Slide 1: FY 2022 Financial Results & Business Update
FY 2022 Financial Results & Business Update 20th February 2023 1
Slide 2: Disclaimer
Disclaimer This document has been prepared by Almirall, S.A. (the Such forward-looking statements are based on current “Company”) exclusively for use during the presentation. expectations and projections about future events and are This document includes only summary information and subject to vario
Slide 3: Agenda
Agenda 1. FY 2022 Highlights Carlos Gallardo, Chairman and CEO 2. Biologics Growth Drivers: Lebrikizumab and Ilumetri Carlos Gallardo, Chairman and CEO 3. Pipeline Updates Karl Ziegelbauer, CSO 4. Financial Review and Guidance 2023 Mike McClellan, CFO 5. Closing Remarks Carlos Gallardo, Chairman and
Slide 4: FY 2022 Highlights
\ (* almirall FY 2022 Highlights
Slide 5: FY 2022 highlights
INTERNAL USE FY 2022 highlights Delivered 2022 guidance, pipeline progress on track 1 2022 guidance achieved: • Core Net Sales* €863.2 MM an increase of +6.6% and EBITDA €198.3 MM -15.8% year-on-year, in line with guidance. • Sales driven by strong contribution from launches and key products in EU D
Slide 6: Delivered 2022 Guidance
INTERNAL USE Delivered 2022 Guidance Core Net Sales* Full Year 2022 Mid single-digit growth vs. previous year (€809.8 MM) +6.6% (€863.2 MM) Total EBITDA Full Year 2022 Between €190 MM - €210 MM €198.3 MM * Core Net Sales excludes AstraZeneca Deferred Income. Financial Results & Business Update 6
Slide 7: European launches: Klisyri & Wynzora highlights
INTERNAL USE European launches: Klisyri® & Wynzora® highlights Launches progressing well in Europe Klisyri® Wynzora® Solid performance and positive uptake Increasing market share in key countries Net Sales of c.€9 MM in 2022 in Europe with strong performance Net Sales of c.€7 MM in 2022 with strong
Slide 8: US business: Klisyri & Seysara highlights
US business: Klisyri® & Seysara® highlights Focused on a niche business for the US market Klisyri® Seysara® Accelerating demand and increasing market access TRx demand improving Around 70,000 TRx generated since launch, gaining market TRx volume recovery in 2022 reaching over 250,000 TRx, 22% 1 1 sh
Slide 9: Biologics Growth Drivers: Lebrikizumab and Ilumetri
Biologics Growth Drivers: Lebrikizumab and Ilumetri 9
Slide 10: Lebrikizumab update
INTERNAL USE Lebrikizumab update On track for launch in late 2023 Advancing premarketing Sales force set up in the first ADvantage reimbursement strategies in key markets countries to be launched study fully recruited Atopic Dermatitis market – 2031* Market accelerating. Number of atopic dermatitis
Slide 11: Ilumetri highlights
INTERNAL USE Ilumetri® highlights Strong performance in 2022 with positive contribution from new country launches Market share of new patients by class in the German biologics market* EU Net Sales €36 MM in Q4 2022 50% +52% 45% yoy growth Anti-IL23 40% 35% Anti-IL17 30% 25% Anti-TNF 20% 15% 10% Q1 2
Slide 12: Pipeline Update
rollaaliae! WW) Pipeline Update 12
Slide 13: Progressing promising late-stage pipeline, while building early stage
INTERNAL USE Progressing promising late-stage pipeline, while building early stage Strong position across significant dermatology indications Molecule / Under Commercial name Indication Expected launch Phase I Phase II Phase III registration Geography Lebrikizumab Atopic dermatitis Late 2023 Klisyri
Slide 14: Next steps for Lebrikizumab
INTERNAL USE Next steps for Lebrikizumab Progress toward launch and value maximization Regulatory Update • Marketing Authorization Application submission to EMA in October 2022 • Expected approval timeline Q4 2023 Clinical Update • ADvantage* study fully recruited. Week 16 results expected in H1 202
Slide 15: New assets in the pipeline
INTERNAL USE New assets in the pipeline Building early-stage pipeline with promising in-licensing ALM223* Innovative IL-2 mutein for a broad ALM27134** spectrum of autoimmune diseases, First-in-class asset currently Novel approaches for IgE- in preclinical development in Phase I mediated diseases •
Slide 16: Financial Review and Guidance 2023
Financial Review and Guidance 2023 16
