Mayne Pharma Group (AU:MYX)
ASX:MYX
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Mayne Pharma Group
(Sydney:MYX)
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Rating:43Neutral
Price Target:
AU$2.00
▼(-66.72% Downside)
Action:ReiteratedDate:03/20/26
The score is held down primarily by weak financial performance (losses and poor cash-flow conversion) and bearish technicals (price below key moving averages with negative MACD). Valuation provides limited support due to a negative P/E and no dividend data. Earnings-call commentary is a relative positive, citing improved gross margin, cash generation and segment profitability gains, but is offset by EBITDA decline and elevated legal/one-off cost headwinds.
Positive Factors
Improved Group Gross Margin
A ~3.9ppt gross margin expansion signals a durable shift to higher-quality revenue mix and better margin control. Sustained higher gross margins provide structural support for profitability, help absorb SG&A and legal costs, and improve cash generation potential over the medium term.
Negative Factors
Negative Profitability / ROE
Deep negative net margins and a substantially negative ROE indicate the company is not generating returns on shareholder capital. Until core profitability sustainably reverses, equity value creation is constrained and reinvestment or shareholder distributions remain limited.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Group Gross Margin
A ~3.9ppt gross margin expansion signals a durable shift to higher-quality revenue mix and better margin control. Sustained higher gross margins provide structural support for profitability, help absorb SG&A and legal costs, and improve cash generation potential over the medium term.
Read all positive factors
Mayne Pharma Group (MYX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$189.30M
Dividend YieldN/A
Average Volume (3M)593.75K
Price to Earnings (P/E)―
Beta (1Y)0.44
Revenue Growth5.07%
EPS Growth46.14%
CountryAU
Employees850
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)-0.15
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 Limited, a specialty pharmaceutical company, manufactures and sells branded and generic pharmaceutical products in Australia, New Zealand, the United States, Canada, Europe and Asia. The company operates through four segments: M...
How the Company Makes Money
Mayne Pharma primarily makes money by selling pharmaceutical products, generating revenue from (1) its commercial portfolio (sales of branded and/or specialty products through pharmacy and wholesaler channels) and (2) its generic medicines busines...
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
2.54
Negative
3.05
Negative
4.13
Negative
Market Momentum
-0.07
Negative
46.42
Neutral
72.07
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 2.34, above the 50-day MA of 2.54, and above the 200-day MA of 4.13, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 46.42 is Neutral, neither overbought nor oversold. The STOCH value of 72.07 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$136.69M | 13.85 | 19.15% | 4.33% | 8.46% | -1.95% | |
53 Neutral | AU$88.72M | -2.00 | -131.13% | ― | 456.50% | -457.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | AU$46.19M | -69.17 | -0.79% | ― | 17.82% | ― | |
50 Neutral | AU$209.96M | 27.58 | -15.96% | ― | -40.74% | -21.21% | |
43 Neutral | AU$189.30M | -4.23 | -23.02% | ― | 5.07% | 46.14% | |
41 Neutral | AU$134.47M | -2.84 | 279.21% | ― | ― | 0.66% |
* Healthcare Sector Average
AU:MYX
Mayne Pharma Group
2.33
-4.90
-67.77%
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Mayne Pharma Group Corporate Events
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...
Mayne Pharma to Highlight Growth Strategy at ASX SMIDcaps Conference
Mar 16, 2026
Mayne Pharma has announced it will present at the ASX SMIDcaps Conference in Sydney on 25 March 2026, where CEO Aaron Gray will brief investors on recent progress in women’s health and dermatology. The update will also highlight how the comp...
Mayne Pharma Showcases DistributeRx U.S. Launch in Investor Briefing
Mar 10, 2026
Mayne Pharma Group has released an investor presentation detailing the U.S. launch of its DistributeRx business, highlighting this new commercial initiative as part of its specialty pharmaceuticals strategy. The company is also hosting an investor...
Mayne Pharma launches DistributeRx to drive direct-to-patient U.S. growth
Mar 9, 2026
Mayne Pharma has launched DistributeRx, a new U.S.-focused healthcare solutions business that creates a direct-to-patient channel to simplify prescription fulfilment and improve access to medicines. The platform uses digital workflows, transparent...
S&P Dow Jones Indices Unveils March 2026 Rebalance of S&P/ASX Benchmarks
Mar 6, 2026
SP Dow Jones Indices has announced its March 2026 quarterly rebalance of the SP/ASX indices, reshaping membership across the SP/ASX 20, 50, 100, 200 and 300. The changes include movements among major resource, technology, financial and industrial ...
Mitsubishi UFJ Financial Group exits substantial holder position in Mayne Pharma
Mar 2, 2026
Mitsubishi UFJ Financial Group has lodged a notice indicating it has ceased to be a substantial holder in Mayne Pharma Group, following a series of trades in the company’s fully paid ordinary shares during January 2026. The transactions, exe...
