Morningstar | Higher Expenses the Backdrop to Disappointing Mayne Pharma Result
Through a series of acquisitions, Mayne Pharma has transformed into a vertically integrated specialty drug manufacturer with proprietary drug delivery expertise and a substantial product portfolio. The company’s stated strategy is heavily geared towards the timely introduction of enhanced generic formulations targeting niche markets, primarily in the U.S., which has been significantly expanded with the Teva generic portfolio acquisition. In the medium term, the company aims to win significant market share that is less vulnerable to price erosion, while Mayne's vertical integration strategy promises synergy gains through cross-selling opportunities across multiple geographies. Uncertainty in the timing of new product approvals provides impetus for ongoing brand acquisitions in order to build scale, but also increases the risk of dilution to existing shareholders.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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