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Mayne Pharma Group Limited Investor Presentation Aaron Gray (CEO) Griffin Buchanan (CFO) 26 October 2026
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2 Disclaimer The information provided is general in nature and is in summary form only. It is not complete and should be read in conjunction with the company’s audited Financial Statements and market disclosures. This material is not intended to be relied upon as advice to investors or potential investors. Non-IFRS information ● Other than as indicated, the financial information contained in this document is directly extracted or calculated from the audited Financial Statements. Throughout this document some non-IFRS financial information is stated, excluding certain specified income and expenses. Results excluding such items are considered by the Directors to provide a meaningful basis for comparison from period to period. ● Earnings before interest, tax, depreciation and amortisation (EBITDA) – a non-IFRS term – is considered by Directors to be a meaningful measure of the operating earnings and performance of the Group and this information may be useful for investors as it provides additional and relevant information that reflects the underlying performance of the business. ● The non-IFRS financial information has not been audited by the Group’s auditors. Forward looking statements ● This presentation contains forward-looking statements that involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to the Company. These forward looking statements use words such as ‘potential’, ‘expect’, ‘anticipate’, ‘intend’, ‘plan’ and ‘may’, and other words of similar meaning. No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including the Company). Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements. Subject to the Company’s continuous disclosure obligations at law and under the listing rules of the Australian Securities Exchange, the Company disclaims any obligation to update or revise any forward looking statements. The factors that may affect the Company’s future performance include, among others: changes in economic conditions, changes in the legal and regulatory regimes in which the Company operates, litigation or government investigations, decisions by regulatory authorities, changes in behaviour of major customers, suppliers and competitors, interruptions to manufacturing or distribution, the success of research and development activities and research collaborations and the Company’s ability to protect its intellectual property. Other ● A glossary of industry terminology is contained in the Mayne Pharma Annual Report which can be accessed at https://investors.maynepharma.com/results-and-reports and product descriptions are detailed at maynepharma.com/us-products and maynepharma.com/au-products. ● DORYX®, FABIOR® and RHOFADE® are trademarks of Mayne Pharma. ACCUTANE®, ANNOVERA®, BIJUVA®, BLISSEL®, EPSOLAY®, IMVEXXY®, KADIAN®, NEXTSTELLIS®, RECEDO®, TWYNEO® and WYNZORA® and are trademarks of third parties.
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3 International Dermatology A diversified portfolio of branded specialty and generic dermatology medicines including recently acquired products. Strategy to drive access and lower patient acquisition costs across rosacea, acne, psoriasis and atopic dermatitis. Strong focus on channel Disintermediation. Launch of DistributeRx in March 2026. Share price (ASX:MYX) $2.45 GICS Industry Group Code (Pharmaceuticals) 35202010 Shares on Issue 81.9 million Market Capitalisation $200.7 million FY26 Sales $383.7 million FY26 Underlying EBITDA $34.2 million Cash & Marketable Securities (30 June 2026) $80.0 million Top 20 Shareholders 60.4% Substantial Shareholders Funicular Funds LP (9.9%) Mr Bruce Mathieson (6.5%) Rubric Capital Management LP (5.4%) Trium Capital LLP (5.0%) Analyst Coverage Madeleine Williams: Canaccord Genuity Andrew Goodsall: MST Marquee Snapshot Corporate Summary1,2 1. Share price data, Top 20 shareholders as at 23 Oct 2026 2. Financial data per Mayne Pharma FY26 results • Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising novel pharmaceuticals, offering patients better, safe and more accessible medicines • Mayne Pharma has a 40-year track record of innovation