Mayne Pharma on a high

Mayne Pharma Group (MYX) looks poised to retest its record high after revealing that its interim result will be ahead of expectations.

The stocks staged its best one-day gain in 2½-months of 7.5% to 79 cents, and is just 3 cents shy of last November’s all-time high.

The generic drug supplier is expecting total revenue for the six-months to end December to range between $68 million and $71 million as underlying earnings before interest, tax, depreciation and amortisation (EBITDA) comes in at $18.6 million to $19.1 million.

The figures are comfortably ahead of the $61.1 million in sales and $17.1 million for EBITDA that the market was expecting.

The strong result is driven by recent acquisitions, new product launches, increasing market adoption of its drugs and the falling Australian dollar, which helps its translated earnings as the United States accounts for more than 60% of group sales.

Mayne, which is part of the Uncapped 100, is expected to post its half-year results on February 26.

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