Photocure ASA · OSL:PHO
Photocure ASA — Q2 2013 Earnings Presentation
22 slides from Photocure ASA's earnings presentation, Aug 22, 2013
Slide 1: Photocure ASA: Building a Specialty Pharma Company
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS OF THE SECOND QUARTER 2013 22 August 2013 Kjetil Hestdal, MD, President & CEO Erik Dahl, 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 Second Quarter 2013
HIGHLIGHTS SECOND QUARTER 2013 • Robust growth of Hexvix/Cysview in key geographies – 2Q total sales revenues of Hexvix/Cysview increased 27% to NOK 21 million driven primarily by continued strong customer demand across key markets – Total revenues of Hexvix/Cysview for 1H 2013 increased 16% compare
Slide 4: Commercial Update
Commercial Update ———i‘(aitststststS Ce
Slide 5: Hexvix/Cysview Solid Performance in Own Sales Geographies
HEXVIX/CYSVIEW SOLID PERFORMANCE IN OWN SALES GEOGRAPHIES • PHO own sales revenues in the US and Nordics +44% v PY • Key drivers include strong customer Own Hexvix/Cysview Unit Sales Per Quarter demand, as well as price increases in 3 000 Nordic & US 2 500 2 000 • Nordic volume growth +21%, revenue
Slide 6: Hexvix/Cysview Medical Benefits Validated
HEXVIX/CYSVIEW MEDICAL BENEFITS VALIDATED • Landmark Meta-Analysis published in European Urology – Conducted on data from eight Hexvix/Cysview prospective studies and included a total of 1,293 patients – Hexvix/Cysview significantly improves the detection of bladder cancer and reduces the risk of re
Slide 7: Ipsen Strong Partner in Europe
IPSEN STRONG PARTNER IN EUROPE • Partners driving robust growth in 2Q – Volume +9% v PY – Double digit volume growth in key Hexvix Partner Unit Sales Per Quarter markets 10 000 8 000 • PHO revenues from Partner +14% v PY 6 000 – Key drivers: strong customer demand, 4 000 inventory adjustments, timin
Slide 8: Pipeline Update
Pipeline Update © sess, Ce
Slide 9: Creating Value: Diverse Product Portfolio
CREATING VALUE DIVERSE PRODUCT PORTFOLIO Technology Indication Phase 1 Phase 2 Phase 3 Status Detection of • Worldwide license with Salix Lumacan® PDD colorectal • Clinical trial with various cancer formulations underway • Positive Phase 2b results Treatment of • SPA approved Visonac® PDT moderate t
Slide 10: Breakthrough Platform Technology Designed for Ease of Use
BREAKTHROUGH PLATFORM TECHNOLOGY DESIGNED FOR EASE OF USE • First fully integrated drug-delivery device in photodynamic technology • Novel single use, disposable intra-vaginal device developed for ease of use – Obviates clinical and commercial barriers • Simple application in office setting – Does n
Slide 11: Cevira a Major Opportunity
CEVIRA A MAJOR OPPORTUNITY • High unmet medical need for novel therapies to treat epidemic proportions of HPV/CIN populations • Breakthrough technology allows for convenience and simplicity which can be integrated in even under-developed healthcare systems • Results of the Phase 2b trial are signifi
Slide 12: Significant Health Economic Impact of Cevira in CIN & HPV
SIGNIFICANT HEALTH ECONOMIC IMPACT OF CEVIRA IN THE TREATMENT OF CIN & HPV • Health Economic model developed to demonstrate the overall budget impact to insurers/payers using Cevira to treat women with HPV/CIN • Impact as compared to the current standard of care and current payment schedule as per t
Slide 13: Visonac Preparing for Phase 3
VISONAC PREPARING FOR PHASE 3 • High unmet need for novel treatments for moderate – severe acne • Positive phase 2b results – Significant reduction in inflammatory lesions – Overall improvement in acne severity – Well tolerated regimen • Preparing for phase 3 registration trials – SPA agreed in 2Q –
Slide 14: Financials
Financials 14
Slide 15: Strong Volume Growth
STRONG VOLUME GROWTH • Revenue from own sales of Hexvix/ MNOK Q2 '13 YTD '13 Cysview up 44% in the quarter – Nordic unit sales to pharmacies up Hexvix own sales 10,4 16,8 YoY growth 44,4 % 26,2 % 21%, all countries at double digit growth – Revenue growth further driven by Hexvix partner sales 10,5 1
Slide 16: Expense Reductions and Organizational Streamlining
EXPENSE REDUCTIONS AND ORGANIZATIONAL STREAMLINING • R&D expenses at NOK 6.5 million in Q2 50 – Main R&D activity Cevira completion of 40 phase 2b study in EU/USA and 30 drug/device manufacturing documentation 20 for phase 3 10 • Quarter S&M expenses at NOK 19.0 0 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13
Slide 17: Profit & Loss Second Quarter 2013
PROFIT & LOSS SECOND QUARTER 2013 MNOK Q2 '13 Change YTD '13 YTD '12 Change Sales revenues 21,4 31 % 36,0 35,2 2% Signing fee and milestones 1,1 -93 % 2,1 28,3 -93 % Total revenues 22,5 -26 % 38,1 63,5 -40 % Gross profit 20,4 -27 % 34,7 58,9 -41 % Operating expenses -34,3 -9 % -72,3 -78,3 -8 % Opera
Slide 18: Cash Flow Second Quarter 2013
CASH FLOW SECOND QUARTER 2013 MNOK Q2 '13 Q2 '12 YTD '13 YTD '12 Cash flow from: - Operations -37,5 -29,3 -64,2 -57,6 - Investments 0,9 2,0 2,7 4,5 - Financing activities -42,2 -1,3 -42,8 -4,6 Net change in cash -78,8 -28,5 -104,3 -57,7 Ending cash balance 198,5 297,5 198,5 297,5 • Quarter cash flow
Slide 19: Balance Sheet per 30 June 2013
BALANCE SHEET PER 30 JUNE 2013 • Non current assets includes NOK 31.6 million in shares in MNOK 30.06 31.12 2013 2012 PCI Biotech Non-current assets 92,6 104,9 • Deferred tax asset of NOK Inventory & receivables 27,7 25,3 40.8 million Cash & equivalents 198,5 302,8 Total assets 318,9 433,0 • No inte
Slide 20: Summary and Outlook
Summary and Outlook
Slide 21: Executing Our Strategy
EXECUTING OUR STRATEGY • Build a speciality pharma company, focused on cancer and dermatology • Maximize the potential of the company's Photodynamic Technology Platform – Photocure Technology™ • Leverage our experience to develop, register and commercialize new products based on Photocure Technology
Slide 22: Key Milestones 2013
KEY MILESTONES 2013 2013 Focus Drive growth of Cysview in the US Work closely in partnership with Ipsen to increase sales of Hexvix in Europe Progress partner discussions for Cevira Lumacan oral prototypes enter clinical development Determine optimal path for Visonac development and commer