Announcement PDF Mayne Pharma Group Limited 1H FY25 Results Presentation 26 February 2025 Shawn Patrick O’Brien (CEO) Aaron Gray (CFO) 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 maynepharma.com/investor-relations/results-reports and product descriptions are detailed at maynepharma.com/us-products and maynepharma.com/au-products. ● DORYX®, FABIOR®, LEXETTE®, SORILUX® and RHOFADE® are trademarks of Mayne Pharma. ACCUTANE®, ANNOVERA®, BIJUVA®, IMVEXXY®, NEXTSTELLIS®, ORACEA® and WYNZORA® and are trademarks of third parties. 2 1H FY25 Financial Highlights1 Simplification of our business model combined with our strong operating and financial discipline has delivered significantly improved financial results $213.1m 61.4% $31.0m Revenue up 13% on 1H FY24 Gross margin up from 56.3% 1H FY24 Underlying EBITDA2 up 288% on 1H FY24 $65.0m Segment contribution up 60% on 1H FY24 $25.9m Operating cashflow from continuing operations (excl. class action settlement)3 up from ($19.2m) 1H FY24 $124.9m Cash and marketable securities at 31 Dec. 2024 down from $149.3m FY24 1. All numbers are expressed in AUD/A$ 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. Total net operating cashflow (continued + discontinued operations + shareholder class action settlement) for 1H FY25 was an outflow of $13.0m, versus an outflow of $28.7m 1H FY24. Does not include capitalised earn-outs. 3 1H FY25 Operating Highlights Women’s Health • Continued growth across the Women’s Health portfolio with increased operating leverage • Gross margin percentage increased to 53% versus 45% in the pcp, driving overall profit improvements • 33% growth in demand cycles1 for NEXTSTELLIS®, compared to pcp, driven by new patients starts and repeat Rx growth • Channel strategy delivering: direct patient pay US$2.7m 1H, up 103% vs pcp; spec pharmacy channel strategies support margin improvement • 30% growth in demand TRx2 from licensed portfolio: ANNOVERA®, IMVEXXY® and BIJUVA®, compared to pcp • ANNOVERA® TRx volume up 17% versus the pcp. Label change increases product shelf life by 33%, reducing risk of future inventory returns (which continued to impact 1H revenues) 1. 2. Dermatology • RHOFADE® strong performance with TRx growth of 129% versus the pcp • AG ORACEA® market share remains at ~50% (from peak of ~70%) despite generic entrants in 2024; pricing stable reflecting value of channel strategy International • Modernisation upgrade (to be completed March 2025) will significantly expand capacity, increase end to end manufacturing capability and drive production efficiencies • Delivered in full on time (DIFOT) of 91% versus 76% in the pcp • Timing of certain shipments and production schedules resulted in lower direct contribution of $3.6m with revenue growth of 8% versus pcp to $37.4m Demand cycles calculated as IQVIA reported TRx (converted to units/cycles) plus non-reporting pharmacies (including Mayne Pharma’s own distribution channel). TRx converted to units by taking number of pills in the TRx divided by 28 (number of NEXTSTELLIS® pills included in 1 month of therapy). TRx – total prescriptions. The data includes IQVIA data, plus prescription volume through non-reporting pharmacies (including Mayne Pharma’s own distribution channel). 4 1H FY25 Group Financial Performance Group Continuing Operations Overview: Improved operational performance 187.9 105.8 40.6 (21.9) 8.0 Change vs 1H FY24 ($) 25.2 25.1 24.4 48.0 23.0 Change vs 1H FY24 (%) 13% 24% 60% 219% 288% (20.0) (70.5) 50.5 72% Operating Cash Flow Continuing Ops (7.4) (19.2) 11.8 61% Operating Cash Flow Continuing Ops (excl. class action settlement) 25.9 (19.2) 45.1 235% A$ million1 1H FY25 1H FY24 Underlying EBITDA2 Reported Net Loss After Tax 213.1 130.9 65.0 26.1 31.0 Reported Revenue Reported Gross Profit Reported Direct Contribution Reported EBITDA 1. Attributable to members. EBITDA excludes asset impairments. 