Unfortunately for its long-suffering shareholders, the Mayne Pharma Group Ltd (ASX: MYX) share price continued to slide lower on Friday.
At one stage the pharmaceutical company's shares sank to a 52-week low of 59 cents, before finishing the day down just over 1.5% to 59.5 cents.
This brought its year-to-date decline to almost 56%.
Why are its shares at a 52-week low?
Mayne Pharma's shares have come under significant selling pressure this year due to weakness in the generic drugs market.
Due largely to the consolidation of wholesalers in the United States, the industry has faced significant pricing pressures.
Unfortunately the general consensus is that things will get worse before they get better. This could mean that Mayne Pharma's margins take a hit and its overall profitability weakens.
Investors will learn more about the state of the industry and the company's performance so far in FY 2018 at its annual general meeting on November 28.
