Mayne Pharma Group Limited

Thank you for standing by and welcome to the Maine Pharma Group Limited Fall Year 2026 results. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you would like to ask a question via the phone, you will need to press the start key followed by the number 1 on your telephone keypad. If you would like to ask a question via the webcast, please enter it into the ask a question box and click submit. I'd now like to hand the conference over to Mr. Aaron Gray, CEO. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining Maine Pharma's fiscal year 26 full-year results presentation. I'm Aaron Gray, Chief Executive Officer, and I'm joined today by Griffin Buchanan, our Chief Financial Officer, who was appointed in August. Today, I'll begin with our fiscal 26 corporate highlights and global footprint. Griffin will then take you through the group financial performance before I return to walk through each of the three segments, Women's Health, Dermatology and DistributeRx, and International. And we'll then close with our future growth drivers and fiscal year 27 focus and outlook. Then we will open the line for questions. Please take a moment to read the disclaimer regarding forward-looking statements and the use of non-IFRS measures. Today's comments should be read in conjunction with our audited financial statements and ASX disclosures. Excuse me. Turning to slide three and our fiscal year 26 corporate highlights. Fiscal year 26 was a year of resilience and focus against a backdrop of considerable distraction and disruption. First, as part of our realignment of the Women's Health Salesforce, we refreshed our sales and marketing materials to better support the team in the field. We also introduced dedicated menopause and contraception field representation, which will allow us to drive deeper, more meaningful engagement with our high-value prescribers. In particular, we're increasing our focus on menopause, given the strong structural tailwinds behind it, which includes favorable regulatory changes, rising awareness, and robust market growth. Second, we launched DistributeRx in March, a landmark step in our disintermediation strategy. DistributeRx is a healthcare solutions business that partners with manufacturers to streamline prescription distribution and expand patient access, and it has exceeded expectations thus far, necessitating expansion to a new facility, which will include capital equipment that enables continued growth at scale. The new facility is expected to enable a seven-fold increase in capacity over two phases. Finally, the COSET transaction process and subsequent legal matters place considerable demands on management focus and organizational bandwidth. We received $14.4 million from Cosette in satisfaction of court-ordered legal costs and interest. The outcome of Cosette's appeal remains pending, and our damages claim against Cosette continues. We've also seen changes to the executive team and board. I was appointed CEO in February, having previously served as CFO, and Griffin joined as CFO in August. Professor Bruce Robinson was appointed chair and we welcome two new non-executive directors following three retirements from the board, strengthening the experience around the table. I am confident we have the right team to deliver in fiscal year 27 and am excited by what the future holds for Maine Pharma. This next slide sets out our global footprint. At 30 June 2026, the company employed a total of 470 people, 227 in the United States, and 243 in Australia. The majority of our U.S. headcount is focused on sales with our Women's Health Salesforce at 102 employees across 91 territories and our DistributeRx Salesforce at 28 employees across 23 territories. We operate in territories across the U.S. with dedicated company locations in Lexington, Kentucky and in Raleigh, North Carolina. Our Australian employees are primarily supporting production at our facility in Salisbury, South Australia, developing and manufacturing products for sale into markets outside the U.S., including Canada, Europe, Asia, Australia, and New Zealand. Turning to our fiscal year 26 financial highlights on slide five. Group revenue was $383.7 million, down 6% in Australian dollars on the prior year, and significantly impacted by foreign exchange translation. Encouragingly, gross margin expanded to 64.7%, up 411 basis points, reflecting disciplined pricing, mix, and channel execution. And gross profit was essentially flat at $248.1 million, despite the lower revenue. Total direct segment contribution was $107.1 million, down 2%. Underlying EBITDA was $34.2 million, down 27% on the 47 million delivered in fiscal year 25. I do want to briefly address the increase of 2.5 million to our underlying EBITDA between the announcement made on 31 July when the company anticipated fiscal year 26 underlying EBITDA of 31.7 million to today's number of 34.2 million. The 7.9% increase in underlying EBITDA announced today is driven by the company electing to treat the portion of share-based expense, which is attributable to retention, as part of the continuing operations adjustments, given the one-off nature of this expense. We close the year with cash and marketable securities of $80 million. I will now turn the call over to Griffin to run investors through our numbers at the group level and the segment level. Please go ahead, Griffin.

