Euroapi Sa · EURONEXT:EAPI
Euroapi Sa — Investor Presentation (November 2023)
95 slides from Euroapi Sa's investor presentation, November 2023
Slide 1: EUROAPI Investor Deck – November 2023
EUROAPI Reinventing Active Ingredients solutions to sustainably meet clients and patient’s needs around the world Investor Deck – November 2023
Slide 2: Content
Content 1. Euroapi in a nutshell 2. The Active Pharmaceutical Ingredients (API) market 3. Strategy and competitive positions 4. Deep dive on API Solutions 5. Deep dive on CDMO 6. 2022 operational performance and financial KPIs 7. H1 2023 results 8. ESG Roadmap 9. Governance 10. Relationship with San
Slide 3: Solid fundamentals for a value-creating sustainable growth
1 Global presence in the growing Active Ingredient Solutions business 2 >80 billion€ total addressable market 3 Cutting-edge technologies and a leading European industrial footprint Solid fundamentals for a value-creating 4 Accelerated growth of the API Solutions business sustainable growth 5 Rapidl
Slide 4: EUROAPI in a nutshell
EUROAPI in a nutshell Reinventing Active Ingredient Solutions to sustainably meet customers’ and patients’ needs around the world
Slide 5: A worldwide leader in Active Ingredient Solutions
A worldwide leader in Active Ingredient Solutions 2 activities API €976.6M Solutions Net Sales ~3 450 CDMO in 2022 employees ~200 Commercial presence in APIs >80 countries P. 5
Slide 6: 80+ Bn euros Total Addressable Market
80+ Bn euros Total Addressable Market API market Sustained growth 2022 – in euros Small molecules – 66 Bn Merchant API market revenues, €bn 112 106 99 91 83 Merchant market 89 84 API market 83 Bn 79 160 Bn 73 66 17 18 20 22 23 2022 2023 est. 2024 est. 2025 est. 2026 est. Large molecules Small molecu
Slide 7: Main activities
Main activities API Solutions CDMO Customized development and Manufacturing and distribution of manufacture of active ingredients for the differenciated APIs pharmaceutical and biotechnology industries N°1 In small molecules N°7 Ambition : N°5 in 2025 • Unique portfolio of technologies • Approximate
Slide 8: Growth strategy
Growth strategy Strengthening the Growth and expansion of Operational API Solutions portfolio CDMO platforms Excellence Enhance product and Develop the CDMO business Improve financial performance customer portfolio and by leveraging existing through cost and working optimize product and capabilities
Slide 9: Global presence and unique industrial footprint with six sites in Europe
Global presence and unique industrial footprint with six development and manufacturing sites in Europe Haverhill Frankfurt Haverhill Spray drying Process analytical technology Elbeuf Budapest St Aubin-lès-Elbeuf Paris Microbial fermentation, Vitamin B12 HQ Brindisi Vertolaye Vertolaye API, Corticost
Slide 10: Well-balanced portfolio, focused on differentiated APIs
Well-balanced portfolio, focused on differentiated APIs 2022 Net Sales by activities 2022 Net Sales by molecules Other Clients 52% Large CDMO Molecules 10% 10% Highly Potent API Molecules Solutions 9% 35% Biochemistry- API 976.6 M€ 976.6 M€ fermentation Solutions 15% 38% Complex Chemistry 66% CDMO 1
Slide 11: Ambitious ESG commitments
Ambitious ESG commitments Offer safe products and a Accelerate innovation for Create a safe & multicultural Uphold best in class corporate resilient & responsible supply environmental sustainability workplace governance chain P. 11
Slide 12: Use of cash policy consistent with the growth strategy
Use of cash policy consistent with the growth strategy Investments to support performance and organic June 2023: €50m Capex in a new growth (Research and Development, industrial Prostaglandin production site in investments...) Budapest Growth September 2023: €10m acquisition of Biano GMP, an oligonu
Slide 13: Stable shareholder base
Stable shareholder base L'Oréal 5% Fonds French Tech Souveraineté* 12% France 33% UK Institutional 24% Investors** 44% US 22% Sanofi* Continental 30% Europe 19% ROW 2% Individual Shareholders 9% *: Two years lock-up starting 06 May 2022 P. 13 **: May 2023
Slide 14: Diversified and committed Board of Directors
Diversified and committed Board of Directors Viviane Monges Chair of the Board & Interim CEO Emmanuel Elizabeth Bastoni Cécile Rodolfo Claire Mattias Blin lead-Director Dussart Savitzky Giraut Perjos Employee representatives Independent Guillaume Géraldine Adeline Mortelier Leveau Le Franc Kevin Mar