2. Underlying EBITDA excludes ($1.0m) of earn-out reassessments, $6.1m litigation and restructuring charges, and ($0.2m) derivative fair value adjustments 6 Improved cost leverage through growth and opex discipline (A$m) Segment Performance1 (A$ million) Revenue Gross Profit Direct Operating Expenses Direct Contribution 1H FY25 1H FY24 213.1 130.9 (65.9) 65.0 187.9 105.8 (65.2) 40.6 Change 13% 24% 1% 60% Continued improvements in cost leverage (A$m) 213.1 215.0 195.0 1H FY25 Commentary2 • Improvement in gross margins to 61% from 56% in the pcp driven by higher proportional growth from Women's Health (82% segment gross margin) • Direct operating expenses increased only 1% with 13% growth in revenue 187.9 Revenue up 13% (+$25.2m) 175.0 155.0 1H FY24 1H FY25 65.2 65.9 • Direct opex as % of revenue 31% in 1HFY25 v 35% in 1H FY24 150.0 100.0 50.0 Direct opex up 1% (+$0.7m) 0.0 1H FY24 1H FY25 65.0 50.0 40.6 Direct Contribution up 60% (+$24.4m) 0.0 1H FY24 1H FY25 -50.0 1. Refer Note 2 of the financial statements for additional detail on segment performance. 2. Refer P&L statement and Note 3 of the financial statements for additional detail on opex. 7 Group Cash + Marketable Securities balance (A$m) Excluding class action payment company generated positive $19.5m from continuing operations + 25.9 -6.4 -33.3 -5.6 -3.7 -0.8 -0.4 168.8 149.3 135.5 126.2 124.9 30 Jun 2024 Cash balance 31 Dec 2024 Cash balance Continuing operations (57% net cash used) Discontinued operations (38% net cash used) Investing & Financing (5% net cash used) • Cash for continuing operations (excl. class action settlement) +$25.9m • Cash outflows for discontinued operation: $5.6m • Acquisition of intangible assets: $0.8m • Earn out payments (continuing operations): $6.4m • Earn out payments (discontinued operations): $3.7m • Lease payments: $2.1m • Payment for class action settlement (net of insurance): $33.3m • Remaining obligations (net) <$7m • Capex: $6.9m • Net interest received: +$2.0m • FX impact (including impact on marketable securities) : +$6.7m 8 Segment Performance Material Improvement in 1H FY25 Direct Contribution1 Platform enables scale and leverage with room to grow 1H FY25 Total Direct Contribution $65.0m 1H FY24 Total Direct Contribution $3.6m Dermatology $18.1m Women’s Health $18.1m International $4.4m $40.6m 1. Direct contribution calculated as gross margin less direct opex. +$24.4m $22.1m $39.3m 10 Segment Performance Focused business delivering improved momentum and positive direct contribution in 1HFY25 Reported results (A$million) 1HFY25 Revenue Dermatology Women's Health International Total Operating expenses2 Dermatology Women's Health International Total 1HFY24 2HFY24 FY24 Change vs 1HFY24 1HFY25 1HFY24 2HFY24 FY24 Change vs 1HFY24 1% 30% 8% 13% Gross profit Dermatology Women's Health International Total 43.4 76.9 10.6 130.9 36.6 58.7 10.5 105.8 47.3 54.8 10.9 113.0 83.9 113.5 21.3 218.8 19% 31% 1% 24% 15% (7%) 15% 1% Direct Contribution Dermatology Women's Health International Total 22.1 39.3 3.6 65.0 18.1 18.1 4.4 40.6 26.2 17.2 4.6 48.0 44.3 35.2 9.0 88.5 22% 117% -18% 60% 1 81.4 94.3 37.4 213.1 21.4 37.6 6.9 65.9 80.9 72.4 34.6 187.9 18.5 40.6 6.1 65.2 93.9 70.4 36.1 200.5 21.1 37.6 6.3 65.0 174.9 142.8 70.7 388.4 39.6 78.2 12.4 130.2 1. Gross Profit includes depreciation, which is included in COGS (refer to “cost of sales” depreciation amount in Note 3 of the financial statements). 