Mayne Pharma FY25: $408M Revenue, $47M EBITDA, 25% Women’s Health Surge

Strong Financial Momentum

Mayne Pharma Group Limited (ASX, MYX) has delivered a solid financial performance for the fiscal year ended June 30, 2025, reporting a 5% increase in revenue to $408.1 million. More notably, the company’s underlying EBITDA more than doubled, climbing 105% to $47 million, reflecting improved operational efficiency and cost management.

The company’s gross profit rose 13% to $247.3 million, with gross margins expanding to 60.6% from 56.3% the previous year. Operating cash flow from continuing operations surged 460% to $45.4 million, underscoring Mayne Pharma’s strengthened cash generation capabilities.

Women’s Health, The Growth Engine

The Women’s Health segment was a standout performer, with revenue climbing 25% to $178.4 million (US$115.5 million). This growth was driven by key branded products such as NEXTSTELLIS®, which saw net sales increase 41% to US$42.5 million. Other products including ANNOVERA®, IMVEXXY®, and BIJUVA® collectively grew 17% in net sales.

Direct contribution from this segment surged 76% to $62 million, benefiting from both revenue growth and improved gross margins, while operating expenses remained tightly controlled with only a slight 3% increase. The company’s targeted sales and marketing initiatives appear to be paying dividends in this category.

Dermatology Faces Headwinds but Prepares for Growth

In contrast, the Dermatology segment experienced a 12% revenue decline to $154.1 million (US$99.8 million), primarily due to increased competition for AG ORACEA®. Despite this, gross margins improved significantly to 53.8%, up from 48.0%, thanks to product mix optimization and channel strategy enhancements.

Mayne Pharma’s recent acquisition of EPSOLAY® and TWYNEO® from Sol-Gel Technologies, completed during the year for $16.5 million, is expected to bolster the Dermatology portfolio. These products launched in the US market during the final quarter of FY25 and are poised to contribute to revenue growth in FY26.

International and Operational Highlights

The International segment posted a 7% revenue increase to $75.6 million, supported by the completion of an $18 million upgrade to the Salisbury manufacturing facility. This investment aims to enhance production capabilities and support export growth.

Mayne Pharma maintained disciplined cost control, with total direct operating expenses rising modestly by 6% but remaining flat as a percentage of revenue. Research and development expenses declined 11%, while marketing and distribution costs increased 5%, reflecting strategic investments in growth areas.

Strategic Outlook and Legal Developments

Looking ahead, Mayne Pharma plans to accelerate growth in Women’s Health through enhanced sales execution and marketing refreshes. The Dermatology segment will focus on leveraging its channel strategy and evaluating accretive business arrangements to drive margin expansion.

The company’s ongoing Scheme of Arrangement with Cosette Pharmaceuticals remains on track, with court hearings scheduled to begin in late September. The Board continues to recommend the Scheme, pending no superior proposals and a positive Independent Expert opinion.