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) (PD breaking news Friday).
CEO Scott Richards indicated that key reasons for such a strong showing included the company's strengthened dermatology offering and promising pipeline.
New indications being studied include SUBA-itraconazole for BCCNS, trifarotene for congenital ichyosis, foam for atopic dermatitis and actinic keratosis as well as a topical/oral preparation for acne, pruritis, rosacea and psoriasis.
Directly impactful has been 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 business was another bright spot with gross profit up 58% (pcp) driven by lower stock obsolescence and a favourable product sales mix, Richards said.
Mayne Women's Health protfolio covers physician needs across oral contraceptives, with Gx Nuvaring and three other products.
The launch of Tolsura has established a new infectious diseases and introduced a new pulmonology platform for the company, Richards said.
Other strengths included specialty brands (tripled sales), new plant and equipment investments and refinanced debt facility providing greater operating flexibility.
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