Slide 17: FY 2022 Core Results
INTERNAL USE FY 2022 Core Results* Mid range of 2022 EBITDA guidance, continued good performance in EU dermatology Highlights Core Net Sales* €863.2 MM +6.6% Total EBITDA of €198.3 MM SG&A at €409.7 MM +4.3% and Core EBITDA* €186.3 MM was lower vs 2021 due to versus last year, higher as -11.8% year-
Slide 18: FY 2022 Core Net Sales breakdown by products
INTERNAL USE FY 2022 Core Net Sales* breakdown by products € Million FY 2022 FY 2021 % Chg YoY 2022 Core Net Sales breakdown of the core business Europe 732.7 660.9 10.9% Dermatology 50% Dermatology 338.2 285.7 18.4% General Medicine & OTC 394.5 375.2 5.2% Ebastel franchise 52.8 46.5 13.5% 2022 Core
Slide 19: FY 2022 Dermatology Sales breakdown
INTERNAL USE FY 2022 Dermatology Sales* breakdown € Million FY 2022 FY 2021 % Chg YoY Europe 338.2 285.7 18.4% Ilumetri 124.6 81.9 52.1% RoW Ciclopoli franchise 51.1 52.9 (3.3%) 4% Decoderm franchise 30.7 29.0 5.8% US Skilarence 26.7 27.5 (2.9%) 17% Solaraze 19.2 19.0 1.3% Others EU** 85.8 75.4 13.8
Slide 20: SG&A evolution during FY 2022
INTERNAL USE SG&A evolution during FY 2022 Investment to support mid-term sales acceleration SG&A € MM * Including: Lebrikizumab, Ilumetri, Wynzora & Klisyri in Europe. Financial Results & Business Update 20
Slide 21: R&D evolution during FY 2022
INTERNAL USE R&D evolution during FY 2022 Investment to support sales acceleration R&D € MM R&D FY 2022 Financial Results & Business Update 21
Slide 22: FY 2022 Core Results
INTERNAL USE FY 2022 Core Results* Reconciliation from Core EBITDA* to Total EBITDA € Million FY 2022 FY 2021 % Chg YoY % var. CER Core Net Sales* exclude AstraZeneca Core Total Revenues 866.5 812.2 6.7% 5.4% Deferred Income Core Net Sales 863.2 809.8 6.6% 5.3% Core Other Income 3.3 2.4 37.5% 29.2%
Slide 23: FY 2022 EBITDA to Normalized Net Income
INTERNAL USE FY 2022 EBITDA to Normalized Net Income Mid range of 2022 guidance achieved € Million FY 2022 FY 2021 % Chg YoY % var. CER EBITDA 198.3 235.6 (15.8%) (16.1%) % of sales 23.0% 28.5% 2022 lower due to higher R&D, SG&A Depreciation & Amortization 120.6 119.9 0.6% (3.9%) costs, US sales dec
Slide 24: FY 2022 Balance Sheet
INTERNAL USE FY 2022 Balance Sheet Healthy balance sheet and solid liquidity position € Million Dec 2022 Dec 2021 Variation Goodwill & Intangible assets 1,253.3 1,252.0 1.3 Increase mainly relating to USD Fx Property, plant and equipment 124.1 117.4 6.7 rate, Simcere up-front, Lebrikizumab Financial
Slide 25: FY 2022 Cash Flow
INTERNAL USE FY 2022 Cash Flow Operating Cash Flow reached €155 MM € Million FY 2022 FY 2021 Profit Before Tax 31.0 (9.1) Depreciation and amortization 120.6 119.9 Impairment (reversals) / losses 16.5 103.5 2022 CIT Cash Flow includes advance Change in working capital (6.1) 5.8 payments partially of
Slide 26: 2023 Full Year Guidance
INTERNAL USE 2023 Full Year Guidance Net Sales Low to mid single-digit growth vs. previous year (€863 MM) Total EBITDA Between €165 MM - €180 MM Financial Results & Business Update 26
Slide 27: Closing Remarks
Zg (% almirall Closing Remarks 27
Slide 28: Recent news-flow and potential events in 2023
INTERNAL USE Recent news-flow and potential events in 2023 1 3 5 7 Klisyri Lebrikizumab Large field IL-2-mu-Fc Efinaconazole EU filing post-marketing US/EU Phase I EU approval & accepted study data for initiation launch Q4 2022 label expansion H2 2023 2023 Filing 2023* 2022 2024 2 4 6 Anti-IL-1RAP S
Slide 29: Capital allocation focused on creating long term shareholder value
INTERNAL USE Capital allocation focused on creating long term shareholder value 1. 2. Invest in current and future Focus on innovation by product launches (Lebrikizumab, strengthening the pipeline both Ilumetri, Wynzora, Klisyri) to by proprietary research and in- drive significant mid-term licensin
Slide 30: Conclusions
INTERNAL USE Conclusions Executing on important product launches and pipeline progress 1 2022 guidance achieved, driven by growth drivers with a solid performance in Europe. Lebrikizumab on track for a late 2023 launch, leading to robust mid-term sales acceleration. 2 Pre-launch activities ongoing.