Mayne Pharma Discloses Exit of Director Patrick Blake and His Share Interests
Mar 2, 2026
Mayne Pharma Group has announced that director Patrick J. Blake ceased to be a director of the company effective 28 February 2026. The filing details that Blake held no shares directly in his own name but had an indirect interest in 22,097 ordinar...
First Sentier Group Exits Substantial Shareholding in Mayne Pharma
Feb 27, 2026
First Sentier Group Limited and a wide network of related entities, ultimately linked to Mitsubishi UFJ Financial Group, have lodged a notice that they have ceased to be substantial shareholders in Mayne Pharma Group as of 25 February 2026. The fi...
Mayne Pharma Plans New Performance Rights Issue
Feb 23, 2026
Mayne Pharma Group has announced a proposed issue of up to 161,725 performance rights, designated under the ASX security code MYXAN. The securities are to be issued as part of a placement or other type of issue, with a proposed issue date of 31 Ma...
Mayne Pharma Discloses Equity Holdings as Director Shawn O’Brien Departs Board
Feb 23, 2026
Mayne Pharma Group has announced that director Shawn Patrick O’Brien has ceased to be a director of the company as of 20 February 2026 (U.S. time). The final director’s interest notice lodged with the ASX details O’Brien’s ...
Mayne Pharma Frames 1H FY26 Results Around EBITDA and Disclosure Transparency
Feb 22, 2026
Mayne Pharma Group has released its first-half fiscal 2026 results presentation, highlighting the use of both IFRS and non-IFRS metrics, including EBITDA, to illustrate underlying operating performance. The company positions EBITDA as a key measur...
Mayne Pharma lifts margins as dermatology outperforms despite softer cash flow
Feb 22, 2026
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...
Vanguard Group Cuts Stake Below Substantial Holder Threshold in Mayne Pharma
Feb 5, 2026
Vanguard Group, through The Vanguard Group, Inc. and its controlled entities including Vanguard Investments Australia Ltd., has notified Mayne Pharma Group Limited that it has ceased to be a substantial holder in the company. As of 2 February 2026...
Mayne Pharma Secures Shareholder Backing for Board, Pay and CEO Incentives at AGM
Jan 29, 2026
Mayne Pharma Group Limited reported that all resolutions put to shareholders at its 29 January 2026 Annual General Meeting were approved, including the re-election of directors Ann Custin and David Petrie, adoption of the remuneration report, and ...
Mayne Pharma Opens Delayed 2025 AGM After Cosette Scheme Setback
Jan 29, 2026
Mayne Pharma has convened its 2025 Annual General Meeting in Melbourne on 29 January 2026, following an extension granted by the corporate regulator due to delays in completing its proposed Scheme of Arrangement with Cosette Pharmaceuticals. The C...
Goldman Sachs Ceases to Be Substantial Shareholder in Mayne Pharma
Jan 19, 2026
Goldman Sachs Group, including its Australian subsidiaries, has notified Mayne Pharma Group that it has ceased to be a substantial shareholder in the company as of 15 January 2026, in line with disclosure requirements under the Corporations Act. T...
Mayne Pharma to Vigorously Contest Cosette Appeal Over FY25 Metrics
Jan 15, 2026
Mayne Pharma Group has received a formal notice of appeal from Cosette Pharmaceuticals and its BidCo lodged with the New South Wales Court of Appeal, challenging a prior Supreme Court judgment that had found in favour of Mayne Pharma. The appeal t...
Mayne Pharma Director Frank Condella Steps Down from Board
Jan 13, 2026
Mayne Pharma Group has announced that director Frank Charles Condella Jr has ceased to be a director of the company effective 14 January 2026. At the time of his departure, Condella held 65,929 ordinary shares in Mayne Pharma, and the company repo...
Mayne Pharma Reshapes Board as Bruce Robinson Appointed Chair
Jan 13, 2026
Mayne Pharma Group has announced a streamlining of its board, with long-serving chair Frank Condella retiring effective 14 January 2026 and non-executive directors Patrick Blake and Anne Lockwood set to step down following the release of the compa...
Mayne Pharma Issues Over 1.09 Million Unquoted Performance Rights Under Employee Scheme
Jan 6, 2026
Mayne Pharma Group Limited has issued 1,090,360 unquoted performance rights under its employee incentive scheme, effective 30 December 2025. The new equity-based awards, which are subject to transfer restrictions and will not be quoted on the ASX ...
Mayne Pharma Issues New Shares on Conversion of Unquoted Equity Securities
Jan 6, 2026
Mayne Pharma Group Limited has notified the market of the issue of 25,592 new ordinary fully paid shares following the conversion or exercise of previously unquoted equity securities, effective 31 December 2025. The modest increase in issued capit...
Mayne Pharma Reports Lapse of 100,543 Performance Rights
Jan 6, 2026
Mayne Pharma Group has notified the market that 100,543 performance rights have lapsed after the conditions attached to those rights were not satisfied by the 30 December 2025 deadline. The cessation of these securities reduces the company’s...
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.
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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.