Mayne Pharma Group (MYX) H2 2026 earnings summary

Executive summary

• FY26 revenue declined 6% year-over-year to $383.7 million, with gross margin expanding 410bps to 64.7% due to disciplined pricing and portfolio mix.

• Net profit after tax was $31.2 million, reversing a $90.1 million loss in FY25, driven by a $125.6 million non-cash earn-out liability re-assessment gain.

• Demonstrated resilience amid operational disruption, including the Cosette transaction, executive changes, and strategic realignment in Women's Health and the launch of DistributeRx.

• DistributeRx, launched in March, exceeded expectations, generating 62k prescriptions in its first full quarter and prompting expansion to a new facility.

• Leadership changes included a new CEO, CFO, and board members, strengthening management for FY27.

Financial highlights

• Revenue: $383.7 million (-6% vs FY25); Gross profit: $248.1 million (flat); Gross margin: 64.7% (+410bps).

• Underlying EBITDA: $34.2 million (-27%); Reported EBITDA: $141.4 million (+668% due to non-cash earn-out reassessments).

• Net profit after tax: $31.2 million (vs $90.1 million loss in FY25).

• Operating cash flow from continuing operations: $34.5 million (-24%); Cash and marketable securities at $80.0 million as of 30 June 2026.

Outlook and guidance

• FY27 focus includes leveraging commercial structure in Women's Health, optimizing distribution, expanding DistributeRx, and international growth.

• Gross margins in Women's Health are expected to improve in FY27, with ongoing efforts to address product returns and optimize payer mix.

• No specific revenue guidance for DistributeRx, but further updates expected in the first half of FY27.

• Ongoing evaluation of capital-efficient, synergistic acquisitions and disciplined capital management.

• One-off costs are expected to decline year-over-year, with litigation costs normalized.