Mayne Pharma Group (AU:MYX)
ASX:MYX
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Mayne Pharma Group
(Sydney:MYX)
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Rating:49Neutral
Price Target:
AU$2.50
▼(-58.40% Downside)
Action:Reiterated
Date:04/30/26
The score is held back primarily by weak financial performance (losses and deteriorating cash-flow metrics). Technicals are moderately supportive in the near term but appear stretched (near overbought). Earnings-call commentary is constructive on margins/cash generation and segment execution, but cost and litigation overhangs remain, and valuation is constrained by negative earnings.
Positive Factors
Improving gross margin
A nearly 4ppt gross margin uplift reflects better product mix and margin control, which is a durable lever for profitability if maintained. Higher gross margins improve resilience to cost shocks, support reinvestment in commercial activities and increase scope to fund transformation without relying solely on volume growth.
Negative Factors
Negative profitability
Persistent negative net margins and negative EBIT indicate the company struggles to convert healthy gross margins into net profitability. Structural operating losses undermine return on equity and limit internal funding capacity for growth, making long-term improvement contingent on sustained expense control and higher contribution.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving gross margin
A nearly 4ppt gross margin uplift reflects better product mix and margin control, which is a durable lever for profitability if maintained. Higher gross margins improve resilience to cost shocks, support reinvestment in commercial activities and increase scope to fund transformation without relying solely on volume growth.
Read all positive factors
Mayne Pharma Group (MYX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$191.74M
Dividend YieldN/A
Average Volume (3M)593.75K
Price to Earnings (P/E)―
Beta (1Y)0.35
Revenue Growth-1.55%
EPS Growth35.60%
CountryAU
Employees850
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)-1.07
Shares Outstanding81,245,830
10 Day Avg. Volume776,050
30 Day Avg. Volume593,750
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.11
Price to Sales (P/S)1.01
P/FCF Ratio79.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mayne Pharma Group Business Overview & Revenue Model
Company Description
Mayne Pharma Group Ltd. operates as a specialized pharmaceutical enterprise, dedicated to the global production and distribution of both proprietary (branded) and unbranded (generic) medicinal products. Its extensive market reach spans Australia, ...
How the Company Makes Money
Mayne Pharma primarily makes money through (1) selling prescription pharmaceuticals from its own portfolio and (2) providing pharmaceutical contract development and manufacturing services for other companies.
1) Product sales (branded and generic...
Mayne Pharma Group Earnings Call Summary
Earnings Call Date:Feb 22, 2026
(Q2-2026)
| Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call presents a generally constructive picture: the underlying business remained cash generative with improved gross margins, higher total direct contribution, strong Dermatology profitability and clear momentum across multiple Women's Health products. These positives are tempered by an 8% decline in underlying EBITDA, significant one‑off noncash earn‑out and litigation/transaction charges, elevated near‑term legal and earn‑out cash outflows, ANNOVERA returns issues and an investment phase in International that compressed contribution. Management framed many negatives as discrete or investment‑led and emphasized strategic repositioning, operational improvements and capital allocation optionality.Positive Updates
Stable Group Revenue and Improved Gross Margin
Group revenue of $212.1 million was broadly flat year‑on‑year while gross margin improved to 65.3% from 61.4% (≈+3.9 percentage points), indicating better mix and margin control.
Negative Updates
Underlying EBITDA Decline
Underlying EBITDA was $28.6 million, down 8% versus the prior corresponding period, reflecting increased promotional spend in Women's Health and discrete costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Group Revenue and Improved Gross Margin
Group revenue of $212.1 million was broadly flat year‑on‑year while gross margin improved to 65.3% from 61.4% (≈+3.9 percentage points), indicating better mix and margin control.
