Slide 1: 2014 Preliminary results, 2015-2017 Outlook
2014 Preliminary results 2015 - 2017 Outlook CONFERENCE CALL – 12 FEBRUARY 2015
Slide 2: Full year 2014 highlights
Full year 2014 highlights • Revenue € 987.4 million, up 4.9% • EBITDA € 273.8 million or 27.7% of sales, up 19.0% • Operating income (EBIT) € 231.0 million or 23.4% of sales, up 18.2% • Net income € 161.2 million or 16.3% of sales, up 20.6% • Exclusive license for Vitaros® from Apricus Biosciences •
Slide 3: Main product sales
Main product sales Corporate products including drugs for rare diseases account for 51% of revenue (million Euro) 2014 2013 Change % Zanidip® (lercanidipine) 109.2 108.7 0.5 Zanipress® (lercanidipine+enalapril) 61.3 59.8 2.4 Urorec® (silodosin) 59.1 46.7 26.3 Livazo® (pitavastatin) 25.5 22.5 13.3 Ot
Slide 4: A diversified product portfolio
A diversified product portfolio Drugs for rare diseases 12.5% Other corporate products 10.0% Livazo 2.6% Urorec 6.0% OTC 17.6% Zanipress 6.2% Subsidiaries’ local product Zanidip 11.1% portfolios 29.4% Methadone - France 3% Peptazol® (pantoprazole) - Italy 3% Pharmaceutical chemicals 3.4% Polydexa® (
Slide 5: Composition of revenue by geography
Composition of revenue by geography New products and new markets drive growth (million Euro) 2014 2013 Change % Italy 212.3 222.7 (4.7) France 111.0 115.1 (3.5) Germany 84.6 81.4 4.0 Russia, other CIS countries and Ukraine 81.3 89.4 (9.0) Spain 75.7 37.9 100.1 Turkey 68.0 65.7 3.5 U.S.A. 56.8 51.6 1
Slide 6: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical revenue Other international sales 14.4% (sales to licensees and exports) Italy 22.3% Other W. Europe 2.6% Other CEE 2.9% Portugal 3.8% North Africa 4.0% France 11.6% U.S.A. 6.0% Turkey 7.1% Germany 8.9% Spain 7.9% Russia, other CIS and Ukraine 8.5% Data: Full
Slide 7: Full year 2014 results
Full year 2014 results Significant margin growth (million Euro) 2014 2013 Change % Revenue 987.4 941.6 4.9 Gross Profit 660.3 614.3 7.5 as % of revenue 66.9 65.2 SG&A Expenses 340,1 329.3 3.3 as % of revenue 34.5 34.9 R&D Expenses 85.3 74.7 14.1 as % of revenue 8.6 7.9 Other Income (Expense), net (3
Slide 8: Financial position and Shareholders' equity
Financial position and Shareholders’ equity (million Euro) 31 Dec 2014 31 Dec 2013 Change Cash and short-term financial 137.0 52.3 84.7 investments Bank overdrafts and short-term loans (8.6) (34.0) 25.5 Loans – due within one year (28.3) (82.5) 54.2 Loans – due after one year (286.2) (196.8) (89.4)
Slide 9: 2015 targets Assumptions
2015 targets Assumptions • Lercanidipine franchise to remain relatively stable generating sales of between € 160 and € 165 million. • Sales of Urorec® to increase by around 15%. Sales of Livazo® to increase by more than 10%. • First half sales in Italy to be impacted by termination of license agreem
Slide 10: 2017 plan Assumptions
2017 plan Assumptions • Lercanidipine franchise to decline slightly following entry of generic competition for Zanipress®. Sales going forward of around € 140 million. • Sales of Urorec® to reach around € 85 million in 2017. • Sales of Livazo® to exceed € 35 million in 2017. • Other corporate produc
Slide 11: 2015 targets and 2017 plan Objectives
2015 targets and 2017 plan Objectives • Revenue: • Target for 2015 to achieve sales of more than € 1 billion, below original expectations due exclusively to negative FX effect due to devaluation of the rouble. • Plan for 2017 to achieve sales of around € 1,150 million. Organic growth about one half
Slide 12: Financial projections 2015 targets and 2017 plan
Financial projections 2015 targets and 2017 plan 2014 2015 2017 (million Euro) Actual Targets Plan Revenue 987.4 > 1,000 ± 1,150 Operating income 231.0 ± 250 25% - 26% (EBIT) Net Income 161.2 ± 175 17% - 18% 12
Slide 13: Company declarations, disclaimers and profile
Company declarations, disclaimers and profile DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY’S FINANCIAL REPORTS The manager responsible for preparing the company’s financial reports Fritz Squindo declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finan