Announcement PDF Improving patient access to life‑enhancing medications Annual Report 2024 What’s inside 01 02 04 08 22 36 37 38 39 40 41 42 86 87 88 93 94 iii What we do FY24 business highlights Letter from the Chair and CEO Directors’ Report Remuneration Report Auditor’s Independence Declaration Corporate Governance Website Consolidated Statement of Profit and Loss and other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes to the Consolidated Financial Statements Consolidated Entity Disclosure Statement Directors’ Declaration Independent Auditor’s Report ASX Additional Information Intellectual Property & Glossary Corporate Information At Mayne Pharma we are focused on keeping our promises to patients, for better medicines and a better tomorrow. We believe that everyone deserves medicines that are better, safe and more accessible. That’s why our people are determined to create innovative products and services for our changing world. Learn more at maynepharma.com ii Mayne Pharma Annual Report 2024 What we do 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. Mayne Pharma Annual Report 2024 1 FY24 business highlights Mayne Pharma at a glance $388.4m 83% $218.8m 56.3% $88.5m $22.9 ($168.6m) >450 >55 reported revenue, up 112% on FY23 FY24 gross margin, up from 45.5% in FY23 reported net loss after tax, a $148.8m improvement on FY23 $10.9m shares bought back and cancelled 2 Mayne Pharma Annual Report 2024 of revenue in the US in direct contribution from business segments, a $130.3m improvement on FY23 employees globally For further information visit the Group’s website at maynepharma.com gross profit, up 162% on FY23 million in underlying EBITDA, up $118.2m on FY23 products marketed globally SEPTEMBER 2023 NOVEMBER 2023 MAY 2024 • Entered into and completed transaction to acquire the global rights to RHOFADE® (oxymetazoline hydrochloride) cream 1%, from Novan, Inc. and EPI Health, LLC. • Presented at the Jefferies London Healthcare Conference • Presented at the Citizens JMP Life Sciences Conference in New York City • New US patent (No. 11,793,760) for NEXTSTELLIS® formulation with an expiration date of 2036 listed in the Orange Book • Two additional US patents for NEXTSTELLIS® formulation with an expiration date of 2036 listed in the Orange Book • Provided an update related to the US Department of Justice (DOJ) investigation JUNE 2024 • Presented at the H.C. Wainwright 25th Annual Global Investment Conference in New York City OCTOBER 2023 • Proposed change of auditor from EY to BDO Audit effective from 2023 Annual General Meeting • Completed auditor change to BDO Audit JANUARY 2024 • Presented at the 42nd Annual J.P. Morgan Healthcare Conference in San Franciso • Presented at the 2024 Jefferies Global Healthcare Conference in New York City • Announced approval of additional KAPANOL® doses in Switzerland for the treatment of moderate to severe prolonged pain and opioid substitution treatment One of our key strategic priorities is driving NEXTSTELLIS® to become a leading brand in the US and Australian contraceptive markets. Mayne Pharma Annual Report 2024 3 Letter from the Chair & CEO Dear Fellow Shareholders, The 2024 financial year (FY24) was a year of significant progress at Mayne Pharma with material improvements in our operations delivered by our dedicated employees. Highlighting our progress after several years of disappointing results, Mayne Pharma achieved 100% of our key operating metrics, or goals we set for ourselves during the financial year, which we communicated to the market at the start of FY24. There were five key pillars underpinning this performance: 1. Positive direct contribution in all three segments (Women’s Health, Dermatology and International) 2. Returned the Company to positive underlying EBITDA in FY24 3. Optimised the cost base with reductions of greater than US$10m 4. Achieved a break even run rate for NEXTSTELLIS® and 5. Returned the Company to positive operating cash generation in FY24 The FY24 performance we delivered is a significant improvement compared to FY23 and historically over the last eight years, with the Company posting strong growth in revenue. Solid underlying EBITDA performance through targeted cost base reductions resulted in positive continuing operating cash for the full year and free cash flow occurring in the second half of FY24. Our attractive portfolio of products within Women’s Health and Dermatology provides us with a level of confidence in the growth trajectory of these operating segments. International also delivered commendable growth in FY24 where business transformation initiatives have delivered improved momentum and a strong, positive contribution. Moving forward our strategy is to focus on our three segments to deliver sustainable growth for shareholders. For our Women’s Health segment, we see continued market demand for effective methods of contraception in the United States. NEXTSTELLIS® and ANNOVERA® are Mayne Pharma’s unique contraceptive solutions for this growing market. Likewise, there is growth in the menopause market. According to the National Institutes of Health, over 1.3 million new women enter menopause each year in the US. IMVEXXY® and BIJUVA® are novel products that provide women with relief of certain symptoms associated with menopause. 