and success in developing new oral drug delivery systems. These technologies have been successfully commercialised in numerous products that continue to be marketed around the world Our Focus Segments Women’s Health A specialty branded portfolio with significant patent coverage focused on improving access and adherence in contraception and menopause care through targeted prescriber engagement and patient support. US Focus. Australian-based manufacturer (Salisbury, South Australia) with sales of branded and generic pharmaceutical products to customers and partners globally (ex-US) and the provision of contract development and manufacturing services to third party customers. Improving patient access to life-enhancing medications
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4 Mayne Pharma in 2026 Branded Product Sales Now Represent a Significant Proportion (%) of Mayne Pharma’s Net Sales, Driving Margin Expansion 1. Unaudited financial information FY24 FY25 FY26 68% Branded │ 32% Generic 56% Gross Margin 79% Branded │ 21% Generic 61% Gross Margin 83% Branded │ 17% Generic 65% Gross Margin500 bps 400 bps 68% 83% 79% 32% 21% 17%
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5 FY26 Corporate Highlights Realignment of Women’s Health Sales Force • Refreshed sales and marketing materials • Dedicated menopause and contraception field representation driving deeper specialist engagement with high -value prescribers • Increased focus on menopause given structural tailwinds including regulatory changes, awareness and strong market growth Launch of DistributeRx • A landmark step in Mayne Pharma's disintermediation strategy; DistributeRx launched in March 2026, which is a healthcare solu tions business that partners with manufacturers to streamline the prescription distribution process and expand patient access to medications • Significantly exceeded expectations in FY26 with new automated facility to deliver seven-fold increase in capacity over two phases Cosette Transaction • Cosette transaction process and subsequent legal matters placed considerable demands on management focus and organisational b andwidth, including general disruption to the Mayne Pharma business • The Company received $14.4 million from Cosette in full satisfaction of FY25 court -ordered legal costs and interest • Court of Appeal upheld ruling of October 2025 1 • Mayne Pharma damages claim against Cosette continues A year of resilience and focus against a backdrop of general operational distraction and disruption 1. ASX announcement dated 14 October 2026
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6 Global Headcount & Sales Force Global footprint Australia 243 18% Employees FY26 sales mix United States 227 82% Employees FY26 sales mix T O T A L H E A D C O U N T 1 470 Employees 1. As at 30 June 2026 Salisbury, South Australia Lexington, KY | Raleigh, NC Current Women’s Health sales representation of ~90 persons Current DistributeRx sales representation of 22 persons Mayne Pharma International products manufactured from Salisbury are sold across international markets (ex-US) inc. Canada, Europe, Asia, Australia and NZ
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7 FY26 Financial Highlights1 1. All numbers are expressed in AUD/A$ terms unless otherwise stated. 2. Underlying EBITDA is a non-IFRS measure and excludes earn-out reassessments, restructuring charges, class action settlement costs, derivative fair value adjustments and litigation expense. 3. Excluding class action settlement and tax refund in FY25 and Scheme transaction and litigation costs in FY26. Margin expansion and resilient segment contribution through a year of disruption and reinvestment $383.7m Revenue down 6% FY25 64.7% Gross margin Up 4.1% from 60.6% FY25 $34.2m Underlying EBITDA2 down 27% from $47.0m FY25 $107.1m Total direct segment contribution down 2% from $109.7m FY25 $34.5m Adjusted operating cashflow from continuing operations3 down 24% from $45.4m FY25 $80.0m Cash and marketable securities at 30 June 2026 down from $100.4m FY25
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8 A$174.3, 46%A$138.7, 36% A$70.7, 18% FY26 Snapshot – Segments $107.1m FY26 Total Direct Contribution A$57.9, 54% A$44.5, 42% A$4.6, 4% Women’s Health FY26 Segment Contribution (A$m, % of total) Dermatology/DistributeRx International FY26 Revenue Contribution (A$m, % of total)
