Mayne Pharma Group Ltd (MAYNF) (H1 2026) Earnings Call Highlights: Strategic Growth Amidst …

GuruFocus News

Mon, February 23, 2026 at 2:01 PM GMT+9 4 min read

In this article:

MYX.AX

-1.51%

MAYNF

0.00%

This article first appeared on GuruFocus.

**Revenue:** $212.1 million, broadly flat year on year.

**Gross Margin:** Increased to 65.3%, up from 61.4% in the prior corresponding period.

**Underlying EBITDA:** $28.6 million, down 8%.

**Total Direct Segment Contribution:** Increased to $68.1 million.

**Adjusted Operating Cash Flow:** $16.9 million from continuing operations.

**Cash and Marketable Securities:** $67.4 million at the end of the half.

**Women's Health Revenue:** $96.5 million, up 2% versus the prior corresponding period (PCP).

**NEXTSTELLIS Net Sales:** $23.4 million, up 4%.

**IMVEXXY Net Sales:** $15.6 million, up 2%.

**BIJUVA Net Sales:** $8.2 million, up 23%.

**ANNOVERA Net Sales:** $14.4 million, down 9%.

**Dermatology Revenue:** $78.6 million, down 3% on PCP.

**Dermatology Gross Margin:** Expanded to 65%, up 12 percentage points.

**Dermatology Direct Contribution:** Increased 35% to $29.8 million.

**International Revenue:** $36.9 million, down 1% versus PCP.

**International Gross Profit:** Increased to $11.3 million, up 7%.

**International Gross Margin:** Improved to 30.5%, up 3 percentage points.

Warning! GuruFocus has detected 2 Warning Signs with MAYNF.

Is MAYNF fairly valued? Test your thesis with our free DCF calculator.

Release Date: February 22, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Mayne Pharma Group Ltd (MAYNF) reported a gross margin increase to 65.3%, up from 61.4% in the prior corresponding period.

The Dermatology segment showed significant profitability improvement with a 35% increase in direct contribution, driven by a favorable mix and channel strategy.

Women's Health segment delivered solid top-line growth with products like NEXTSTELLIS, IMVEXXY, and BIJUVA showing strong demand and share gains.

The company has a strong cash position, closing the half with $67.4 million in cash and marketable securities.

Mayne Pharma Group Ltd (MAYNF) is in a strong position to capitalize on opportunities with a differentiated portfolio and clear strategic priorities across its segments.

Negative Points

Underlying EBITDA was down 8% compared to the prior corresponding period, reflecting lower Women's Health contribution due to additional sales investment.

The company faced significant legal and transaction costs, including $20.7 million in scheme-related transaction and litigation costs.

ANNOVERA product returns impacted net sales, with a 9% decrease despite a 2% increase in TRx.

The company is dealing with emerging competition for RHOFADE, with expected generic launches at the end of fiscal '26.

Direct operating expenses increased by 7%, reflecting targeted investments, which impacted profitability.

 






Story Continues  

Q & A Highlights

Q: What is the ability of the company to continue to drive revenue growth and scripts growth in Women’s Health? A: Aaron Gray, CEO, explained that while revenue was flat due to returns on ANNOVERA and credits recognized in the previous fiscal year, the company expects revenue growth to align with or exceed TRx growth moving forward as these factors normalize.

Q: What is the current status of emerging competition for RHOFADE in 2026? A: Aaron Gray noted that RHOFADE, acquired from bankruptcy, will face generic competition at the end of fiscal '26. The company plans to take measures to protect and maintain its market share.

Q: What is the company’s view of the adjustments to underlying EBITDA on a go-forward basis, particularly legal costs and discontinued operations? A: Aaron Gray stated that legal costs related to the Cosette transaction and intellectual property defense significantly impacted EBITDA. These costs are expected to decrease over time, with FDA post-approval study costs also stepping down in fiscal '27.

Q: Can you provide more details on ANNOVERA product returns and how you plan to reduce them? A: Aaron Gray explained that ANNOVERA returns are influenced by liberal return policies of major wholesalers. The company is working on targeted access solutions and considering contracting with other wholesalers to reduce return rates.

Q: What drove BIJUVA’s momentum in the first half? A: Aaron Gray attributed BIJUVA’s growth to increased awareness and discussions around hormone replacement therapy, aided by the removal of the black box warning by the US government, which has positively impacted attitudes towards HRT.

Q: Could you expand on the opportunity for Dermatology moving forward? A: Aaron Gray highlighted that dermatological conditions remain prevalent, and the company sees opportunities in acquiring assets through capital-light structures. The focus is on providing access solutions that meet patient needs and capture market share.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Terms and Privacy Policy

Privacy Dashboard

More Info