Photocure ASA · OSL:PHO
Photocure ASA — Q1 2011 Earnings Presentation
19 slides from Photocure ASA's earnings presentation, Apr 27, 2011
Slide 1: Photocure ASA: Presentation of first quarter 2011 results
Brilliance in photodynamic technology Photocure ASA The world leader in photodynamic technology Presentation of first quarter 2011 results 27 April 2011 Kjetil Hestdal, President & CEO Christian Fekete, 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: Highlights first quarter 2011
Highlights first quarter 2011 • Hexvix® end user sales up by 21% in the quarter • Sales revenues NOK 20.9 million (NOK 17.3 million) • Operating loss NOK 17.5 million (NOK 15.7 million) • Cash & cash equivalents of NOK 362.0 million per 31 March 2011 • Positive results from clinical study for Cevira
Slide 4: Financials
v Financials ~~
Slide 5: Profit & Loss
Profit & Loss First quarter 2011 • Sales revenue up 21% in Q1 Numbers in NOK million Q1 2011 Q1 2010 FY 2010 • R&D expenses of NOK 13 million Sales revenue 20.9 17.3 70.5 as Salix has assumed the clinical Signing fee & milestone revenues 0.0 4.1 106.8 development for Lumacan Total revenues 20.9 21.5
Slide 6: Balance sheet
Balance sheet • NOK 362 million in cash & cash Numbers in NOK million 31.03.2011 31.12.2010 equivalents at 31 March 2011 Machinery & Equipment 3.2 1.9 • Other investments includes NOK 72 Other investments 89.4 84.3 million in shares in PCI Biotech Total non-current assets 92.6 86.2 • Shareholder’s e
Slide 7: Cash Flow
Cash Flow First quarter 2011 Numbers in NOK thousand Q1 2011 Q1 2010 FY 2010 Profit/ loss before tax (15.9) (13.9) 18.1 Depreciation and amortisation 0.3 0.3 1.3 Share-based compensation 2.1 1.2 5.5 Net interests (2.1) (2.4) (10.1) Changes in working capital (4.3) (9.8) 11.8 Other operational items
Slide 8: Segment information – Q1 2011
Segment information – Q1 2011 Q1 2011 Q1 2010 % vs. Cancer Cancer Derm(3) Total 2010 Derm(2) Total Numbers in NOK thousand Own Partner R&D(2) Own Partner R&D Sales Hexvix (1) 5.7 9.1 0.2 6.0 20.9 21% 5.8 8.1 0.0 3.4 17.3 Milestone revenues 0.0 4.1 4.1 Cost of goods sold 0.4 1.1 0.2 2.6 4.2 158% 0.4
Slide 9: Operational Update
Operational Update 9
Slide 10: Hexvix - Europe
Hexvix - Europe Key sales figures Hexvix units sold per quarter 12 000 Own sales Partner sales +21% Partner sales (unit sales outside Nordic): 10 000 • +25% in Q1 2011, to 9.122 units 8 000 • Germany and France largest markets, accounting for ~80% of volume 6 000 Own sales (Nordic): • +5% in Q1 2011
Slide 11: Cysview - USA
Cysview - USA • FDA approved Hexvix in May 2010 under the tradename Cysview • GE Healthcare and Karl Storz introduces Cysview/ blue light scopes • Limited sales in Q1 awaiting approval of new generation blue light system • Identified high potential hospital accounts for targeting • Training of GE He
Slide 12: Cevira
Cevira Treatment of HPV & pre-cancerous lesions in cervix • Cervical HPV infection highly prevalent and growing • 80% of all women have HPV infections • No therapeutic treatment available, surgical options fraught with high morbidity • Represents 4-5 million women in US alone • Physician and Payer d
Slide 13: Lumacan
Lumacan Improved detection of Colorectal Cancer • Lumacan licensed to Salix in October 2010 • Partnership established on several levels • Presentation by Salix to Photocure investors on 28 March • Salix reiterates US revenue target of USD 500 million for Lumacan • Salix expects the following clinica
Slide 14: US Dermatology Formation
US Dermatology Formation Establishing the US Dermatology unit • Good progress in establishing the US Dermatology unit • Office operational with key management team in Princeton • Hiring of 10 sales representatives in process • Supply chain logistics secured and testing in progress • Excellent intera
Slide 15: US Dermatology Formation
US Dermatology Formation Allumera on-track to launch in Q2 2011 Key success factors for Allumera in 2011 Achievements in Q1 2011 • Leverage investment in clinical data - to drive RevitAll study completed and presented market adoption and sales 16 trials underway, assessing multiple sources of li
Slide 16: Expanding Dermatology Franchise
Expanding Dermatology Franchise Develop Visonac® for treatment of acne • Acne is a high potential target market • Impacts 85% of all 12-24 year olds • High unmet need for moderate to severe acne – avoid antibiotic resistance, need for an effective alternative to isotretinoin • Market research in US
Slide 17: Summary & Outlook
Summary & Outlook 17
Slide 18: Executing our strategy
Executing our strategy Photocure’s main strategic objective is to build a specialty pharma company, by • Maximising the potential of the Photodynamic Technology Platform, and • Develop, register and commercialise new products in Dermatology and Cancer • Dermatology • Develop own PDT-based products S
Slide 19: Key Milestones next 18 months
Key Milestones next 18 months Drive Hexvix / Cysview Growth Allumera Drive Allumera Growth Launch Lumacan Lumacan Phase I Phase II Visonac Phase IIb Cevira Phase IIb 2011 2012