Slide 15: Partnership with Sanofi
Partnership with Sanofi Manufacturing and Supply by Euroapi of certain Active Pharmaceutical Ingredients for Sanofi ("Global Manufacturing Agreement") Partial protection clauses for both parties, particularly in the event of significant changes in the macro-economic environment (raw material prices,
Slide 16: 2022 key figures
2022 key figures Net Sales Core EBITDA CAPEX 976.6 m€ +8.5% 120.0 m€ 138.3 m€ API Solutions 14.2% +5.3% +8.5% of Net Sales CDMO +18.3% Core EBITDA margin 45% growth CAPEX 12.3% Large molecules +79.9% P. 16
Slide 17: The API merchant market: A growing 80+ billion euros Total Addressable Market
The Active Pharmaceutical Ingredients (API) merchant market: A growing 80+ billion euros Total Addressable Market
Slide 18: 80+ Bn euros total addressable market
80+ Bn euros total addressable market Sustained growth Growth drivers (2022-2027) Merchant API market revenues, €bn Aging population, increased access to healthcare, patents Pharmaceutical +2% to +3% development, increased market generics penetration, new Volumes 119 drug development 112 106 Volume
Slide 19: 350 Molecules approved by the FDA between 2016 and 2022
350 Molecules approved by the FDA between 2016 and 2022 Other 3% mAbs* 20% Antibody-drug Conjugates (ADC) 2% Small interfering RNA 1% 2022 market size 83 bn euros Enzyme and Proteins Small Molecules 1% (chemical synthesis, biochemistry, HP-API Oligonucleotides 65% 2% Peptides 6% *: out of Euroapi’s
Slide 20: API segments: Main molecules and therapies
API segments Main molecules and therapies Small Molecules Large Molecules Oligonucleotides, Peptides & Complex Chemistry HP-APIs Biochemistry MaBs and others Lipids Molecule Size Small & Medium Variable Medium Large or mix Molecule structure Increasingly complex and technologically sophisticated Com
Slide 21: API segments: Market size and estimated growth
API segments Market Size and estimated growth 17.0% Oligonucleotides Peptides 740 1200 Cytotoxic agents 12.0% 690 2021-2027 estimated market growth Antipyretics Lipids Antihistamines 280* 130 150 7.0% Vitamin B12 Prostaglandins 235 380 Opiates 250 Sartans Hormones 330 180 Steroïds 2.0% 520 Hyperphos
Slide 22: Market value chain and competitive landscape
Market value chain and competitive landscape Marketing and Product API process API Drug Product Packaging & Discovery finished development development manufacturing manufacturing Logistics product sales API focused CDMO Integrated CMDO Pharmaceutical Companies with a CMDO P. 22
Slide 23: Competitive landscape by Molecules and technologies
Competitive landscape by Molecules and technologies Peptides / Oligos Large Only Peptides molecules Biologics Complex chemistry Fermentation Hormones Highly Potent Prostaglandins APIs Other Particle engineering & flow chemistry Only flow chemistry Only flow chemistry Only flow chemistry Sources Comp
Slide 24: A long cycle and regulated industry
A long cycle and regulated industry Illustrative API Supplier Registration Process Evaluation & Assessment Lab-scale of Finished (procurement, business data, Sampling of API batches & Dosage Formulation (FDF) quality audits) Shipment Batch Testing 1 to 4 months 1 to 3 months 1 to 3 months FDF Regist
Slide 25: Strategy, and competitive advantages
Strategy, and competitive advantages Focus on Growth and Value Creation
Slide 26: Focused growth strategy and operational levers
Focused growth strategy and operational levers Strengthening the Growth and expansion of Operational API Solutions portfolio CDMO platforms Excellence Enhance product and Develop the CDMO business Improve financial performance customer portfolio and by leveraging existing through cost and working op
Slide 27: Leverage our #1 position in differentiated small molecule APIs
Leverage our #1 position in differentiated small molecule APIs, state-of-the-art technology & innovative capabilities to expand our CDMO offering API Solutions CDMO Supply of differentiated and complex APIs with the Customised API development and flexible manufacturing Overview broadest offering in
Slide 28: A global API and CDMO champion
A global API and CDMO champion #1 small molecule API Top 5 ambition in CDMO by 2025 % share1 of total merchant API market (including CDMO) in 2019 % share1 of CDMO market in 2019 2.6% L 4.7% 1.2% eur 1.1% 0.9% n 1.0% 0.9% teva 0.8% 0.8% teva 0.7% 0.7% siegfried 0.7% 0.7% 2 a 0.6% 0.7% centre 0.6% 0.
