Shares in pharmaceutical company Mayne Pharma Group Ltd (ASX: MYX) have dropped 40% from a price of $1.27 at this time last year to land at 76c per share at the time of writing.
It has been a disappointing 12-months for the stock and the company is well within recovery mode after announcing a first-half net loss of $174 million driven by an impairment caused by a restatement of deferred tax assets and liabilities after US corporate tax cuts.
But Mayne is focused on improving its bottom line as price deflation pressures have lifted and the company is pursuing new product launches – including generic contraceptive device NuvaRing and an anti-fungal formulation in the US.
Shareholders in Mayne will no doubt be disappointed by yet another half without an interim dividend, but conditions are likely to improve as the company plugs away at its recovery strategy with the announcement of the release of generic Ritalin capsules in the US this month proof of its work to improve its on-market portfolio.
