Mayne First Half Results: EBITDA up 184% on pcp
Mayne Pharma has released its results reported for the first half of 2019 with strong growth in revenue (up 13%), gross profit at $160.4m, up 67%, EBITDA reported at $65.4m, up 184% on the prior corresponding period (pcp).
CEO Scott Richards indicated that key reasons for such a strong showing included the company’s strengthened dermatology offering with the acquisition of Lexette (halobetasol) foam and multi-source Efudex (fluorouracil) cream. In addition, the US Food and Drug Administration approval for Tolsura (suba-itraconazole) antifungal caps supported by a new hospital-based field team, have built confidence in the future bottom line.
Generic products gross profit grew 58% (pcp) driven by lower stock obsolescence and a favourable product sales mix, Richards said.
Other strengths included specialty brands (tripled sales), new plant and equipment investments and refinanced debt facility providing greater operating flexibility.
See more in tomorrow’s Pharmacy Daily.