H. Lundbeck A/s Class A · OMXCOP:HLUN_A
H. Lundbeck A/s Class A — Lundbeck — H1 2022 Earnings Presentation
64 slides from H. Lundbeck A/s Class A's earnings presentation, Aug 17, 2022
Slide 1: H1 Financial results and business update
H1 Financial results and business update August 17, 2022
Slide 2: Company disclaimer
Company disclaimer This presentation contains forward-looking statements that provide our expectations or forecasts of future events such as new product introductions, product approvals and financial performance. Forward looking statements include, without limitation, any statement that may predict,
Slide 3: Agenda
01 02 03 04 Agenda Group Solid H1 Strong HLR Momentum performance financial results in AAD continues overview Deborah Dunsire Joerg Hornstein Johan Luthman Deborah Dunsire CEO CFO Head of R&D CEO RESULTS DECK 3
Slide 4: H1 performance overview and highlights
H1 2022: Highlights H1 performance overview and highlights (reported numbers) Revenue guidance DKK +27% +120% 8.8 billion Strategic Vyepti sales raised Revenue up +7% brands revenue (DKK 390 million) (as announced August 9) Normalised 23.4% activity level and DKK 2.1 bn 16.9% EBIT +1% EBIT margin Co
Slide 5: Strategic brands powering growth across the portfolio
H1 2022: Highlights Strategic brands powering growth across the portfolio % Revenue contribution Strong growth from strategic brands 12,000 Mature brands incl. Other revenue and hedging Strategic brands 8,000 DKKm 37% 46% +19% H1 2021 H1 2022 54% 4,000 in L.C. 63% 0 H1 2021 H1 2022 Other revenue Mat
Slide 6: Increasing momentum across the strategic brand portfolio
H1 2022: Highlights Increasing momentum across the strategic brand portfolio Strategic brands revenue now constitute 63% of revenue 23% H1 2022 revenue by 37% DKK 2.0bn DKK 1.8bn DKK 1.4bn DKK 390mn brand % Sales by product (% in local currencies) +17% +17% +11% +100% category % Reported +24% +29% +
Slide 7: Vyepti: Strong growth, global rollout commencing
H1 2022: Business Update Vyepti: Strong growth, global rollout commencing Seeing adoption across new markets U.S. Vyepti demand* (weekly - vials) DKK 390m • Launched in 3 new markets in H1 2022, namely Australia, Singapore and Switzerland +100% in L.C. • Expected launch in further 8 markets in 2022
Slide 8: Brintellix/Trintellix growth underpinned by excellent efficacy profile
H1 2022: Business Update Brintellix/Trintellix growth underpinned by excellent efficacy profile Growth primarily led by Europe and International Markets • Multiple markets show strong growth, led by +17% DKK 2,051m Australia, Italy and Spain in L.C. • Growth driven by demand DKK 1,656m Strong growth
Slide 9: Rexulti sales up +17% in H1 driven by strong demand growth
H1 2022: Business Update Rexulti sales up +17% in H1 driven by strong demand growth Continued strong growth momentum in the U.S. • Number of Rx increased with strong in DKK 1,771m +17% person promotion and DTC offering in L.C. • Share at all time high DKK 1,378m DKK 1,378m ...and growing ex-U.S. • V
Slide 10: Abilify Maintena buoyed by solid growth in North America and Europe
H1 2022: Business Update Abilify Maintena buoyed by solid growth in North America and Europe Solid H1 growth • Growth mainly driven by the U.S., Canada and Spain +11% DKK 1,393m DKK 1,197m in L.C. Strong market share gains in Europe • Exceeding 30% market share in countries such as Italy, Switzerlan
Slide 11: Seeing double digit growth in all regions
H1 2022: Business Update Seeing double digit growth in all regions +10% Strategic in L.C. brands show Europe robust demand 23% growth across most markets 47% +12% Vyepti in L.C. an increasing United 30% contributor to growth as States global roll out +13% ramps up in L.C. International markets RESUL
