Mayne Pharma lifts margins as dermatology outperforms despite softer cash flow

Mayne Pharma Group ( (AU:MYX) ) has issued an announcement.

Mayne Pharma reported first-half FY26 revenue of A$212.1 million, broadly flat year on year, but lifted group gross margin to 65.3% through disciplined pricing, mix and channel execution. Underlying EBITDA slipped 8% to A$28.6 million and adjusted operating cash flow from continuing operations fell 41% to A$16.9 million, with management citing scheme-related legal costs and earn-out payments, while reaffirming a focus on balancing investment, cost control and capital management, including potential buybacks and acquisitions.

Women’s Health revenue rose 2% to A$96.5 million, driven by rising prescription volumes across its key brands, although higher sales investment trimmed direct contribution by 8%, as the company seeks to build scale and leverage expected tailwinds from regulatory shifts in hormone replacement therapies. The dermatology unit delivered a 35% increase in direct contribution to A$29.8 million despite a modest revenue decline, as new product launches, mix benefits and the expansion of its direct-to-patient channel reinforced the strategic value of its disintermediation model and set up further growth into adjacent therapeutic areas.

The most recent analyst rating on (AU:MYX) stock is a Sell with a A$2.50 price target. To see the full list of analyst forecasts on Mayne Pharma Group stock, see the AU:MYX Stock Forecast page.

More about Mayne Pharma Group

Mayne Pharma Group is an Australian specialty pharmaceutical company listed on the ASX, with a focus on U.S. markets in women’s health and dermatology. Its portfolio includes branded contraceptives and hormone therapies such as NEXTSTELLIS, ANNOVERA, IMVEXXY and BIJUVA, alongside a growing dermatology franchise that leverages a direct-to-patient disintermediation model to improve access and economics.

YTD Price Performance: -14.79%

Average Trading Volume: 503,275

Technical Sentiment Signal: Sell

Current Market Cap: A$214.5M

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