Mayne Well Positioned to Weather the Storm; Maintaining FVE and Very High Uncertainty
We maintain our AUD 1.25 fair value estimate for no-moat Mayne Pharma given the recent update by management on the US generic industry trading environment. This follows the unprecedented level of price deflation in second-half fiscal 2017, which resulted in the disappointing performance of the US generic products division and prompted our move to very high fair value uncertainty.ÂÂ
Although acknowledging ongoing pressure, and reiterating soft 1H18 sales in the recent update, management did not...
Mayne Pharma is a pharmaceutical company focused on applying its drug delivery capabilities to commercialize branded and generic pharmaceuticals. Co. operates in four business units: Generic Products, which develops, manufactures, markets and distributes generic pharmaceutical products in the U.S.; Specialty Brands, which markets and distributes specialty branded pharmaceutical products in the U.S.; Metrics Contract Services, which provides contract pharmaceuticals development services and analytical services to third parties; and Mayne Pharma International, which develops, manufactures, markets and distributes branded and generic pharmaceutical products globally, excluding the U.S.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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