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Mayne Pharma Group
(Sydney:MYX)
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Rating:57Neutral
Price Target:
AU$2.50
▼(-21.88% Downside)
Action:Reiterated
Date:08/28/26
The score is held back mainly by uneven financial performance (negative operating margin and declining revenue despite FY2026 net income improvement) and weak valuation signals (negative P/E with no dividend yield provided). These are partially offset by a strong balance sheet and improving technical posture, plus a mixed-but-constructive earnings outlook centered on margin improvement and DistributeRx scaling, tempered by EBITDA pressure and legal/competitive headwinds.
Positive Factors
DistributeRx scaling
DistributeRx is building a broader channel platform beyond Mayne’s existing portfolio, with rapid prescriber adoption, third-party products and planned Adelaide capacity expansion. If execution continues, the model can improve commercial reach, diversify revenue and support operating leverage over the next several quarters.
Negative Factors
Revenue and EBITDA decline
The simultaneous decline in revenue and underlying EBITDA indicates that recent growth initiatives have not yet offset portfolio and cost pressures. Lower operating earnings can restrict reinvestment, reduce the benefit of scale and make the company more dependent on successful margin improvement in FY2027.
Read all positive and negative factors
Positive Factors
Negative Factors
DistributeRx scaling
DistributeRx is building a broader channel platform beyond Mayne’s existing portfolio, with rapid prescriber adoption, third-party products and planned Adelaide capacity expansion. If execution continues, the model can improve commercial reach, diversify revenue and support operating leverage over the next several quarters.
Read all positive factors
Mayne Pharma Group (MYX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$204.73M
Dividend Yield12.09%
Average Volume (3M)125.13K
Price to Earnings (P/E)8.1
Beta (1Y)0.31
Revenue Growth-5.98%
EPS GrowthN/A
CountryAU
Employees363
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)0.31
Shares Outstanding81,890,884
10 Day Avg. Volume122,473
30 Day Avg. Volume125,132
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.57
Price to Sales (P/S)0.58
P/FCF Ratio17.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.98Price Target Upside24.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.44
Revenue Forecast (FY)AU$379.29M
Mayne Pharma Group Business Overview & Revenue Model
Company Description
Mayne Pharma Group Ltd. operates as a specialized pharmaceutical enterprise, dedicated to the global production and distribution of both proprietary (branded) and unbranded (generic) medicinal products. Its extensive market reach spans Australia, ...
How the Company Makes Money
Mayne Pharma primarily makes money by selling prescription pharmaceutical products and related services. Key revenue streams typically include: (1) Sales of generic and specialty prescription medicines: Revenue is generated when Mayne sells its pr...
Mayne Pharma Group Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Neutral
The call presented a mixed picture: clear operational progress (notably gross margin expansion, successful DistributeRx launch and dermatology margin improvement) and meaningful product‑level growth in women's health (NEXTSTELLIS, BIJUVA, IMVEXXY). However, these positives were offset by weaker headline revenue (‑6%), a 27% decline in underlying EBITDA, significant one‑off and litigation‑related costs, an $11M impact from ANNOVERA returns, and a decline in international contribution (‑38%). Management highlighted a path to margin improvement and capacity expansion that support future upside, but near‑term financial pressures and legal distractions temper the outlook.Positive Updates
Gross Margin Expansion and Stable Gross Profit
Group gross margin expanded to 64.7%, up 411 basis points year‑on‑year, resulting in gross profit essentially flat at $248.1M despite a 6% decline in revenue.
Negative Updates
Revenue Decline
Group reported revenue was $383.7M, down 6% year‑on‑year (FY'25 $408.1M), with FX translation (AUD appreciation) cited as a significant headwind.
Read all updates
Q4-2026 Updates
Positive
Negative
Gross Margin Expansion and Stable Gross Profit
Group gross margin expanded to 64.7%, up 411 basis points year‑on‑year, resulting in gross profit essentially flat at $248.1M despite a 6% decline in revenue.