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1Q FY27 Review
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10 1Q FY27 Financial Results1 1. All numbers are expressed in AUD/A$ terms unless otherwise stated and are unaudited 2. Underlying EBITDA is a non-IFRS measure and excludes earn-out reassessments, litigation and restructuring charges, derivative fair value adjustments, other 3. Total net operating cashflow excluding outflows for discontinued operations and legal expenses (terminated scheme). Earnout payments recognised as financing cash outflows 1Q FY27 reflects solid momentum from Women’s Health, offset by a decline in higher margin branded Dermatology sales $95.7m Revenue down 2% from 1Q FY26 63% Gross margin down from 67% 1Q FY26 $5.3m Underlying EBITDA2 down 52% from 1Q FY26 $23.3m Total direct segment contribution down 23% from 1Q FY26 -$2.1m Adjusted operating cashflow from continuing operations 3, was +$6.6m in 1Q FY26 $67.3m Cash and marketable securities at 30 Sep 2026
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11 1Q FY27 Unaudited EBITDA & Cash Flow1 1. Main driver of the quarterly operating cash flow relates to the timing effect of certain GTN cash payments. EBITDA ($m) CASH FLOW ($m) -2.1 -4.5 -3.5 -0.2 -0.8 -0.5 -1.2 80.0 69.9 69.8 67.3 30 Jun 2026 Cash balance 30 Sep 2026 Cash balance Transaction & litigation costs Earn-outs (Royalties) Adjusted cash flow from continuing operations Discontinued operations Capital leases Capex (net) Other 6.0 0.9 -1.6 5.3 Reported EBITDA Underlying EBITDA Legal costs Restructuring & Other • Reported EBITDA of -$1.6 million: an improvement of 48% on the pcp • Underlying EBITDA of $5.3 million: down 52% on the pcp • 1Q of each FY period most US patients have met their annual co-pay and deductible obligations, which lowers patient out-of-pocket costs and Gross to Net (GTN) expense and supports net pricing and demand • -$2.1 million in adjusted cash flows from continuing operations • -$0.2 million for discontinued operations • Additional Capex for new DistributeRx facility to meet demand • Closing cash of $67.3 million
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12 1Q FY27 Operating & Financial Highlights (Segments) Women’s Health Dermatology/DistributeRx • Policy tailwinds with first US congressional hearing on menopause held; Illinois mandates menopause treatment coverage • IMVEXXY® paragraph IV litigation concluded with settlement agreements • Large PBM added NEXTSTELLIS® coverage from 1 August 2026 (total ~128m covered lives); • BIJUVA® campaigns won two PM360 Trailblazer Awards • Revenue of US$34.4 million (+9% versus pcp) • NEXTSTELLIS® demand cycles1 up 27% and net sales of US$14.7 million (+17%); • BIJUVA® total prescriptions (TRx) up 25% and net sales of US$4.5 million (+8%); • IMVEXXY® TRx up 13% and net sales of US$8.5 million (+39%); and • ANNOVERA® TRx down 1% and net sales of US$5.9 million (-27%) • Gross profit of US$27.6 million (+8% versus pcp) and gross margin of 80% (net selling price holding) • Direct contribution of US$12.8 million (+4% versus pcp) • gACCUTANE® closed 1Q at ~69% category share; result reflects generic RHOFADE® entry in July 2026 and loss of coverage for TWYNEO® • DistributeRx Lexington, Kentucky facility on track for early 2027, lifting capacity ~seven-fold to >2.5m prescriptions p.a. • RECEDO® monthly volumes up 15–20% since onboarding • In discussions with 7 companies on 11 products to bring into DistributeRx channel • 84k total prescriptions (+35% versus 4Q FY26) | 6,059 unique prescribers | 18 of 34 target territories with field representation • Revenue of US$18.9 million (-16% versus pcp) • Gross profit of US$10.7 million (-28% versus pcp) and gross margin of 57% (-14% versus pcp) • Direct contribution of US$3.1 million (-61% versus pcp) 1. Calculated as IQVIA reported TRx (converted to units/cycles) plus non-reporting pharmacies (including Mayne Pharma’s own distribution channel). TRx converted to units by taking number of pills in the TRx divided by 28 (number of NEXTSTELLIS® pills included in 1 month of therapy). NEXTSTELLIS® prescriptions can be prescribed in 1-month and 3-month increments. On average 1 TRx equals 2.0 units/cycles.
