Lavipharm Sa · ATHEX:LAVI
Lavipharm Sa — FY2023 Earnings Presentation
36 slides from Lavipharm Sa's earnings presentation, Apr 24, 2024
Slide 1: Annual Analysts Update
Annual Analysts Update Athens Exchange, 24 April 2024 Presentation by Vassilis Baloumis, CFO Discussion with Panagiotis Giannouleas, COO & Country Manager
Slide 2: Lavipharm | FY-23 Financial Results
Lavipharm | FY-23 Financial Results
Slide 3: Lavipharm FY-23 at a glance
Lavipharm FY-23 at a glance EUR 57.4mn +27.2% y-o-y EUR 50.9mn +30.4% y-o-y FY-23 Sales* (before rebate & clawback) FY-23 Sales* (after rebate & clawback) EUR 9.6mn +72.4% y-o-y EUR 9.1mn +58.9% y-o-y FY-23 EBITDA FY-23 Adjusted EBITDA EUR 1.9mn +125.2% y-o-y FY-23 Net Income 8,000 m2 300 >50 Coveri
Slide 4: Financial Overview
© Lavipharm Innovation in Health Financial Overview
Slide 5: FY-23 Results Highlights
Financial Overview FY-23 Results Highlights Key financial figures Group Sales* Group EBITDA 57.1 Pharma Market Dynamics 45.1 9.6 39.6 6.2 Note: 5.6 Financial Statements Excluding the non-recurring item, FY-22 EBITDA was up by EUR 2.0mn or 57% yoy. 2021 2022 2023 2021 2022 2023 Pillars of Growth Grou
Slide 6: Product & Services Revenue Breakdown
Financial Overview Product & Services Revenue Breakdown Revenue Breakdown per Category (FY 2023) Product Revenue by Geography (EUR mn)* Pharmaceuticals Rx**: EUR 45.9mn 6% Pharma Market Dynamics Greece Cardiometabolic EUR 18.8mn EUR 57.4mn EU 40% 54% Pain EUR 18.5mn in 2023 Other countries Financial
Slide 7: Product Category Revenue Breakdown
Financial Overview Product Category Revenue Breakdown Sales by product category (EUR mn) Pharma Market Dynamics 70 60 Financial Statements 50 With international demand and sales picking up in 2023, overall company’s topline performance has further improved 40 30 57.4 Pillars of Growth 50.9 45.2 20 3
Slide 8: Profitability Drivers
Financial Overview Profitability Drivers 9.1 2022 2023 5.7 Pharma Market Dynamics +125% 1.9 0.8 0.1 0 0.4 -0.2 -0.1 -0.1 Financial Statements -1.6 -1.3 -1.3 -2.0 -1.7 -4.3 Adj. EBITDA Other Investment property Interest Depreciation Taxes Disc. Operations Net Result valuation Pillars of Growth 6.2 5.
Slide 9: Net Debt Evolution
Financial Overview Net Debt Evolution (EUR mn) Already on a positive trajectory Lavipharm is already on a steady course to further reduce its net debt and improve its equity position by generating positive cash flow Pharma Market Dynamics A decrease of EUR 15.1mn or -39% already achieved 45.0 1.2x 3
Slide 10: Debt Instruments
Financial Overview Debt Instruments Long Term financing under favourable interest rates; to further improve Pharma Market 12 9% Dynamics 8.6% 10.5 10.2 Fixed 8% 10 7% Financial Statements 6.5% 8 6% Fixed 5% 6 5.3 4% Pillars of Growth 4 3.8 3% 2.7% Spread 2.2% 2% 1.8% 2 1.4 Spread 1.6% Spread 1.2 Fix
Slide 11: Pharma Market Dynamics
© Lavipharm Innovation in Health Pharma Market Dynamics
Slide 12: EU Pharma Market – Resilient & Outperformer
Financial Overview EU Pharma Market – Resilient & Outperformer EU retail pharma market growing steadily in the last 10 years, at a CAGR of 4.1% EU Pharma Sales (EUR bn) YoY Growth EU Pharma Sales vs. EU GDP Cumulative since 2011 +8.1% EU GDP EU pharma sales +3.5% 262 149 +6.9% Pharma Market +3.1% 24
Slide 13: Corporation's Ranking | Total Pharma Market
Corporation’s Ranking | Total Pharma Market 5Y IQVIA Evolution 2019-23 | Values (EUR mn) | MS (%) | PPG (%) | Ranking 30 0.85% CHC RX MS y-o-y growth 0.79% 0.80% 25 0.74% 0.75% 0.70% 20 0.70% Sales 7.5% 0.65% MS% 15 0.59% 12.8% 22.1 24.1% 0.60% 20.4 20.0% 17.8 10 13.5 0.55% 10.8 0.51% 0.50% 5 4.3% -
Slide 14: Financial Statements
© Lavipharm Innovation in Health Financial Statements
Slide 15: Income Statement - Group
Financial Overview Income Statement - Group Income Statement (EUR mn) 2022 2023 Δyoy Sales before Rebate & Clawback 45.144 57.426 27.2% Rebate & Clawback -6.087 -6.497 6.7% Pharma Market Dynamics Sales after Rebate & Clawback 39.057 50.929 30.4% Gross Profit 17.622 23.196 31.6% EBITDA 5.562 9.586 72
Slide 16: Balance Sheet - Group
Financial Overview Balance Sheet - Group Statement of Financial Position (EUR mn) 2022 2023 PP&E 6.410 8.484 Right of use assets 10.646 11.060 Pharma Market Intangible assets 46.195 44.541 Dynamics Other Non-Current Assets 5.317 5.049 Non-current assets 68.568 69.134 Inventories 10.226 14.834 Financ
Slide 17: Cash Flow Statement - Group
Financial Overview Cash Flow Statement - Group Cash Flow Statement (EUR mn) 2022 2023 Cash flow from operating activities 8.272 9.521 Working Capital Adjustments -3.356 -6.927 Pharma Market Dynamics Financial expenses paid -1.535 -2.049 Tax expenses paid -0.035 -0.261 Net cash flow from operating ac
Slide 18: Income Statement - Company
Financial Overview Income Statement - Company Income Statement (EUR mn) 2022 2023 Δyoy Sales after Rebate & Clawback 23.491 34.445 46.6% Gross Profit 9.313 13.441 44.3% Pharma Market Dynamics EBITDA 4.994 9.534 90.9% Adj. EBITDA 5.176 9.077 75.4% EBIT 3.688 5.640 52.9% D&A increase is due to the acq
