Slide 1: FY 2023 Financial Results & Business Update
FY 2023 Financial Results & Business Update 19th of February 2024
Slide 2: Disclaimer
Disclaimer This document has been prepared by Almirall, S.A. (the Such forward-looking statements are based on current “Company”) exclusively for use during the presentation. expectations and projections about future events and are This document includes only summary information and subject to vario
Slide 3: Agenda
Agenda Carlos Gallardo, Chairman & CEO Strategic Vision FY 2023 Highlights & FY 2024 Guidance Biologics Growth Drivers Update: Ebglyss® & Ilumetri® Karl Ziegelbauer, CSO Pipeline Updates Mike McClellan, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks Financial Results & Business
Slide 4: Strategic Vision
\ (* almirall Strategic Vision
Slide 5: Almirall: a research-focused medical Dermatology leader in Europe
Almirall: a research-focused medical Dermatology leader in Europe Key strategic positioning in Dermatology Dermatology market US+EU5 market size (Bn€): 2023-2028 10%* ✓ Strong product portfolio with c.50 products in 29 77 Dermatology across different modalities: topical, systemic and biologics ✓ Ext
Slide 6: Building a leading Dermatology powerhouse in Europe
Building a leading Dermatology powerhouse in Europe Proven track record of executing successful launches of internal & external assets Net sales Dermatology Europe (€ MM) Sustained growth in the Dermatology 395 franchise in Europe >14% CAGR 338 Atopic dermatitis: 285 Ebglyss® 233 224 Psoriasis: 193
Slide 7: Our future is focused on medical Dermatology
Our future is focused on medical Dermatology Multiple severe unmet needs, exciting new science Inflammatory Non Rare Dermatology IMID Melanoma Diseases Atopic Dermatitis, Psoriasis, Skin Cancer Epidermolysis Bullosa, Hidradenitis Suppurativa, SCC, BCC, Ichthyosis, Bullous diseases etc. Alopecia Area
Slide 8: NMSC & Rare Dermatological Diseases are emerging areas of focus
NMSC & Rare Dermatological Diseases are emerging areas of focus High burden, underserved markets • Growing incidence due to increasing sun • Unmet need as therapy NMSC exposure and aging population improvements have not occurred as rapidly as in melanoma • BCC has 0.1% incidence in US and 0.5% in EU
Slide 9: Building the future R&D pipeline
Building the future R&D pipeline Key assets across areas Millions of patients, US + EU5 (2022) 2.8 2.4 Advanced therapy eligible Advanced therapy treated 0.9 0.6 0.4 0.3 AD PsO Vit CSU HS AA % treated with 9% 23% 0% 15% 13% 1% advanced therapeutics IMID with multi- Assets in Almirall pipeline indica
Slide 10: FY 2023 Highlights & FY 2024 Guidance
FY 2023 Highlights & FY 2024 Guidance
Slide 11: FY 2023 highlights
INTERNAL USE FY 2023 highlights Solid momentum reinforced by European dermatology 2023 business performance concluded Main products in Europe Building an on a positive note drive growth innovative pipeline 2023 guidance achieved Mid-single digit net sales growth Ebglyss® (atopic dermatitis) IL-2muFc
Slide 12: 2024 Guidance
INTERNAL USE 2024 Guidance Net Sales Total EBITDA High single digit growth Between €175 MM & vs. previous year €190 MM (€894.5 MM) Financial Results & Business Update 12
Slide 13: Biologics Growth Drivers Update: Ebglyss & Ilumetri
Biologics Growth Drivers Update: Ebglyss® & Ilumetri®
Slide 14: Sustained high growth driven by Ilumetri and Ebglyss
Sustained high growth driven by Ilumetri® and Ebglyss® High double- Peak Sales in Biologics digit growth in biologic sales (CAGR 2023- 2030) ~ €700 MM Around 30% of net Key Dermatology areas outlook combined sales in 2023 from innovative portfolio Ilumetri Atopic dermatitis peak sales Ebglyss + Ilum
Slide 15: Ebglyss overview
