Drug investors go cold turkey
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.