Apotex Health Corp. · TSX:APTX
Apotex Health — Q1 FY2027 Earnings Presentation
24 slides from Apotex Health's earnings presentation, 2026
Slide 1: First Quarter Fiscal 2027 Earnings
FIRST QUARTER FISCAL 2027 EARNINGS
Slide 2: Disclaimer
DISCLAIMER Cautionary Note Regarding Forward-Looking Information This presentation contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to Apotex
Slide 3: Agenda and Today's Participants
FIRST QUARTER FISCAL 2027 EARNINGS CALL Agenda Today’s Participants CEO Business Review 1 Jeff Watson, President & CEO Jeff Watson Brian McClelland President & Chief Chief Financial Executive Officer Officer Financial Performance Review 2 Brian McClelland, CFO Christine Martin Arès Baeder President,
Slide 4: CEO Business Review
CEO BUSINESS REVIEW APOTEX
Slide 5: Delivering Results Through Journey of Health Strategy: Highlights
DELIVERING RESULTS THROUGH JOURNEY OF HEALTH STRATEGY: HIGHLIGHTS Operational Execution Financial Performance Launches and Approvals Fiscal 2027 Guidance4 ▪ Successfully completed upsized $1.5 ▪ Strong start to Fiscal 2027, with results ▪ Strong execution, on track to deliver ▪ Upper mid-single digi
Slide 6: Revenue Mix Performance
REVENUE MIX PERFORMANCE US 43%, -480 International 8%, +50 bps bps Q1 Market Segment Mix1 +2% Market segment revenue mix led by continued strength in Canada. Canada 49%, Product mix reflects strong execution +430bps of conventional generic launches driven by recent First-to-Market launches in the US
Slide 7: Pipeline Execution in Q1
PIPELINE EXECUTION Current sole supplier of generic Ozempic in Canada IN Q1 First-to-market approval of generic Wegovy in Canada Targeting 480+ products over the next 5 years First-to-market launch of sitagliptin and sitagliptin/metformin (shared exclusivity products) in the U.S. Launch of Infuvite
Slide 8: Cumberland Portfolio Expansion to Support Diversification of US Business
CUMBERLAND PORTFOLIO Closed the Cumberland portfolio expansion transaction on July 1st, strengthening our U.S. specialty branded portfolio EXPANSION TO SUPPORT Adds a portfolio of established branded pharmaceuticals to U.S. business DIVERSIFICATION OF US BUSINESS Expands presence in specialty and ho
Slide 9: Financial Performance Review
FINANCIAL PERFORMANCE REVIEW 9
Slide 10: Q1 Financial Highlights - Strong Underlying Profitability
Q1 FINANCIAL HIGHLIGHTS - STRONG UNDERLYING PROFITABILITY New products drove revenue growth, partially offset by transitional product erosion from nilotinib In $CAD millions, excluding VLLP1 Q1 FY27 % Variance vs prior year Gross Profit prior year comparison 2% reflects contributions from exclusive
Slide 11: Strong Q1 Performance Across Major Markets
STRONG Q1 PERFORMANCE ACROSS MAJOR MARKETS +2% +11% -9% 308 +8% VLLP1 834 848 Q1 26 Canada US International Q1 27 Canada United States International 49% of revenue 43% of revenue 9% of revenue ▪ Strong performance of recent first-to-market ▪ Decline reflects prior year launch of nilotinib, a first-t
Slide 12: Continued Progress Toward Portfolio Diversification
CONTINUED PROGRESS TOWARD PORTFOLIO DIVERSIFICATION +2% + 16% -18% 308 VLLP1 +8% 834 848 Q1 26 Conventional GX Specialty GX Brands & Biosimilars Q1 27 Conventional Generics Specialty Generics Brands & Biosimilars 51% of revenue 30% of revenue 19% of revenue ▪ Strong performance from recent first-to-
Slide 13: Successful IPO Strengthens Balance Sheet and Positions Apotex for Growth