Slide 12: Introducing our new CFO Joerg Hornstein
H1 2022: Business Update Introducing our new CFO Joerg Hornstein Took up his new role and joined Lundbeck’s Executive Management on August 4 Has responsibility for Finance, IR, Legal, IT, Procurement and Shared Services Prior to joining Lundbeck, he was Executive Vice President and Chief Financial O
Slide 13: Financial performance benefitting from growth strategy
H1 2022: Financial Results Financial performance benefitting from growth strategy Revenue bridge EBIT bridge DKKm DKKm +7 % +1 % 304 535 8.847 436 257 819 402 51 8.233 1.478 75 1.497 H1 2021 Strategic Mature FX Hedging H1 2022 H1 2021 Gross profits SG&A R&D FX+Hedging H1 2022 brands brands effect ef
Slide 14: Financial results in H1
H1 2022: Financial Results Financial results in H1 Revenue Solid financial performance in H1 2022 benefitting Strong performance from strategic brands from strategic brand growth +27% in H1 2022 vs. H1 2021 Revenue +7% in H1 2022 vs. H1 2021 DKKm H1 2022 Δ% y/y Q2 2022 Δ% y/y Excluding Northera, sal
Slide 15: Cash flow
H1 2022: Financial Results Cash flow Solid operational cash flow despite increased investments in Vyepti H1 2022 In line with expectations, cash flow negatively DKKm H1 2022 H1 2021 impacted by: Cash flows from operating activities 711 670 Payment of DKK 1,566m towards EMA Cash flows from investing
Slide 16: FY 2022 financial guidance
H1 2022: Financial Results FY 2022 financial guidance DKKm Revenue EBITDA Core EBIT EBIT Updated 2022 17.2 ̶ 17.7bn 4.2 ̶ 4.5bn 3.8 ̶ 4.1bn 2.4 ̶ 2.7bn Reaffirming Guidance (DKKm) Previous 2022 16.7 ̶ 17.3bn 4.0 ̶ 4.4bn 3.6 ̶ 4.0bn 2.2 ̶ 2.6bn raised 2022 Guidance (DKKm) Revenue FY 2022 consideratio
Slide 17: Brexpiprazole offers an exciting treatment option for patients with Agitation in Alzheimer's Dementia
H1 2022: R&D Update Brexpiprazole offers an exciting treatment option for patients with Agitation in Alzheimer’s Dementia (AAD) Prevalence of AAD in community Agitation is a substantial medical challenge for patients living dwelling setting by severity level** with Alzheimer’s Disease and their care
Slide 18: Brexpiprazole demonstrated efficacy on primary and key secondary endpoints at Week 12
H1 2022: AAD study Brexpiprazole demonstrated efficacy on both the primary (CMAI) and key secondary (CGI-S) endpoints at Week 12 Primary Endpoint: Change from Baseline in Key Secondary Endpoint: Change from CMAI Total (MMRM) (Study 213) Baseline in CGI-S score (MMRM) (Study 213) 0 2 4 6 8 10 12 0 2
Slide 19: Both 2 mg and 3 mg doses showed significant improvements vs. placebo on the CMAI
H1 2022: R&D Update Both 2 mg and 3 mg doses showed statistically significant improvements vs. placebo on the CMAI Study 213: Fixed dose study Mean change from baseline in CMAI Total score by dose 0 2 4 6 8 10 12 0 2 4 6 8 10 12 0 0 -4 -4 -8 -8 -12 -12 -16 -16 -20 p=0.024 -20 Placebo (n=116) ** ** P
Slide 20: Efficacy in study 213 was consistent with prior studies 283 and 284
H1 2022: R&D Update The efficacy of brexpiprazole in study 213 was consistent with the prior studies 283 and 284 Study 283: Fixed dose study Study 284: Flexible dose study (post hoc) Study 213: Fixed dose study Mean change from baseline Mean change from baseline Mean change from baseline in CMAI Tot
Slide 21: Brexpiprazole was generally well-tolerated and no new safety signals were observed
H1 2022: R&D Update Brexpiprazole was generally well-tolerated and no new safety signals were observed Study 213: Adverse events 2% % Patients 0 2 4 6 8 10 Brexpiprazole 3 mg (n=153) Asthenia Brexpiprazole 2 mg (n=73) The only TEAEs with more than 5% incidence in All brexpiprazole (n=226) patients t
