Today it was the turn of fast-growing pharmaceutical company Mayne Pharma Group Ltd (ASX: MYX) to hold its annual general meeting.

Although its shares may have edged lower, I believe today’s presentation once again reiterates why Mayne Pharma is one of the best shares to buy and hold in the industry.

The company has had an explosive start to FY 2017 thanks partly to the acquisition of the portfolio of generic drugs from Teva Pharmaceutical. For the first four months of the new financial year Mayne Pharma has seen sales growth of 104% on the prior corresponding period to $172 million.

A key driver in the strong start has been its U.S. Generic Products Division. So far in FY 2017 sales in the segment are up a whopping 352% to US$97 million.

The company’s Dofetilide product has been the star of the show. Dofetilide is the generic alternative to Tikosyn, an anti-arrhythmic agent used to treat irregular heartbeats such as atrial fibrillation and atrial flutter.

Dofetilide accounted for 16% of sales during the period and according to management has become the market leader in respect to volume share following its successful launch.

Elsewhere the Metrics Contract Services and Mayne Pharma International segments performed well with sales up 23% and 14% respectively year to date .

The same can’t be said for the Specialty Brands Division which has seen sales dip by 44% year to date. This is the result of destocking in the trade channel following the loss of exclusivity on 50mg and 200mg dosages of the Doryx antibiotic.

Pleasingly the launch of two key dermatology products in early 2017 means that management expects a much stronger second half to the year.

All in all I believe the company looks set to have yet another fantastic year and is a great alternative to industry giant CSL Limited (ASX: CSL).

With Mayne Pharma’s shares changing hands at just 17x estimated FY 2017 earnings according to CommSec, it looks to be an absolute bargain in my eyes.

Though it is worth noting that the company is still under investigation from the U.S. Department of Justice for price fixing. Management doesn’t believe any penalties imposed will be material to earnings, but investors with a low tolerance for risk may want to wait for a decision to be made before investing.

I think Mayne Pharma could be one of the best stocks to own in 2017. But it's not the only one. The smart money is on these hot stocks being big winners in 2017. Is yours there yet?

Big, Fat, Dividends

This company's dividend is almost the stuff of legends. Its reliable cash flows support a high payout ratio, and the company's stash of franking credits are the cherry on the top of the dividend cake. Based on the last 12-months of dividends, shares are offering a fully-franked 6.5% yield, which grosses up to a whopping 9.3%, when those franking credits are included.

Discover out the name of this blue chip share along with 2 others in our new FREE report "The Motley Fool's Top 3 Blue Chips Stocks For 2017."

Click here to receive your copy.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.