Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Mayne Pharma Reports 1Q FY27 Results as Women’s Health Growth Offsets Dermatology Weakness
Highlights:
Women’s Health Performance Supports Strategic Transition
Mayne Pharma Group Limited (ASX: MYX) reported its unaudited financial and operational results for the first quarter of FY27 on 26 October 2026, covering the three months ended 30 September 2026. The specialty pharmaceutical company continued to expand its Women’s Health portfolio and DistributeRx platform, although weaker Dermatology sales weighed on overall financial performance. Shares were last quoted at AU$2.480, up AU$0.029 or 1.224%, according to the supplied market data.
Revenue declined 2% year-on-year to AU$95.7 million, compared with AU$97.7 million in the prior corresponding period. Gross profit fell 8% to AU$60.3 million, while direct contribution decreased 23% to AU$23.3 million. Underlying EBITDA dropped 52% to AU$5.3 million, reflecting planned investment in Women’s Health capabilities and reduced contributions from established Dermatology products.
Women’s Health remained a key growth driver. Prescription volumes for BIJUVA® rose 25%, while IMVEXXY® prescriptions increased 13%. NEXTSTELLIS® demand cycles grew 27%, supported by improved market access and commercial initiatives. The segment generated revenue of US$34.4 million, up 9% from the previous year.
DistributeRx Expansion Counters Dermatology Pressures
The company’s Dermatology business faced competitive challenges following the introduction of generic RHOFADE® in the United States and reduced payer coverage for TWYNEO®. These developments affected sales volumes, margins and the segment’s overall contribution.
Against this backdrop, DistributeRx continued to gain traction. The platform delivered 84,000 prescriptions during the quarter, representing a 120% increase from the prior corresponding period. It also attracted 6,059 unique prescribers, while new prescriptions reached 61,000.
Mayne Pharma is expanding its automated Adelaide Apothecary fulfilment facility in Lexington, Kentucky. The development is expected to increase annual capacity to more than 2.5 million prescriptions across two phases, with operations targeted to commence in early 2027.
Legal Settlements and International Growth
Mayne Pharma reported progress on several legal matters during the quarter. Settlements with Sun Pharma and Teva Pharmaceuticals USA resolved outstanding Paragraph IV litigation concerning IMVEXXY®, establishing pathways for potential generic entry in 2032 or earlier under specified circumstances. Separately, a US state attorneys general settlement involved a one-time payment of US$0.65 million without an admission of liability, subject to court approval.
The company also strengthened its Australian Women’s Health portfolio through an exclusive five-year licence agreement with Italfarmaco for BLISSEL®, with a launch targeted for FY28.
Conclusion
Mayne Pharma enters the remainder of FY27 with prescription growth opportunities in Women’s Health, an expanding DistributeRx platform and progress on key legal issues. However, competitive pressure in Dermatology and lower underlying earnings remain important challenges as management pursues its growth strategy.
Note: All data presented is based on information available at the time of writing.
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