Slide 22: Pipeline progression - 1
H1 2022: R&D Update Pipeline progression - 1 Aripiprazole – Brexpiprazole 2-Month Injectable (LAI) Vyepti formulation • AAD – Expected submission of sNDA • Submitted in EU and in the U.S. • RESOLUTION phase IV study (in in Q4 2022 – fast track designation patients with migraine and MOH) previously g
Slide 23: Pipeline progression - 2
H1 2022: R&D Update Pipeline progression - 2 Phase II Phase I (selected) • Lu AF82422 (anti-alpha-synuclein mAb): • MAGLi program (Lu AG06466 and FU AMULET study (MSA) advancing well; molecules): Refining path for molecule TALISMAN natural progression study and indication selection initiated • Lu AF
Slide 24: ESG continuously in focus
H1 2022: ESG ESG continuously in focus Social Governance Environmental 39% DKK 10+ million 67 Financial support to Ukraine. Additional support Number of third parties that underwent a due Reduction in energy emission as all Danish diligence assessment of code of conduct provided by donating medicine
Slide 25: Focused on creating value to drive long term sustainable growth
H1 2022: Outlook | Long term growth Focused on creating value to drive long term sustainable growth Maximize Continue R&D Secure mid- Strategic transformation for and late decade Brands mid- and long-term growth through BD innovation Committed to Actively • Accelerate and • Focus in 4 biological • N
Slide 26: Q&A
Q&A RESULTS DECK 26
Slide 27: Appendix
Appendix RESULTS DECK 27
Slide 28: Product distribution of revenue – H1 2022 and FY 2021
H1 2022: APPENDIX Product distribution of revenue – H1 2022 and FY 2021 DKKm FY 2021 FY 2020 H1 2022 H1 2021 Growth Growth in local % of total currencies TOTAL: Brintellix/Trintellix 3,526 3,102 2,051 1,656 24% 17% 23% Rexulti/Rxulti 2,849 2,620 1,771 1,378 29% 17% 20% Abilify Maintena 2,420 2,271 1
Slide 29: Total molecule sales (gross) - USDm
H1 2022: APPENDIX Total molecule sales (gross) - USDm 1.250 1.600 +32% 1.000 +49% 1.200 750 800 500 250 400 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 Abilify Maintena: U.S. approval (Feb. 2013); EU approval (Nov. 1.600 2013) Brintellix/Trintellix: U.S. appro
Slide 30: Volume growth in the U.S. impacted by the pandemic (NRx Count)
H1 2022: APPENDIX Volume growth in the U.S. impacted by the pandemic (NRx Count) +13% 50,000 400,000 +11% +4% +1% 0% +3% 25,000 200,000 0 0 Q2.18 Q2.19 Q2.20 Q2.21 Q2.22 Q2.18 Q2.19 Q2.20 Q2.21 Q2.22 200,000 +74% +13% 400 +9% +6% +70% 100,000 200 0 0 Q2.18 Q2.19 Q2.20 Q2.21 Q2.22 Q2.20 Q2.21 Q2.22 S
Slide 31: Volume growth in the U.S. impacted by the pandemic (TRx Count)
H1 2022: APPENDIX Volume growth in the U.S. impacted by the pandemic (TRx Count) +11% 125,000 +4% 800,000 +12% +6% -5% +2% 100,000 600,000 75,000 400,000 50,000 200,000 25,000 0 0 Q2.18 Q2.19 Q2.20 Q2.21 Q2.22 Q2.18 Q2.19 Q2.20 Q2.21 Q2.22 +12% +74% 300,000 +14% +2% 600 200,000 400 +158% 100,000 200
Slide 32: Strong strategic brands growth globally
H1 2022: APPENDIX Strong strategic brands growth globally United States International markets Europe Solid underlying growth +12% +13% +10% in Europe and in LC in LC in LC International markets driven by demand H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 Strategic brands Strategic brands Strateg
Slide 33: Strategic brands are major revenue contributors, continuing double-digit growth
H1 2022: APPENDIX Strategic brands are major revenue contributors, continuing double-digit growth Strategic brands* revenue +27% Strategic brands sales growth (+19% in L.C.) (Quarterly - DKKm) 3,500 Europe International Markets United States +29% DKK 5.6bn Global Lundbeck sales in H1 2022 (63% of to
Slide 34: Vyepti: Robust uptake continues
