Mayne Pharma Group H1 2026 Loss Narrowing Tests Bearish Narratives On Profitability Path

Simply Wall St.

Feb 24

Mayne Pharma Group (ASX:MYX) has released its H1 2026 numbers, posting revenue of A$212.1 million with a basic EPS loss of A$0.15, while trailing 12 month figures show revenue of A$407.1 million and a...

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Over recent halves the company has seen revenue sit in the A$195 million to A$213 million range with basic EPS losses between A$0.25 and A$0.89, setting the scene for investors to weigh steady top line scale against ongoing pressure on margins and the path to cleaner...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"MYX.AU":"MAYNE PHARMA GROUP LTD","BK7508":"医药生物股","BK7096":"制药"},"translate_title":"梅恩制药集团2026年上半年亏损收窄考验盈利路径的看跌叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MYX.AU":1},"content_text":"Mayne Pharma Group (ASX:MYX) has released its H1 2026 numbers, posting revenue of A$212.1 million with a basic EPS loss of A$0.15, while trailing 12 month figures show revenue of A$407.1 million and a basic EPS loss of A$1.04. Over recent halves the company has seen revenue sit in the A$195 million to A$213 million range with basic EPS losses between A$0.25 and A$0.89, setting the scene for investors to weigh steady top line scale against ongoing pressure on margins and the path to cleaner profitability. See our full analysis for Mayne Pharma Group. With the headline numbers on the table, the next step is to examine how this mix of revenue stability and continued losses aligns with the most widely held narratives around Mayne Pharma and where those stories might need a rethink. Curious how numbers become stories that shape markets? Explore Community Narratives ASX:MYX Revenue & Expenses Breakdown as at Feb 2026 AdvertisementNet loss narrows to A$12.1 million in H1 2026  Net income from continuing operations, excluding extra items, was a loss of A$12.1 million in H1 2026, compared with a loss of A$70.1 million in H2 2025 and A$20.0 million in H1 2025, while earnings from discontinued operations swung from a gain of A$1.8 million in H2 2025 to a loss of A$2.8 million in H1 2026. What stands out for a more bullish view is that the trailing 12 month loss of A$82.2 million is lower than the A$118.0 million loss shown for the earlier period in the dataset. This lines up with the longer term pattern of losses reducing by about 12.6% a year. However, the company is still clearly in loss making territory, which keeps the focus on when, or if, this improving trend gets close to breakeven.\n     Supporters pointing to a narrowing loss can reference the step down from a A$70.1 million loss in H2 2025 to A$12.1 million in H1 2026, while critics will note that earnings from discontinued operations were a drag of A$2.8 million in H1 2026 after a positive A$1.8 million in H2 2025. The trailing 12 month EPS loss of A$1.04 sits between the earlier A$1.49 and A$1.14 figures in the dataset, which fits the story of gradual improvement but still leaves shareholders exposed to ongoing negative earnings.    If you are trying to work out whether this improving loss profile changes the long term story for Mayne Pharma, it can help to see how other investors connect these numbers to their own theses about the company. 📊 Read the what the Community is saying about Mayne Pharma Group. Losses steady against A$407.1 million in trailing 12 month revenue  Over the trailing 12 months Mayne Pharma reported A$407.1 million of revenue and a net loss, excluding extra items, of A$82.2 million, compared with A$408.1 million of revenue and a loss of A$90.1 million in the earlier trailing period. The revenue line sits in a tight band while the loss has been smaller than the A$118.0 million figure shown for the oldest period in the dataset. What is interesting for a more cautious, bearish angle is that even with revenue holding around A$400 million across the trailing periods, the company still recorded a loss of more than A$80 million most recently. This raises the question of how much more work is needed on costs and mix before this revenue base can support profitability.\n     Bears can point out that H1 2026 revenue of A$212.1 million is roughly similar to the A$213.1 million in H1 2025 and A$195.0 million in H2 2025, yet the earnings line swung from a A$70.1 million loss in H2 2025 to a A$12.1 million loss in H1 2026, suggesting that the income statement is still quite sensitive to shifts in expenses and discontinued items. They might also note that despite this pattern of smaller losses in the dataset, the trailing 12 month EPS is still a loss of A$1.04, which keeps pressure on management to show how this relatively stable revenue base can support a cleaner earnings profile over time.    P/S of 0.5x against peers near 20x  On valuation metrics, Mayne Pharma trades at a P/S of 0.5x, which is well below the peer average of 17.3x and the Australian pharmaceuticals industry average of 20.1x. The share price of A$2.54 also sits below the DCF fair value of A$4.01 implied in the model. Supporters of a more bullish stance argue that this wide gap can signal potential value if the business continues to reduce its losses, but sceptics come back to the fact that the company remains unprofitable over the trailing 12 months, so the low sales multiple and discount to the A$4.01 DCF fair value have to be weighed againstNext Steps\nDon't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Mayne Pharma Group's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. If the mix of cautious and optimistic takes in this article leaves you uncertain, do not wait around. Check the underlying data and see what stands out for you. To help with that, you can review our breakdown of 2 key rewards. See What Else Is Out There Mayne Pharma is working with a steady revenue base around A$400 million yet still reporting sizeable losses, which keeps profitability and risk firmly in focus. If those ongoing losses make you want a calmer ride, check out our 6 resilient stocks with low risk scores to find companies where financial risk scores look more controlled and predictable.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}