Read all positive updates
Company Guidance
The company guided to a fiscally disciplined FY‑27 focused on growing women's health, scaling DistributeRx and improving margins: management expects women's‑health gross margins to improve year‑on‑year as NEXTSTELLIS coverage expands and ANNOVERA returns (a ~USD11m headwind in FY‑26) are addressed, and highlighted menopause tailwinds (≈75m U.S. women peri/post‑menopause, +1.3m/year; market seen rising ~60% to USD15–25bn by 2030) after the FDA removed the BIJUVA black‑box; product traction cited included BIJUVA net sales +20% to USD15m, IMVEXXY USD29.3m, NEXTSTELLIS USD45.2m and ANNOVERA USD25.7m. On DistributeRx, management signaled near‑term conversion of a “significant percentage” of seven manufacturers covering 13 products (will provide revenue detail at 1H FY‑27), noted ~5,000 new prescribers since launch, a current portfolio of 31 Mayne dermatology and 208 third‑party products, and a major Adelaide Apothecary expansion (up to 2.5m prescriptions p.a., ~USD4m capex) plus a new facility to enable a ~7x capacity increase across two phases. Corporate guidance included no further Cosette scheme costs, litigation expected at normal scale (no quantitative guidance), an expectation that one‑off costs will be lower year‑on‑year, and continued emphasis on channel optimization, profitable portfolio expansion and disciplined, capital‑efficient M&A.Mayne Pharma Group Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
72
Positive
Cash Flow
55
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 383.68M | 408.10M | 388.15M | 183.59M | 157.15M |
| Gross Profit | 192.21M | 247.27M | 218.53M | 26.84M | 23.75M |
| EBITDA | 29.40M | 47.24M | -116.93M | -193.80M | -78.88M |
| Net Income | 24.47M | -93.84M | -174.23M | 117.25M | -281.29M |
Balance Sheet | |||||
| Total Assets | 909.45M | 1.01B | 1.14B | 1.25B | 1.30B |
| Cash, Cash Equivalents and Short-Term Investments | 82.25M | 100.40M | 149.28M | 220.14M | 97.08M |
| Total Debt | 43.20M | 41.27M | 38.82M | 47.51M | 413.67M |
| Total Liabilities | 518.50M | 644.32M | 688.99M | 613.77M | 764.89M |
| Stockholders Equity | 390.94M | 370.28M | 454.19M | 634.36M | 545.88M |
Cash Flow | |||||
| Free Cash Flow | 12.67M | 5.19M | -36.16M | -262.71M | -28.47M |
| Operating Cash Flow | 15.62M | 17.47M | -15.30M | -43.12M | -16.62M |
| Investing Cash Flow | 10.00M | -68.07M | 53.45M | 473.49M | -28.53M |
| Financing Cash Flow | -3.23M | -556.00K | -19.85M | -431.48M | 27.60M |
Mayne Pharma Group Technical Analysis
Neutral
3.20
Price Trends
2.88
Negative
2.83
Negative
2.67
Negative
Market Momentum
-0.11
Negative
47.79
Neutral
40.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MYX, the sentiment is Neutral. The current price of 3.2 is above the 20-day moving average (MA) of 2.62, above the 50-day MA of 2.88, and above the 200-day MA of 2.67, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 47.79 is Neutral, neither overbought nor oversold. The STOCH value of 40.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:MYX.
Mayne Pharma Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | AU$147.70M | 13.70 | 19.91% | 5.29% | 12.19% | 22.36% | |
64 Neutral | AU$41.68M | 66.07 | 1.13% | 0.49% | 8.99% | 450.00% | |
57 Neutral | AU$204.73M | 8.10 | 6.58% | 12.09% | -5.98% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | AU$100.90M | -6.95 | 84.67% | ― | ― | 42.51% | |
43 Neutral | AU$206.29M | -24.85 | -42.35% | ― | 145.32% | 25.75% | |
42 Neutral | AU$33.15M | -0.37 | -118.74% | ― | 499.47% | 31.20% |
* Healthcare Sector Average
AU:MYX
Mayne Pharma Group
2.50
-3.70
-59.68%
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Mayne Pharma Group Corporate Events
Mayne Pharma Issues 444,346 Unquoted Performance Rights Under Incentive Scheme
Oct 29, 2026
Mayne Pharma Group has notified the market of the issue of 444,346 unquoted performance rights under its employee incentive scheme. The new securities, which are subject to transfer restrictions and will not be quoted on the ASX until those restri...
