Recordati S.p.a. · MIL:REC
Recordati — JP Morgan 27th Annual Healthcare Conference 2009
24 slides from Recordati's conference presentation, Jan 14, 2009
Slide 1: A European specialty pharmaceutical company
A European specialty pharmaceutical company JP Morgan g 27th Annual Healthcare Conference San Francisco, 14 January 2009
Slide 2: Company Profile
COMPANY PROFILE • Mid sized pharmaceutical company with a European focus • R&D in the cardiovascular and urology fields and in treatments for rare diseases • Marketing operations in the main Western European markets and in Russia, CIS and Turkey • Expanding through organic development and through ac
Slide 3: Strategy
STRATEGY Portfolio development • Recordati will continue to develop its business in Europe, p , both Western and in • High focus on new corporate the new growing CEE (Central and products Eastern Europe) markets, which together represent p the second largest g • Maximization of existing products pha
Slide 4: Current breakdown of pharmaceutical revenue
CURRENT BREAKDOWN OF PHARMACEUTICAL REVENUE Other European countries 1% Spain UK C.I.S. Portugal 4% 2% 3% Other international 7% Germany G sales l 17% 8% % of pharmaceutical Orphan Europe revenue 6% Zanidip®/Zanipress® (lercanidipine/ 32% lercanidipine+enalapril) France 21% Elopram® /Entact® 6% (cit
Slide 5: Zanidip (lercanidipine)
ZANIDIP® (lercanidipine) • Calcium channel blocker indicated for the treatment • Sales in 2008 expected to reach € 200 million of hypertension. Lipophilic dihydropiridine discovered and developed by Recordati Recordati. Efficacy • Sales in 2009 expected to be around € 200 as best in class, superior
Slide 6: R&D Pipeline
R&D PIPELINE NAME ORIGINATOR INDICATION DEVELOPMENT STATUS Launched in Germany , Australia Zanipress®/Zanitek® Recordati Hypertension (lercanidipine+enalapril) and Ireland MRP in Europe completed rupatadine Uriach Rhinitis allergic, Rhinitis, allergic seasonal / perennial urticaria Approved Infectio
Slide 7: New corporate products
NEW CORPORATE PRODUCTS • ZANIPRESS® (lercanidipine+enalapril) • SILODOSIN • PITAVASTATIN • KENTERA® (oxybutynin TDS) TDS), RUPATADINE, RUPATADINE FROVATRIPTAN 6
Slide 8: New corporate products: Zanipress (lercanidipine+enalapril)
NEW CORPORATE PRODUCTS ZANIPRESS® (lercanidipine+enalapril) (l idi i l il) • Fixed combination of lercanidipine (a CCB) • Fixed combinations will play a significant role in the future and enalapril (an ACE-I) indicated for the hypertension market treatment of hypertension. Two strengths: • New aggre
Slide 9: New corporate products: Silodosin
NEW CORPORATE PRODUCTS SILODOSIN • BPH market in 19 major European markets approx. € 1.0 billion • Highly selective α1A receptor antagonist indicated • In-market peak sales expected: € 100-150 million for the treatment of symptoms associated with benign prostatic hyperplasia (BPH) positioning • Orig
Slide 10: New corporate products: Pitavastatin
NEW CORPORATE PRODUCTS PITAVASTATIN • Highly effective HMG-CoA reductase inhibitor positioning indicated for the treatment of • Similar LDL-C reduction of market leading hypercholesterolaemia best-in-class statins • Semi-exclusive license granted by Kowa • Broad-spectrum effects on secondary lipid P
Slide 11: New corporate products: Kentera and Rupatadine
NEW CORPORATE PRODUCTS KENTERA® (oxybutynin TDS) RUPATADINE • Bi-weekly oxybutynin transdermal patch • Latest generation systemic antihistamine drug indicated for indicated for the symptomatic treatment of the treatment of allergies g and in p particular allergic g rhinitis urge incontinence and/or
Slide 12: New corporate products: Expected sales