4 Mayne Pharma Annual Report 2024 Our Women’s Health portfolio of products have strong intellectual property product protection. During FY24, three additional US patents were listed in the Orange Book securing further protection for NEXTSTELLIS® out to 2036. ANNOVERA®, IMVEXXY® and BIJUVA® have patent protection out to at least 2032. These additional patents are meaningful as they provide Mayne Pharma with an opportunity to extend women’s access to this highly effective and unique oral contraceptive. The patents are an important part of our strategy to vigorously protect the commercial success of NEXTSTELLIS®, one of our key growth drivers, and to add to the overall strength of our patent portfolio in the US. For Dermatology, Mayne Pharma is leveraging the inefficiencies in the dermatology value chain through new partnerships aimed at improving patient coverage, co-pay and inventory management, and addressing higher patient switching costs. Approximately 75% of dermatology patients receive no insurance coverage for products. Our channel strategy involves reduced reliance on wholesalers, large retailers and Pharmacy Benefit Managers or PBMs as they drive significant Gross-to-Net (GTN) liabilities without patient or prescriber benefit. The key highlights of our channel strategy execution in FY24 were: • Speciality Pharmacy additions, which are now more than 400 • Adelaide Apothecary, our mail order pharmacy, was <10% of dermatology gross revenue in FY24, but revenues were up 10-fold versus FY23 and we see further opportunities ahead to grow this channel • We have seen improvements in GTN savings • Our channel strategy was a contributor to the Dermatology margin improvement in FY24 We have reduced the burden for both the prescriber and the patient, with our unique GoodRx/AssistRx platform and our mail order pharmacy, Adelaide Apothecary. Our International segment benefited from the modernisation project at Salisbury which progressed well in FY24 with a new encapsulator in commercial production, enabling launch of KAPANOL® 200mg during the year. We have been very pleased with the step change in sustainable operational performance that the Salisbury team has made. In the Australian market, we have seen growth of NEXTSTELLIS®, oxycodone and UROREC®. Our investments in the modernisation of our facility is enabling the growth of KAPANOL®/KADIAN® in Europe and Canada. The Salisbury facility has improved every key performance indicator in FY24 versus FY23. This efficiency and efficacy improvement results in higher customer satisfaction and facilitates future profitable growth. Corporate Initiatives Financial performance and position In FY23 the Company had a marked increase in the level of corporate activity with the sale of Metrics Contract Services (Metrics) to Catalent Pharma Solutions, Inc. for US$475m, the sale of the US retail generics portfolio to Dr. Reddy’s Laboratories SA for upfront cash consideration of US$90m and the transformative US$140m transaction agreement and related license agreement for ANNOVERA®, IMVEXXY®, BIJUVA® and several prenatal vitamins, from TherapeuticsMD (NASDAQ:TXMD). Mayne Pharma reported FY24 revenue for continuing operations of $388.4m, up 112% on the prior comparative period (pcp) and gross profit for continuing operations was $218.8m, up 162% on the pcp (FY23:$83.5m). In FY24 we were very focused on the integration of this exciting portfolio of Women’s Health products within our existing Women’s Health infrastructure established across sales and marketing, customer service and medical affairs for our high growth product NEXTSTELLIS®. To benefit our Dermatology franchise, Mayne Pharma acquired the global rights to RHOFADE® (oxymetazoline hydrochloride) cream 1% for the topical treatment of persistent facial erythema associated with rosacea in adults. RHOFADE® generated US$29.6m in revenue in nine months to 30 June 2024 with a gross margin of three times that of the original US$8m upfront cash purchase price. This acquisition is a great example of how we can leverage our existing Dermatology infrastructure to add wellknown brands to our portfolio. We continue to assess complementary and accretive product partnerships or acquisitions that we can leverage into our existing Women’s Health and Dermatology ecosystems. Capital Management The Board continues to adopt a conservative capital structure. Our management team is focused on