Slide 29: Leading positions in high growth – high value-added segments
Leading positions in high growth – high value-added segments Large Molecules Complex chemistry Fermentation HP APIs Peptides Oligonucleotides Steroids Alkaloids Sartans Anti-infectives B12 & deriv1 Prostaglandins Emerging presence EUROAPI POSITIONS3 Top 52 by Top 32 #3 #1 #3 #1 #3 #1 20.0% 2025 by 2
Slide 30: State-of-the-Art Technologies, with capabilities in innovative segments
State-of-the-Art Technologies, with capabilities in innovative segments Complex Chemistry – Large Molecules Fermentation Frankfurt Ujpest Vertolaye Haverhill Elbeuf Brindisi • Solid phase chemistry for • Highly Potent product • Complex organic • High volume industrial • Large scale fermentation • La
Slide 31: Launch of major Capex projects to support future sustainable growth
Launch of major Capex projects to support future sustainable growth Jul. 22 - €24m* in a new 140,000 tons annual steam generation Payback biomass boiler in Elbeuf • Reduced exposure to energy fluctuations and availability • Reduced site’s CO2 emissions (-76%) < 3 years for projects < 7 years for str
Slide 32: Acceleration of the company's transformation
Acceleration of the company’s transformation Culture change in motion for a more agile, and customer-centric company Adapt our operating model to support best-in-class CDMO roadmap Streamline and simplify processes and tools Enhance procurement agility to better manage input costs and mitigate purch
Slide 33: Deep Dive API Solutions
CUfOAPI Deep Dive API Solutions
Slide 34: API Solutions: Commercial Excellence as a driver of business growth
API Solutions Commercial Excellence as a driver of business growth Capacity building Cross-selling Pricing enhancements Exc. Sanofi of sales from clients that buy Under c. 30% Under 54% 4+ APIs Purchase Contract contract Prostaglandins c.70% Orders 80- purchase <3 APIs 90% c.75% of the portfolio
Slide 35: Strong competitive positions in complex and differentiated APIs
API Solutions Strong competitive positions in complex and differentiated APIs 80% % of portfolio with high level of differentiation1 50% 0% 0 150 300+ # of APIs in portfolio P. 35
Slide 36: More than 185 APIs serving more than 600 high-profile clients
API Solutions More than 185 APIs serving more than 600 high-profile clients API family Ranking1 Number of APIs Number of clients Main characteristics Sole supplier on ~45% of revenues Anti-infectives #1 10 50-100 (Pristinamycine & Gamithromycin) Fermentation #3 Sole Western supplier and best-in-clas
Slide 37: Almost 600 clients in 80 countries
API Solutions Almost 600 clients in 80 countries ~372.8 M€ revenues OTHER PHARMA CONSUMER (52% of API Solutions COMPANIES HEALTHCARE Sales in 2022) GENERIC COMPANIES ~275 ~165 BIOTECH CDMO ANIMAL ~45 & RETAILERS HEALTH FOOD ~20 ~20 ~15 ~5 Nber of customers P. 37 Sources : Companies’ websites
Slide 38: ~55% of sales in highly differentiated APIs
API Solutions ~55% of sales in highly differentiated APIs Based on 2020 sales1 of EUROAPI Highly differentiated APIs Differentiation criteria •1 Niche market characteristics Complex chemistry Fermentation HP-APIs • No/limited low-cost competition 100% • Markets with less than 5 suppliers or total ma
Slide 39: A comprehensive range of APIs covering more than 70 therapeutics usage (1/2)
API Solutions A comprehensive range of APIs covering more than 70 therapeutics usage (1/2) 35 <5 20 Non-narcotic opioids & opiates – Stéroïds – Vertolaye (FR) Sartans – Budapest (HUN) Francopia (FR) Prednisolone, Methylprednisolone, Codeine phosphate, Naloxone hydrochloride, Dexamethasone, Hydrocort
Slide 40: A comprehensive range of APIs covering more than 70 therapeutics usage (2/2)
API Solutions A comprehensive range of APIs covering more than 70 therapeutics usage (2/2) 10 15 Anti-infectives Prostaglandins Brindisi (IT) Elbeuf, Vertolaye (FR) Budapest (HUN) Pristinamycin, Gamithromycin, Beraprost, Latanoprost, Rifaximin, Teicoplanin, Rifampicin Limaprost High Potent APIs Bron