Read all positive updates
Company Guidance
The guidance from the call is that Mayne will continue to invest selectively to drive market‑share and margin improvement while maintaining cash discipline, aiming to grow Women's Health, scale Dermatology’s disintermediation (next leg planned Q3 FY26) and unlock International value from the NEXTSTELLIS PBS listing and the $18m Salisbury upgrade. Key metrics underpinning that guidance: group H1 revenue was $212.1m with gross margin 65.3% (versus 61.4% PCP), underlying EBITDA $28.6m (‑8% vs PCP) and adjusted operating cash flow from continuing operations $16.9m, with $67.3m cash and marketable securities on hand; reported results excluded a $54.5m non‑cash earn‑out reassessment and $21.3m of diligence/BD/litigation/restructuring charges. Segment targets reflect Women's Health (H1 revenue $96.5m +2%; NEXTSTELLIS demand cycles +16% and net sales USD23.4m +4%; IMVEXXY TRx +3% / net sales USD15.6m +2%; BIJUVA TRx +26% / net sales USD8.2m +23%; ANNOVERA TRx +2% but net sales USD14.4m ‑9% with ~$1.7m returns), Dermatology (H1 revenue $78.6m ‑3% but gross margin 65% up 12ppt and direct contribution $29.8m +35%; branded mix 65% vs 55% PCP) and International (H1 revenue $36.9m ‑1%, gross profit $11.3m +7%, margin 30.5% +3ppt, direct contribution $2.1m ‑42%), plus the 25 million additional U.S. covered lives for NEXTSTELLIS (effective 1 Jan) and an early 118% uplift in NEXTSTELLIS 3‑pack volumes in Dec‑2025; management expects litigation/transaction costs to decline from H1 levels and FDA post‑approval study costs (up ~$2.6m in H1) to step down toward FY27, while also evaluating capital allocation options including buybacks and targeted acquisitions.Mayne Pharma Group Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
45
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 407.11M | 408.10M | 388.15M | 183.59M | 157.15M | 400.78M |
| Gross Profit | 223.22M | 247.27M | 218.53M | 26.84M | 23.75M | 127.02M |
| EBITDA | 23.38M | 42.08M | -116.93M | -193.80M | -78.88M | -182.40M |
| Net Income | -83.23M | -93.84M | -174.23M | 117.25M | -281.29M | -208.42M |
Balance Sheet | ||||||
| Total Assets | 940.55M | 1.01B | 1.14B | 1.25B | 1.30B | 1.48B |
| Cash, Cash Equivalents and Short-Term Investments | 67.35M | 100.40M | 149.28M | 220.14M | 97.08M | 98.35M |
| Total Debt | 44.62M | 41.27M | 38.82M | 47.51M | 413.67M | 346.82M |
| Total Liabilities | 587.84M | 644.32M | 688.99M | 613.77M | 764.89M | 706.56M |
| Stockholders Equity | 352.71M | 370.28M | 454.19M | 634.36M | 545.88M | 768.36M |
Cash Flow | ||||||
| Free Cash Flow | 15.72M | 5.19M | -36.16M | -262.71M | -28.47M | 22.16M |
| Operating Cash Flow | 22.43M | 17.47M | -15.30M | -43.12M | -16.62M | 47.26M |
| Investing Cash Flow | -4.90M | -68.07M | 53.45M | 473.49M | -28.53M | -49.25M |
| Financing Cash Flow | -3.50M | -556.00K | -19.85M | -431.48M | 27.60M | -28.83M |
Mayne Pharma Group Technical Analysis
Negative
6.01
Price Trends
2.45
Negative
2.48
Negative
3.43
Negative
Market Momentum
-0.02
Negative
46.51
Neutral
44.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MYX, the sentiment is Negative. The current price of 6.01 is above the 20-day moving average (MA) of 2.36, above the 50-day MA of 2.45, and above the 200-day MA of 3.43, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 46.51 is Neutral, neither overbought nor oversold. The STOCH value of 44.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MYX.
Mayne Pharma Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$133.24M | 13.10 | 19.15% | 4.33% | 17.31% | 17.99% | |
55 Neutral | AU$42.25M | -98.19 | -0.79% | ― | 6.80% | 98.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | AU$191.74M | -2.33 | -23.02% | ― | -1.55% | 35.60% | |
47 Neutral | AU$294.65M | -90.75 | -15.96% | ― | 364.97% | 74.50% | |
45 Neutral | AU$60.15M | -0.49 | -131.13% | ― | 2086.71% | -116.20% | |
41 Neutral | AU$138.81M | -4.64 | 279.21% | ― | ― | -37.23% |
* Healthcare Sector Average
AU:MYX
Mayne Pharma Group
2.34
-2.58
-52.44%
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Mayne Pharma Group Corporate Events
Mayne Pharma Discloses Director Kathryn MacFarlane’s Planned Board Exit and Shareholding
Jun 5, 2026
Mayne Pharma Group Limited has announced that non-executive director Kathryn MacFarlane will cease to be a director effective 31 May 2026, as disclosed in a final director’s interest notice to the ASX. The filing records that MacFarlane hold...