delivering operational and financial performance improvements across the business whilst closing out remaining outstanding liabilities and actively managing working capital as revenue continues to grow. During FY24 the Company bought back and subsequently cancelled $10.9m worth of shares during the period. As we have indicated to shareholders previously and again at the FY24 results, Mayne Pharma considers a range of factors when determining whether and when to buy back shares. We will continue to raise product awareness and further our operating leverage to accelerate EBITDA growth. Direct operating expenses were very well controlled at $130.2m, up 4% compared to FY23. Our cost containment measures executed in FY24 were offset by inflation and certain increases in variable costs associated with revenue growth, such as samples and distribution costs. There were also investments in R&D and Medical and Regulatory Affairs for necessary clinical studies and medical education to increase scientific awareness of the advantages of our products. Holding costs steady while significantly increasing revenues improved our cost leverage, which has been highlighted by the significant direct contribution by our segments in FY24. Comparing FY23 to FY24 we did realise a translational difference in operating expense, increasing expense by $4.7m. When expressed in constant currency, admin & other expenses and employee costs declined 2% compared to FY23. Overall, operating expenditure as a percentage of revenue fell to a more sustainable level at 33.5% in FY24 versus 68.2% in FY23. Underlying EBITDA, which excludes earn-out reassessments, restructuring charges, class action settlement costs, derivative fair value adjustments and certain litigation expense improved by $118.2m in FY24 and was $22.9m versus an underlying EBITDA loss of $95.3m in FY23. The reported loss before tax from continuing operations was $190.1m and the net loss after tax was $168.6m which includes $33.2m for the class action settlement. This compared to a net loss after tax of $317.4m in FY23. There was a marked improvement in Mayne Pharma’s cash flows in FY24. Cash from continuing operations was positive $8.1m, reduced by earn out payments made during the year of $10.1m. Continuing operations with earnouts resulted in 2.8% of overall net cash used for the year. The 39.8% of net cash used in discontinued operations reflected earn out payments of $11.7m and cash outflows for discontinued operations of $23.4m, partially offset by a $6.9m cash inflow from proceeds associated with the sale of the Retail Generics business. The majority of our cash utilisation for the period was attributable to investing and financing cash flows which accounted for 57.3% of net cash used and were the result of the acquisition of RHOFADE® $12.9m, the payoff of a receivables facility equating to $10.9m, the on-market share buyback cost of $10.9m and other investing and financing cash outflows of $5.9m. Mayne Pharma Annual Report 2024 5 Letter from the Chair & CEO continued Total cash and marketable securities as at 30 June 2024 were $149.3m versus $220.1m in FY23, noting that we reported $146.8m at the first half. Therefore, the cash consumed in FY24 was effectively consumed in the first half. Our second half performance was therefore slightly cash generative, highlighting the progress we are making with our business initiatives. Our Women’s Health segment delivered $142.8m in revenue up 131% on FY23. The revenue increase (FY23 to FY24) was driven by (1) improved sales performance of NEXTSTELLIS®, as a result of refreshed sales leadership and marketing strategies, (2) volume growth of all key Women’s Health products (NEXTSTELLIS®, ANNOVERA®, IMVEXXY® and BIJUVA®) and (3) the full year sales effect of ANNOVERA®, IMVEXXY® and BIJUVA® versus six months of sales contribution in FY23. Gross profit improved to $113.5m up 111% on FY23 with direct operating expenses of $78.2m declining 4% on FY23, reflecting tight cost control through territory optimisation and realigned marketing spend. A direct contribution of $35.2m was a significant improvement on FY23 (loss of $27.7m). NEXTSTELLIS® showed FY24 demand cycle growth of 85% on the pcp. Demand cycles are units prescribed to patients. NEXSTELLIS® net sales increased 113% to US$30.1m in FY24. The sales performance of NEXTSTELLIS® improved materially during the year as a result of refreshed sales leadership and marketing strategies. The net selling price was steady versus the pcp with the continued volume growth coming through. For our licensed portfolio, net sales ANNOVERA® delivered US$30.6m, followed by IMVEXXY® at US$19.2m and BIJUVA® with net sales of US$9.5m. Revenue for our Dermatology portfolio was $174.9m up 207% on FY23. Gross profit was $83.9m, up 686% on FY23 and direct contribution increased $65.3m compared to