Slide 41: Deep Dive CDMO
CUfOAPI Deep Dive CDMO
Slide 42: CDMO: A key growth and profitability driver
CDMO A key growth and profitability driver From the pre-clinical to the commercial phase 6 to 12 months lag between project attribution and first revenue recognized Pre-clinical/Phase 1 Phase 2 Request For Proposal Phase 3 Commercial phase Up to 4 years Up to 3 years process Up to 3 years 8-
Slide 43: CDMO: Increased traction with accelerated commercial momentum
CDMO Increased traction with accelerated commercial momentum Requests For Proposals received 230 Others 5% 35% from big Fermentation Pharma 20% Complex Chemistry 50% Biotech 45% 15% mid size Large companies Molecules 30% 120 ROW 7% USA 23% 40 Europe 70% Average 2019-2020 2021 2022 P. 43
Slide 44: CDMO: Accelerated profitable growth through portfolio rebalancing
CDMO Accelerated profitable growth through portfolio rebalancing 6 to 12 months lag between project attribution and first revenue recognized Pre-clinical/Phase 1 Phase 2 Request For Proposal Phase 3 Commercial phase Up to 4 years Up to 3 years process Up to 3 years 8-10 years Mostly lab activities F
Slide 45: CDMO: Towards an end-to-end offer for peptides and oligos
CDMO Towards an end-to-end offer for peptides and oligos 1 2 3 4 5 Oligonucleotides Peptides Conjugation Linkers Building blocks Position EUROAPI at Participate in strong Leverage chemistry Offer innovative Complement end-to-end forefront of emerging underlying market heritage for complex linkers to
Slide 46: 2022 results and Financial KPIs
2022 results and Financial KPis
Slide 47: FY 2022 key operational figures
FY 2022 key operational figures Net Sales Core EBITDA CAPEX €976.6m €120.0m €138.3m +8.5% API Solutions 14.2% +5.3% +8.5% growth of Net Sales CDMO +18.3% Core EBITDA margin 12.3% 45% in Growth Capex Large Molecules +30% vs. 2021 +79.9% P. 47
Slide 48: Increased contribution from large molecules in line with growth strategy
Increased contribution from large molecules in line with growth strategy Per type of molecule 2022 ∆% vs 21 Key drivers Growth driven by a strong demand from Peptides and Large molecules €98.4m +79.9% oligonucleotides Highly potent Negatively impacted by the temporary suspension of €82.2m -19.0% pro
Slide 49: Net Sales evolution
Net Sales evolution 8.5% growth In Million euros and annual growth API Solutions : +5.3% High-single digit growth of sales to Other Clients driven by the execution of the commercial excellence strategy + 33.8% 976.6 Price adjustments with Other Clients fully delivered in 2022 + 10.7% Contractual cla
Slide 50: Increase in Gross Profit despite energy and raw materials impacts
Increase in Gross Profit despite energy and raw materials impacts Core EBITDA negatively impacted by the suspension of prostaglandin production in late Q4 +1.5 pts +2.1 pts +1.3 pts 14.0% 12.3% 12.3% +0.3 pts +4.6 pts -8.1 pts -1.4 pts +1.5 pts Core EBITDA 2021 Volume Price & Mix Performance Energy
Slide 51: Overall Cost Structure (Cost of Goods Sold)
Overall Cost Structure (Cost of Goods Sold)* Others (waste, maintenance,...) 23% Raw Materials 33% • Fixed costs: 55% • Variable costs: 45% Depreciation & Amortization 7% Energy Staff Costs 12% 25% P. 51 *: Rounded figures – Based on 2022 data
Slide 52: Solid balance sheet and financial flexibility
Solid balance sheet and financial flexibility € in millions 111.3 19.8 -66.5 79.9 -2.6 -25.6 Of which €(31.7)m inventories €(29.6)m trade receivables -167.4 Of which €88.7m Capital increase €21.4m payables Of which €(138.3)m Capex in line with growth capex strategy Net Cash Position Operating Cash F
Slide 53: H1 2023 results
CUfOAPI H1 2023 results
Slide 54: H1 2023 key operational figures