H1 2022: APPENDIX Vyepti: Robust uptake continues Vyepti sales Vyepti sales (Quarterly - DKKm) (H1 – DKKm) Grew 120% (100% in L.C.) to DKK 390m in H1 2022 300 500 Launched in the U.S., Australia, Kuwait, Singapore, +120% Switzerland and UAE +118% 200 Additional 8 launches planned for 2022 250 Vyepti
Slide 35: Brintellix/Trintellix: Solid underlying performance driven by strong clinical profile
H1 2022: APPENDIX Brintellix/Trintellix: Solid underlying performance driven by strong clinical profile Brintellix/Trintellix sales per region Brintellix/Trintellix (Quarterly - DKKm) (H1 – DKKm) Grew 17% (L.C.) to DKK 2.1bn in H1 2022 1,500 3,000 Europe United States Europe United States Internatio
Slide 36: Rexulti: Growing 29% – an effective drug that is meeting patient needs
H1 2022: APPENDIX Rexulti: Growing 29% – an effective drug that is meeting patient needs Rexulti sales per region** Rexulti sales** (H1 - DKKm) Grew 17% in L.C. to DKK 1.8bn (Quarterly - DKKm) in H1 2022 1,250 2,400 Other regions Other regions Continued solid traction United States United States in
Slide 37: Abilify Maintena: Growing 16% in H1 2022
H1 2022: APPENDIX Abilify Maintena: Growing 16% in H1 2022 Abilify Maintena sales per region** Abilify Maintena (Quarterly - DKKm) (H1 – DKKm) Grew 11% (L.C.) to DKK 1,393 in H1 2022 Global LAI market up 4% 1,000 Europe United States 2,000 Europe United States to USD 3.1bn (H1 2022)* International M
Slide 38: Cipralex/Lexapro: Sales grew 2% in H1 2022
H1 2022: APPENDIX Cipralex/Lexapro: Sales grew 2% in H1 2022 Cipralex/Lexapro Cipralex/Lexapro (Quarterly - DKKm) (H1 – DKKm) Grew 2% (down 1% in L.C.) to DKK 1.3 billion in H1 2022 900 2,000 Europe International Markets Europe International Markets The biggest markets are Japan, China, Brazil, Sout
Slide 39: Sabril: Sales impacted by generic erosion from Q3 2017
H1 2022: APPENDIX Sabril: Sales impacted by generic erosion from Q3 2017 Sabril sales Sabril sales (Quarterly - DKKm) (FY – DKKm) 300 400 Grew 1% (down 11% in L.C.) to -4% DKK 170m in Q2 2022 +1% 150 Declined 4% (13% in L.C.) to DKK 322m in H1 2022 0 200 Q2.20 Q2.21 Q2.22 H1 2020 H1 2021 H1 2022 Sab
Slide 40: Northera: Sales impacted by generic erosion from February 2021
H1 2022: APPENDIX Northera: Sales impacted by generic erosion from February 2021 Northera sales Northera sales (Quarterly - DKKm) (H1 – DKKm) 900 1,500 Grew 37% (23% in L.C.) to DKK 125m in Q2 2022 600 1,000 Declined 46% (51% in L.C.) to DKK 237m in H1 2022 300 500 -46% +38% 0 0 Q2.20 Q2.21 Q2.22 H1
Slide 41: Onfi: Sales impacted by generic erosion from October 2018
H1 2022: APPENDIX Onfi: Sales impacted by generic erosion from October 2018 Onfi sales Onfi sales (Quarterly - DKKm) (H1 – DKKm) 200 400 Declined 9% (18% in L.C.) to -9% -27% DKK 127m in Q2 2022 100 Declined 27% (34% in L.C.) to DKK 209m in H1 2022 0 0 Q2.20 Q2.21 Q2.22 H1 2020 H1 2021 H1 2022 Onfi
Slide 42: Other pharmaceuticals
H1 2022: APPENDIX Other pharmaceuticals Other pharmaceuticals Other pharmaceuticals Declined 2% (7% in L.C.) (Quarterly - DKKm) (H1 – DKKm) to DKK 691m in Q2 2022 Declined 12% (17% in L.C.) to DKK 1,500 2,700 1.5bn in H1 2022 Around 15 mature products included -12% Biggest products are Azilect, Cipr
Slide 43: Other revenue
H1 2022: APPENDIX Other revenue Other revenue Other revenue (Quarterly - DKKm) (H1 – DKKm) Grew 26% (25% in L.C.) to DKK 250 150 91m in Q2 2022 +26% Grew 2% (1% in L.C.) to DKK +2% 156m in H1 2022 Mostly contract manufacturing to third-party 0 0 Q2.20 Q2.21 Q2.22 H1 2020 H1 2021 H1 2022 RESULTS DECK
Slide 44: Core operating profit maintained at robust level