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13 1Q FY27 Operating & Financial Highlights (Segments) International Corporate • Cash and marketable securities of $67.3 million at 30 September 2026 • Positive movement on legal matters in 1Q and early in 2Q: multiple settlements across a legacy action, paragraph IV litigation and winning the Cosette appeal • Griffin Buchanan commenced as CFO (1 August 2026) and Jacob Ma-Weaver joined the Board (14 August 2026) • Company retains financial flexibility to reinvest in its growth priorities and pursue capital-efficient business development opportunities • NEXTSTELLIS® demand cycles up 306% versus pcp, up 35% on 4Q FY261 • BLISSEL® Australian licence signed; launch targeted in FY28 • KADIAN® growth in Canada; Salisbury partnering underway • Revenue of $20.2 million (+13% versus pcp) • Gross profit of $6.1 million (+3% versus pcp) and gross margin of 31% • Direct contribution of $1.4 million (-5% versus pcp) 1. iQVIA data. Adjusted from 1Q FY26 onwards due to transposition error on data set
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Women’s Health
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15 US Indication Deal Structure and Terms Women’s Health Global footprint Branded Products Last Patent Expiry1 2043 2039 20342 2032 1. Orange Book: Approved Drug Products with Therapeutic Equivalence Evaluations 2. No further Paragraph IV challenges for IMVEXXY® (Sun Pharma settled in Sept 2026; Teva Pharma. USA settled in Oct 2026) 3. Cumulative net sales of US$2.25 billion 4. The 10% royalty is deducted from Net Sales of ANNOVERA® prior to the application of the 8% royalty payable to TXMD An Exclusively Licensed Portfolio for the US Market; manufacturing via third parties 8% Net Sales on all TXMD Licensed Products (ANNOVERA®, IMVEXXY®, BIJUVA®) Royalties 10% Net Sales to Population Council (ANNOVERA®)4 Pop. Council: US$40.0m (cumulative sales of US$400m: ANNOVERA®) Pop. Council: US$40.0m (cumulative sales of US$1.0bn: ANNOVERA®) TXMD: US$100m in net revenue (US$5m milestone payment) TXMD: US$200m in net revenue (US$10m milestone payment) TXMD: US$300m in net revenue (US$15m milestone payment) Variable COGS payment to Gedeon Richter (in gross margin) Dependent on forward sales of NEXTSTELLIS® (no guidance provided) Licensor: TherapeuticsMD (TXMD) • December 2022 • Cash consideration to TXMD of US$140m and a US$13.1m payment for acquired NWC Licensor: Mithra (Gedeon Richter) • October 2019 • US$11m cash + equity upfront + up to US$295m in contingent payments3 Milestones Royalties Milestones Menopause Menopause Contraception Contraception
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16 The Rise of Menopause Global footprint Key Drivers 107 137 169 177 168 183 180 80 100 120 140 160 180 200 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 2HFY26 38 45 53 61 67 77 84 - 10 20 30 40 50 60 70 80 90 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 2HFY26 FY26 • Regulatory de-risking of the category: FDA announced black boxed-warning removal for certain hormone replacement therapies (HRTs) in Nov 2025 • Demographic tailwind: A large, sustained cohort is moving into peri- and post- menopause representing 75m women now in the United States (+1.3m annually) – significantly underpenetrated relative to other markets • Celebrity-led destigmatisation: converting awareness into clinical demand • Expanding payer coverage: lowering the affordability barrier with US States actively seeking to improve access • Large market growth: menopause market is expected to grow from ~US$10B– 15B market in 2026 to ~US$15B–25B in 20301 • Specialist menopause sales force in 2H FY26 given growth potential of category FY26 Penetration of Category1: ~1% FY26 Penetration of Category1: ~2% Total Prescriptions (TRx, ‘000) Total Prescriptions (TRx, ‘000) TRx +6% on pcp Net Sales +8%: US$29.3m TRx +26% on pcp Net Sales +20%: US$15.0m FY26 1. PWC - Unlocking the menopause opportunity: A defining category in women’s health