H1 2023 key operational figures Net Sales Core EBITDA CAPEX €496.6m €62.5m €69.3m +2.6% Of which Sanofi 14.0% €244.1m of Net Sales -1.3% Core EBITDA Of which Other Clients margin €252.5m 12.6% +6.8% 51% in Growth Capex P. 54
Slide 55: Net Sales growth driven by sales to Other Clients
Net Sales growth driven by sales to Other Clients, and impacted by the suspension of prostaglandin production over the period In Million euros and annual growth +2.6% growth API Solutions: +0.2% CDMO: +9.8% €483.8m €496.6m CDMO: €122.2m + 1.9% + 18.5% CDMO: €134.2 Other 69.8 -1.2% -1.8% 82.7 Other C
Slide 56: Net sales per molecules
Net sales per molecules Per type of molecule H1 2023 ∆% vs H122 Key drivers Large molecules €35.0m -26.9% Discontinuation of a CDMO phase 3 project with Sanofi, and phasing impact Negatively impacted by the suspension of prostaglandin Highly potent molecules €43.7m -7.3% production (cc. €(15)m on H1
Slide 57: H1-2023 CAPEX – Investing in growth projects
H1-2023 CAPEX – Investing in growth projects FY 22 FY 23 target €138.3 m €120 m to €130 m Maintenance Capex 49% 86.9 Growth 69.3 Capex 51.4 51% 2022 2023 H1 H2 P. 57
Slide 58: Key initiatives to sustain future profitable growth
Key initiatives to sustain future profitable growth €50 million capex investment dedicated to the installation of a new state-of-the-art production plant at the Budapest site that will more than double the overall prostaglandin capacity of the site by 2027 Enhanced R&D organization with the creation
Slide 59: From Net Sales to Core EBITDA
From Net Sales to Core EBITDA In € millions H1-2023 H1-2022 Net sales 496.6 483.8 Slight decrease in Gross Profit due to the impact of the suspension Gross profit 97.0 97.7 of prostaglandin production over the period, and inflation headwinds, partially offset by price increases, product mix, and Gro
Slide 60: Price increases, product mix, and operational efficiencies almost compensated inflation headwinds
Price increases, product mix, and operational efficiencies almost compensated inflation headwinds +1.6 pts Total impact of input cost inflation in H1 23 vs. H1 22: €(37)m +4.8 pts cc. 65% of FY 2024 energy costs hedged at the end of June 2023 +3.1 pts -1.8 pts -0.9 pts -0.5 pts -8.6 pts Rounded
Slide 61: From EBITDA to Net Income and EPS
From EBITDA to Net Income and EPS In € millions H1-2023 H1-2022 EBITDA 52.1 60.8 Depreciation and Amortization 36.1 34.7 Operating Income 16.0 26.1 Financial Result (3.3) (2.3) Income before Tax 12.6 23.8 Including €46.8m deferred tax assets derived from the Income Tax expenses 50.1 (7.0) revaluatio
Slide 62: Working capital
Working capital Inventory - Months on Hand* 8.1 7.6 December 7.3 In € millions June 2023 June 2022 2022 Working Capital 741.0 639.3 659.7 H1 2022 FY 2022 H1 2023 Of which 667.8 594.7 590.0 inventories Receivables – DSO** 79 Of which trade 70 70 238.0 264.2 266.6 receivables Of which trade (164.8) (2
Slide 63: Net Debt evolution
Net Debt evolution € in millions Of which €(69.3)m Of which Capex €(66.0)m inventories (business seasonality and input cost inflation) €30.1m trade receivables €(49.0)m payables Rounded figures €(90.6)m Core Free Cash-Flow compared by €(40.2)m in H1 2022 P. 63
Slide 64: Increased number of RFPs from big pharma
Increased number of RFPs from « big pharma » Higher average value per proposal driven by increased commercial phases Number of RFPs received by type of Customers Proposals for Commercial Phase H1 2022 H1 2023 117 106 Biotech 10% 40% 59 of proposals for of proposals for 55 commercial commercial phase
Slide 65: Increasing opportunities from reshoring and repatriation linked commercial phase projects
Increasing opportunities from reshoring and repatriation linked commercial phase projects 18 -6 79 79 -12 Phase 1 17 of which 18 • 9 projects on pre- Of which and earlier approval or in the • 2 late-stage projects with Sanofi 17 commercial phase, 14 Phase 2 driven by RSM and • 1 COVID-19 related API
Slide 66: Portfolio gradually de-risked towards commercial phase projects
