Shares in Mayne Pharma Group have fallen sharply after the drug developer and manufacturer said it was facing headwinds with its franchise for the Doryx acne treatment in the United States.
Mayne Pharma chairman Roger Corbett told shareholders at the group’s annual general meeting on Thursday that the US Doryx franchise remained the group’s number one strategic priority.
Despite the headwinds faced by US Doryx, Mr Corbett said Mayne Pharma directors were very confident they had the strategies, resources and operational plans in place to strengthen the group.
He said the US Doryx franchise was facing some headwinds due to declining prescriptions written by dermatologists, following changes made to the US sales team by Actavis after its acquisition of Warner Chilcott.
US sales of Doryx accounted for 16 per cent of group revenue in the 2013/14 financial year.
Read more here: Business Spectator