Ipsen Sa · EURONEXT:IPN
Ipsen Sa — FY2010 Earnings Presentation
22 slides from Ipsen Sa's earnings presentation, Mar 9, 2011
Slide 1: 2010 Financial Results
2010 Financial Results Credit Suisse – Roadshow Full Year 2010 Results Boston/NYC – 9 -11th March 2011 Disclaimer This presentation includes only summary information and does not purport to be comprehensive. Forward-looking statements, targets and estimates contained herein are for illustrative purp
Slide 2: Objectives for today / 2010 key events
Objectives for today 1 2010 key events 2 CEO’s first assessment 3 2010 detailed financial performance 4 Outlook 3 Ipsen – FY 2010 Results 2010 key events 2010 performance Solid specialty care growth and continued globalization … …fuelling a sound operational performance, despite tough environment St
Slide 3: CEO's First Assessment
CEO’s First Assessment Over the last decade, Ipsen has succeeded in adapting to a fast changing environment… Health care environment Evolution of Ipsen’s sales profile € 698m € 1,100 m Specialty care as the major value/growth driver profile Primary Specialty Primary Specialty Care Care Care Care ~36
Slide 4: Specialty care strongly drove sales growth in 2010
CEO’s First Assessment Specialty care strongly drove sales growth in 2010 in million euros Decapeptyl® +7.7% 270.2 ® Dysport +7.7% 183.7 Specialty care SPECIALTY Somatuline® +18.8% 170.0 CARE €704.3m NutropinAq® +18.2% 48.4 +11.0% ® Increlex +19.5% 26.1 DRUG ® SALES Apokyn 6.0 +0.6% €1,068.3m Smecta
Slide 5: Comprehensive strategic review
CEO’s First Assessment We are conducting a comprehensive strategic review… Define Ipsen’s vision for 2020 Define where to play Define how to win Estimate the level of required investments / divestments Assess the organizational implications 9 Ipsen – FY 2010 Results CEO’s First Assessment … providin
Slide 6: Summary of 2010 P&L and evolution
Full-year financial performance Claire Giraut EVP, Chief Financial Officer 2010 detailed financial performance Summary of 2010 P&L and evolution In million euros 2010 2009 Growth (%) Sales 1,100.2 1,032.8 +6.5% Total Revenues 1,170.3 1,112.4 +5.2% Operating Income 128.8 172.5 (25.3)% Recurring adjus
Slide 7: Other revenues evolution
2010 detailed financial performance Other revenues evolution Other revenues evolution: (11.9)% As reported +36.3% excluding Bayer in 2009 and Inspiration in 2010 79.6 Royalties Received: Excluding the proceeds from the Bayer 70.1 settlement in 2009, royalties received grew (85.0)% 6.2 threefold in
Slide 8: Recurring adjusted operating income, below EBIT evolution
2010 detailed financial performance A Recurring adjusted Operating Income, up 26.8% y-o-y 16.7%1 In million euros 39.2 14.0%1 11.1 172.5 144.4 Reported Ebit Bayer PPA Recurring Adjusted EBIT + 26.8% (25.3%) Recurring 2009 actuals Adjusted Reported 2010 actuals 16.6%1 5.3 9.0 11.7%1 88.9 183.2 48.7 1
Slide 9: From Published EPS to recurring adjusted EPS
2010 detailed financial performance From Published EPS to recurring adjusted EPS 2010 Actual In million euros 2010 Actual Plus Recurring adjusted Value % Sales Roche Impairment Other (2) Value % Sales Net Sales 1 100.2 100.0% 1 100.2 100.0% Other Revenues 70.1 6.4% 70.1 6.4% Total Revenues 1 170.3 1
Slide 10: Partnership related deferred revenues and cash flow statement
2010 detailed financial performance Partnership related deferred revenues Total Milestones cashed-in but not yet Main milestones cashed-in in 2010 recognized as revenues (6.2%) January 2010 230.3 Inspiration: $50m upon agreement 215.9 on OBI-1 licence (non cash) In million euros March 2010 Menarini:
Slide 11: 2010 detailed financial performance: In summary
