AAP Finance

More Mayne pain points to tough FY20

By AAP Newswire

Mayne Pharma's profit for the first four months of the financial year has slipped by a third, with the drugs manufacturer blaming the pressures of a volatile US market and declining to issue full-year guidance.

The company says revenue from July to October fell 16 per cent to $153.6 million compared to the same period a year ago, while gross profit dipped 33 per cent to $72.3 million as disruption in the US generic drugs industry continues to hurt its bottom line.

Chairman Roger Corbett will express his disappointment in his company's financial performance at Friday's annual general meeting in Melbourne, which follows a doubling of the company's full-year losses in FY19 and a 60 per cent share price decline to 54.5 cents over the space of 13 months.