Portfolio gradually de-risked towards commercial phase projects, while building the pipeline in the early-stage phases, particularly in large molecules H1 2022 H1 2023 Large H1-22 8 3 1 2 14 molecules 8 6 1 3 18 H1-23 45% 47% of projects at of projects at commercial commercial H1-22 2 2 2 6 phase ph
Slide 67: FY 2023 Guidance (updated on 09-OCT-23)
FY 2023 Guidance (updated on 09-OCT-23) The Group expects in 2023: • Net Sales are now expected to grow between +3% and +5%, compared to +7% to +8% previously, • Core EBITDA margin is now expected to be between 9% to 11%, compared to 12.5% to 13.5% previously, • CAPEX guidance remains between €120 m
Slide 68: Ambitious and Integrated ESG Roadmap
Ambitious and Integrated ESG Roadmap
Slide 69: Our commitments
Our commitments Offer safe products and a Accelerate innovation for Create a safe & Uphold best in class resilient & responsible environmental multicultural workplace corporate governance supply chain sustainability We provide high quality products We propose innovative processes We offer our employ
Slide 70: Commitment One: Offer safe products and a resilient & responsible supply chain
Commitment One Offer safe products and a resilient & responsible supply chain P. 70
Slide 71: Commitment two: Accelerate innovation for environmental sustainability
Commitment two Accelerate innovation for environmental sustainability Objectives P. 71
Slide 72: Commitment three: Create a safe & multicultural workplace
Commitment three Create a safe & multicultural workplace Objectives P. 72
Slide 73: Commitment four: Uphold best-in-class corporate governance
Commitment four Uphold best-in-class corporate governance Objectives P. 73
Slide 74: 2022 achievements
2022 achievements Accelerate innovation Create a safe and Uphold best-in-class for environmental multicultural corporate sustainability workplace governance 100% sites 30% women in a ISO14001/50001 75% leadership position by Achieved United Nations Global certification by 2023 2025 Compact commitmen
Slide 75: Climate Fight: CO2 emissions
Climate Fight C02 emissions GHG emissions by scope Scopes 1 & 2 -19.9% 30,061 61,317 5% 114,046 9% 102,953 91,378 74,043 75,582 61,317 40,003 572,868 86% 30,061 27,371 2020 2021 2022 Scope 1 Scope 2 Scope 1 Scope 2 Scope 3 p.75 * MWh
Slide 76: Strongly committed to Health & Safety (H&S) and Environment
Strongly committed to Health & Safety (H&S) and Environment ISO 14001 ISO 50001 Pharmaceutical Supply Environmental Energy management Chain Initiative (PSCI) Best practice Best practice Audits Vertolaye Since 2000 ~ By 2023 Since 2022 Elbeuf Since 2022 Since 2017 ~ By 2023 Frankfurt Since 1999 Since
Slide 77: Climate Commitment ~ -30% CO2 emissions by 2030
Climate Commitment ~ -30% CO2 emissions by 2030 (scopes 1 & 2 / vs 2020) Total energy consumption Building of a biomass heating ~ 100% renewable electricity on - 9.2% in 2 years* plant in Elbeuf sites by 2025 662754 Solar panels in Haverhill in 2023 Similar project in Vertolaye 601937 2020 2022 p.77
Slide 78: Environment: Creating value for all stakeholders
Creating value for all stakeholders Biomass heating plant in Elbeuf 24 M€ total investment IRR: 25% Finances Finances « Payback »: 5 years Up to 10.4 M€ co- investment -76% CO2 emissions vs 2020 -19kt fossil fuel use Environment Use of local natural Environment resources (wood waste - 140kt of steam
Slide 79: Creating value together: Successful employees share plan
Creating value together Successful employees share plan Global participation rate: 67.6% France: 91.5% - Germany: 69.1% 7 > 3 300 Eligible countries Eligible employees Note: 1 France, Germany, UK, Hungary, Italy, US, Japan P. 79
Slide 80: Governance
CUfOAPI Governance
Slide 81: Diversified and committed Board of Directors
