Photocure ASA · OSL:PHO
Photocure ASA — Q1 2016 Earnings Presentation
18 slides from Photocure ASA's earnings presentation, May 10, 2016
Slide 1: Building a Specialty Pharma Company: Results for First Quarter 2016
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS FOR FIRST QUARTER 2016 10 MAY 2016 Kjetil Hestdal, MD, President & CEO Erik Dahl, CFO
Slide 2: Disclaimer
DISCLAIMER The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Photocure ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various as
Slide 3: Delivering on Key Objectives
DELIVERING ON KEY OBJECTIVES KEY OBJECTIVES 1Q2016 KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit sales growth • Hexvix/Cysview global in-market volume rate increased YoY 7%, with 25% volume growth in own markets • Hexvix/Cysview in-market value increased YoY 19% • BLC with Cysview
Slide 4: Commercial Update
Commercial Update
Slide 5: Hexvix/Cysview a Significant Global Specialty Brand
HEXVIX/CYSVIEW A SIGNIFICANT GLOBAL SPECIALTY BRAND • Value of in-market sales of Hexvix/Cysview in Global in-market unit sales (by Q) the first quarter increased YoY 19% to NOK 60 million • Hexvix/Cysview global in-market volume increased YoY 7% in the first quarter • Overall franchise EBITDA for t
Slide 6: Hexvix/Cysview Continued Validation of Clinical Benefits
HEXVIX/CYSVIEW CONTINUED VALIDATION OF CLINICAL BENEFITS • Use of Blue Light Cystoscopy with Cysview/Hexvix recommended in the new AUA/SUO bladder cancer guideline – Recommended based on the large body of evidence supporting both increased detection and reduced recurrence of non-muscle invasive blad
Slide 7: Hexvix/Cysview Solid Performance in Nordics and USA
HEXVIX/CYSVIEW SOLID PERFORMANCE IN NORDICS AND USA • Photocure own sales revenue in the US and Nordics increased YoY 38% in 1Q to NOK 17.7 Own Hexvix/Cysview in-market unit sales million Nordic and US • US revenue increased YoY 66% in the quarter – Driven by YoY in-market volume growth of 37%, pric
Slide 8: Hexvix/Cysview Partner Progress
HEXVIX/CYSVIEW PARTNER PROGRESS Hexvix Partner Unit Sales Per Quarter • Partner revenue increased 14% in 1Q to NOK 15.8 million – First quarter sales included the first shipment to BioSyent Pharma in Canada • End user YoY volume growth 2% in 1Q • Strong visibility for Hexvix at European Association
Slide 9: Pipeline Update
Pipeline Update
Slide 10: Hexvix/Cysview Expanding into the Surveillance Segment
HEXVIX/CYSVIEW EXPANDING INTO THE SURVEILLANCE SEGMENT • Surveillance following initial diagnosis represents a significant growth opportunity of 2-3 times current TURB segment • Patient enrollment in Hexvix/Cysview Phase 3 market expansion progressing according to plan • Study including 360 patients
Slide 11: Cevira & Visonac Phase 3 Ready Products with Significant Sales Potential
CEVIRA & VISONAC PHASE 3 READY PRODUCTS WITH SIGNIFICANT SALES POTENTIAL • Cevira - Breakthrough single use and fully integrated drug-device technology to satisfy high need for novel non-surgical therapies to treat global epidemic of HPV/HSIL populations • Visonac – Novel topical non-antibiotic/non-
Slide 12: Financials
Financials
Slide 13: Segments First Quarter 2016
SEGMENTS FIRST QUARTER 2016 MNOK Q1 '16 Q1 '15 Change • Commercial franchise: Commercial Franchise – Continued revenue growth for Nordic revenues 10,1 8,3 23 % Hexvix/Cysview, First quarter growth US revenues 7,6 4,6 66 % 26% YoY (in constant currencies: 15%) Partner revenues 15,8 13,9 14 % Hexvix /
Slide 14: Profit & Loss First Quarter 2016
PROFIT & LOSS FIRST QUARTER 2016 • Total revenue increase YoY 18% in first MNOK Q1 '16 Q1 '15 Change quarter Total sales revenues 33,5 28,4 18 % Signing fee and milestones 1,3 1,2 10 % – Sales revenue negatively impacted by Total revenues 34,9 29,6 18 % reduced sales of API Gross profit 32,5 27,6 18
Slide 15: Cash Flow First Quarter 2016
CASH FLOW FIRST QUARTER 2016 MNOK Q1 '16 Q1 '15 Change Cash flow from: - Operations -9,3 -11,9 -22 % - Investments -5,1 -3,6 42 % - Financing 1,0 0,0 Net change in cash -13,4 -15,5 -14 % Ending cash balance 120,6 149,7 -19 % • First quarter cash flow from operations NOK -9.3 million, reduction of 22
Slide 16: Balance Sheet per 31 March 2016
BALANCE SHEET PER 31 MARCH 2016 • Non current assets include MNOK 31.03 31.12 investments in tangible and 2016 2015 intangible assets, NOK 8.6 million in Non-current assets 54,6 43,6 shares in PCI Biotech and deferred Inventory & receivables 74,2 70,4 tax asset of NOK 27.1 million Cash & equivalents
Slide 17: Outlook
Outlook
Slide 18: Delivering on Key Objectives
DELIVERING ON KEY OBJECTIVES KEY OBJECTIVES 1Q2016 KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit sales growth • Hexvix/Cysview global in-market volume rate increased YoY 7%, with 25% volume growth in own markets • Hexvix/Cysview in-market value increased YoY 19% • BLC with Cysview