NEW CORPORATE PRODUCTS EXPECTED SALES Includes direct sales and sales to licensees 11
Slide 13: New developments for LUTS and incontinence
New developments for the Lower Urinary Tract Symptoms (LUTS) and incontinence • Irritative symptoms of the lower urinary tract (mainly urgency and frequency with or without incontinence) are frequent, mainly in women and the elderly. This condition, known as Overactive Bladder (OAB) is either idiopa
Slide 14: Orphan Europe
ORPHAN EUROPE • Recordati completed the acquisition of Orphan Europe, a European pharmaceutical Expected sales company dedicated to treatments for rare diseases, in December 2007 • Well balanced, cash generating portfolio of 9 products with strong growth potential and a promising pipeline • Current
Slide 15: R&D Pipeline – drugs for rare diseases
R&D PIPELINE – drugs for rare diseases NAME ORIGINATOR INDICATION DEVELOPMENT STATUS Orphan Europe Approved in EU Carbaglu® NAGS deficiency (Recordati) Filed in U.S. Orphan Europe Organic acidemias Pre-registration in EU Carbaglu® (Recordati) Orphan Europe Vitamin E deficiency in cystic fibrosis and
Slide 16: Development of drugs for rare diseases
Development of drugs for rare diseases • Carbaglu® (carglumic acid), a drug developed by Orphan Orphan Europe will complete the clinical Europe for the treatment of NAGS deficiency, approved development of stannsoporfin in Europe in in the EU in 2003 and filed recently for approval with the accordan
Slide 17: New growing markets: Commonwealth of Independent States (CIS)
NEW GROWING MARKETS COMMONWEALTH OF INDEPENDENT STATES (CIS) Expected sales • In March Recordati acquired the French companies FIC and FIC Médical which are dedicated to the registration and the promotion of pharmaceutical products on behalf of third party companies in Russia and other C.I.S. countr
Slide 18: New growing markets: Turkey
NEW GROWING MARKETS TURKEY • Acquisition of Yeni Ilaç in Turkey end 2008 Expected sales • Current C rrent product prod ct portfolio e expected pected to generate sales of over € 17 million in 2008 • Sales of lercanidipine, fenticonazole and flavoxate (total of € 7 million p.a.) currently licensed ou
Slide 19: Financial projections: sales development
FINANCIAL PROJECTIONS SALES DEVELOPMENT Based on existing g business,, no new acquisitions q included 18
Slide 20: Financial projections: 2008 targets, 2009-2011 plan
FINANCIAL PROJECTIONS 2008 TARGETS, TARGETS 2009 - 2011 PLAN 2008 2009 2010 2011 Targets Plan Plan Plan (million Euro) Revenue ~ 690 ~750 700-720 780-800 R&D expenses ~ 60 ~75 ~70 ~75 Operating p g income ((EBIT)) ~ 144 ~155 135-140 145-150 Net Income ~ 100 ~105 95-98 102-105 Based on existing busin
Slide 21: Net financial position: expected cash flow generation
NET FINANCIAL POSITION E Expected t d cash h flflow generation ti 2009 2010 2011 (million Euro) Plan Plan Plan Cash flow ~135 ~125 ~130 CAPEX (tangible assets) ~10 ~10 ~10 Investment in intangible assets ~20 ~20 ~20 Expected E t d free f cash h flflow ~105 ~95 ~100 generation Dividend p pay-out y ra
Slide 22: Net financial position: expected net financial position
NET FINANCIAL POSITION E Expected t d nett financial fi i l position iti 2008 2009 2010 2011 Based on existing business, no new acquisitions included 21
Slide 23: Strategic objective
STRATEGIC OBJECTIVE • Strategic objective for the 2009-2011 period is to grow sales and profits every year by adding to organic development new business acquisitions in growing markets • S lid acquisition Solid i iti ttrack k record d • Since 1999 approx. € 375 million invested in acquisitions to ex
Slide 24: 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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