Vistin Pharma Asa · OSL:VISTN
Vistin Pharma Asa — Q3 2024 Earnings Presentation
29 slides from Vistin Pharma Asa's earnings presentation, Oct 31, 2024
Slide 1: Presentation
Presentation 2024 Magnus Tolleshaug (CEO) / Alexander Karlsen (CFO) 31 October 2024
Slide 2: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 3: Third quarter 2024 results
Highlights Third quarter 2024 results MNOK 106 in revenue vs. MNOK 120 in Q3 2023 Other • Revenue decrease compared to same quarter last year • All-time high production volume in the quarter driven by lower sales volume, safety stock build and lower reflecting good operational utilization of both gl
Slide 4: Vistin has high focus on reducing local and global emissions
Vistin has high focus on reducing local and global emissions, and programs are in place to consume responsibly and recycle where possible
Slide 5: Slide 5
Slide 6: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 7: A pure play metformin company – supporting patients worldwide in a growing market
A pure play metformin company – supporting patients worldwide in a growing market Vistin Pharma Diabetes Metformin growth opportunity One of the largest + The gold standard = A leading global health emergencies treatment of type in the 21st century 2 diabetes producer of premium metformin • Market d
Slide 8: Diabetes – A global emergency
Diabetes – A global emergency
Slide 9: Number of people with diabetes expected to increase by 50% from 2019-2045
Number of people with diabetes expected to increase by 50% from 2019-2045 to 750 million people Number of people living with diabetes Source International Diabetes Federation, IDF Diabetes Atlas, tenth edition, 2021
Slide 10: Key diabetes facts
Key diabetes facts: Number of people living with diabetes Source International Diabetes Federation, IDF Diabetes Atlas, tenth edition, 2021 Source International Diabetes Federation, IDF Diabetes Atlas, tenth edition, 2021
Slide 11: Vistin Pharma produces about 10% of the world's demand of metformin
Vistin Pharma produces about 10% of the world’s demand of metformin and has a world-wide sales coverage
Slide 12: World sales map
World sales map
Slide 13: Slide 13
Slide 14: Agenda
Agenda Highlights Market review Financial review Summary Appendix
Slide 15: Long and successful growth track record
Financial review Long and successful growth track record Revenues Vistin Metformin (MNOK) 500 450 438 400 350 316 305 300 279 254 250 228 201 200 176 177 171 142 150 150 111 101 100 88 50 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1-3Q 2024 2022 includes a one-time posit
Slide 16: Sales volume lower than Q3'23, mainly driven by safety stock rebuild
Financial review Sales volume lower than Q3’23, mainly driven by safety stock rebuild and customer order pattern Quarterly sales volume metformin (HCl & DC) Annual sales volume metformin (HCl & DC) 1600 6000 1440 1400 5000 1260 1230 1250 1300 5000 1200 1200 1140 1100 1030 4000 3780 1000 3480 800 300
Slide 17: Revenue lower compared to Q3'23 driven by limited sales volume and lower prices
Financial review Revenue lower compared to Q3’23 driven by limited sales volume and decreased global metformin prices 140 • Revenue of MNOK 106 in Q3’24 vs 120 in 120 Q3’23 120 111 107 104 106 106 • Parts of production volume in Q3 used to 99 101 100 92 rebuild safety stock levels after the unplanne
Slide 18: Positive development in gross margin with stable production volumes
Financial review Positive development in gross margin with stable production volumes and economies of scale in raw material purchasing 80% • Positive development in gross margin due to stable production and favorable economies 68% 70% 64% of scale in raw material purchasing, in 63% 58% 59% addition
Slide 19: Record high EBITDA of MNOK 28.8 vs. MNOK 27.3 in Q3 2023
Financial review Record high EBITDA of MNOK 28.8 vs. MNOK 27.3 in Q3 2023 35 • EBITDA positively affected by product mix, 29 favorable material cost prices and good cost 30 27 27 control in quarter 25 25 • Incentive plan expense of MNOK 3 booked in 20 quarter (2.7 in Q3’23) 20 20 • EBITDA YTD of MNO
Slide 20: Key figures: income statement
Financial review Key figures: income statement (NOK 1 000) Q3 2024 Q3 2023 YTD 2024 YTD 2023 FY 2023 Total revenue and other income Total revenue and other income 105 838 119 938 315 803 327 607 438 328 EBITDA EBITDA 28 828 27 251 76 606 60 938 85 944 Depreciation & amortisation -4 765 -4 427 -14 45
Slide 21: Balance sheet: assets
Financial review Balance sheet Assets 30.09.2024 30.09.2023 31.12.2023 ASSETS Non-current assets Fixed assets 230 286 216 608 219 984 • Deferred tax asset in relation to realized Financial Assets 11 433 - - loss for Energy Trading in Q1 2020 Deferred tax assets 2 401 20 814 14 638 • Inventory consis
Slide 22: Balance sheet: equity and liabilities
Financial review Balance sheet Equity and liabilities 30.09.2024 30.09.2023 31.12.2023 EQUITY AND LIABILITIES Equity Share capital 44 345 44 345 44 345 • Strong balance sheet with an equity ratio of Share premium 151 470 206 885 206 885 80% Retained earnings 114 924 49 865 71 540 Total equity 310 73
Slide 23: Slide 23
Slide 24: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 25: All time high EBITDA of 29 MNOK in Q3'2024 with gross margin of 68%
Summary All time high EBITDA of 29 MNOK in Q3’2024 Attractive growth potential to be realized when with gross margin of 68% the remaining manufacturing capacity is fully available and utilized Metformin market expected to continue to grow by 4-6% annually Vistin is strategically well positioned as m
Slide 26: Agenda
Agenda Highlights Market overview Financial review Summary Appendix
Slide 27: Double capacity double care metformin strategy
Double capacity double care metformin strategy Strategically Attractive growth A premium producer Metformin market positioned producer potential with new in a competitive expected to continue of two different production line market to grow by 4-6% metformin products: installed in 2022 annually Metfo
Slide 28: Top 20 shareholders as of end September 2024
Appendix Top 20 share- holders as of NAME SHAREHOLDING % SHARE INTERTRADE SHIPPING AS* 12 575 000 28,36 % HOLMEN SPESIALFOND 4 200 379 9,47 % end September PACTUM VEKST AS* MP PENSJON PK 2 991 773 1 719 848 6,75 % 3,88 % 2024 FERNCLIFF LISTED DAI AS* STORKLEIVEN AS AUGUST RINGVOLD AGENTUR AS 1 234 2
Slide 29: Thank you for your attention
Thank you for your attention www.vistin.com Magnus Tolleshaug (CEO) Alexander Karlsen (CFO) 31 October 2024