBITDA reached $63.0 million due to significant non-operating items and adjustments.

• Net loss after tax narrowed to $12.1 million from $20.0 million in the prior period, a 40% improvement.

• Leadership transition announced, with Aaron Gray appointed CEO, and ongoing search for CFO.

• Business transformation continues, focusing on branded growth in Women's Health and Dermatology, supported by modernization of the Salisbury facility.

Financial highlights

• Revenue was $212.1 million (down 0.5% year-over-year); gross profit increased 6% to $138.6 million; gross margin improved to 65.3%.

• Underlying EBITDA was $28.6 million (down 8%); adjusted EBITDA was $63.0 million; adjusted operating cash flow from continuing operations was $16.9 million.

• Cash and marketable securities at period end totaled $67.3 million.

• Direct segment contribution rose 5% to $68.1 million, driven by Dermatology.

• No impairments recorded in the current or prior period.

Outlook and guidance

• Focus on market share growth in Women's Health through salesforce optimization, refreshed marketing, and improved product access.

• Dermatology to advance disintermediation strategy and expand into new therapeutic areas.

• International segment to unlock value from NEXTSTELLIS PBS listing, CapEx investments, and supply agreements.

• Capital allocation priorities include share repurchases, targeted acquisitions, and expanded promotional activities.

• Continued investment in existing assets and digital initiatives to drive growth.