Mayne Pharma is predicting significant growth in the year ahead from its recent purchase of a suite of US generic drugs and is on the lookout for more acquisitions.
The pharmaceuticals maker more than quadrupled profit in the 12 months to June 30 to $37.4 million, following the February acquisition of acne treatment Doryx and June launch of anti-cardiac arrhythmia drug dofetilide, which achieved a 100 per cent return on investment in its first week following US regulatory approval.
Mayne Pharma said its outlook for 2016/17 is very positive, with earnings coming online from the generic drugs it agreed in June to buy from Teva Pharmaceutical Industries and Allergan for $US652 million.
"The company has significant growth opportunities across multiple channels and all US business segments in the world's largest pharmaceutical market," chief executive Scott Richards said.
"The company will also continue to identify further business development opportunities to in-license or acquire complementary assets."
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Mr Richards did not give any specific guidance for 2016/17.
Underlying profit for 2015/16 - which strips out the costs of acquisitions, some legal costs and tax adjustments - more than tripled to $45.2 million.
Revenue jumped to $267.3 million from $141.4 million as, boosted by 180 days of market exclusivity, Mayne's dofetilide capsules - a generic alternative to Pfizer's Tikosyn - accounted for 75 per cent of the generic dofetilide market and 44 per cent of the total dofetilide market.
Shares in Mayne Pharma gained 6.5 cents, or 3.4 per cent, to $1.985.
MAYNE MAKING MONEY
* Net profit $37.4m v $7.8m
* Revenue up 89pct to $267.3m
* No final dividend
