Estelle® (Nextstellis®) U.S. product sales volumes (i.e., dispensed cycles) by Mayne Pharma increased by 80% in H1 2023, compared to H2 2022. Estelle H1 revenues were impacted by lower supply sales to Mayne, as Mayne sold trade units from inventory purchased in 2022 during H1 2023. Mayne's promotional initiatives to ramp up Estelle's U.S. sales also led to Mithra predominantly supplying sample units for the U.S. market during H1 2023 at reduced prices. As a result, while U.S. sales volumes by Mayne improved, a similar increase in supply sales volume is not reflected in Mithra’s H1 2023 Estelle® sales figures, which also were impacted by lower supply prices. Given the 80% increase in sales volume by Mayne Pharma in H1 2023, compared to H2 2022, the continuing increase in sales volumes in U.S. and Europe, and the generally temporary nature of promotional product pricing, the average Estelle supply price and volume are in good shape to rebound in the future.
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