the pcp of ($21.1m) to $44.3m. Co-pay costs across the portfolio improved on a perunit basis in FY24 versus FY23 with mix shifting towards products with more favourable gross-to-net profiles. This drove a very strong improvement in gross margins to 48% from 19% in FY23. The performance of the division improved as a result of new product launches, including RHOFADE®, ACCUTANE®, SOOLANTRA®, WYNZORA®, and a full year for authorised generic ORACEA®, which launched in late FY23. LEXETTE® was removed from the business in FY23 but returned in FY24 after establishing a new supplier. The International reporting segment’s revenues were $70.7m, up 9% on FY23, gross profit was $21.3m, up 13% on FY23 and direct contribution increased 31% to $9.0m. The segment’s improved performance was driven by increased demand for KAPANOL®/KADIAN® in European and Canadian markets, coupled with strong domestic sales of oxycodone and UROREC®. NEXTSTELLIS® also achieved year on year revenue growth of 163% in the Australian market. 6 Mayne Pharma Annual Report 2024 Additionally, the Salisbury facility demonstrated significant step change in key operational metrics to drive revenue and earnings growth. The sale of the US Retail Generics business contributed to the increase in third party contract manufacturing volumes. The benefits of scale in the business, and cost base leverage through financial discipline is now being demonstrated with a $130.3m turnaround in the total direct contribution from our segments to $88.5m versus a loss of $41.8m in the pcp. Environment, Health and Safety (EHS) Mayne Pharma’s operations are subject to various EHS laws and regulations and, where required, the Company maintains EHS licenses and registrations in compliance with applicable regulatory requirements with mechanisms in place to monitor for changes to regulatory requirements and ensure ongoing compliance with any new requirements. In addition, Mayne Pharma has EHS policies and procedures in place designed to ensure compliance with all EHS regulatory requirements and to continuously improve the health and safety of our workplace and environmental sustainability of our operations. We monitor EHS outcomes on a regular basis and provide reports to various internal and external stakeholders including, without limitation, in relation to performance data such as injury rates, waste disposal, wastewater and storm discharges and emissions. The operating site in Salisbury is subject to periodic or random inspections by EHS regulators. During FY24, several inspections occurred during the year by the relevant authorities. I am pleased to report there were no reportable material breaches of EHS regulations by Mayne Pharma during the FY24 reporting period. The Board continues to adopt a conservative capital structure. Our management team is focused on delivering operational and financial performance improvements across the business whilst closing out remaining outstanding liabilities and actively managing working capital as revenue continues to grow. Class Action Settlement On 3 July 2024 the Company announced a binding agreement to settle the shareholder class action, which commenced in August 2021. The agreed settlement amount was $38m, of which approximately $4.7m was funded by insurance, with the remainder paid from Mayne Pharma’s cash reserves in July 2024. The agreement to settle this matter was a commercial decision made in the best interests of all Mayne Pharma shareholders. Its resolution enables the Company to avoid the distraction and significant expense of a lengthy trial, and to remain focused on driving growth and shareholder value through our core commercial business. There are no further ongoing shareholder actions against the Company. Board Refreshment In July 2023, Dr Carolyn Myers retired as Non-Executive Director of Mayne Pharma following the sale of Mayne Pharma shares by Mithra Pharmaceuticals SA in June 2023, resulting in the cessation of Mithra’s right to nominate a Director of Mayne Pharma. On behalf of the Board, we wish to thank Carolyn for her contribution and service to Mayne Pharma during her tenure. In November 2023, at the Company’s Annual General Meeting, Mrs Anne Lockwood was appointed as a Non-Executive Director of the Company. Mrs Lockwood, who is an Australian resident, is the former CFO and Chief Commercial Officer of ASX-listed Integral Diagnostics (ASX: IDX) and current CFO of privately owned Planet Innovation. Prior to this, Mrs Lockwood spent over 20 years in accounting roles including 18 years at EY. Mrs Lockwood’s skills and experience as a finance executive has added value to the Board since her appointment. Mrs Lockwood became a member of the Audit and Risk Committee in July 2024. In Dermatology, we are focussed on the differentiated channel solution we have built that enables a preferred solution for