Thank you, Aaron. I will cover our group performance before turning to our three segments. Turning to our continuing operations for FY26, reported revenue came in at $383.7 million, down 6% on FY25's $408.1 million. That decline was driven by three factors. appreciation of the Australian dollar against the US dollar, a decline in dermatology from the loss of certain insurance coverage, competitive erosion on some brands, and a decline in the international as we transitioned our portfolio mix from lower to higher margin products and exited certain lines. Gross profit held essentially flat at $248.1 million. Reported direct contribution was $107.1 million down 2% on the prior year, reflecting higher sales and marketing investment in women's health, continued investment behind an Extellis PBS listing in Australia, and an increased OpEx dermatology tied to higher volumes through Attaway Apocacare, partially offset by an 11% increase in dermatology's own contribution. reported EBITDA was $141.4 million, well above FY25's $18.4 million. Though that comparison is affected by one-offs, litigation, and restructuring charges, derivative fair value adjustment, and the largest impact coming from the lease of earn-out liabilities from a reduction in future revenue forecast of certain licensed products. on an underlying basis EBITDA was $34.2 million, down 27% year-on-year. Operating cash flows from continuing operations was broadly stable at $24.9 million, while adjusted operating cash flow was $34.5 million, down 24%, reflecting the timing and scale of these one-offs. Slide 8, Ridges reported EBITDA to underlining EBITDA. reported EBITDA was affected by significant scheme-related legal fees, including litigation, restructuring charges, and non-cash earn-out reassessment of the Women's Health Portfolio. The earn-out reassessment is reflective of a reduction to future forecasted revenues, specifically for Anavera. I have mentioned the reasons of the $2.5 million increase in underlying EBITDA from the expectation we provided to the market on the 31st of July. reflecting the company's decision to treat the portion of share-based expense attributable to retention as part of the continuing operations adjustment given the one-off nature of this expense. In addition, in underlying basis, the year-on-year decline reflects the general business disruption caused by the COSEP transaction, our deliberate step-up in women's health sales and marketing, together with the higher mandatory post-approval study costs. unfavorable foreign exchange of approximately 1.9 as the Australian dollar appreciated, short-term incentives of approximately 7.1 expected to be recognized in FY26 versus none in FY25. In the absence of prior period managed care TRUO benefits of approximately 5.6 million recognized in FY25. Underlying EBITDA is a non-IFRS measure and is unaudited. Slide 9 walks you through the movement in cash and marketable securities from $100.4 million at the 30th of June 2025 to $80 million at the 30th of June 2026. The continuing business generated positive operating cash of approximately $34.5 million, excluding the Cosette litigation and transactional costs of $12.6 million. And we made payments of approximately $12.5 million in royalties and a $10.3 million earn-out payment for the 20-0 and obsolete acquisitions. The key message is the underlying business remains cash-generative with the year's movement driven largely by discrete earn out and litigation items. Now turning to the segment performance. Slide 11 shows the FY26 revenue and contributions split across three segments. Women's health contributed revenue of 174.3 million, dermatology 138.7 million, and international 70.7 million. On total direct contribution of $100.7 million, Women's Health delivered $57.9 million, Dermatology $44.5 million, and International $4.6 million. Underlying Women's Health and Dermatology as groups primary earning engines. Slide 12 summarizes the operating highlights across the three segments. and Women's Health, the FDA removed the black box warning on Bijuva in February of 2026. We made a targeted investment in sales, marketing, and patient access. We completed a sales force optimization for the menopause and contraception specialist in key metro markets, and we advanced the FDA required post-marketing studies for Anavera and Andrexi. In dermatology, we launched Twinio and Epsilay successfully launched DistributeRx in March, secured a major two-phase expansion at Apocalypse and broadened the DistributeRx platform. Signing the first third-party partner, we further manufacture agreement and negotiation. In international, we inaugurated $18 million in the Salisbury facility, upgraded, which was recognized in export and business awards and importantly secured the PBS approval for Nextelis. In Australia, driving strong prescription growth, expanded Canadian distribution in Canada and improved delivered in full on time to 97.4%. Turning to the segment performance on slide 13, women's health is where the FX impact is most pronounced. Revenue was actually up 2% in U.S. dollar terms at $118.2 million, but down 2% once translated to the Australian dollar at $174.3 million. So on an underlying consistent currency basis, the segment grew. That's reflected across the brand portfolio, too. McStellis grew 6% in U.S. dollars to $45.2 million, and Byjuba grew 20% to $15 million U.S. dollars, and direct contribution came in at 57.9, down 7% on a reported basis. For dermatology, revenue was $94.1 million, down 6% on the U.S. dollar basis, but once translated into U.S. dollars, that becomes $138.7 million, down 10%. Direct OpEx was up 4% to $44.2 million. Gross profit rose 7% to $88.7 million on a 63.9% margin, and a direct contribution grew 11% to $44.5 million. International delivered revenue of $70.7 million, down 7%, with direct OpEx up 18% to $16.7 million, and direct contribution down 38% to $4.6 million. These figures are reported in Australian dollars without a material U.S. dollar cross-currency effect. I will now hand the call back to Aaron to walk through the particular segment highlights. Please go ahead, Aaron. Thanks, Griffin.

