Photocure Asa · OSL:PHO
Photocure Asa — Q3 2012 Earnings Presentation
21 slides from Photocure Asa's earnings presentation, Oct 26, 2012
Slide 1: Executing the Strategy: Results of the Third Quarter 2012
PHOTOCURE ASA EXECUTING THE STRATEGY RESULTS OF THE THIRD QUARTER 2012 26 October 2012 Kjetil Hestdal, President & CEO Erik Dahl, CFO
Slide 2: Disclaimer
DISCLAIMER The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Photocure ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various as
Slide 3: Highlights Third Quarter 2012
HIGHLIGHTS THIRD QUARTER 2012 Operational • Hexvix®/ Cysview® delivering on growth expectations – Total Hexvix/Cysview revenues in 3Q 2012 increased 22% versus prior year – US sales of Cysview gaining momentum, with 27 cystoscopes YTD placed at high procedure volume urology centers – Partner end use
Slide 4: Commercial Update
Commercial Update st Ce Ce
Slide 5: Hexvix/Cysview Strategic Partnership with Ipsen
HEXVIX/CYSVIEW STRATEGIC PARTNERSHIP WITH IPSEN • Partner end user unit sales Hexvix Partner Unit Sales Per Quarter increased 7% versus prior year 10,000 9,000 8,000 7,000 • Ipsen operational in major markets 6,000 5,000 – MAA transfers complete 4,000 3,000 – Fully staffed and trained 2,000 1,000 ,0
Slide 6: Hexvix/Cysview Nordic and US Commercial Operations
HEXVIX/CYSVIEW NORDIC AND US COMMERCIAL OPERATIONS Own Hexvix/Cysview Unit Sales Per Quarter • Own sales in Photocure territory 2,500 increased 13% in 3Q 2012, 17% year 2,000 to date 1,500 • Nordic growth 2% over prior year, 5% 1,000 year to date, reflective of summer ,500 slowdown ,0 3Q09 4Q09 1Q10
Slide 7: Allumera
ALLUMERA • Photocure took the strategic decision to exit the Allumera business in the US • Due to the highly competitive cosmetic market, current and future growth projections were below expectations • 3Q 2012 sales NOK 0.8 million • Customer support shifted to customer service center model • Restru
Slide 8: Pipeline Update
Pipeline Update 8
Slide 9: Creating Value: Diverse Product Portfolio
CREATING VALUE DIVERSE PRODUCT PORTFOLIO Technology Indication Phase 1 Phase 2 Phase 3 Status • Phase 2b results to be reported in 4Q 2012 Treatment of • Commercialization through Cevira® PDT precursors of partners cervical cancer • Significant interest from potential partners • Formulation prototyp
Slide 10: Visonac
VISONAC • High unmet need for novel treatments for moderate – severe acne • Positive phase 2b results – Significant reduction in inflammatory lesions – Overall improvement in acne severity – Well tolerated regimen • Preparing for phase 3 registration trials – End of phase 2 meeting with FDA – Finali
Slide 11: Cevira
CEVIRA Cancers induced by HPV • Cervical HPV infection highly prevalent and growing – 80% of all women have HPV infections during their lifetime – Represents 4-5 million women in US alone – At least 10% may become CIN 2/3 – May lead to cervical cancer without intervention • Potential alternative to
Slide 12: Cevira Phase 2b Trial Results in 4Q
CEVIRA PHASE 2B TRIAL RESULTS IN 4Q • Phase 2b study with integrated drug- delivery device started in June 2011 • Enrollment completed – 262 patients at 23 centers in Europe and the US • Primary endpoint: complete or partial response 3 months after treatment (histology, cytology and HPV) – Results e
Slide 13: Financials
Financials 13
Slide 14: Driving Solid Revenue Growth
DRIVING SOLID REVENUE GROWTH Revenue breakdown MNOK • Total sales revenues up 20% in the 20.9 quarter, 12% YTD 0.7 2.4 0.3 17.4 • Hexvix sales up 22% in the quarter, driven by new installations in US and partner performance 3Q 2011 Hexvix Hexvix Allumera 3Q 2012 own sales partner & Other • Own sales
Slide 15: Investing in Commercial Organization and R&D According to Plan
INVESTING IN COMMERCIAL ORGANIZATION AND R&D ACCORDING TO PLAN 60 • R&D expenses at 13.1 MNOK in 3Q 50 and 36.8 MNOK YTD 40 – Main R&D activities were ongoing 30 phase 2b study in EU/USA for Cevira 20 10 • S&M expenses increased to 26.1 0 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 MNOK in 3Q and to 68.3 MNO
Slide 16: Profit & Loss Third Quarter 2012
PROFIT & LOSS THIRD QUARTER 2012 MNOK Cancer Derm Q3 '12 Q3 '11 YTD '12 YTD '11 Sales revenues 18.1 2.8 20.9 17.4 58.3 51.9 Signing fee and milestones 0.0 2.9 2.9 14.9 31.1 20.6 Total revenues 18.1 5.6 23.8 32.3 89.5 72.5 Gross profit 15.1 5.5 20.5 30.4 81.4 64.1 Operating profit/loss(-) -19.2 -8.2
Slide 17: Cash Flow Third Quarter 2012
CASH FLOW THIRD QUARTER 2012 MNOK Q3 '12 Q3 '11 YTD '12 YTD '11 Cash flow from: - Operations -24.9 -15.3 -82.4 -51.8 - Investments 2.9 1.9 7.4 5.1 - Financing activities -1.7 0.6 -6.3 -6.3 Net change in cash -23.7 -12.8 -81.3 -53.1 Ending cash balance 273.9 336.1 273.9 336.1 • Net change in cash fro
Slide 18: Balance Sheet per 30 September 2012
BALANCE SHEET PER 30 SEPTEMBER 2012 • Other investments includes NOK 51.8 million MNOK 30.09 30.09 31.12 2012 2011 2011 in shares in PCI Biotech Non-current assets 128.5 87.0 127.7 • The deferred tax asset Inventory & receivables 30.1 30.8 26.3 was recognized in 4Q Cash & equivalents 273.9 336.1 355
Slide 19: Summary and Outlook
Summary and Outlook
Slide 20: Executing Our Strategy
EXECUTING OUR STRATEGY • Build a speciality pharma company, focused on dermatology and cancer • Maximize the potential of the company's Photodynamic Technology Platform – Photocure Technology™ • Leverage our experience to develop, register and commercialize new products based on Photocure Technology
Slide 21: Key Milestones 2012
KEY MILESTONES 2012 2012 Year to Date 2012 4 Q 2012 Highlights Focus Successfully launched Cysview in US Results from Cevira Phase 2b clinical Continued to drive adoption of Allumera trial available in US Drive growth of Cysview in the US Ipsen secured strong start with Hexvix Work close