2. Direct opex includes lease depreciation, which is largely related to motor vehicles of salesforce (refer to “marketing and distribution expenses” depreciation amount in Note 3 of the financial statements). 11 Women’s Health Women’s Health: solid portfolio growth 1H FY25 Highlights Future growth drivers for Women’s Health • Continued focus on sales execution, targeted marketing and channel management has delivered improved sales, higher margins and direct contribution • US Patent No. 12,233,074, claiming certain aspects of NEXTSTELLIS®, entitled “Contraceptive Methods with Improved Pearl Index”, was issued 25 February 2025 with an expiration date of 9 February 2043 • Women’s Health revenue increased 32% to US$62.3m versus pcp, driven by strong growth in NEXTSTELLIS® (+62%), BIJUVA® (+31%) and IMVEXXY® (+46%) • Positive feedback from FDA on clinical development plan towards securing label for continuous use for ANNOVERA® • Menopause awareness and execution of 2024 sales strategy capitalises on significant growth in menopause market • Product awareness via Medical Science Liaisons and Key Opinion Leaders – Mayne Pharma has increased access to key clinics across the country • ANNOVERA® returns normalised, label extension and improved dating of inventory in the channel reduces risk looking forward • Sales force optimised for delivery • Gross profit increased 33% to US$50.8m (US$38.3m pcp), gross margins grew to 82% (81% pcp) • Direct contribution increased 120% to US$26.0m (US$11.8m pcp) due to increased operating leverage and continued growth across the portfolio 13 NEXTSTELLIS® demand cycles1 up 33% NEXTSTELLIS® Quarterly US Demand Cycles (thousands) 5.8% 10.4% 146 5.9% 138 11.3% 125 19.1% 118 25.4% 106 22.4% 89 160.0 140.0 120.0 100.0 28.9% 58 80.0 60.0 4.1% 152 100.0% NEXTSTELLIS ® Net Sales (US$m) and growth (pcp) 38% 22.4 25.0 90.0% 80.0% 20.0 70.0% 60.0% 96% 13.8 15.0 18% 16.3 50.0% 71 40.0% 45 30.0% 40.0 20.0% 20.0 7.1 0% 7.1 1H FY23 2H FY23 10.0 5.0 10.0% 0.0% 0.0 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Cycles (thousands) Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 0.0 1H FY24 2H FY24 1H FY25 Sequential Q Growth (%) 1H FY25 Commentary 1H FY25 Commentary • Demand cycle growth of 33% on the pcp • 62% net sales growth for NEXTSTELLIS® in US market vs pcp • All-time high demand units achieved w/e 7 February 2025, rolling 4 weeks of cycle volume +11% vs prior 4 weeks • Net Selling Price (NSP) holding steady with continued volume growth 1. Demand cycles 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. 14 Driving demand with IMVEXXY® and BIJUVA® for menopausal patients Licensed Portfolio Demand TRx (thousands)1 IMVEXXY® 200 169 180 140 120 177 70 53 60 160 ANNOVERA® BIJUVA® 137 50 107 61 14 45 38 16 12 12 2HFY23 1HFY24 14 14 2HFY24 1HFY25 12 10 40 100 8 30 80 6 60 20 4 40 10 2 20 - - 2HFY23 1HFY24 2HFY24 TRx +29% on pcp Net Sales: US$15.3m 1HFY25 - 2HFY23 1HFY24 2HFY24 1HFY25 TRx +36% on pcp Net Sales: US$6.6m 1.TRx – total prescriptions. The data includes IQVIA data, plus prescription volume through non-reporting pharmacies (including Mayne Pharma’s own distribution channel). 2. ANNOVERA® net sales in 1HFY25 impacted by US$4.1m of returns due to the lingering effects of legacy inventory returns TRx +17% on pcp Net Sales: US$15.8m2 15 Dermatology Dermatology: Improved product mix, solid channel growth from disintermediation strategy Channel Strategy Update 1H FY25 Highlights • Improving the product mix for Dermatology drove a 22% improvement to direct contribution, to $22.1m ($8.1m in pcp) • RHOFADE® sales increased by 121% to US$19.6 million versus the pcp (full six month contribution in 1HFY25 v three month contribution in 1HFY24) • Acne portfolio delivered solid growth for the half: • DORYX® sales up 60% on the pcp • gACCUTANE® achieved highest unit volume within Mayne Pharma dermatology portfolio following 1H FY24 launch • AG ORACEA® sales were down by US$13m versus the pcp due to new generic launches in CY24 (Dr Reddy’s, Lupin, Alemic & Apotex) • Market share holding ~50% (#1) from a peak market share of ~70% • Pricing remains stable – disintermediation strategy delivering price & volume stickiness • Launch of new branded Retin-A (tretinoin) microsphere 0.08% topical gel for the treatment of acne vulgaris in the US market • Market US$24.6m in CY24 (iQVIA data)1 1. As per IQVIA NSP MAT Dec 2024 • Continued deployment of disintermediation strategy across both Dermatology & Women’s Health • Involves removing the intermediary (wholesaler) between the manufacturer (Mayne Pharma) and the specialist pharmacy • Adelaide Apothecary sales up 103% versus the pcp 17 Dermatology margins and direct contribution growth 1H FY24 Revenue by Category – TOTAL US$52.9 million 1H FY25 Revenue by Category – TOTAL US$53.8 million $8.8, 17% $12.3, 23% Total Growth: 1.7% RHOFADE® Top 5 Products $41.5, 77% Growth Drivers $44.1, 83% All Other gACCUTANE® DORYX® Top 5 Products All Other Gross margin: 45% Gross margin: 53% Direct opex: US$12.1m Direct opex: US$14.1m Direct contribution: US$11.8m / A$18.1m Direct contribution: US$14.6m / A$22.1m 18 International International: investing to create new opportunities 1H FY25 Highlights • International revenue increased 8% to $37.4m ($34.6m pcp), gross profit increased by 1% to $10.6m • International performance impacted by timing of certain shipments and production schedules • Salisbury manufacturing facility transformation nearing completion • $4.8m Federal Government Modern Manufacturing Initiative (MMI) Grant (May 2022) • Additional ~$13m direct investment over life of MMI project • World class facility: fully FDA, TGA compliant • Packaging Hall - Cartoner, Tamper Evident Labeller, Bundler & Case Packer TR200 Blister Machine Delivery In Full On Time (DIFOT) for 1H improved to 91% compared to 76% pcp 20 Scheme Implementation Deed with Cosette Scheme Implementation Deed (SID) with Cosette Pharmaceuticals, Inc • Acquisition of Mayne Pharma by Cosette Pharmaceuticals, Inc (Cosette) by means of a Scheme of Arrangement; SID signed on 20 February 2025 • Acquisition price of A$7.40 per share in cash The Transaction • The Scheme Consideration of A$7.40 per share values Mayne Pharma’s equity at approximately A$672 million1 and represents a premium of: • 37% to Mayne Pharma’s closing share price as at 20 February 2025; • 42% premium to the 30-day volume weighted average price (VWAP); • 50% premium to the 90-day VWAP; and • 57% premium to the 180-day VWAP. • Mayne Pharma’s largest shareholders, Viburnum Funds and Mr Bruce Mathieson, who collectively own 14.1% of the issued ordinary shares of the Company they intend to vote all shares held by them on the record date for the Scheme Meeting in favour of the proposed transaction in the absence of a superior proposal • The Mayne Pharma Board unanimously recommends that Mayne Pharma shareholders vote in favour of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Mayne Pharma shareholders. 