Now going into some further detail on women's health. Slide 15 frames the menopause opportunity, which underpins by Juva and Invexi. The category is being de-risked by regulation changes with the FDA's removal of the black box warning for certain hormone replacement therapies, including by Juva. There is a powerful demographic tailwind with around 75 million women in the United States now in peri- or post-menopause and a further 1.3 million entering each year. a market that remains significantly underserved. Celebrity-led destigmatization is converting awareness into clinical demand. Payer coverage is expanding, and independent estimates see the menopause market growing from around U.S. $10 to $15 billion in 2026 to U.S. $15 to $25 billion by 2030, or an estimated 60% growth. We invested in a specialist menopause sales force in the second half given the category's potential. Byjuva delivered total prescription growth of 26% and net sales up 20% to U.S. $15 million. Invexi grew prescription 6% with net sales up 8% to U.S. $29.3 million. Slide 16 covers contraception and next fellowship. eDrivers include expanding payer willingness to cover open, affordable, contraceptive access under the Affordable Care Act, growing digital and direct-to-patient access through telehealth and online pharmacies, and improved payer coverage that drove a significant step up in volumes in the fourth quarter. We added approximately 15 million additional covered lives in fiscal year 26. Nextel has delivered demand cycles up 15% and net sales up 6% to US $45.2 million. Anovera saw prescriptions up 2%, though net sales were down 13% to US $25.7 million, reflecting persistent product returns, which we are actively working to address. Turning now to Dermatology and DistributeRx on slide 17. Slide 18 shows how a shift in our dermatology product mix is driving margin and contribution growth. Branded products increased as a share of the portfolio from around 54% in fiscal year 25 to 58% in fiscal 26. That shift combined with continued channel optimization drove gross margin and contribution growth even against a lower revenue base. Slide 19 sets out our dermatology portfolio, a mix of branded and generic products. six branded products and 25 generic and authorized generic products for 31 total main pharma dermatology products with long-dated patent protection extending in some cases to 2041. I should note that a generic Rofate launched in July 2026 as expected. Slide 20 explains our disintermediation strategy. Removing intermediaries between main pharma as manufacturer and between the patient. The U.S. pharmacy distribution system creates real friction, handoffs, stage gates, opaque financial incentives, and obstructions that increase cost to patients and manufacturers through rebates and fees, increase unfilled prescriptions from barriers and outright abandonment, and create significant additional effort to patients and HCPs to attempt to get the prescribed medication into the hands of the patient. DistributeRx with Adelaide Apothecary as our licensed cash pay pharmacy arm addresses that friction. Maine has been focused on these problems for five-plus years, and as a result, fiscal year 26 saw approximately 60% of our U.S. women's health and dermatology volumes move through those nontraditional channels. Slide 21. Slide 21. DistributeRx is a wholly-owned subsidiary of Main Pharma, focused on partnership with manufacturers, providers, and pharmacies to improve patient access and offer predictable prices. We compete in the e-pharmacy market space. This market is expected to reach around U.S. $252 billion by 2030. The launch of DistributeRx materially exceeded expectations, delivering strong prescription growth ahead of forecast and the prior corresponding period. with around 5,000 new prescribers added since launch. In May, we announced a major expansion of Adelaide Apothecary in Lexington, Kentucky, lifting capacity to up to 2.5 million prescriptions per annum across two phases, with around U.S. $4 million invested for capital equipment and automation. Slide 22 shows the total DistributeRx portfolio, including the main pharma and non-main products. At present, the channel carries the previously mentioned 31 main pharma dermatology products alongside a further 208 third-party products with a pipeline of additional products across several new manufacturers, including our first third-party partnership with Resilia Pharmaceuticals announced 1st of June, 2026. Turning now to our final segment, international. Nextelos was added to the PBS on the 1st of October 2025 with around 1.7 million Australian women using contraception each year and following our investment in sales and marketing post-listing. We've generated strong prescription growth with Australian demand cycles rising materially through the second half and reaching record... Slide 25 sets out our future growth drivers. In women's health, our strong intellectual property and current market share provides ample headroom to continue to grow all products. We have a significant market opportunity in the hormone replacement therapy space with the promotion, sales execution, and access all in the right position at the right time to pursue this opportunity. In dermatology, the main products can address as many as one in three derm conditions, and there is an acute and growing need for improved patient access, price transparency, and process efficiency. The DistributeRx solution has been purpose-built, tested, and launched to address these needs. We do see opportunities to continue to expand our asset portfolio with a focus on profitability and capital efficiency and, as mentioned, have a number of promising manufacturing partnerships in work. In international, Nextella's growth has accelerated following the PBS tailwind, and the Salisbury capacity upgrade, together with significant business development efforts, will add partnerships to grow exports and add products. Slide 26 summarizes our fiscal year 27 focus. In Women's Health, we will leverage the current commercial structure to grow where the opportunities are greatest, improve coverage on Nextella's, removal of the black box warning on Bijuva, and general increase in awareness on hormone replacement therapies to treat menopause creates significant opportunity. We will further optimize how our products move through distribution channels to improve patient and manufacturer outcomes. In dermatology, we will grow the portfolio and optimize supply and pricing in the face of some anticipated loss of coverage, insurance coverage on Twinio, and generic entry against Rofaid. DistributeRx will be focused on prescription growth with additional territories, products, and partnerships driving growth in new and repeat writers. In international, we will build on NextEllis growth and leverage the Salisbury investment for export and contract manufacturing growth. And at a corporate level, we will continue to evaluate capital-efficient synergistic acquisitions alongside disciplined capital management. In closing fiscal year 26 was a year in which we strengthened the foundations of the business and we enter fiscal year 27 with clear commercial momentum and a disciplined plan to convert it into durable, profitable growth. And I would like to thank all of the main pharma employees who all contributed to make that happen. That concludes our formal presentation. Griffin and I would now be happy to take your questions. Our investor relations contact details are on screen.