INTERNAL USE Ebglyss® overview First-line biologic treatment for moderate-to-severe atopic dermatitis High affinity IL-13 Long-term efficacy in AD Monthly maintenance inhibitor dosing Q4W maintenance for all Binds to IL-13 with high affinity and Strong early clinical efficacy at Ebglyss® patients pr
Slide 16: Ebglyss launches
INTERNAL USE Ebglyss® launches Expected rollout across Europe Dec’23 DE ✓ 2024 UK AT DK ES 2025 IT CH IE SE CZ NL NO FL FR BE SK PT PL HU Financial Results & Business Update 16
Slide 17: Atopic dermatitis
Atopic dermatitis A market starting its journey ~$24 bn Psoriasis >8x Sales (global market) Novel therapies grew the market ~$3 bn Sales Atopic dermatitis market has the potential to grow in a similar way to Psoriasis Atopic dermatitis is the 2004 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2
Slide 18: Ilumetri highlights
INTERNAL USE Ilumetri® highlights Continued sales momentum delivered in FY 2023 Rollout of Ilumetri® in Europe* Europe Net Sales € MM in Q , up + % YoY Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Substantial growth of +34% in FY 2023 vs FY 2022 ▪ New country launches contributing
Slide 19: Pipeline Update
\ (* almirall Pipeline Update
Slide 20: Late-stage pipeline advances, while building early-stage portfolio
INTERNAL USE Late-stage pipeline advances, while building early-stage portfolio Strong presence in main dermatology indications Molecule / Under Commercial name Indication Expected launch Phase I Phase II Phase III registration Geography ® (extended label) Klisyri Actinic keratosis US 2024/EU 2026 S
Slide 21: In-licensed global rights from Novo Nordisk for an anti-IL21 mAb
INTERNAL USE In-licensed global rights from Novo Nordisk for an anti-IL21 mAb NN-8828: anti-IL-21 monoclonal antibody to be developed in dermatology 1 NN-8828 is a high affinity monoclonal antibody that targets the cytokine IL-21 2 IL-21 blockage as a possible new pathway to effectively treat a rang
Slide 22: Building innovative partnerships to access latest therapeutic modalities
Building innovative partnerships to access latest therapeutic modalities for long term success Almirall is accessing state of the art technology platforms to create innovative best-in-class therapeutics, while diversifying its pipeline in medical dermatology Leverage mRNA Multi target alliance to di
Slide 23: Financial Review
\ (* almirall Financial Review
Slide 24: FY 2023 Results: Dermatology in Europe demonstrates solid performance
INTERNAL USE FY 2023 Results Dermatology in Europe demonstrates solid performance Highlights Net Sales € 5 MM + % and Core SG&A at € MM + % EBITDA* € 7 MM -8% year-on- Total EBITDA of € 7 . MM in compared to FY 2022, year, fueled by solid Dermatology line with guidance, impacted in increasing due to
Slide 25: FY 2023 Results: Net Sales breakdown by products
INTERNAL USE FY 2023 Results Net Sales breakdown by products FY 2023 Net Sales breakdown of the business € Million FY 2023 FY 2022 % Chg YoY Dermatology; 52% Europe 783.8 732.7 7.0% Dermatology 395.2 338.2 16.8% General Medicine & OTC 388.6 394.5 (1.5%) Ebastel franchise 52.1 52.8 (1.4%) €894.5 MM C
Slide 26: FY 2023 Results: Dermatology Sales Breakdown
INTERNAL USE FY 2023 Results Dermatology Sales Breakdown € Million FY 2023 FY 2022 % Chg YoY Europe 395.2 338.2 16.8% Ilumetri 166.4 124.6 33.5% RoW; 3% Ciclopoli franchise 47.6 51.1 (6.9%) US; 12% Decoderm franchise 32.4 30.7 5.7% Skilarence 23.1 26.7 (13.5%) Solaraze 21.8 19.2 13.6% Wynzora 16.9 7
Slide 27: FY 2023 Total Income Statement
INTERNAL USE FY 2023 Total Income Statement € Million FY 2023 FY 2022 % Chg YoY % var CER Total Revenues 898.8 878.5 2.3% 2.6% Net Sales 894.5 863.2 3.6% 3.9% Other Income 4.3 15.3 (71.9%) (70.6%) Cost of Goods (313.1) (290.3) 7.9% 8.1% Gross Profit 581.4 572.9 1.5% 1.7% % of sales 65.0% 66.4% • FY
Slide 28: FY 2023 Balance Sheet
