Bitter pill for Mayne

LISTED drug maker Mayne Pharma has taken a hit on the local bourse after an earnings update disappointed.

Mayne revealed yesterday it expected full-year revenue to be around $581 million and net profit to fall within a range of $92 million-$95 million.

Underlying earnings before interest, tax, depreciation and amortisation were expected to be $212 million-$216 million, a range which excludes a $25 million non-cash charge.

Shares fell 9.6 per cent to 80.5¢, with the result missing market forecasts.

Mayne said it was focused on several initiatives to offset the headwinds its generic products segment was facing, including diversifying channels to market into government and specialty pharmacy.