Mayne Pharma (ASX:MYX) has released its audited financial results for the first half of the 2026 fiscal year, ended Dec. 31, 2025.
The report highlights a period of "resilient earnings" characterised by significant margin improvements despite a slight softening in overall revenue and underlying profitability.
The company reported revenue of $212.1 million, a marginal 0.5% decrease compared to the previous corresponding period.
However, gross profit rose 6% to $138.6 million, supported by a gross margin of 65.3%.
The 390-basis point improvement was attributed to disciplined pricing and a favourable product mix, particularly within the Dermatology segment, which saw a 35% surge in direct contribution.
On the bottom line, reported EBITDA jumped 141% to $63.0 million, though underlying EBITDA fell 8% to $28.6 million.
The company also reported a statutory net loss after tax of $12.1 million, which represents a 40% improvement over the $20.0 million loss recorded in H1 FY25.
Cash flow faced headwinds, with adjusted operating cash flow from continuing operations dropping 41% to $16.9 million
CEO Aaron Gray noted that while performance in Dermatology was strong, legal costs related to the "scheme" and scheduled earn-out payments weighed on cash reserves.
As of year-end 2025, the company maintains $67.3 million in cash and marketable securities.