Slide 19: Balance Sheet - Company
Financial Overview Balance Sheet - Company Statement of Financial Position (EUR mn) 2022 2023 PP&E 6.357 8.439 Right of use assets 10.187 10.006 Intangible assets 45.796 44.140 Pharma Market Dynamics Other Non-Current Assets 27.192 27.458 Non-current assets 89.532 90.043 Inventories 6.624 10.475 Fin
Slide 20: Cash Flow Statement - Company
Financial Overview Cash Flow Statement - Company Cash Flow Statement (EUR mn) 2022 2023 Cash flow from operating activities 5.192 9.312 Working Capital Adjustments -0.267 -8.061 Pharma Market Dynamics Financial expenses paid -1.018 -1.377 Tax expenses paid -0.005 - Net cash flow from operating activ
Slide 21: Pillars of Growth
© Lavipharm Innovation in Health Pillars of Growth
Slide 22: Pillars of Growth overview
Financial Overview Pillars of Growth overview Lavipharm has identified the pillars which are set to drive the growth momentum and capitalises on those Pharma Market • A successful and profitable product already marketed in the Italian market Dynamics Catapresan TTS • Imminent penetration in other ma
Slide 23: Catapresan TTS
Financial Overview Catapresan TTS An addressable EU market of c. EUR 930mn (Resistant Hypertension market) Market Opportunity Pharma Market Out of the EUR 9.3bn Hypertension Market, Dynamics A dormant environment, Total EU Hypertension 10% are patients with Market (HTN): leaving room for Clonidine-T
Slide 24: Catapresan TTS (cont.)
Financial Overview Catapresan TTS (cont.) Significant upside is expected from commercialising Catapresan TTS in countries other than Italy: Pharma Market Dynamics ▪ Lavipharm’s business plan doesn’t include any Catapresan TTS related income potentials outside Italy The Case / Opportunity of Greece F
Slide 25: Catapresan TTS (cont.) EU market penetration case
Financial Overview Catapresan TTS (cont.) EU market penetration case* Pharma Market Dynamics Financial Statements Pillars of Growth Governance Corporate *Analogue assessments, discussions with industry experts and secondary research were leveraged to identify the optimal launch sequencing which is b
Slide 26: Catapresan TTS (cont.) Optimised Launch
Financial Overview Catapresan TTS (cont.) EU market penetration case Pharma Market Optimised Launch Dynamics Financial Statements Pillars of Growth Governance The minimum amount of time required to launch in all 11 markets with optimal launch sequence is c.22 months Corporate ` Minimum amount for ti
Slide 27: Tikun Europe Collaboration
Financial Overview Tikun Europe Collaboration Enhancing Treatment-related Product Portfolio In November 2022, Lavipharm entered into a strategic partnership with Tikun Olam Europe, the leading pharmaceutical company in the research, development and production of medical cannabis products in Greece P
Slide 28: Focused Growth Strategy
Financial Overview Focused Growth Strategy Recently announced agreements and transactions Pharma Market Dynamics Broadens pain Enters highly specialised Initiates collaboration with a Improves profitability and management division antibiotics segment. major CDMO player while optimises resource portf
Slide 29: Corporate Governance
© Lavipharm Innovation in Health Corporate Governance
Slide 30: ESG Commitments
Financial Overview ESG Commitments Sustainability policy: Not just a “nice to have”, but a strategic priority for Lavipharm Pharma Market Dynamics Lavipharm is committed to sustainable growth Even though ESG reporting is not a legal prerequisite for its size, management decided to monitor and report
Slide 31: Shareholding Composition & Group Structure
Financial Overview Shareholding Composition & Group Structure Other than Lavipharm Group Holding S.A., the members of Lavidas T&A HOLDINGS EUR 142.18mn (LUXEMBOURG) Market Cap (as of 22/04/2024) family currently hold an additional 1.3% of S.A.R.L. 4% share capital at individual level EUR 0.847 Pharm
Slide 32: Outlook
© Lavipharm Innovation in Health
Slide 33: Company Outlook
Financial Overview Company Outlook 3-year Revenue Projection* (EUR mn) FY-22 sales FY-23 sales Pharma Market surpassed by EUR 2.9mn or 6.9% surpassed by EUR 5.1mn or 9.8% 102.6 Dynamics management’s projections management’s projections of EUR 42.2mn of EUR 52.3mn 86.1 72.6 57.4 Revenue 45.1 Financia
Slide 34: Thank you
Thank you Disclaimer ▪ This presentation has been prepared and issued by Lavipharm solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer s
Slide 35: Annual Analysts Update
Annual Analysts Update Athens Exchange, 24 April 2024 For more information: Vassilis Baloumis CFO Tel. : + 30 210 6691 121 Email : ir@lavipharm.com
Slide 36: Annual Analysts Update
Annual Analysts Update Athens Exchange, 24 April 2024 Presentation by Vassilis Baloumis, CFO Discussion with Panagiotis Giannouleas, COO & Country Manager