Almirall Sa · BME:ALM
Almirall Sa — H1 2011 Earnings Presentation
27 slides from Almirall Sa's earnings presentation, Jul 28, 2011
Slide 1: Half Year 2011 Financial Results
Half Year 2011 Financial Results July 28th, 2011
Slide 2: Disclaimer
Disclaimer This document includes only summary information and does not intend to be comprehensive. Facts, figures and opinions contained herein, other than historical, are "forward-looking statements". These statements are based on currently available information and on best estimates and assumptio
Slide 3: Eduardo Sanchiz, Chief Executive Officer
Eduardo Sanchiz Chief Executive Officer 3
Slide 4: H1 2011 Results in a nutshell
H1 2011 Results in a nutshell • Sales improvement vs. Q1 (-9% vs. -12%). • Cost discipline and savings a continued priority for 2011 (SG&A: -2,3%). • Net Debt of € 21,8 MM after dividend distribution (x 0,1 EBITDA 2010). • Steady Free Cash Flow Generation (€ 56,7 MM). • 2011 Guidance on hold. YTD YT
Slide 5: Other highlights (I)
Other highlights (I) Corporate Development • Aclidinium partnering with Kyorin in Japan. • Co-branding of roflumilast in Spain with Nycomed. • Ongoing negotiations on AB partnering in Europe. New Products • Sativex® launched in Spain, Germany and Denmark. • Actikerall® launched in Germany and UK. •
Slide 6: Other highlights (II)
Other highlights (II) Pipeline • Aclidinium monotherapy filed in US and EU. • Linaclotide EU filing on track (planned in H2 2011). • Additional aclidinium data to be presented at ERS Congress in September 2011. Corporate • € 0,29* dividend distributed in June 1st. • Eduardo Sanchiz, new CEO as of Ju
Slide 7: Half Year 2011 in review: Finance
Half Year 2011 in review: Finance Daniel Martínez, CFO Financial highlights 7 Eduardo Sanchiz, CFO
Slide 8: Income Statement
Income Statement YTD YTD % € rounded million As anticipated, improved trend Jun 2011 Jun 2010 Variation in sales vs Q1. Net Sales 426,5 469,0 (9,1%) Gross Profit 267,9 292,4 (8,4%) % of sales 62,8% 62,3% Better Gross Margin despite Other Income 51,3 61,1 (16,0%) uneven pricing levels. Driven R&D (62
Slide 9: Q2 Highlights
Q2 Highlights 2011 2010 € rounded million % Variation Q2 Q2 Net Sales 213,8 226,4 (5,6%) Gross Margin improved Gross Profit 135,0 137,6 (1,9%) 230bps (despite uneven % of sales 63,1% 60,8% pricing levels) linked to Other Income 27,6 31,6 (12,7%) higher share of proprietary R&D (28,0) (32,9) (14,9%)
Slide 10: Zoom in – Other Income
Zoom in – Other Income Includes: € 17,2 MM of co-development revenues € 14,6 MM linked to upfront payments YTD YTD € rounded million Jun 2011 Jun 2010 Revenues under co-development agreements 31,8 32,0 Collaborations in product promotion 11,3 13,7 Revenues under co-promotion agreements 6,1 10,6 Othe
Slide 11: Balance Sheet
Balance Sheet Net Debt as of 30 Jun % December € rounded million June 2011: 2011 of BS 2010 Goodwill 271,5 17,6% 271,9 Intangible assets 375,4 24,3% 382,8 € 21,8 MM * Property, plant and equipment 147,9 9,6% 154,8 Financial assets 12,2 0,8% 10,2 Other non current assets 193,0 12,5% 189,0 xx 0,1 0,1
Slide 12: Cash Flow
Cash Flow YTD YTD € rounded million Driven by the expected higher Jun 2011 Jun 2010 accounts receivables. Profit Before Tax 74,5 100,6 Depreciation and amortisation 31,1 30,6 Change in working capital (24,1) (9,2) Driven by flow of Corporate Other adjustments (9,2) (33,6) Income Tax payments Cash Fl
Slide 13: Half Year 2011 in review: Operations
Half Year 2011 in review: Operations Luciano Conde, COO R&D highlights 13 Dr Per Olof Andersson, CSO
Slide 14: Sales by Region