1. Based on the combined value of i) approximately 83.1 million Mayne Pharma shares, taking into account Mayne Pharma’s ordinary shares on issue and equity incentives on issue or proposed to be issued, and ii) the value of the Mayne Pharma Convertible Notes to be acquired by Cosette 22 Scheme Implementation Deed (SID) with Cosette Pharmaceuticals, Inc About Cosette • US based fully integrated pharmaceutical company consisting of products in women’s health, cardiology and dermatology • Corporate and manufacturing facilities in New Jersey and North Carolina and is supported by 350 plus employees • Backed by Avista Capital Partners, a healthcare focused private equity firm, and funds managed by Hamilton Lane, a private markets investment management firm 23 Indicative Timetable Event Expected Date First Court Hearing Late March 2025 Dispatch of Scheme Booklet to Mayne Pharma Shareholders Late March 2025 Scheme Meeting Late April to Early May 2025 Second Court Date Early to Mid May 2025 Effective Date Implementation Date Mid May 2025 Late May to Early June 2025 Dates are indicative, subject to change and conditional on (among other things) regulatory approval, and shareholder approval at the Scheme Meeting 24 Outlook 2HFY25 outlook and focus The Company expects to grow underlying EBITDA in 2HFY25 via revenue growth and cost leverage, with all three segments contributing positive direct contribution Women’s Health Dermatology International Deliver profit potential of current Women’s Health asset portfolio Differentiate channel solution to enable preferred solution for patients, prescribers and partners Drive International profit via new revenue streams and continuation of modernisation • Drive growth through sharpened focus on sales execution and targeted marketing to deliver improved direct contribution • Continue to raise product scientific awareness via Medical Science Liaisons and Key Opinion Leaders • 2H increase in marketing and sales investment to drive growth (direct OPEX), continued advocacy for ACA enforcement • Continue to evaluate capital efficient and accretive business arrangements to further drive growth in revenue and margin • Ensure channel strategy processes are easy to use • Complete modernisation upgrade program at the Salisbury facility to improve productivity and capabilities • Continuous development of channel strategy, leveraging ability to drive market share, access and financial performance • Continue to drive specialty and generic product sales, including driving growth in NEXTSTELLIS® in Australia • Leverage capacity created by operational improvements to grow and further operating leverage 26 Q&A For further information contact: Dr Tom Duthy +61 402 493 727 ir@maynepharma.com You deserve tomorrow. 27 Appendix Women’s Health: solid portfolio growth (USD and AUD) Women's Health in US$'000 Total Revenue Total Gross Profit Total Gross Profit % of Revenue Direct OPEX Direct Contribution* Depreciation Add-Back Earn-out liability "Cash" Contribution** 1HFY25 1HFY24 2HFY24 FY24 62,342 47,277 46,361 93,638 50,824 38,334 36,049 74,383 82% 81% 78% 79% (24,864) (26,527) (24,765) (51,292) 25,960 11,807 11,284 23,091 583 579 654 1,232 (4,466) (3,422) (3,561) (6,983) 22,077 8,964 8,377 17,341 Women's Health in A$'000 Reported Revenue Reported Gross Profit Total Gross Profit % of Revenue Direct OPEX Direct Contribution* Depreciation Add-Back Earn-out liability "Cash" Contribution** 1HFY25 1HFY24 2HFY24 94,286 72,389 70,439 76,867 58,696 54,762 82% 81% 78% (37,605) (40,617) (37,620) 39,262 18,079 17,143 882 886 994 (6,754) (5,240) (5,411) 33,389 13,725 12,726 FY24 142,827 113,458 79% (78,236) 35,222 1,880 (10,651) 26,450 * Direct contribution calculated as gross profit less direct opex – includes depreciation of motor vehicle leases in direct opex ** Cash contribution calculated as direct contribution plus add-back for depreciation and less proportional earn-out liability : portion of earnout liability related to revenues for the period independent of timing / capitalised amount 29 Dermatology: Improvements in product mix delivers strong contribution (USD and AUD) Dermatology in US$'000 Total Revenue Total