Mayne Pharma Ltd. (MYP.AU) chief executive Thierry Soursac said Monday that Australia's biggest maker of generic injectable drugs was still examining whether to list in London.
"We are in the process of a very serious study of that possibility," Soursac told Dow Jones Newswires in an interview.
"I have made no decision yet," he said, adding that he was still weighing up the advantages of a U.K. listing.
He declined to give profit guidance for the Melbourne-based company because it may "compromise any decision we would make."
Mayne earlier Monday posted a full-year net loss of A$31.3 million because of charges incurred for its split from Mayne Group Ltd. in November.
Excluding charges, the company reported a net profit of A$83.1 million.
Eight analysts surveyed by Thomson Financial had forecast that Mayne would earn a mean average of A$84 million.
Its sales in fiscal 2006 on a pro forma basis rose 18% to A$802.8 million from A$682.8 million a year earlier, said the Melbourne-based company, which was spun off from Mayne Group in November, with Mayne Group renamed Symbion Health Ltd. (SYB.AU).
Earnings before interest and tax in the year ended June 30 rose 37% to A$119.0 million from A$86.6 million.
In July, Mayne forecast pretax earnings in the range of A$118 million to A$121 million.
Sales of its paclitaxel breast cancer treatment rose 26% to A$139 million in fiscal 2006 from a year earlier, Soursac said.
"And the increase in sales of irinotecan in dollar terms was almost as large," he added.
"We have a well stocked pipeline of potential drugs," Soursac.
The company expects to cut costs to save A$10 million this fiscal year, he said.
Mayne Pharma is seen by some analysts as a potential takeover target.
"Like all companies, from time to time, we are approached by outside parties and each time it is up to the board to weigh whatever proposal comes in to our own outlook progress as an independent company, the value it creates for our shareholders," Soursac said.
"I can assure you each time both management and the board have in the foremost of their attention the interest of the shareholders of Mayne Pharma in judging in those calls," he added.
He declined further comment.
Mayne share last traded Friday at A$2.99.
Business Intelligence
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