Mayne Pharma to Present at Jefferies Global Healthcare Conference
Jun 4, 2026
Mayne Pharma Group has announced that its chief executive, Aaron Gray, will deliver an investor presentation at the Jefferies Global Healthcare Conference in New York on 4 June 2026. The appearance underscores the company’s efforts to engage...
Mayne Pharma’s DistributeRx Wins First Third-Party Deal with Resilia’s RECEDO Gel
May 31, 2026
Mayne Pharma’s U.S. subsidiary DistributeRx has signed its first third-party partnership, securing exclusive rights to distribute Resilia Pharmaceuticals’ RECEDO topical gel through its prescription distribution platform. The deal will...
Mayne Pharma Wins $13.27m Costs Order Against Cosette
May 22, 2026
Mayne Pharma has secured a court order requiring Cosette Pharmaceuticals to pay $13.27 million in legal costs, plus interest, following Mayne’s successful defence last year of proceedings over the attempted termination of a Scheme Implementa...
Mayne Pharma Releases Investor Presentation on 3Q FY26 Results
May 7, 2026
Mayne Pharma Group has released an investor presentation detailing its third-quarter fiscal 2026 results, following their initial announcement to the market on 29 April 2026. The presentation, authorised by the board chair, is intended to give inv...
Mayne Pharma Performance Rights Lapse Reduces Potential Equity Dilution
May 4, 2026
Mayne Pharma Group Limited has reported a change to its issued capital following the lapse of 268,866 performance rights. These rights, trading under the ASX code MYXAN, ceased on 1 May 2026 after conditions attached to the awards were not met or ...
Mayne Pharma Details Equity Incentives for New CEO Aaron Gray
Apr 29, 2026
Mayne Pharma has detailed the equity-based incentives to be granted to its new CEO, Aaron Gray, under the company’s Omnibus Equity Incentive Plan, including a US$300,000 sign-on bonus in Restricted Stock Unit Performance Rights and a pro-rat...
Mayne Pharma Posts Strong Cash Flow and Momentum in Women’s Health on 3Q FY26 Update
Apr 29, 2026
Mayne Pharma reported unaudited third-quarter FY26 revenue of A$85.2 million, up 1% year on year, with gross margin expanding to 63% and underlying EBITDA narrowing to a A$1.4 million loss. Adjusted operating cash flow from continuing operations s...
Mayne Pharma Moves to Replace Retiring Non-Executive Director
Apr 2, 2026
Mayne Pharma has announced the upcoming retirement of non-executive director Dr Kathryn MacFarlane from its board at the end of May 2026, following her appointment as chief executive of a US-based biopharma company. Dr MacFarlane, who joined the b...
Citigroup Group Ceases to Be Substantial Holder in Mayne Pharma
Mar 31, 2026
Citigroup Global Markets Australia Pty Limited and its related Citi group entities have notified Mayne Pharma that they have ceased to be substantial shareholders as of 27 March 2026. The change arises from shifts in relevant interests tied to sec...
Mayne Pharma to Showcase Women’s Health, Dermatology Progress at ASX SMIDcaps Conference
Mar 25, 2026
Mayne Pharma Group, an ASX-listed specialty pharmaceutical company, focuses on innovative oral drug delivery systems and commercialises dermatology and women’s health products, particularly in the U.S. market. It also offers global contract ...
Citi Group Entities Cease to Be Substantial Holders in Mayne Pharma
Mar 23, 2026
Citigroup Global Markets Australia and related Citi entities have notified Mayne Pharma that they have ceased to be substantial shareholders in the company as of 19 March 2026. The change follows a series of adjustments in relevant interests in Ma...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.