Gross Profit Total Gross Profit % of Revenue Direct OPEX Direct Contribution* Depreciation Add-Back Earn-out liability "Cash" Contribution** 1HFY25 1HFY24 2HFY24 FY24 53,813 52,855 61,782 114,637 28,699 23,908 31,119 55,028 53% 45% 50% 48% (14,119) (12,085) (13,895) (25,980) 14,581 11,823 17,224 29,047 491 581 600 1,181 (611) (602) (37) (639) 14,461 11,802 17,787 29,589 Dermatology in A$'000 Reported Revenue Reported Gross Profit Total Gross Profit % of Revenue Direct OPEX Direct Contribution* Depreciation Add-Back Earn-out liability "Cash" Contribution** 1HFY25 1HFY24 2HFY24 FY24 81,386 80,929 93,929 174,858 43,405 36,607 47,328 83,935 53% 45% 50% 48% (21,353) (18,505) (21,124) (39,628) 22,052 18,102 26,205 44,307 742 889 912 1,801 (924) (921) (53) (975) 21,870 18,069 27,063 45,133 * Direct contribution calculated as gross margin less direct opex – includes depreciation and allocation of shared functions & overhead within COGS and depreciation of motor vehicle leases in direct opex ** Cash contribution calculated as direct contribution plus add-back for depreciation and less proportional earn-out liability: portion of earnout liability related to revenues for the period independent of timing / capitalised amount 30 International: strategic and operational levers building momentum (AUD) International in A$'000 Reported Revenue Reported Gross Profit Total Gross Profit % of Revenue Direct OPEX Direct Contribution* Depreciation Add-Back Earn-out liability "Cash" Contribution** 1HFY25 1HFY24 2HFY24 FY24 37,382 34,608 36,105 70,713 10,587 10,480 10,902 21,382 28% 30% 30% 30% (6,945) (6,057) (6,319) (12,376) 3,642 4,423 4,583 9,006 1,907 1,943 1,862 3,805 (82) (82) 5,549 6,284 6,445 12,729 * Direct contribution calculated as gross margin less direct opex – includes depreciation and allocation of shared functions & overhead. Corresponds to 4D segment note ** Cash contribution calculated as direct contribution plus add-back for depreciation and less proportional earn-out liability: portion of earnout liability related to revenues for the period independent of timing / capitalised amount 31 Reported EBITDA to Underlying Bridge A$million Reported Revenue Reported Gross Profit Total Gross Profit % of Revenue Direct OPEX Direct Contribution* Indirect OPEX Other Income Earn-out Reassessments Depreciation Add-Back Reported EBITDA Earn-out Reassessments Fair Value Adjustment of Convertible Note Derivative Litigation and Restructuring Expenses Underlying EBITDA 1HFY25 1HFY24 2HFY24 200.5 187.9 213.1 113.0 105.8 130.9 56% 56% 61% (65.1) (65.2) (66.0) 47.9 40.6 65.0 (57.6) (51.2) (45.4) 0.7 0.9 1.3 (66.0) (16.7) 1.0 4.4 4.4 4.2 (70.6) (21.9) 26.1 66.0 16.7 (1.0) (12.7) 10.0 (0.2) 32.2 3.2 6.1 14.9 8.0 31.0 FY24 388.4 218.8 56% (130.3) 88.5 (108.9) 1.7 (82.7) 8.8 (92.5) 82.7 (2.8) 35.4 22.9 ● Underlying EBITDA delivering steady operational improvements resulting from higher revenue and operational execution ● Underlying EBITDA excludes non-cash items, including: - Earn out reassessment +$1.0m - Fair Value Adjustment of Convertible Note Derivative (as a result of share price movement across the year) ($0.2m) - Litigation and restructuring expenses ($6.1m) 1. Statutory accounts include amounts relating to depreciation which are added back to reconcile to EBITDA. 1HFY25 Depreciation: Gross Profit ($2.2m), Direct opex ($1.4m), Indirect opex ($0.6m). 