Sales by Region YTD YTD % of € rounded million % Variation Jun 2011 Jun 2010 sales Spain 221,6 262,9 (15,7%) 52,0% Rest of Europe 156,4 151,4 3,3% 36,7% Africa, America & Asia (AAA) 39,5 38,3 3,1% 9,3% Corporate sales 9,0 16,3 (45,0%) 2,1% Total Net Sales 426,5 469,0 (9,1%) 100,0% • International sa
Slide 15: Breakdown of the core business
Breakdown of the core business Proprietary products In-licensing products YTD YTD % Presence € rounded million Jun 2011 Jun 2010 Variation Spain Intl. Ebastel® and others (ebastine) 70,1 68,8 1,9% 9 9 ® Almogran and others (almotriptan) 31,9 28,3 12,7% 9 9 Plusvent® (salmeterol & fluticasone) 29,5 2
Slide 16: Net Sales breakdown by main Therapeutic Area
Net Sales breakdown by main Therapeutic Area YTD YTD € rounded million % Variation Jun 2011 Jun 2010 Respiratory 104,2 103,7 0,5% Gastrointestinal* 81,2 76,6 6,1% CNS 72,2 87,5 (17,4%) Cardiovascular 61,4 80,5 (23,7%) Dermatology 58,4 60,0 (2,7%) Osteomuscular 28,9 33,4 (13,5%) Urological 10,2 8,3 2
Slide 17: Product launches
Product launches Brand Compound Indication Countries Toctino®® Toctino Alitretinoin Severe chronic hand eczema (CHE) Austria and Italy 9 months 12 months Silodyx®® Silodyx Silodosin Benign prostatic hyperplasia (BPH) Spain 9 Conbriza®® Conbriza Bazedoxifene Osteoporosis Spain 9 Last 12 Tetrahydro-ca
Slide 18: Half Year 2011 in review: R&D
Half Year 2011 in review: R&D Dr Bertil Lindmark, CSO R&D highlights 18 Dr Per Olof Andersson, CSO
Slide 19: Two major filings in 2011
Two major filings in 2011 Aclidinium Aclidinium bromide bromide Linaclotide Linaclotide • Well positioned to be the 2nd LAMA • First-in-class treatment developed in the COPD market. for IBS-C • No product approved by EMA so • Convenient Genuair® MDPI device. far. • AB monotherapy filed in US and EU.
Slide 20: A pipeline with significant upside (I)
Auto-immune A pipeline with significant upside (I) Dermatology Gastrointestinal Respiratory Expected filing Preclinical Ph I Ph II Ph III Registration date Sativex® (CB agonist) Multiple Multiple Sclerosis Sclerosis Spasticity Spasticity Launched Actikerall® (combination) Hyperkeratotic Hyperkeratot
Slide 21: A pipeline with significant upside (II)
Auto-immune A pipeline with significant upside (II) Dermatology Respiratory Expected filing Preclinical Ph I Ph II Ph III Registration date Abediterol (LAS100977)+ ICS (OD LABA + ICS) Asthma Asthma // COPD COPD >2014 LAS41003 (combination) Infected Infected eczema eczema 2013 LAS41004 (combination)
Slide 22: Newsflow during H2 2011
Newsflow during H2 2011 2nd 2nd Half Half 2011 2011 Abediterol (LAS100977) + ICS New Phase II studies Further data on AB results at ERS R&D R&D AB + formoterol (BID) Phase III initiation Further data on linaclotide at UEGW LAS41002 (Skin inflammation) Regulatory Regulatory Linaclotide Filing in Euro
Slide 23: Eduardo Sanchiz, Chief Executive Officer
Eduardo Sanchiz Chief Executive Officer 23
Slide 24: 2011 Guidance on hold
2011 Guidance on hold • New Healthcare reforms in Spain announced on July 21st. • Ongoing conversations between Farmaindustria* and the Government. • Timing of implementation is uncertain. * Spanish Association for the Pharmaceutical Industry 24
Slide 25: Projected key deliverables in H2 2011
Projected key deliverables in H2 2011 Operations Corporate Development R&D and Regulatory • Launch of Sativex® in • Partnering of aclidinium in • Filing of linaclotide. Sweden. Europe. • Aclidinium + formoterol • Launch of Solaraze® in combination enters phase III Spain. • Continue track record in i
Slide 26: For further information, please contact
For further information, please contact: Jordi Molina, Head of Investor Relations Ph. +34 93 291 3087 jordi.molina@almirall.com Or visit our website: www.almirall.com 26
Slide 27: Almirall – Solutions with you in mind
4 . (% Almirall Solutions with you in mind