Photocure Asa · OSL:PHO
Photocure Asa — Q4 2011 Earnings Presentation
21 slides from Photocure Asa's earnings presentation, Feb 16, 2012
Slide 1: Photocure ASA
Brilliance in photodynamic technology Photocure ASA Evolving into a Specialty Pharma company Results for the fourth quarter and full year 2011 16 February 2012 Kjetil Hestdal, President & CEO Torbjørn Øye, Acting 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
Highlights Fourth Quarter and Full Year 2011 Operational: • New commercial strategy for Hexvix®/Cysview® • Signed partnership agreement with Ipsen worldwide, ex USA and Nordics • Commercializing directly in the US market • Continue commercialization in Nordics • Received EUR 1.5 million signing fee
Slide 4: Operational Update
Operational Update 4
Slide 5: Hexvix/Cysview: New Commercial Strategy Delivering Early Results
Hexvix/Cysview New Commercial Strategy Delivering Early Results Continued execution of our strategy to build Photocure into a specialty pharmaceutical company by: Strategic collaboration with Ipsen • Ipsen initiates commercialization in Germany and Italy in November – five weeks after deal executed
Slide 6: Hexvix/Cysview: Partner and Nordic volume growth
Hexvix/Cysview Partner volume growth 11% in 2011 Nordic volume growth 21% in 2011 Hexvix units sold per quarter Partner sales (unit sales outside Nordic): 12 000 • +11% for FY 2011 to 33 996 units 10 000 • +5% in Q4 2011 to 9102 units • Ipsen initiates commercialization 8 000 in Germany and Italy in
Slide 7: Cysview: Preparing for 1Q2012 Commercialization
Cysview Preparing for 1Q2012 Commercialization • Drive installed base of blue light scopes Further enhanced strong collaboration with Karl Storz Americas Karl Storz actively interacting with FDA on upgraded scope • Target high volume procedure centers in urban centers Initiated staffing with H
Slide 8: Allumera: First Six Months of Launch
Allumera First Six Months of Launch • Unique positioning with demonstrated evidence to reduce the appearance of pores • Competes within the increasing segment of chemical peels, microdermabrasion Estimated 2M+ procedures in US in 2010 • Sales force of fully trained National Sales Director and 10 A
Slide 9: Robust Consumer Marketing Efforts
Robust Consumer Marketing Efforts • Website traffic ~ 1000 visits monthly • Leading dermatologists featured in key beauty press • Customized press driving individualized practice traffic Park Cities Dermatology, Now Offering New Photodynamic Cosmetic Treatment, Allumera(R) Dallas, TX (PRWEB) Decembe
Slide 10: Allumera: Key Initiatives
Allumera Key Initiatives • Increase customer base • Drive sales volumes and process from trial to re-purchase • Expand program for engagement of practice managers • Facilitate Key Opinion Leader interviews with press to build awareness • Complete additional GLOW studies to broaden the potential • Br
Slide 11: Cevira: Treatment of HPV and Pre-Cancerous Lesions in Cervix
Cevira Treatment of HPV and 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 • Clinical experience
Slide 12: Visonac: Treatment of Moderate to Severe Acne
Visonac Treatment of Patients with Moderate to Severe Acne • Acne is an attractive 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 • Clinical experience in Phase I-II studies (4
Slide 13: Lumacan: Detection of Colon Cancer
Lumacan Detection of Colon Cancer • Lumacan: Photodynamic colorectal diagnosis Increases detection rate for colon cancer Fluorescence diagnosis - used as adjunct to standard white light colonoscopy Colorectal Cancer 3rd most commonly diagnosed - and 2nd most deadly cancer worldwide with 500,00
Slide 14: Financials
v Financials ~~
Slide 15: Profit & Loss
Profit & Loss Fourth Quarter and Full Year 2011 • Sales revenue up 6% in 4Q, up Numbers in NOK millions 4Q2011 4Q2010 Change FY 2011 FY 2010 Change 18% for FY 2011 to NOK 82.9 million Sales revenue 22.1 20.9 5.5% 82.9 70.5 17.5% Signing fee & milestone • Sales of Hexvix growing 5% to revenues 21.0 2
Slide 16: Balance Sheet
Balance Sheet Per 31 December 2011 • NOK 355.2 million in cash & cash Numbers in NOK million 31.12.2011 31.12.2010 equivalents at 31 December 2011 Machinery & Equipment 4.4 1.9 • Other investments includes NOK Other investments 83.3 84.3 57.6 million in shares in PCI Deferred tax asset 40.0 0 Biotec
Slide 17: Cash Flow
Cash Flow Fourth Quarter and Full Year 2011 • Net change in cash of NOK Numbers in NOK millions 4Q2011 4Q2010 FY 2011 FY 2010 19 million in 4Q Profit/ loss before tax -6.3 -16.7 -47.5 18.1 • Net change in cash of NOK -34.0 million compared to Depreciation and amortization 0.2 0.5 1.1 1.3 end of last
Slide 18: Segment Information
Segment Information Fourth Quarter 2011 • Sales revenue growing Segment information Q4 2011 (Amounts in NOK 1000) 6% in 4Q to NOK 22.1 Cancer Dermatology Total million Own Partner R&D (1) Total Own R&D (1) Total • 34% growth in 4Q Sales Revenues 7,059 11,867 18,925 654 2,510 3,164 22,089 Milestone r
Slide 19: Summary & Outlook
Summary & Outlook 19
Slide 20: Executing Our Strategy
Executing Our Strategy Photocure’s strategic objective is to build a specialty pharma company • Maximizing the potential of the Photodynamic Technology Platform • Develop, register and commercialize new products in Dermatology and Cancer Key Achievements 2011: • New commercial strategy for Hexvix •
Slide 21: Key Milestones 2012
Key Milestones 2012 2012 First Half 2012 Second Half 2012 Commercial Execution Delivering the Promise of Successfully Launch the Pipeline Cysview in US Results from Visonac Continue to drive adoption phase IIb clinical trial of Allumera in US available Ipsen to secure strong start Results