Winners and Losers: Mayne Pharma rises during busy earnings season
With rising income from its women’s health and skincare segments, Mayne Pharma topped the Winners list this week during a competitive half-yearly reporting season.
The pharmaceutical company’s CEO said Mayne Pharma “made meaningful progress during the first half of FY24 across our entire business” on the release of the firm’s 1H24 financial results.
Mayne Pharma delivered revenue of $188 million – up 43 per cent – reflecting strong performance in its US Women’s Health segment and its dermatology business.
“We achieved positive direct contribution in each of our three segments, positive underlying EBITDA… and executed on cost reductions,” CEO Patrick O’Brien said.
The strong results saw the company’s shares spike by 29.52 per cent over the five days of trading last week, trumping the likes of Papyrus in second position with a 23 per cent rise and Antara Lifesciences which rose by 22.73 per cent.
Mayne Pharma said it expected second-half revenue and earnings to continue rising.
Petratherm Limited topped the Losers list this week, falling heavily at the start of the week to languish near weekly lows. At just 2 cents per share, the company is trading at its lowest level for the past five years.
Mighty Kingdom was another Loser for the week following the release of its first-half results which detailed efforts taken to turn the company around.
Critically, the company has curtailed the level of operating cash outflows to $1 million for the six months, reflecting a 70 per cent reduction compared to the prior corresponding period.
Resolution Minerals, Koonenberry Gold and Neurizer rounded out the Losers.
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The full list of Winners and Losers for the week ending 1 March 2024:
Data compiled by Baker Young Limited analysts.