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17 Contraception Global footprint Key Drivers FY26 • Affordable Care Act benefits: payers showing more willingness to provide coverage for open, affordable contraceptive access for all women in the United States • Digital and direct-to-patient access: Increase adoption of telehealth prescribing, online pharmacies and delivery apps continue to broaden and streamline access • NEXTSTELLIS® new coverage: expanded access lowered net sales per unit due to incremental rebates, but the impact is more than offset by unlocking significant volume growth, as demonstrated in Q4 • ANNOVERA® returns: persistent challenges with returns driving net sales lower despite single digit TRx growth; focus on channel strategy optimisation towards channels with a more favourable returns profile and improved economic value FY26 Penetration of Category1: ~3% FY26 Penetration of Category1: ~2% 1. iQVIA data as at 30 September 2026 45 58 71 89 106 118 125 138 146 152 155 168 171 176 175 194 28.9% 22.4% 25.4% 19.1% 11.3%5.9% 10.4% 5.8% 4.1% 2.0% 8.4% 1.8% 2.9% -0.6% 10.6%11.7% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 216 12 12 14 14 14 14 14 - 2 4 6 8 10 12 14 2HFY23 1HFY24 2HFY24 1HFY25 2HFY25 1HFY26 2HFY26 TRx +2% on pcp Net Sales -13%: US$25.7m Total Prescriptions (TRx, ‘000) 7.1 7.1 13.8 16.3 22.4 20.1 23.4 21.8 -2.0 3.0 8.0 13.0 18.0 23.0 28.0 Net Sales (US$m) & Growth (%) FY26 Cycles +15% on pcp Net Sales +6%: US$45.2m Demand cycles (‘000) and Sequential Growth (%) 95% 123% 63% 9% 131% 23% 4% 567%
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Dermatology and DistributeRx
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19 Dermatology Products Global footprintA portfolio of branded and generics Dermatology Last Patent Expiry 20351 2030 2039 2034 2041 2041 1. RHOFADE® generic launch in July 2026 Branded Portfolio 25 Generics, Authorised Generics Products 31 Total Mayne Pharma Dermatology Products 6 Branded Products
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20 Mayne Pharma Disintermediation DistributeRx is Mayne Pharma's direct-to-patient distribution platform with Adelaide Apothecary serving as Mayne Pharma’s licensed pharmacy arm driving cash pay fulfilment of patient prescriptions as part of the Company’s overall disintermediation strategy. DistributeRx launched operations in March 2026. Total Investment at launch US$0.5m Disintermediation: Involves removing the intermediaries (wholesalers or others) between the manufacturer (Mayne Pharma) and the patient 60% Non-Wholesale volumes in FY261 1. As a % percentage of total US Women’s Health and Dermatology product volumes Unfilled Prescriptions High copays and complex prior authorisations cause patients to abandon prescriptions at the pharmacy counter Lost Profit Margin Rebates, Direct and Indirect Remuneration (DIR) fees, and intermediary margins erode manufacturer profitability across the distribution chain Formulary Exclusions PBM restrictions limit formulary access, reducing branded product availability and patient choice Expanding Cash Market Patients increasingly bypass insurance, seeking lower-cost alternatives outside traditional channels Pharmacy Losses DIR clawbacks and below-cost reimbursement drive negative margins on branded dispensing The complexity of the US pharmacy distribution system creates barriers that impact manufacturers, pharmacies, and patients Cycle of inefficiency and waste
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21 DistributeRx partners with manufacturers, providers, and pharmacies to improve patient access and offer predictable prices P R E S C R I P T I O N A C C E S S M A D E S I M P L E 1. Precedence Research • ePharmacy size ~US$252 billion by 2030 (CAGR 17%)1 driven by rising consumer adoption of digital pharmacy and home delivery • DistributeRx has delivered very strong growth since launch in March 2026 • Early 2Q FY27 Field representation of 22 territories versus 34 targeted provides meaningful coverage and vol. opportunities in priority markets through FY27. • Strong demand profile: May 2026 announced major expansion of Adelaide Apothecary (MYX cash pay pharmacy) in Lexington, KY • Up to 2.5m Rx per annum capacity, US$4m CAPEX across two phases for equipment and automation capability +120% | +35% 1Q FY27 Total Rx growth versus the pcp | 4Q FY26 ~84,000 Total Rx 1Q FY27 6,059 New prescribers added since launch
