Recordati S.p.a. · MIL:REC
Recordati — BofA Merrill Lynch Global Healthcare Conference 2014
21 slides from Recordati's conference presentation, Sep 18, 2014
Slide 1: A Specialty Pharmaceutical Group
A Specialty Pharmaceutical Group BofA MERRILL LYNCH GLOBAL HEALTHCARE CONFERENCE – LONDON – 18 SEPTEMBER 2014
Slide 2: A strategy of growth and geographical expansion
A strategy of growth and geographical expansion • An international specialty pharmaceutical group (€ 941.6 m sales in 2013 and 4,000 employees). • R&D mainly in urology, in specialty care and in treatments for rare diseases Profile • Marketing operations in the main European markets, in Russia, Pola
Slide 3: Our products are sold in 135 countries
Our products are sold in 135 countries Subsidiaries Branches and other forms of territorial presence Countries where Recordati products are sold (under license or exported) 3
Slide 4: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical revenue Other international sales 15.2% (sales to licensees and exports) Italy 24.4% Other W. Europe 2.4% Other CEE 2,5% Portugal 3.7% North Africa 4.0% U.S.A. 5.6% France 11.3% Turkey 6.9% Germany 8.3% Spain 7.7% Russia, other CIS and Ukraine 8.0% Data: Firs
Slide 5: A diversified product portfolio
A diversified product portfolio Drugs for rare diseases 11.9% Other corporate products 11.8% Livazo 2.4% Urorec 5.6% OTC 16.4% Zanipress 6.2% Subsidiaries’ local product Zanidip 11.5% portfolios 29.9% Entact® (escitalopram) - Italy 3% Methadone - France 3% Pharmaceutical chemicals 3.5% Peptazol® (pa
Slide 6: Core corporate products: Zanipress and Zanidip
Core corporate products Zanipress® (lercanidipine+enalapril) Zanidip® (lercanidipine) • Lercanidipine is a proprietary latest generation calcium channel blocker indicated for the treatment of hypertension. Enalapril is an ACE inhibitor indicated for the treatment of hypertension. • Sales of Zanidip®
Slide 7: Core corporate products: Urorec (silodosin)
Core corporate products Urorec® (silodosin) • Highly selective α1A receptor antagonist indicated for the treatment of symptoms associated with benign prostatic hyperplasia (BPH). • Fast onset of action. High efficacy. Very good cardiovascular safety. • Launched in 28 markets: Armenia, Belarus, Belgi
Slide 8: Core corporate products: Livazo (pitavastatin)
Core corporate products Livazo® (pitavastatin) • Highly effective HMG-CoA reductase inhibitor indicated for the treatment of hypercholesterolaemia. • Thanks to its unique chemical structure Livazo® is a potent LDL-lowering drug with a consistent and progressive HDL-raising effect. (Atherosclerosis S
Slide 9: Drugs for rare diseases: A worldwide business
Drugs for rare diseases A worldwide business Huge market potential: > 6,000 rare diseases identified for which treatments exist for only around 300. Progressive country introduction of rare disease plans and access to diagnostic tests will stimulate the market for orphan drugs. • Acquisition of Orph
Slide 10: Drugs for rare diseases
Drugs for rare diseases ADAGEN® (pegademase bovine), indicated in the treatment of SCID-ADA deficiency CARBAGLU® (carglumic acid), indicated in the treatment of hyperammonaemia due to NAGS deficiency and to the main organic acidemias COSMEGEN® (dactinomycin), used mainly in the treatment of three ra
Slide 11: A well balanced R&D pipeline
A well balanced R&D pipeline NAME ORIGINATOR INDICATION DEVELOPMENT STATUS Approved in EU CARBAGLU® Recordati Organic acidemias Phase III in U.S.A. ZANIPRESS®* Recordati Essential hypertension Approved in EU CYSTADROPS® Recordati Ocular cystinosis Filed in EU Phase III in U.S.A. (Nymox) REC 0482 (NX
Slide 12: A well balanced R&D pipeline (cont'd)
A well balanced R&D pipeline (cont’d) • CARBAGLU® (carglumic acid), currently approved for the treatment of hyperammonaemia due to NAGS deficiency, approved in Europe and in phase III clinical development in the USA for additional indications in organic acidemias (orphan drug designation granted). •
Slide 13: A well balanced R&D pipeline (cont'd)
A well balanced R&D pipeline (cont’d) • Methadone, currently used in France, where it is distributed by Bouchara Recordati, as replacement therapy for major opioid drugs dependence. In 2012 Recordati started, in France, an open, multicenter, randomized, national Phase III b clinical study on methado
Slide 14: First half 2014 highlights
First half 2014 highlights • Revenue € 507,6 million, up 6.3% • EBITDA € 141.9 million or 27.9% of sales, up 18.2% • Operating income (EBIT) € 121.8 million or 24.0% of sales, up 18.8% • Net income € 83.0 million or 16.4% of sales, up 18.1% • Exclusive license for Vitaros® from Apricus Biosciences •
Slide 15: Main product sales
Main product sales Corporate products including drugs for rare diseases account for 50.6% of revenue (million Euro) 1H 2014 1H 2013 Change % Zanidip® (lercanidipine) 58.4 61.3 (4.6) Zanipress® (lercanidipine+enalapril) 31.2 29.3 6.5 Urorec® (silodosin) 28.4 22.7 25.4 Livazo® (pitavastatin) 12.4 11.2
Slide 16: Composition of revenue by geography
Composition of revenue by geography New products and new markets drive growth (million Euro) 1H 2014 1H 2013 Change % Italy 119.7 120.7 (0.8) France 55.3 57.2 (3.4) Germany 40.5 37.0 9.6 Russia, other CIS countries and Ukraine 39.3 44.3 (11.3) Spain 37.8 15.6 142.6 Turkey 33.6 34.8 (3.3) U.S.A. 27.7
Slide 17: First half 2014 results
First half 2014 results Significant margin growth (million Euro) 1H 2014 1H 2013 Change % Revenue 507.6 477.7 6.3 Gross Profit 336.6 312.1 7.9 as % of revenue 66.3 65.3 SG&A Expenses 173.6 169.7 2.3 as % of revenue 34.2 35.5 R&D Expenses 40.7 37.9 7.2 as % of revenue 8.0 7.9 Other Income (Expense),
Slide 18: Financial position and Shareholders' equity
Financial position and Shareholders’ equity (million Euro) 30 Jun 2014 31 Dec 2013 Change Cash and short-term financial 117.2 52.3 64.9 investments Bank overdrafts and short-term loans (26.9) (34.0) 7.1 Loans – due within one year (88.2) (82.5) (5.7) Loans – due after one year (213.1) (196.8) (16.3)
Slide 19: 2014 Outlook
2014 Outlook Objectives • Consolidated sales slightly below € 1 billion. Objective includes a significant negative currency effect in addition to Adagen® and Entact® license terminations. • Margin improvement • EBIT to exceed € 220 million • Net Income to exceed € 150 million • No new acquisitions,
Slide 20: The Recordati share
The Recordati share The Recordati share (ticker REC, Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271) has been listed on the Italian Stock Exchange since 1984. It belongs to the FTSE IT Mid Cap and FTSE IT Health Care indexes. Share capital consists of 209,125,156 ordinary (common) shares with
Slide 21: 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
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