32 Earn-Out and Deferred Consideration Liabilities - Update Milestones Royalties 8% Net Sales on all TXMD Licensed Products (ANNOVERA®, IMVEXXY®, BIJUVA®) Women’s Health 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) Population Council: US$13.0m (2025) Population Council: US$40.0m (cumulative sales of US$400m: ANNOVERA®) Population Council: US$40.0m (cumulative sales of US$1.0bn: ANNOVERA®) 10% Net Sales to Population Council (ANNOVERA®)1 Variable COGS payment to Gedeon Richter (GR) (formerly Mithra) (NEXTSTELLIS®) (Embedded in gross margin) Dependent on forward sales of NEXTSTELLIS® (no guidance provided) Dermatology N/M2 N/M International N/M N/M Contingent consideration represents the estimated present value of the future royalties and milestones payable on net sales of the product Carrying Value FY24 FY23 Current $33.2m $15.2m Non-Current $329.6m $252.1m 1. The 10% royalty is deducted from Net Sales of ANNOVERA® prior to the application of the 8% royalty payable to TXMD; 2. N/M – not material 33 Consolidated Balance Sheet Balance Sheet Extract Cash Marketable securities Receivables Inventory Income tax receivable PP&E Intangible assets including goodwill Other assets Total assets Interest-bearing debt (including lease liabilities) Trade and other payables Other financial liabilities Other liabilities Total liabilities Equity 31-Dec-24 30-Jun-24 A$m 53.7 71.2 195.7 61.1 15.5 51.3 580.2 102.0 1,130.7 39.9 200.1 416.3 28.2 684.5 446.2 A$m 110.1 39.2 193.2 74.6 14.5 46.7 568.6 96.3 1,143.2 38.8 244.5 381.8 23.9 689.0 454.1 Change on pcp A$m (56.4) 32.0 2.5 (13.5) 1.0 4.6 11.6 5.7 (12.5) 1.1 (44.4) 34.5 4.3 (4.5) (7.9) 1HFY25 Commentary • Cash + marketable securities decreased by ($24.4m) versus 30 June 2024 driven by the class action settlement of $33.3m • Company debt is comprised of convertible notes issued to fund TXMD transaction + capitalised leases • Other Financial Liabilities includes earnout liabilities 34 Women’s Health: revenue, margin and contribution summary 1HFY24 Total Revenue US$47.3m +44.6% v 2HFY23 2HFY24 Total Revenue US$46.4m +41.9% v pcp, -2% seq. 1HFY25 Total Revenue US$62.3m +31.7% v pcp, +34.3% seq. $2.3, 5% $2.0, 4% $5.0, 11% $2.2, 4% $6.6, 11% $4.5, 10% $13.8, 29% $16.3, 35% $22.4, 36% $8.5, 18% $10.7, 23% $15.3, 24% $15.8, 33% $14.8, 32% $15.8, 25% Gross Margin: 81% Gross Margin: 78% Gross Margin: 82% Direct opex: US$26.5m Direct opex: US$24.8m Direct opex: US$24.9m Direct Cont.: US$11.8m / A$18.1m Direct Cont.: US$11.3m / A$17.1m Direct Cont.: US$26.0m / A$39.3m 1. All figures in the charts shown in USD 35 Women’s Health – favourable macro trends positions Mayne Pharma well Key macro trends in Women’s Health • Global menopause market hit US$15.4bn in 2021 and is projected to reach US$24.4bn by 20301 Growing addressable Women’s Health market Increased awareness and education Government Support / Initiatives • Increased need for contraception options post Roe v Wade in the US • Greater emphasis on education and training (Obs/Gyn) (historically, lack of clinical education in menopause – only 31% of Obs/Gyn report receiving menopause curriculum during residency)2 • Increased awareness of the impact of menopause (e.g. published articles, celebrities drawing awareness) • Affordable Care Act - In all 50 states, the ACA guarantees coverage of women's preventive services for individuals and covered dependents • 3 executive orders by President Biden on strengthening access to contraception • Biden’s US$2bn investment in Women’s Health research & education 1. https://www.grandviewresearch.com/press-release/global-menopause-market 2. Allen JT et al, 2023, Menopause. 1;30(10):1002-1005. Mayne Pharma • BIJUVA® – only available, FDA approved bioidentical combination treatment for vasomotor symptoms associated with menopause • NEXTSTELLIS® and ANNOVERA® are unique contraceptive solutions • Investment in Medical Science Liaisons to raise product scientific awareness • Supporting education programs on the use of hormones for contraception