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22 Global footprint100% Mayne Pharma owned subsidiary with a portfolio of branded and generics, both Mayne Pharma owned and Via Third Parties 1. As at 30 September 2026. Source: https://www.distributerx.com/price-list 2. Formal contracts with third party manufacturers in negotiation or signed (Resilia Pharma per ASX release 1 June 2026) as at 30 September 2026 211 Other Non-Mayne Products sold via DistributeRx Channel1 31 12 + Additional Pipeline Products2 1 Contracted (1 Manufacturer) plus 11 in Pipeline (7 New Manufacturers) 239 Total Products Mayne Pharma Dermatology Products1
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23 Global footprint Legal Overhang Materially Reduced 28 Sep 2026 US State Attorneys General – generics SETTLED Resolved for US$0.65m with no admission of liability. Closes a legacy matter linked to the 2016 US generic pharma industry-wide investigation1 30 Sep 2026 IMVEXXY® Paragraph IV – Sun Pharma SETTLED Agreed generic entry date of 21 October 2032¹. No upfront payment or monetary consideration between the parties 14 Oct 2026 Cosette – NSW Court of Appeal WON Appeal dismissed in full and Supreme Court judgment upheld. Cosette ordered to pay Mayne Pharma's appeal costs 16 Oct 2026 IMVEXXY® Paragraph IV – Teva Pharma. USA SETTLED Agreed generic entry date of 2 September 20322. No upfront payment or monetary consideration between the parties. No further IMVEXXY® Paragraph IV litigation Lower costs Ongoing legal spend Certain legacy US antitrust and all IMVEXXY® patent litigation resolved, with no payments in either IMVEXXY® settlement. 2032 IMVEXXY® IP protected No generic entry before September 20321. FY26 net sales of US$29.3m (+8%). Last Orange Book patent expires February 2034. $14.4m Cosette costs recovered to date, damages claim continues Appeal costs to follow. Damages claim against Cosette, Avista and controllers continues.³ 1. Subject to final court approval; includes a two-year antitrust compliance undertaking. 2. Or earlier under certain circumstances; subject to court approval. 3. Cosette Pharmaceuticals, Inc., Cosette Pharmaceuticals Holdings, Inc., Avista Capital and Mr David Burgstahler. Cosette has until 11 November 2026 to seek special leave to appeal to the High Court. Source: Mayne Pharma ASX announcements. Legal Matters - Summary Positive Impacts Legacy legal matter closed, IMVEXXY® IP secured, Cosette appeal dismissed
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24 FY27 focus and outlook • Women’s Health: accelerate portfolio growth through a focused salesforce, refreshed marketing and improved prescriber access, underpinned by the macro tailwind from the removal of the HRT Black Box warning of the menopause category, in particular for BIJUVA® • Dermatology/DistributeRx: Strong opportunity to scale DistributeRx platform across additional products and therapeutic areas while leveraging Mayne Pharma’s established infrastructure • International: build on NEXTSTELLIS® growth following PBS listing, and leverage the Salisbury investment to deliver export growth and contract manufacturing revenues • Corporate: continue to evaluate capital-efficient, synergistic acquisitions that can leverage our existing Women’s Health and Dermatology/DistributeRx ecosystems, alongside disciplined capital management
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25 You deserve tomorrow. Q&A For further information contact: Dr Tom Duthy Investor Relations +61 402 493 727 ir@maynepharma.com Click here to view this Presentation on Investor Hub This presentation has been approved for release by the Board of Directors of Mayne Pharma