patients and prescribers. We expect to see growth from RHOFADE® with a full year of sales in FY25, and we will continue to evaluate capital efficient and accretive business arrangements to drive the growth in revenue and margin. The continuous development of our channel strategy will leverage our ability to drive market share, access and financial performance within Dermatology moving forward. Finally, to International, we are focussed on driving the profitability via new revenue streams and continuation of modernisation of the facility, and leveraging our capacity created by operational improvements to grow and further operating leverage. In FY25 we expect to complete the modernisation upgrade program at the Salisbury facility to improve our productivity and capabilities and finally we expect to continue to drive specialty and generic product sales including driving growth in NEXTSTELLIS® in Australia. On behalf of the Board, we would like to thank our employees for their continued dedication to delivering for our customers, our patients, and our shareholders. FY24 has been a year of substantial progress and improvement in the business, and we acknowledge the support of our shareholders as we continue to prioritise our core strategies relating to continued growth and operational excellence. FY25 is shaping up as another year of growth for Mayne Pharma across all three of our segments and we look forward to keeping you apprised of our progress. We look forward to seeing you in person at our upcoming AGM on 21 November 2024. FY25 Key Strategic Priorities and Outlook We expect to improve shareholder value with continued growth in underlying EBITDA in FY25 via revenue growth and cost leverage. We anticipate all three segments will make a positive direct contribution. For Women’s Health we are focussed on delivering the profit potential inherent within this current asset portfolio and driving growth through a sharpened focus on sales execution and targeted marketing efforts to deliver improved direct contribution. We will continue to raise product awareness and further our operating leverage to accelerate EBITDA growth. Frank Condella Chair Shawn Patrick O’Brien Managing Director and CEO Mayne Pharma Annual Report 2024 7 Directors’ Report DIRECTORS’ REPORT The Directors of Mayne Pharma Group Limited (‘the Company’) present their report together with the financial report of the Company and its controlled entities (collectively the ‘Group’ or ‘Consolidated Entity’ or ‘Mayne Pharma’) for the year ended 30 June 2024 and the Auditor’s Report thereon. The information set out below is to be read in conjunction with the Remuneration Report set out on pages 22 to 35, which forms part of this Directors’ Report. DIRECTORS The Directors of the Company during the financial year and up to the date of this report are set out below. Directors were in office for this entire period unless otherwise noted. Mr Frank Condella, Chair Mr Shawn Patrick O’Brien, Managing Director and CEO Mr Patrick Blake Ms Ann Custin Mrs Anne Lockwood (appointed 30 November 2023) Dr Kathryn MacFarlane Dr Carolyn Myers (resigned 31 July 2023) Mr David Petrie Prof Bruce Robinson, AC The Directors’ qualifications, other listed company directorships, experience and special responsibilities are detailed on pages 18 and 19 of this report. The qualifications and experience of the Company Secretary are detailed on page 19 of this report. DIRECTORS’ MEETINGS The number of Directors’ meetings (including meetings of committees of Directors) and number of meetings attended by each of the Directors of the Company during the 2024 financial year are: BOARD AUDIT & RISK COMMITTEE NOMINATION COMMITTEE REMUNERATION & PEOPLE COMMITTEE SCIENCE, TECHNOLOGY & MEDICAL COMMITTEE HELD1 ATTENDED2 HELD1 ATTENDED2 HELD1 ATTENDED2 HELD1 ATTENDED2 HELD1 ATTENDED2 Mr F Condella3 17 17 - - 2 2 7 7 - 1 Mr S O’Brien3,4, 5 17 17 - 7 - - - 7 - 2 Mr P Blake 17 17 7 7 - - 7 7 - - Ms A Custin5 17 17 7 7 - - - 2 - - Mrs A Lockwood4, 5 11 10 - 1 - - - 1 - - Dr K MacFarlane5 17 17 - - 2 2 - 1 3 3 - Dr C Myers 2 1 - - - - - - - Mr D Petrie 17 17 7 7 - - 7 7 - - Prof B Robinson 5 17 16 - - 2 2 - 1 3 3 1. 2. 3. 4. 5. This column shows the number of meetings held during the period the Director was a member of the Board or Committee. This column shows the number of meetings attended. Mr O’Brien and Mr Condella are not members of the Science, Technology & Medical Committee however they attend meetings at the Chair’s invitation. Mr O’Brien and Mrs Lockwood are not members of the Audit and Risk Committee however they attend meetings at the Chair’s invitation. Mr O’Brien, Ms Custin, Mrs Lockwood, Dr MacFarlane and Professor Robinson are not members of the Remuneration and People Committee however they attend meetings at the Chair’s invitation. 