SUCCESSFUL IPO STRENGTHENS BALANCE SHEET AND POSITIONS APOTEX FOR GROWTH IN $CAD MILLIONS June 2026 March 2026 Variance Net IPO Proceeds of ~$800M have been Debt Debt Debt reduction applied to debt 2,433 2,940 following IPO Net Debt Leverage Ratio1 Investment Grade Rating by DBRS and 2.2x renegotiat
Slide 14: Apotex Fiscal 2027 Guidance
APOTEX FISCAL 2027 GUIDANCE Fiscal 2027 Guidance Drivers ▪ 180-day exclusivity product in the US in H2 ▪ First-to-market launches across Canada and US Revenue Upper mid-single ▪ In-year launch revenue projected at ~10% of total revenue growth digit growth ▪ Semaglutide in Canada ▪ Cumberland portfol
Slide 15: Strong Start as a Public Company
STRONG START AS A PUBLIC COMPANY Executing against our Journey of Health strategy Delivered a solid first quarter and introduced FY27 guidance Strong Canadian performance and launch execution supported growth Advanced key pipeline and launch initiatives across priority markets Established a broader
Slide 16: Q&A
Q&A
Slide 17: Financial Statements and Supporting Schedules
FINANCIAL STATEMENTS AND SUPPORTING SCHEDULES 17
Slide 18: Interim Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)
INTERIM CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (in CAD millions) Three Months Ended June 30, 2026 2025 Revenue $848.0 $1,142.3 Cost of sales 426.8 399.9 Gross profit $421.2 $742.4 Selling, general and administrative 253.7 158.8 Research and development 39.0 38.2
Slide 19: Interim Consolidated Statements of Financial Position
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in CAD millions) June 30, 2026 March 31, 2026 (in CAD millions) June 30, 2026 March 31, 2026 Current assets Current liabilities Cash and cash equivalents $258.8 $57.0 Trade and other payables $1,155.3 $1,104.6 Trade receivables, net 939.7 820.5
Slide 20: Interim Consolidated Statements of Cash Flows
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (in CAD millions) Three Months Ended June 30, (in CAD millions) Three Months Ended June 30, 2026 2025 2026 2025 Operating activities Investing activities Net income (loss) $(38.3) 362.7 Purchases of property, plant and equipment $(38.1) $(19.7) Adjustmen
Slide 21: Reconciliation of Non-IFRS Measures – Adjusted EBITDA
RECONCILIATION OF NON-IFRS MEASURES – ADJUSTED EBITDA 1) Represents advisory fees and other expenses paid to third parties related to business acquisition (in CAD millions) Three Months Ended June 30, activities. These fees and expenses are excluded from Adjusted EBITDA as they are only incurred 202
Slide 22: Reconciliation of Non-IFRS Measures – Net Debt & Adjusted Net Income
RECONCILIATION OF NON-IFRS MEASURES – NET DEBT & ADJUSTED NET INCOME NET DEBT (in CAD millions) June 30, 2026 March 31, 2026 Total debt $2,433.4 $2,940.2 Less: Cash and cash equivalents 258.8 57.0 Net Debt $2,174.7 $2,883.2 Numbers may not add due to rounding. ADJUSTED NET INCOME 1) Represents advis
Slide 23: Reconciliation of Non-IFRS Measures – Operating Free Cash Flow
RECONCILIATION OF NON-IFRS MEASURES – OPERATING FREE CASH FLOW 1) Represents periodic rent payments made by the Company, as applicable, to the lessor in exchange (in CAD millions) Three Months Ended June 30, of the right to use the leased asset over the reporting period. 2026 2025 2) Represents thir
Slide 24: Various Measures Excluding the Impact of the U.S. Contribution of VLLP
VARIOUS MEASURES EXCLUDING THE IMPACT OF THE U.S. CONTRIBUTION OF THE VOLUME-LIMITED LICENSE PRODUCT (“VLLP”) (in CAD millions) Three Months Ended June 30, (in CAD millions) Three Months Ended June 30, 2026 2025 2026 2025 Revenue $ 848.0 $ 1,142.3 U.S. Gross profit $ 189.2 $ 506.8 U.S. Contribution