MAYNE Pharma has faced what it calls a "challenging start to calendar 2019" in the face of generic drugs eating away at its hormone liothyronine business and antiarrhythmic agent dofetilide business, as reported in an investor update yesterday.
The company also identified "typical wholesaler destocking in the retail channel in the first quarter" as well as one-off failure-to-supply penalties and "shelf stock adjustments resulting from price changes on some products".
All other market segments have performed well in the first four months of the first half with Specialty Brands up 53%, Metrics Contract Services up 21% and Mayne Pharma International up 8% on the prior corresponding period.
CEO Scott Richards said, "While recent trading reflects a challenging generic environment, the company expects the 4QFY19 to be stronger driven by a rebound in Generic Products, combined with ongoing growth in Specialty Brands, Metrics Contract Services and Mayne Pharma International".
Scott talked up the company's prospects for FY20 referencing business growth anticipated from recent launches of fungal treatment Tolsura (SUBA-itraconazole) and Lexette (halobetasol propionate) for psoriasis.
Generic and proprietary dermatology and women's health portfolios are also expected to lift company numbers as are improved retail generic performance and delivery on the pipeline of committed Metrics Contract Services business.
New generic products also await approval for positive impact, he said.
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