8 Mayne Pharma Annual Report 2024 Mayne Pharma Group Limited Financial Statements for the year ended 30 June 2024 2 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS On 4 September 2023, Mayne Pharma announced the acquisition of the global rights to RHOFADE® from Novan Inc. The total cost of the acquisition was $12.9m. The Women’s Health segment has shown considerable growth with the full year impact of the expansion of the portfolio as well as the improved performance of NEXTSTELLIS®. The performance of the Dermatology segment has also shown considerable growth with a material improvement to the performance and the return to a profitable direct contribution. Direct contribution is gross margin less direct operating expenses (opex) and does not include an allocation of corporate overheads. Work has commenced on the Salisbury modernisation project for which Mayne Pharma has received a Federal Government Modern Manufacturing Initiative (MMI) Grant. New equipment to be installed include a high speed encapsulator and a high-speed blister packing line with serialisation capabilities. During the prior comparative period (pcp) the Group announced the following transactions: • On 4 October 2022, Mayne Pharma completed the sale of the Metrics Contract Services (MCS) business to Catalent Pharma Solutions, Inc. Following completion and after allowing for reinvestment needs, the Company used the net proceeds to repay the syndicated debt facility and to pay a dividend to shareholders. • The Group completed an exclusive licence agreement effective 31 December 2022 to license products from TherapeuticsMD, Inc. (TXMD). These assets have been added to the Women’s Health portfolio and CGU alongside NEXTSTELLIS®. In conjunction with the licence agreement the Group issued US$27.95m of convertible notes. • The Group completed the sale of the Retail Generics business to Dr. Reddy’s Laboratories on 7 April 2023. The Company also completed a 20:1 share consolidation in January 2023. PRINCIPAL ACTIVITIES Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising branded women’s health and dermatology pharmaceuticals. Mayne Pharma has a 40-year track record of innovation and success in developing new oral drug delivery systems and these technologies have been successfully commercialised in numerous products that continue to be marketed around the world. Mayne Pharma has a product development and manufacturing facility based in Salisbury, Australia with expertise in the formulation of complex oral and topical dose forms including modified-release products and poorly soluble compounds. Mayne Pharma Annual Report 2024 Mayne Pharma Group Limited Financial Statements for the year ended 30 June 2024 9 3 Directors’ Report continued REVIEW OF OPERATIONS AND LIKELY DEVELOPMENTS Summary of financial performance Set out below is a summary of the financial performance attributable to Mayne Pharma shareholders for the 2024 financial year (FY24) compared to the prior corresponding period (pcp). The prior period includes Mayne Pharma’s share of Inhibitor Therapeutics Inc (INTI) for period during which Mayne Pharma held control (i.e. up to 14 December 2022). This summary includes non-IFRS financial information that is stated excluding certain non-operating income and expense items. The results are set out this way as the Directors consider them to be a meaningful comparison from period to period that are useful for the users of this financial report as they provide additional and relevant information that reflect the underlying performance of the business. Key measures of earnings considered by management in operating the business and assessing performance are earnings before interest, tax, depreciation, amortisation and impairment (‘EBITDA’) and Adjusted EBITDA. 2024 $M 2023 $M CHANGE ON PCP $M Reported Revenue continuing operations 388.4 183.6 204.8 Reported Gross profit continuing operations 218.8 83.5 135.3 Reported Gross profit % 56.3% 45.5% Adjusted EBITDA 22.9 (95.3) 118.2 Adjustments1 (115.4) (6.7) (108.7) Reported EBITDA continuing operations (92.5) (102.0) 9.5 - (69.2) 69.2 SALES AND PROFIT Impairments Depreciation / Amortisation (68.5) (65.4) (3.1) Reported Profit / (Loss) Before Interest and Tax continuing operations (161.0) (236.5) 75.5 Net interest 2.4 (3.7) 6.1 Foreign exchanges gains/(losses) financing activities (1.1) (11.0) 9.9 Earn-out & deferred consideration liabilities discount unwind (30.3) (18.4) (11.9) Reported Profit / (Loss) Before Tax continuing operations (190.1) (269.7) 79.6 21.5 (47.7) 69.2 (168.6) (317.4) 148.8 Income tax credit / (expense) Reported Net Profit / (Loss) After Tax attributable to Mayne Pharma shareholders continuing operations 1. Current year adjustments are included in the table below. The reconciliation of reported results (from continuing operations) and adjusted results for the current year is as follows: SALE