H1 2022: APPENDIX Core operating profit maintained at robust level Q2 2022 core EBIT reconciliation (DKKm) 0 48 889 315 Q2 2022 622 • Core EBIT reached DKK 889 million in Q2 2022 • Amortizations increased from DKK 298 million in Q2 2021 to DKK 315 million due to the appreciating USD Reported EBIT Am
Slide 45: Solid financial foundation from which to execute on our strategy
H1 2022: APPENDIX Solid financial foundation from which to execute on our strategy Net debt and Net debt/EBITDA* (FY - DKKm) FY 2022: Cash flow negatively impacted by: 8,000 1.2 • Significant milestone payment for EMA approval of Vyepti 6,635 • Dividend 6,000 0.8 • CAPEX investments 3,677 4,000 • In
Slide 46: Cash position, funding and debt maturity
H1 2022: APPENDIX Cash position, funding and debt maturity Debt maturity profile (EURm equivalent) A diversified and long-term balanced debt portfolio is a priority to Lundbeck 1,500 This includes access to various funding sources as well as a balanced maturity profile to support the Expand and Inve
Slide 47: Q1 2022 impacted by appreciation of main currencies
H1 2022: APPENDIX Q1 2022 impacted by appreciation of main currencies H1 2022 sales by currency Main currencies** (January 1, 2021 = index 100) EUR Other* 17% 125 23% Spot Lundbeck’s Avg. Avg. Avg. Avg. 120 Aug. hedging H1 H2 Q1 Q2 10, rate 2021 2021 2022 2022 115 2022 110 USD 728.91 640 617.19 640.
Slide 48: Cash generation
H1 2022: APPENDIX Cash generation DKKm H1 2022 H1 2021 FY 2021 FY 2020 FY 2019 Cash flows from operating activities 711 670 2,272 3,837 2,609 Cash flows from investing activities (1,227) (194) (610) (467) (7,755) Cash flows from operating and investing (516) 476 1,662 3,370 (5,146) activities (free
Slide 49: Financial position and dividend
H1 2022: APPENDIX Financial position and dividend Dividend (DKK) DKKm 30.06.2022 31.12.2021 15 5% Intangible assets 23,232 22,750 Dividend Other non-current assets 3,494 3,291 12 4% Yield (r.h.s.) Current assets 10,549 8,612 9 3% Assets 37,275 34,653 6 2% Equity 19,596 18,279 3 1% Non-current liabil
Slide 50: Costs – Full year figures
H1 2022: APPENDIX Costs – Full year figures DKKm 2021 2020 2019 2021 (∆%) 2020 (∆%) Revenue 16,299 17,672 17,036 (8%) 4% Cost of sales 3,648 4,166 3,840 (12%) 8% Sales & Distribution costs 5,885 5,946 5,514 (1%) 8% Administrative expenses 933 966 899 (3%) 7% R&D costs 3,823 4,545 3,116 (16%) 46% Tot
Slide 51: Brexpiprazole – design of Study 213
H1 2022: APPENDIX Brexpiprazole – design of Study 213 Screening 12-week double-blind treatment period Safety follow-up Patients with agitation Brexpiprazole (n= 220*) Fixed Dose: associated with dementia of the Alzheimer’s type Randomization 2:1 Brexpiprazole versus placebo Placebo (n= 110*) Clinic
Slide 52: Migraine prevention represents a large and underserved market
H1 2022: APPENDIX Migraine prevention represents a large and underserved market Migraine is divided into two major categories, episodic and Addressable population chronic depending on the frequency of headaches (major countries) 1-14 headache days >14 headache days per month per month ~135m – Migrai
Slide 53: Eptinezumab: Phase III study for treatment of cluster headache
H1 2022: APPENDIX Eptinezumab: Phase III study for treatment of cluster headache, a crippling pain with few effective medications currently available Cluster headache affects approximately one in 1,000 people across the world ALLEVIATE phase III study to evaluate eptinezumab in episodic Cluster Head
Slide 54: Aripiprazole 2-Month formulation submitted in US and EU
H1 2022: APPENDIX Aripiprazole 2-Month formulation submitted in US and EU: Potential to further maximize the franchise Along-acting injectable formulation ensures continuous exposure to medication and through a simplified treatment regimen, many of the challenges with poor treatment adherence may be
