Photocure ASA · OSL:PHO
Photocure ASA — Q3 2011 Earnings Presentation
23 slides from Photocure ASA's earnings presentation, Oct 26, 2011
Slide 1: Photocure ASA – Third quarter 2011 results
Brilliance in photodynamic technology Photocure ASA The world leader in photodynamic technology Presentation of third quarter 2011 results 26 October 2011 Kjetil Hestdal, President & CEO Christian Fekete, 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 Third quarter 2011
Highlights Third quarter 2011 • New commercial strategy for Hexvix®/Cysview™ • Signed partnership agreement with Ipsen – received EUR 1.5 million signing fee • First full quarter of launch of Allumera® in the US • Robust enrollment of patients in Cevira® trial with convenient single use device • Sta
Slide 4: Operational Update
Operational Update 4
Slide 5: Hexvix sales growth
Hexvix Nordic sales growing 41% in units, and Total sales growing 10% in units in Q3 Hexvix units sold per quarter 12 000 Partner sales (unit sales outside Nordic): 10 000 +10% • +5% in Q3 2011 to 7,369 units • +13% for YTD 2011 to 24,894 units 8 000 • Germany and France largest markets, 6 000 accou
Slide 6: New Commercial Strategy for Hexvix Announced
Hexvix New Commercial Strategy for Hexvix Announced September 27 Continued execution of our strategy to build Photocure into a profitable specialty pharmaceutical company by: Entering into strategic collaboration with Ipsen • Ipsen territory is worldwide, ex US and Nordics Commercializing directly i
Slide 7: Ipsen – a Strong, Strategic Partner
Hexvix Ipsen – a Strong, Strategic Partner Global, specialty-driven pharmaceutical company focused on four franchises, most importantly Uro-Oncology • Sales > €1.1B in 2010 Strong and well established Uro-Oncology Franchise, led by Decapeptyl® • Decapeptyl sales > €270M in 2010 • Marketed in over 60
Slide 8: Deal Terms with Ipsen
Hexvix Deal Terms with Ipsen Worldwide, ex USA and Nordics • Exclusive license with Ipsen • Global, specialty-driven pharmaceutical company focused on four franchises, including Uro-Oncology • Photocure to receive: • €1.5M at signing • €5M at completion of manufacturing transition milestones • Sales
Slide 9: USA is a great untapped opportunity
Cysview USA is a great untapped opportunity • Manageable size of target audience • Internal knowledge/expertise as innovator and Nordic experience • High awareness of Cysview by urologists in US • Strong collaboration with equipment supplier Karl Storz • Consistent with strategy of building profitab
Slide 10: Critical Success Factors in USA
Cysview Critical Success Factors in USA • Drive installed base of blue light scopes • Further enhance strong collaboration with Karl Storz Americas • Karl Storz awaiting approval from FDA on upgraded scope in Q4 2011 • Target high volume procedure centers in urban centers • Start with 10 Key Account
Slide 11: Allumera: First quarter with operational sales force
Allumera First quarter with operational sales force • Sales force of fully trained National Sales Director and 10 Area Business Managers operational in the Field from July • >1,200 potential customers; 50+ buying customers at the end of Q3 • Allumera sales revenue was NOK 0.7 million in Q3 and NOK 0
Slide 12: Allumera Key Initiatives
Allumera Key Initiatives • Drive sales volumes and process from trial to purchase • Expand pilot program for engagement of practice managers • Facilitate Key Opinion Leader interviews in order to build awareness • Complete additional GLOW studies to broaden the potential • Broaden web marketing • Ex
Slide 13: Allumera media attention
Allumera Improvement in the appearance of pores… A Unique Selling Point creating media attention During month of September, Allumera has been featured in 15 articles garnering more than 28.7 million impressions: • 2 women’s book articles • 4 trade magazine articles (attached) • 8 health/beauty/broad
Slide 14: Cevira: Robust enrollment in phase IIb study
Cevira Robust enrollment in phase IIb study • Cervical HPV infection highly prevalent and growing • 80% of all women have HPV infections • No therapeutic treatment available, surgical options fraught with high morbidity • Represents 4-5 million women in US alone The cream applied to the device by th
Slide 15: Visonac: Phase IIb study on track
Visonac Phase IIb study on track • Started placebo controlled multicenter Phase IIb • 55 of 150 patients enrolled to date • The trial will enroll approximately 150 patients at 12 centers in the US with facial acne • Regimen = 4 treatments, 2 weeks apart • Primary endpoint: Reduction in number of inf
Slide 16: Financials
v Financials ~~
Slide 17: Profit & Loss
Profit & Loss Third quarter 2011 • Sales revenue up 41% in Q3 Numbers in NOK millions Q232011 Q32010 YTD 2011 YTD 2010 2010 Sales revenue 20.6 14.6 60.8 49.9 70.5 • Sales of Hexvix growing 28% to NOK 14.6 million in Q3 and Signing fee & milestone revenues 11.7 0 11.7 83.4 106.8 15% to NOK 45.5 milli
Slide 18: Balance sheet
Balance sheet Per 30.9.2011 • NOK 336.1 million in cash & cash Numbers in NOK million 30.09.2011 31.12.2010 equivalents at 30 September 2011 Machinery & Equipment 3.6 1.9 Other investments 83.3 84.3 • Other investments includes NOK 60.0 million in shares in PCI Biotech Total non-current assets 87.0
Slide 19: Cash Flow
Cash Flow Third quarter 2011 • Net change in cash of Numbers in NOK millions Q3 2011 Q3 2010 YTD 2011 YTD 2010 2010 NOK -12.8 million in Q3 Profit/ loss before tax -6.8 -11.6 -41.2 -34.8 18.1 Depreciation and amortization 0.3 0.3 0.9 0.8 1.3 Share-based compensation 2.0 1.3 6.0 3.7 5.5 Net interests
Slide 20: Segment information
Segment information Third quarter 2011 • Sales revenue growing Segment information Q3 2011 (Amounts in NOK 1000) 41% in Q3 to NOK 20.6 Cancer Dermatology Total vs. PY million Own Partner R&D (1) Own R&D (1) Sales Revenues 5 744 8 838 0 759 5 242 20 583 41 % • Milestone revenue of Milestone revenues
Slide 21: Summary & Outlook
Summary & Outlook 21
Slide 22: Executing our strategy
Executing our strategy Photocure’s main strategic objective is to build a specialty pharma company • Maximizing the potential of the Photodynamic Technology Platform • Develop, register and commercialize new products in Dermatology and Cancer Key Achievements Q3 2011 • New commercial strategy for He
Slide 23: Key Milestones
Key Milestones 2011 2012 Drive Hexvix growth Transition to Ipsen and train sales force Grow Nordic operation Transfer Cysview rights in USA to Photocure Launch Cysview Drive Allumera growth Cevira Phase IIb Visonac Phase IIb Lumacan Lumacan Phase I Phase II 23