Mayne Pharma Issues Over 1.2 Million Unquoted Performance Rights Under Incentive Scheme
Oct 29, 2026
Mayne Pharma Group has issued 1,285,036 unquoted performance rights under its employee incentive scheme, with the securities subject to transfer restrictions and not quoted on the ASX until those restrictions end. The move underscores the company&...
Mayne Pharma details use of non‑IFRS metrics and risk framework in investor update
Oct 25, 2026
Mayne Pharma Group Limited released an investor presentation outlining its financial reporting approach, including the use of non‑IFRS measures such as EBITDA to better reflect underlying operating performance. The company emphasised that so...
Mayne Pharma Leans Into Women’s Health as Legal Clarity and Investments Hit Short-Term Earnings
Oct 25, 2026
Mayne Pharma reported unaudited first-quarter FY27 revenue of $95.7 million, down 2% year on year, with gross margin at 63% and underlying EBITDA falling 52% to $5.3 million as planned investment in women’s health and international operation...
Mayne Pharma Sets Hybrid 2026 AGM to Vote on Governance and Incentive Plan
Oct 19, 2026
Mayne Pharma Group Limited has scheduled its 2026 Annual General Meeting for 10:00am on Friday, 20 November 2026, to be held at Minter Ellison Offices in Melbourne and via online webcast. The AGM will allow shareholders to hear from the Chair and ...
Mayne Pharma wins appeal in Cosette deal dispute, strengthens legal position
Oct 14, 2026
Mayne Pharma has secured a decisive legal win in its dispute with Cosette over a proposed transaction, after the Supreme Court of New South Wales Court of Appeal dismissed Cosette’s challenge in full and confirmed that no material adverse ch...
FDA clears IMVEXXY post-marketing obligations as Mayne Pharma targets U.S. menopause growth
Oct 8, 2026
Mayne Pharma has secured confirmation from the U.S. Food and Drug Administration that it has fulfilled all post-marketing study obligations for IMVEXXY, its estradiol vaginal insert for moderate-to-severe dyspareunia due to menopause. The large ob...
Mayne Pharma Performance Rights Lapse After Vesting Conditions Not Met
Oct 7, 2026
Mayne Pharma Group Limited has reported the lapse of 1,387,315 performance rights, which were conditional equity instruments granted as part of its incentive schemes for staff and management. The rights ceased on 30 September 2026 after the specif...
Mayne Pharma Secures Long-Term IMVEXXY Patent Protection in U.S. Settlement With Sun Pharma
Sep 30, 2026
Mayne Pharma has settled U.S. Paragraph IV patent litigation with Sun Pharmaceutical over IMVEXXY, its estradiol vaginal insert for menopausal dyspareunia, agreeing that Sun Pharma may launch a generic no earlier than 21 October 2032, subject to c...
Mayne Pharma Reaches Low-Cost Settlement With U.S. States Over Generic Drug Probe
Sep 28, 2026
Mayne Pharma has agreed to settle a civil complaint brought by attorneys general from 49 U.S. states and territories related to an industry-wide investigation into the generic pharmaceutical sector, which followed a U.S. Department of Justice anti...
Mayne Pharma Sets Date for 2026 Annual General Meeting
Sep 28, 2026
Mayne Pharma Group, an ASX-listed specialty pharmaceutical company focused on novel drug delivery technologies and a strong presence in U.S. dermatology and women’s health, also provides global contract development and manufacturing services...
Mayne Pharma Secures Exclusive Australian Rights to Menopause Therapy Blissel
Sep 15, 2026
Mayne Pharma has signed an exclusive five-year licence agreement with Italian specialty pharmaceutical firm Italfarmaco S.A. for the Australian rights to Blissel, an ultra-low-dose estriol vaginal gel for treating vaginal atrophy in postmenopausal...
Mayne Pharma Cancels Tranche of Performance Rights in Capital Management Move
Sep 8, 2026
Mayne Pharma Group Limited has reported the cessation of a tranche of performance rights from its issued capital, reflecting ongoing management of employee and executive equity incentives. The company, which operates in the pharmaceutical sector w...
Mayne Pharma Issues New Shares Following Conversion of Unquoted Securities
Sep 8, 2026
Mayne Pharma Group Limited has issued 788,424 new ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The issuance, dated 1 September 2026, marginally increases the company’s share capital and r...
