Pharmacy Daily | Not so jolly Roger

MAYNE Pharma Chairman and former Woolworth's CEO, Roger Corbett, has expressed disappointment at the company's financial performance in 2019.

Addressing shareholders in Melbourne on Fri, Corbett noted the generic drug brand's share price slumped 45% over the last 12 month.

While Corbett said he was disappointed with the company's stockmarket performance he said it was following a trend across the generics sector.

"Mayne Pharma's recent performance is in line with many of US generic peers, which have also seen their share prices fall materially and report declining sales and earnings, and material impairments of their generic intangible assets," he said.

"Teva, the largest generic company globally has seen its share price fall 82% over the last five years.

"Mylan, the second largest generic company (which has recently announced a merger with Pfizer's UpJohn business) has seen its share price fall 69% over this same period.

"The declining share price performance has been largely due to the disruption we have seen in the US generic industry, which has been driven by customer consolidation and the increased speed of approvals through the US Food and Drug Administration."

Corbett told shareholders that Mayne had taken steps to "better align" the business, "streamlining generic drug development" and "abandoning non-viable products".