Slide 55: Two studies in brexpiprazole pivotal program in PTSD ongoing
H1 2022: APPENDIX Two studies in brexpiprazole pivotal program in PTSD ongoing Two studies initiated in the pivotal programme (phase III) • Brexpiprazole (fixed 2, 3mg and flexible dose up to 3mg) in combination with sertraline Study objective1 Primary endpoint: Clinician-Administered PTSD Scale To
Slide 56: Lu AG09222: Potential to build a migraine franchise with PACAP inhibitor
H1 2022: APPENDIX Lu AG09222: Potential to build a migraine franchise in the future with PACAP inhibitor mAb A differentiated approach to migraine prevention • A differentiated approach to migraine prevention • Selective PACAP1) binding humanized antibody • Pre-clinical data2) indicate that PACAP an
Slide 57: Lu AG09222: anti-PACAP mAb progressed to phase II
H1 2022: APPENDIX Lu AG09222: anti-PACAP mAb progressed to phase II Phase II study (HOPE)1): • PoC study in adults with migraine who have not been helped by prior preventive treatments • Commenced November 2021 Primary endpoint: Change from baseline in the number of monthly migraine days (MMDs) at M
Slide 58: Lu AF82422 in phase II for Multiple System Atrophy (MSA)
H1 2022: APPENDIX Lu AF82422 (anti alpha-synuclein mAb) in phase II for the devastating disease Multiple System Atrophy (MSA) MSA – a rare, aggressive, disease with a high Mechanism of Action unmet medical need1 Synucleinopathy; classified as an “atypical parkinsonism” disorder Average time from fir
Slide 59: Lu AF82422: Innovative and adaptive development program
H1 2022: APPENDIX Lu AF82422: Innovative and adaptive development program Phase II study (AMULET)1): Phase II PoC study to find out the effect of Lu AF82422 on disease progression in participants with multiple system atrophy • Biomarker supported study with 2:1 randomization (active vs. placebo) • C
Slide 60: Broad MAGLipase program ongoing
H1 2022: APPENDIX Broad MAGLipase program ongoing Lu AG06474 Lu AG06466 Peripherally restricted Phase I study initiated in August 20214) Inhibitor of the monoacylglycerol lipase (MAGL) and selective modulator of the endocannabinoid system CNS penetrant Ongoing phase Ib studies • Spasticity in partic
Slide 61: Lu AF28996: A potentially new oral treatment for Parkinson's patients
H1 2022: APPENDIX Lu AF28996: A potentially new oral treatment for Parkinson’s patients experiencing motor fluctuations D1/D2-type agonists Lu AF28996 Phase I studies: • Single- and sequential- Known to be highly efficacious A highly potent agonist at the D1- ascending-dose of Lu AF28996 to even in
Slide 62: Focus on promising biology
H1 2022: APPENDIX Focus on promising biology Selected four biology clusters feeding into our strategy Scientifically well-described areas still rich in targets with untapped potential High feasibility for early de-risking and maintaining a competitive edge Circuitry / neuronal biology Well-establish
Slide 63: Broad pipeline to sustain future growth
H1 2022: R&D Update Broad pipeline to sustain future growth Biology Project Area Phase I Phase II Phase III Filing/launch 1) Eptinezumab (anti-CGRP mAb) Migraine prevention SUN-studies PROMISE 1 & 2 1) Eptinezumab (anti-CGRP mAb) Episodic cluster headache ALLEVIATE Hormonal / neuropeptide signaling
Slide 64: For more information, please contact Investor Relations
H1 2022: APPENDIX For more information, please contact Investor Relations IR contact Number of A-shares 199,148,222 Number of B-shares 796,592,888 Palle Holm Olesen Listed on the Copenhagen Stock Total 995,741,110 VP; Head of Investor Relations Exchange since June 18, 1999 Treasury shares1 502,115 (