Thank you. If you would like to ask a question via the phone, you'll need to press the star key followed by the number one on your telephone keypad. If you'd like to ask a question via the webcast, please type your question into the ask a question box and click submit. I'd first like to hand over to Mr. Tom Doofy to address any pre-submitted questions.

Thank you very much, Darcy. We've had a couple of questions relating to the distributed RX manufacturing pipeline or manufacturer pipeline. So, Aaron, this is a consolidated question. One distributed RX manufacturer, Resilient Pharma, is signed and seven more are in negotiation covering 13 pipeline products. What revenue uplift should the market expect as those aggressively convert and on what timeline do we anticipate these to be converted? Thank you.

Thanks for the question. The expansion for these arrangements is driven by manufacturers seeing what Maine Pharma sees, namely that DistributeRx has a value-added channel for their products. As mentioned, we have seven additional manufacturers in negotiation covering 13 different products. We would expect to convert a significant percentage of those manufacturers in the near term. We don't specifically provide revenue guidance for DistributeRx, but do expect to be able to provide the market with some numbers at the first half of fiscal year 2027. We do anticipate expanding beyond dermatology as well. So some of those products that we would add may expand beyond the dermatology therapeutic area.

Thank you, Aaron. The next question relates to menopause. Menopause is clearly central to your growth story by Juva and Invexi. and the FDA Black Box Warning Removal, with Main Pharma, as currently indicated to the market, holding a very low single-digit share of these markets. The question is, why are you so confident menopause is the growth driver for this business, and what needs to be true for Main to capture a disproportionate share of that expansion?

Thanks for that question. Menopause is a Menopause has been an area that was, especially in the U.S., severely impacted by a study that was performed in 2002. In the year 2000, as many as 27% of women in the United States used hormone replacement therapy for menopause symptoms. Following the WHI study that I mentioned in 2002, that usage declined to around 4% to 6% of women. So the use declined from 27% to something around 5%. Consumer behavior, knowledge of healthcare providers, and regulators signaling an increased acceptance with black box warning removal have all spurred significant growth. With this market, expect to grow as much as 60% by 2030. A reasonable proxy is Europe, where today approximately 16% of women use hormone replacement therapy for menopause symptoms. The products that we have are best-in-class products. They have an accretive cash profile versus some of our other products. And they've been at the center of some of the investments that we've made to increase digital and in-person promotion of menopause products. And the growth that we've seen to date actually predates those investments. So we've made targeted investments. We've made those investments on, with very grounded assessments of what those investments will be worth, and we are already seeing the positive results of those investments.