Diversified and committed Board of Directors Viviane Monges Chair of the Board & Interim CEO Emmanuel Elizabeth Bastoni Cécile Rodolfo Claire Mattias Blin lead-Director Dussart Savitzky Giraut Perjos Employee representatives Independent Guillaume Géraldine Adeline Mortelier Leveau Le Franc Kevin Mar
Slide 82: A diversified and engaged Board of Directors supported by three specialized committees
A diversified and engaged Board of Directors supported by three specialized committees* 13* members Audit Committee 63% independents ESG Committee 54% women 98% attendance rate Nominations and Remunerations Committee 6 nationalities *: Data at the end of 2022 based on 13 members – The number of Dire
Slide 83: Board Committees
Board Committees 2022 2022 Meetings Attendance Rate Board 4 98% Audit Committee– 75% independents Claire Adeline Rodolfo 4 100% Giraut Le Franc Savitzky Nominations and Remunerations Committee – 66% independents Elizabeth Guillaume Emmanuel Bastoni Blin 3 100% Mortelier ESG Committee– 100% independe
Slide 84: Remuneration Policy aligned with Shareholders' interest
Remuneration Policy aligned with Shareholders’ interest
Slide 85: Remuneration policy for directors
Board of Directors Independent Directors - Remuneration Policy for 2023 60,000 euros* Board If one of the directors has attended less than 80% of the meetings, his/her fixed remuneration will be reduced accordingly Envelope annual Audit Committee / Nominations and Remunerations Committee allocation
Slide 86: Remuneration policy for executive directors for 2023
Remuneration policy for executive directors for 2023* Chair of the Board of Directors CEO Fixed Variable Target 80% (maximum 150%) Financial and 100% fixed Individual 300,000 € objectives *: As per May 2023 AGM – Please refer to October 30th Press Release for further information p.86
Slide 87: Remuneration Policy of the CEO for 2023
Remuneration Policy of the CEO for 2023 Detailed criteria* 520,000 € Fixed part Variable Target 80% (maximum 150%) *: As per May 2023 AGM – Please refer to October 30th Press Release for further information P. 87
Slide 88: Relationship with Sanofi
CUfOAPI Relationship with Sanofi
Slide 89: A long-term partnership for the benefit of both companies
A long-term partnership for the benefit of both companies 3 agreements € • Manufacturing and Supply 48.3% ̴ 1/3 of EUROAPI consolidated of the APIs purchased • Distribution revenues in 2022 by Sanofi* • CDMO * Reference in 2020 (in value) P. 89
Slide 90: A strong reciprocal EUROAPI/Sanofi partnership on current and future business
A strong reciprocal EUROAPI/Sanofi partnership on current and future business A partnership guided by different agreements Manufacturing Reverse MSA 1 and Supply 2 and Distribution 3 CDMO • Covers all API manufactured by • Reciprocal development service • Reverse MSA covers: EUROAPI and sold to Sano
Slide 91: Key mechanisms designed to ensure mutually beneficial relationship
Key mechanisms designed to ensure mutually beneficial relationship for EUROAPI and Sanofi Manufacturing and Supply Distribution Exclusivity Price-Volume Raw Material Energy costs Fixed clause Corridor Pass Through sharing prices • 42 out of the 86 APIs are • Annual compensation • Reciprocal sharing
Slide 92: Financial Agenda
Financial Agenda February 29th, 2024 (before market opening): Full Year 2023 results May 22nd, 2024: Annual Shareholder General Meeting July 31st, 2024 (before market opening): H1 2024 Results P. 92
Slide 93: Contacts
Contacts Sophie Palliez-Capian Camille Ricotier Head of Investor Relations Investor Relations Associate + 33 6 87 89 33 51 + 33 6 43 29 93 79 sophie.palliez@euroapi.com camille.ricotier@euroapi.com ir@Euroapi.com ir@Euroapi.com P. 93
Slide 94: Forward looking statements
Forward looking statements Certain information contained in this documents is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future stra
Slide 95: Thank you!
Thank ycou! Merci - Danke - Grazie - Készéném - Obrigada - Cnacn60 - BUBESTE WEL CUlrOAPI Active Solutions for Health