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.