INTERNAL USE FY 2023 Balance Sheet € Million Dec 2023 Dec 2022 Variation €MM Goodwill & Intangible assets 1,310.4 1,253.3 57.1 Property, plant and equipment 141.3 124.1 17.2 Financial assets 22.9 34.7 (11.8) Other non current assets 181.8 182.9 (1.1) • Increase in Goodwill & Intangible assets primar
Slide 29: FY 2023 Cash Flow
INTERNAL USE FY 2023 Cash Flow € Million FY 2023 FY 2022 Profit Before Tax (17.2) 31.0 Depreciation and amortization 124.3 120.6 Impairment (reversals) / losses 47.3 16.5 Change in working capital (54.6) (6.1) • Working Capital impacted by higher inventories of the growing Other adjustments 7.3 (0.5
Slide 30: 2024 Guidance – key highlights
INTERNAL USE 2024 Guidance – key highlights Net Sales Total EBITDA High single digit growth Between vs. previous year €175 MM & (€894.5 MM) €190 MM R&D SG&A Gross Margin c.12% of Increasing due to c.65% Net Sales launch investments Financial Results & Business Update 30
Slide 31: Closing Remarks
\ (* almirall Closing Remarks
Slide 32: Leading in dermatology in the next decade & beyond
INTERNAL USE Leading in dermatology in the next decade & beyond EU market leader in Newly launched Very attractive Medical Dermatology products with €7 m+ pipeline in Financially strong and market with strong peak sales potential, development in areas with all the resources portfolio of c.50 driving
Slide 33: Appendices
INTERNAL USE Appendices Financial Results & Business Update
Slide 34: Recent news-flow and potential events in 2024
INTERNAL USE Recent news-flow and potential events in 2024 1 Lebrikizumab EU & UK approval received for Ebglyss® Q4 2023 2 IL-2muFc US/EU Phase 1 initiated Q4 2023 High single digit net sales growth; 3 2024 Guidance Feb 2024 EBITDA between €175 MM - €190 MM Large field supplementary NDA Expected app
Slide 35: FY 2023 Core Results
INTERNAL USE FY 2023 Core Results* Reconciliation from Core EBITDA* to Total EBITDA € Million FY 2023 FY 2022 % Chg YoY % var CER Core Total Revenues 895.8 866.5 3.4% 3.6% Core Net Sales 894.5 863.2 3.6% 3.9% Core Other Income 1.3 3.3 (60.6%) (54.5%) Cost of Goods (313.1) (290.3) 7.9% 8.1% Gross Pro
Slide 36: FY 2023 Total Income Statement CER
INTERNAL USE FY 2023 Total Income Statement CER € Million CER FY 2023 FY 2023 var FY 2022 % var CER % Chg YoY EURO CER Dec 2023 Total Revenues 901.0 898.8 0.2% 878.5 2.6% 2.3% USD 1.04 1.07 Net Sales 896.5 894.5 0.2% 863.2 3.9% 3.6% GBP 0.85 0.87 Other Income 4.5 4.3 4.7% 15.3 (70.6%) (71.9%) PLN 4.
Slide 37: Ilumetri
INTERNAL USE Ilumetri® Net Sales in € Million 42 42 44 36 38 27 31 31 25 17 20 20 12 14 9 9 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Financial Results & Business Update 37
Slide 38: FY 2023 Net Sales by Geography
INTERNAL USE FY 2023 Net Sales by Geography € Million FY 2023 FY 2022 % Chg YoY Europe 783.8 732.7 7.0% US 58.9 76.5 (23.0%) Rest of World 51.8 54.0 (4.1%) Net Sales 894.5 863.2 3.6% Financial Results & Business Update 38
Slide 39: FY 2023 Leading Product Net Sales
INTERNAL USE FY 2023 Leading Product Net Sales € Million FY 2023 FY 2022 % Chg YoY Ilumetri 166.4 124.6 33.5% Ebastel franchise 62.9 66.5 (5.4%) Ciclopoli franchise 51.6 54.9 (6.0%) Crestor 44.0 38.9 13.1% Sativex franchise 36.4 37.0 (1.6%) Almax 36.3 32.9 10.3% Decoderm franchise 32.7 30.9 5.8% Ski
Slide 40: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements Gross Margin & EBITDA € Million FY 2023 FY 2022 € Million FY 2023 FY 2022 Net Sales(1) 894.5 863.2 Operating Profit (5.3) 46.9 - Procurements(1) (221.5) (207.6) - Directly traceable with annual accounts Amortization & Depreciation 124.3
Slide 41: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) € Million FY 2023 FY 2022 EBITDA 174.1 198.3 Amortization & Depreciation (124.3) (120.6) EBIT 49.8 77.7 € Million FY 2023 FY 2022 Financial income 5.6 0.6 Financial cost (14.6) (12.7) Financial deri
Slide 42: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com