Mayne Pharma happy with strong results

Australian pharmaceutical firm Mayne Pharma has said that it is pleased with its first half year results.

The company made a loss of A$65.8 million (?27.8 million), thanks to one-off charges amounting to A$116 million. However, its underlying pre-tax growth in earnings rose by 20 per cent to A$58.6 million (?24.8 million).

The results were enough to keep Mayne Pharma’s investors happy – seeing its share price rise by ten per cent, according to Reuters. It will not publish full year results until it has undergone a strategic review.

“While we have made decisive moves that reflect our vision to become a leading global oncology customer focused company, a full transition will take time,” said CEO Thierry Soursac in a statement.

However, the decision by Mayne to not go ahead with collaboration project with Croatian drug company Pliva, to look into producing a generic version of erythropoietin (EPO), has disappointed investors.

David Stanton, analyst for ABN AMRO, told Reuters: “There was one disappointment in the outlook in their decision not to go ahead with the EPO collaboration with Pliva, which some in the market had expected big things from.”

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