Thank you. We have a question relating to the gross margin in women's health. There was a decline in FY26. The question is, can you comment on the direction of the women's health gross margin into FY27?

We would generally expect the gross margins to improve between fiscal year 26 and fiscal year 27. We continue to see growth in the women's health products. Fiscal year 25 was buoyed by a managed care adjustment of about $5.6 million, which was non-recurring in fiscal year 26. And so it was an inflation on fiscal year 25 that we didn't see again in fiscal year 26. That was a function of some of the conservatism that I as CFO held in the gross per net estimation as we overhauled all of our processes, all of our data, et cetera, over a multi-year period. And so we continue to refine our approach there, but our approach has proven to be quite accurate. Hence, we didn't need to hold the same level of conservatism. We also saw that fiscal year 26 was heavily weighed down with over $11 million USD of product returns on Anavera. And that's $11 million USD negative revenue or debit to revenue, reduction of revenue, with a straight hit to profit. And so we're working on changing the way that product is handled and treating that product more as a specialty product than as a standard pharmacy product that runs through a more traditional channel. So the size of the opportunity there as well is $11 million. In addition to that, the increase in Nextellis coverage that I mentioned with the expansion of Covered Lives gives us a higher mix of covered transactions compared to cash transactions. So we would expect some volume of cash transactions to move to covered. And overall, that mixed effect would be expected to be accretive to the fiscal year 26 margin profile.

Thank you, Aaron. Just while we're on women's health and the women's health product, this relates to the international business. Nextellis Australian demand is up strongly since PBS listing. Is this a function of the PBS cost effect for patients or the sales and marketing push?

That is a function of both. A three-month supply of Nextellis now costs a patient in Australia $25, which is one factor, putting us on equal footing with other oral contraceptives. but another factor is the unique profile of the product, which has been central to being able to drive increased sales. So we promoted the product. The product is a differentiated superior product, and it's now on equal footing with other oral contraceptives that are on the PBS. We have a solid runway there, and we expect to see continued growth for this product in Australia.

Thank you Aaron. This question relates to guidance. Is there any guidance for one-off costs moving forward and can you provide any updates on the legal scheme costs moving forward?

So we don't provide guidance on one-off costs by the nature they're relatively difficult to guide upon or predict. We've significantly reduced the one-off costs, having exited the generics business and running down a large portion of the surprises that come there as a function of either Inflation Reduction Act topics, product returns, legacy matters that were part of the core thesis for us to exit the generics business. So we've significantly run that down. I would expect that to be lower year-on-year than what we've experienced. with respect to other one-off costs. Scheme costs, there are no further costs for the scheme with Cosette. We only would have litigation costs, which we don't provide guidance information to the market, but we would not expect the litigation costs to be outsized relative to other matters that are similar. The litigation forward-looking runs on a more normal timeframe and a more normal scale compared to what we worked through in the determination of the scheme.

Thank you. It just relates to the growth opportunity for e-pharmacy and distributed Rx generally. So you've mentioned on the call today that the e-pharmacy market is forecast to reach $252 billion US by 2030. The question is, what structural shift in US pharmacy distribution makes now the right time for distributed Rx? And how is Maine positioned to grow this business unit strongly over time?

the U.S. healthcare system and consumer awareness are reaching a point, being a participant in the U.S. healthcare system and a consumer, where patients see diminishing and maybe little or no value in having insurance. And in many cases, paying cash for a product is less costly to the patient than using their insurance, and that doesn't even include the cost of having the insurance. In many cases, the sum of the fees paid across the standard value flow for a pharmaceutical product exceed the net realized price of the product by multiples of two to four times. Product availability can be a challenge. We've seen vertical integration and financial incentives between large payers, pharmacy benefit managers, and pharmacies, which have the effect to limit patient and provider choice. and this is really something that Maine's been battling for the past five plus years. Maine is an early mover in this space, and our solutions have been designed and tested pretty significantly. Our solution is embedded in workflow in the office, which makes using our solution much more convenient for the provider and the patient. It works. Our solution is one of the only solutions, maybe the only solution, that works with insured and cash patients and provides them with transparency to make the choice themselves. This solution also only provides pharmacy options that actually dispense the drug the HCP has prescribed. It's not a script that gets sent to your neighborhood pharmacy, which if it happens to be one of the vertically integrated pharmacies, we shall remain nameless on the call. could result in switching due to some of the aforementioned financial incentives or some of the barriers that are put in place. Since launch, since we've launched this in March, we've significantly scaled the business and are actually operating at or above full capacity at Adelaide Apothecary. Shout out to that team and thanks to Jill and the full team. Hence the relocation and investment in the new facility. the growth we've realized to date is driven by dermatology products, but the solution also works quite well for any non-acute prescription that has poor or low insurance coverage. And that creates the potential to expand to other therapeutic areas, other products, and the need is real for, because of all these structural matters, for products well beyond dermatology.