Mayne Pharma Seeks ASX Quotation for New Employee Incentive Shares
Aug 28, 2026
Mayne Pharma Group has applied for quotation on the ASX of 645,060 new ordinary fully paid shares, which have been issued under an employee incentive scheme. The newly issued securities, to be traded under ticker MYX from 28 August 2026, modestly ...
Mayne Pharma Highlights FY26 Results and Risk Factors in Investor Update
Aug 26, 2026
Mayne Pharma has released its FY26 results presentation, outlining financial performance metrics that draw on audited statements while also using non‑IFRS measures such as EBITDA to highlight underlying operating trends. The company stresses...
Mayne Pharma Posts FY26 Profit as Women’s Health and DistributeRx Drive Strategic Shift
Aug 26, 2026
Mayne Pharma has reported its financial results for the year ended 30 June 2026, highlighting mixed performance across its portfolio and a strategic focus on women’s health. The menopause portfolio delivered solid volume growth, with BIJUVA ...
Mayne Pharma Swings to Full-Year Profit Despite Revenue Decline
Aug 26, 2026
Mayne Pharma Group Limited, an ASX-listed pharmaceutical company, develops and markets specialty and generic medicines across key therapeutic segments in Australia and overseas. Its business performance is driven by revenue from ordinary activitie...
Mayne Pharma sets date for FY26 results release and investor webcast
Aug 21, 2026
Mayne Pharma Group has announced it will release its financial results for the year ended 30 June 2026 on 27 August 2026, with CEO Aaron Gray and CFO Griffin Buchanan set to present the figures in a webcast for investors. The planned results relea...
Mayne Pharma bolsters menopause portfolio with new IMVEXXY safety data and BIJUVA award recognition
Aug 20, 2026
Mayne Pharma has reported new clinical safety data for IMVEXXY ahead of a poster presentation at the International Society for Pharmacoepidemiology’s 2026 Annual Meeting, highlighting findings from a U.S. real‑world study of very low&#...
Mayne Pharma Launches Digital Investor Hub to Boost Shareholder Engagement
Aug 17, 2026
Mayne Pharma has launched a new Investor Hub to deepen engagement with existing and prospective shareholders, offering real-time access to ASX announcements, reports, presentations, videos and direct interaction with the company’s team. The ...
Mayne Pharma Adds New Director With Significant Indirect Shareholding
Aug 14, 2026
Mayne Pharma Group Limited is an Australia-based specialty pharmaceutical company that develops, manufactures, and markets branded and generic medicines across various therapeutic areas. It is listed on the ASX, where transparent disclosure of boa...
Mayne Pharma Publishes CEO Presentation for Bioshares Summit
Aug 5, 2026
Mayne Pharma Group has released the investor presentation that its chief executive Aaron Gray will deliver at the 20th Bioshares Summit in Queenstown, New Zealand on 6 August 2026. The presentation is now available to the market via the ASX, provi...
Mayne Pharma Reports Lapse of Performance Rights
Aug 5, 2026
Mayne Pharma Group Limited has notified the market of the cessation of 24,860 performance rights, recorded as MYXAN securities on the ASX. The rights lapsed on July 30, 2026, after the underlying conditions were not met or became incapable of bein...
Mayne Pharma Issues New Shares Following Option Conversions
Aug 5, 2026
Mayne Pharma Group Limited has notified the market of the issue of 161,465 new ordinary fully paid shares following the conversion or exercise of previously unquoted options or other convertible securities. The new shares were issued on July 30, 2...
Mayne Pharma Adds Major Shareholder Jacob Ma-Weaver to Board
Aug 5, 2026
Mayne Pharma has appointed U.S.-based investor Jacob Ma-Weaver as a non-executive director, effective 14 August 2026, adding capital markets and healthcare investment expertise to its board. Ma-Weaver is managing member of Cable Car Capital and ge...
Mayne Pharma CEO to Present at 20th Bioshares Summit
Aug 3, 2026
Mayne Pharma has announced that chief executive Aaron Gray will present at the 20th Bioshares Summit in Queenstown, New Zealand, on 6 August 2026. The summit, spanning two days, brings together 38 speakers from listed and private healthcare and bi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.