some important spects/highlights.
SBD sales were up 105% to $92 million, and gross profit was up 113% to $80 million.
This can give another 100% jump in revenues for current financial year.
OK.
NO.
Say 50%.
where will revenue and prift go
Turning to Women's Health. We have an extensive portfolio of more than 20 oral brand and generic contraceptives and a pipeline of 3 further contraceptives, including a generic to NuvaRing, the largest contraceptive product sold in the U.S., which is pending at the FDA. To date and despite NuvaRing losing patent protection more than a year ago, no generics have been approved to date. We are working closely with our partner Mithra to bring our product to market. Based on our progress, I believe Mayne will be close to the forefront of this significant generic opportunity when it emerges in calendar 2020.
GENERIC TO NUVARING ALONE when approved can take the stock to the other side of 2 dollars.
Yes .
As mentioned in the May trading update, our generics business had also incurred a number of one-off charges in the second half of fiscal '19, such as abnormal failure-to-supply penalties from products supplied by third-party manufacturers; and shelf stock adjustments from pricing changes, which we expect to be more normalized across this fiscal year. This, together with enhanced operating efficiency and significantly greater manufacturing output, will materially improve overhead recovery benefits and the financial performance at Greenville.
Despite these investing cash flows of $92 million, net debt was down $6 million over the year or $23 million on a constant currency basis. We had cash balances of $89 million, and debt outstanding was $369 million. Our bank debt-calculated gearing ratio is 2.0x on a net debt-to-EBITDA basis, which was slightly lower than at 30 June 2018, and we will -- we remain well within our covenant positions.
In terms of outlook, the company expects fiscal '20 to be stronger, driven largely by the specialty brand launches of Tolsura and LEXETTE; growth of our generic and branded dermatology and Women's Health portfolios; and growth of Metrics Contract Services, benefiting from a larger pool of chemists and formulators as well as the growing pipeline of commercial manufacturing contracts. The company is targeting 8 new generic product launches by the end of calendar '20, of which 2 are already approved. The addressable market for this cohort of products is USD 1.4 billion
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Yes. Look. So firstly, we do expect better margin ratios for our generic business in fiscal '20 versus the experience of the second half of '19. And that's mainly driven by, yes, product mix, but it's also driven by some of the things that depressed margin to 44% in the second half, which I think I talked about on the trading update as well in May around stock obsolescence, shelf stock adjustments. And we did have some significant failure-to-supply penalties through that period that are now behind us. Our service levels have come back to very robust levels. And those issues were mainly driven by third-party manufacturing issues. And so we're in a much better position today in terms of our safety stocks and inventory levels and things like that. So I mean, in short, this is a business that's been generally achieving margins at 50% or above, and I have no reason to think we can't be back in that place in across this financial year for the reasons I've said. WOW.
So friends company expects even generics to deliver 50% margins. and revert to its mean.
David Bailey, Macquarie Research - Research Analyst [21]
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Scott, Nick, just from me, just interested in the commentary around keeping operating expenses flat in FY '20 in constant currency terms. I'm just wondering if you can talk to how you're hoping to achieve that in a bit of detail. That'll be great.
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Scott Anthony Richards, Mayne Pharma Group Limited - MD, CEO & Executive Director [22]
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Well, I think I've said actually we're looking to reduce operating expenses.
on 2 generic dermatology assets that are going to be accretive to our earnings base this year. I've got a bunch of other things like that in the hopper because there's plenty of folks out there that are interested in leveraging what we're doing in the dermatology space in the generic sense because they're getting smashed in the retail market.
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