Right. Thank you, Aaron. The next question is, relates to some of the media speculation regarding Maine Pharma over the preceding weeks. How widespread is the shareholder disquiet that has been expressed publicly, and what is Maine's response?

We don't comment on market speculation. We will, of course, comply with our continuous disclosure obligations if a matter... requiring disclosure arises, but I would just say that we do not comment on market speculation.

Thank you, Aaron. I would like to turn the call back over to Darcy for a phone question. Over to you, Darcy.

Thank you. Once again, if you would like to ask a question, please press star 1 on your telephone and leave your name to be announced. Your first question from the phone comes from Andrew Goodsall from MST Marquis. Please go ahead.

Good morning, thanks for taking my question. Just trying to understand direction of travel for the gross profit margins, just looking at sort of first half, second half, 26 comparisons, and starting with women's health, it doesn't look like there's been a sort of big turnaround, but I guess you might have better visibility on sort of direction of travel with those margins, just particularly maybe the last quarter.

Yeah, one of the things to remember, Andrew, and thanks for the question, One of the things to remember is that our second half experiences significant seasonality following the copay resets in the U.S. healthcare system that happened at the beginning of January. And so we typically see a significant reduction in coverage scripts and a significant increase in cash scripts during the first half. We also continue to suffer the returns topic that I mentioned on Enervera. across the second half, and that hit us to a discrepant portion. So those are – the seasonality will continue. That's just an artifact of the system that we're in to the extent that we continue to derive a significant portion of our margins from covered business. However, we are actively working to address the inter-era returns. It's not an overnight thing that we can do, but as I mentioned, that was an $11 million USD impact in fiscal year 26.

And I guess just in terms of direction, you know, with adding to the portfolio and so on, you know, is your expectation or ambition to get those margins up?

Danny, so generally we would expect that those margins would increase. As we increase the mix between covered scripts, the weighted average skews towards more coverage on Nextel's with the additional covered lives that I've mentioned. We'll have fewer cash scripts at a lower profit margin. We've implemented a number of things to try and improve our overall margins, continuing to refine copay monitoring and different pharmacy partnerships and how we manage those partnerships. And obviously, we'll address the end-of-era returns as well. So, we don't see barriers to be able to continue to drive some of those margins. We also continue to have the option of price increases. So, there can be some cost inflation, but... generally speaking, we would expect the margins to hold and slightly accrete. Okay.

And I know it's early days, but just the launch of 20-0 and FLA, just any sort of reaction to how they're tracking?

Andrew, you're breaking up pretty bad. I think there's an interference on the line.

Yeah, I could hear it. Just FLA and 20-0, just how they're tracking.

Twinio and Epsilay have been tracking basically on plan for us. They've significantly lifted the overall gross margin of the dermatology portfolio, which is what you can see with the gross margin development. That development year on year, the increase in the gross margin, is a function of having added Twinio and Epsilay to the portfolio. So they're tracking reasonably well. They are... solid products with really long patent lives. And so we expect to be able to continue to derive margin from them. I did note in the presentation that we lost some amount of coverage on 20-0. So we would expect that there is some amount of price impact throughout fiscal year 27. But the product continues to be a really good product for us. We're very happy with it.

Thank you. As there are no further final questions, I'll now hand back to Mr. Aaron Gray for any closing remarks.

Thank you very much, operator. Appreciate it. Thanks, everybody, for joining. Again, fiscal year 26 was a tough year for the company because that transaction ended in December. And so it's been a relatively short time that we've been turning things around, getting people back engaged. And I would just like to repeat what I said earlier, which was thanking all of the employees of the company for sticking with us and for helping to bring us to this stage. We're well positioned for fiscal year 27 with all of the work that's been done.

That does conclude our conference for today. Thank you for participating. You may now disconnect.