2010 detailed financial performance In summary Specialty Care sales: +11.0%1, Sales outside European G5 up 15,0% Major impacts from non recurring elements, mainly impairments & taspoglutide: -€40.1m overall on EBIT and -€39.1m after tax Recurring adjusted² operating income improving by 26.8% Recurri
Slide 12: Concluding remarks and 2011 Outlook
Concluding remarks and 2011 Outlook Marc de Garidel President and CEO Outlook In 2011, Ipsen’s specialty care should continue to drive performance On the basis of currently available information… … the Group’s 2011 drug sales growth objectives are : Specialty Care Primary Care Drug sales decrease Dr
Slide 13: Next Steps
Next Steps More to come very soon… Strategy Day Presentation of Ipsen’s 2020 vision Results call + Sales call First Assessment First contact February 2011 March 2011 Q2 2011 Today 25 Ipsen – FY 2010 Results Appendices
Slide 14: Full Year Sales 2010
Full Year Sales 2010 2010 drug sales in line with objectives driven by Specialty Care… Group sales by therapeutic area +5.0% 1,032.8 1,100.2 Specialty care: dynamic growth In million euros 622.5 + 11.0% 704.3 in all geographies Drug Sales Growth +5.1% €1,068.3 Primary care: tougher competitive envir
Slide 15: Specialty products account for 66% of drug sales
Full Year Sales 2010 Specialty products account for 66% of total drug sales in 2010 in million euros Decapeptyl +7.7% 270.2 Dysport +7.7% 183.7 Specialty care SPECIALTY Somatuline +18.8% 170.0 CARE €704.3m NutropinAq +18.2% 48.4 +11.0% Increlex +19.5% 26.1 DRUG SALES Apokyn 6.0 +0.6% €1,068.3m Smect
Slide 16: Inspiration announces non-inferiority of IB1001
Full Year Sales 2010 Inspiration announces non-inferiority of IB1001 Ipsen’s partner Inspiration Biopharmaceuticals presented Pharmacokinetic results of IB1001 IB1001 demonstrated non-inferiority to BeneFIX®, the only approved recombinant FIX product… …emphasizing the encouraging medical potential o
Slide 17: The fundamentals: restoring physiological balance
What we do The fundamentals : restoring physiological balance Chemical messengers: Chemical messengers: Hormones Hormones Neurotransmitters Neurotransmitters Function Function Suppressed Enhanced Therapeutic corollary : restore physiological levels, no more, no less Where we do … applied to well def
Slide 18: Example of differentiation: Somatuline Depot
What we can do Example of differentiation : Somatuline® Depot Sandostatin LAR® Somatuline® Autogel® 2.0 ml 0.3 ml – 0.5 ml Administration Intramuscular Subcutaneous Powder vial + solvent filled Presentation Pre-filled syringe syringe + 2 needles 10 steps needed to Ready to use Injection technique re
Slide 19: Dysport indications and R&D portfolio
Example of Life cycle management Neurology: Dysport® indications Rest of world North America Cervical Dystonia Cervical Dystonia Blepharospasm Aesthetic use Adult Spasticity Cerebral Palsy (pediatric) Adult Spasticity Hyperhydrosis Cerebral Palsy (pediatric) Hemifacial spasm Aesthetic use Current in
Slide 20: A strong partnerships strategy
A strong partnerships strategy Ipsen has aggressively developed its partnering activities ENDOCRINOLOGY ONCOLOGY NEUROLOGY PRIMARY CARE 2003 - 2005 2006- 2010
Slide 21: Focus on Hemophilia
Focus on Hemophilia Capitalizing on OBI-1 with the Inspiration partnership… Hematology All blood-related disorders Hemostasis All coagulation disorders Market Size $19.5 billion Ipsen’s and Inspiration’s core strategic focus Lack of coagulation blood factor Hemophilia Market Size $7.5 billion Inhibi
Slide 22: A progressive path to control of Inspiration
Focus on Hemophilia A progressive path to control of Inspiration Today 100% c.34% fully diluted 47% ownership Fully diluted ownership 29%* 8 clinical and regulatory milestones on OBI-1 and IB-1001 20% 2010 Initial equity Total development funding of $174m in Call at market value stake: $85 m exchang