Slide 31: Appendices
INTERNAL USE Appendices 31 Financial Results & Business Update
Slide 32: FY 2022 Total Income Statement CER
INTERNAL USE FY 2022 Total Income Statement CER € Million CER FY 2022 FY 2022 var. FY 2021 % var. CER % Chg YoY EURO CER 2022 Dec 2022 Total Revenues 867.7 878.5 (1.2%) 836.5 3.7% 5.0% USD 1.18 1.04 Net Sales 852.6 863.2 (1.2%) 827.2 3.1% 4.4% GBP 0.86 0.85 Other Income 15.1 15.3 (1.3%) 9.3 62.4% 64
Slide 33: Q4 2022 Total Profit & Loss Breakdown
INTERNAL USE Q4 2022 Total Profit & Loss Breakdown € Million Q4 2022 Q4 2021 % Chg YoY Total Revenues 230.5 215.8 6.8% Net Sales 229.4 209.9 9.3% Other Income 1.1 5.9 (81.4%) Cost of Goods (78.2) (66.5) 17.6% Gross Profit 151.2 143.4 5.4% % of sales 65.9% 68.3% R&D (31.6) (25.9) 22.0% % of sales (13
Slide 34: European growth drivers
INTERNAL USE European growth drivers Net Sales Ilumetri® Net Sales € MM Skilarence® Net Sales € MM 36 31 31 27 9 25 8 8 8 8 8 20 20 7 7 7 7 7 7 7 7 7 17 6 12 14 9 9 4 5 5 6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2019 2019 2019 2020 2020 2
Slide 35: Core Net Sales by Geography
INTERNAL USE FY 2022 Core Net Sales* by Geography € Million FY 2022 FY 2021 % Chg YoY Europe 732.7 660.9 10.9% US 76.5 94.5 (19.1%) Rest of World 54.1 54.4 (0.6%) Core Net Sales* 863.2 809.8 6.6% * Core Net Sales excludes AstraZeneca Deferred Income. Includes product consignment, royalties from auth
Slide 36: Leading Product Core Net Sales
INTERNAL USE FY 2022 Leading Product Core Net Sales* € Million FY 2022 FY 2021 % Chg YoY Ilumetri 124.6 81.9 52% Ebastel franchise 66.5 63.6 5% Ciclopoli franchise 54.9 55.9 (2%) Efficib/Tesavel 39.6 47.9 (17%) Crestor 38.9 36.4 7% Sativex franchise 37.0 36.5 2% Almax 32.9 33.4 (2%) Decoderm franchi
Slide 37: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements Gross Margin & EBITDA € Million FY 2022 FY 2021 Net Sales(1) 863.2 827.2 - Procurements(1) (189.3) (181.7) - Other manufacturing costs(2) Staff costs (33.3) (30.3) Amortization & Depreciation (10.8) (10.5) Other operating costs (23.4) (1
Slide 38: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) € Million FY 2022 FY 2021 EBITDA 198.3 235.6 Amortization & Depreciation 120.6 119.9 EBIT 77.7 115.7 € Million FY 2022 FY 2021 Financial income 0.6 0.5 Financial cost (12.7) (20.7) Financial derivat
Slide 39: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Director of Investor Relations & Corporate Comms. Tel. +34 93 291 3087 pablo.divasson@almirall.com Or visit our website: www.almirall.com Financial Results & Business Update 39