What were the key financial results for Mayne Pharma (ASX:MYX) in H1 FY26?

Mayne Pharma reported H1 FY26 revenue of $212.1 million, a slight 0.5% decrease compared to the previous year. While the company recorded a statutory net loss after tax of $12.1 million, this was a 40% improvement over the $20 million loss in H1 FY25

Is Mayne Pharma (ASX:MYX) profitable after its latest earnings report?

On a statutory basis, Mayne Pharma remains unprofitable, posting a net loss after tax of $12.1 million for the six months ending December 31, 2025. However, the company is trending toward break-even, having reduced its losses by 40% year-over-year.

Why did Mayne Pharma’s profit margins improve despite falling revenue?

Mayne Pharma achieved a gross margin of 65.3%, a 390-basis point improvement attributed to disciplined pricing and a shift in product mix. The Dermatology segment was a major driver, seeing a 35% surge in direct contribution.

What is the current cash position of Mayne Pharma (ASX:MYX)?

As of Dec. 31, 2025, Mayne Pharma holds $67.3 million in cash and marketable securities. While the balance sheet remains functional, adjusted operating cash flow from continuing operations fell 41% to $16.9 million during the half.

What are the main "bull" and "bear" points for MYX investors?

The "bull" case rests on significant margin expansion and the explosive 35% growth in the Dermatology segment's contribution. The "bear" case highlights the 41% drop in operating cash flow and the continued statutory net loss.

How did the Dermatology segment impact Mayne Pharma's H1 FY26 performance?

The Dermatology segment was the primary engine for margin growth, delivering a 35% increase in direct contribution to the business. CEO Aaron Gray credited this to strong channel execution and a "favorable mix" of products.

What does the "Scheme" legal cost mean for Mayne Pharma shareholders?

The "Scheme" refers to ongoing legal processes and transaction-related costs that significantly reduced Mayne Pharma’s operating cash flow this half. While these expenses contributed to the 41% drop in adjusted cash flow, they are typically viewed as non-recurring or structural rather than a failure of the core business.

What is Mayne Pharma’s management planning for the rest of FY26?

Management is currently evaluating capital allocation priorities, which include potential share repurchases (buybacks) and targeted asset acquisitions. The focus remains on balancing "disciplined investment" with cost control to transition the company into consistent profitability.

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Mayne Pharma reports H1 FY26 margin growth

Written by Liezl GambePublished Feb 23, 2026, 12:44 AMLast Updated Jul 6, 2026, 10:45 AM

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.

Mayne Pharma reports H1 FY26 margin growth

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