Drug in­vestors go cold tur­key

Mercury (Hobart) - - BUSINESS -

IN­VESTORS have turned on Mayne Pharma af­ter the phar­ma­ceu­ti­cal com­pany is­sued a lack­lus­tre trad­ing up­date, warn­ing profit has fallen heav­ily.

Mayne yesterday said gross profit in the four months to Oc­to­ber dropped by a third.

The com­pany, which de­clined to is­sue a full-year earn­ings forecast, cited the pres­sures of a volatile US mar­ket as it de­liv­ered the trad­ing up­date at its an­nual meet­ing in Mel­bourne.

Mayne shares fell 11 per cent, or 6c, on the up­date, end­ing the ses­sion at 48.5c.

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