Photocure ASA · OSL:PHO
Photocure ASA — Q4 2020 Earnings Presentation
29 slides from Photocure ASA's earnings presentation, Mar 3, 2021
Slide 1: Results for End of Year & 4th Quarter 2020
Photocure ASA Results for End of Year & 4th Quarter 2020 3 March 2021 Daniel Schneider, President and CEO Erik Dahl, CFO
Slide 2: Disclaimer
Disclaimer By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”)
Slide 3: Over half a million bladder cancer patients have received our breakthrough product
Over half a million bladder cancer patients across the world have received our breakthrough product Direct sales in U.S. & Europe with worldwide partnerships Approved for NOK use in 256.5M ~30 total company countries revenue 2020 ~90 >500K patients employees Photocure Marketing Authorization Partner
Slide 4: Our Mission: Delivering transformative solutions to improve the lives of bladder cancer patients
Our Mission: Delivering transformative solutions to improve the lives of bladder cancer patients Photocure’s four step strategy to deliver on our mission & vision 4 3 Transform Build a global Bladder Cancer Company 2 Acquire Partner and in-license Build pipeline – partner/ acquisitions 1 Expand Gene
Slide 5: Highlights in fourth quarter 2020 and subsequent events
Highlights in fourth quarter 2020 and subsequent events: +48% +66% European operations Partnership news: U.S. Revenue Hexvix/Cysview live on Cevira: 1st Phase 3 patient dosed in Q4 2020 Growth Revenue Growth (adjusted) 1 October 2 Asieris: Hexvix partnership in China Cash balance end of Q4 2020: NOK
Slide 6: Bladder cancer has been chronically underserved
Bladder cancer has been chronically underserved COMMON (6th most common cancer worldwide1a) EXPENSIVE Highest USD 550K 200K per patient new cases annually1b deaths annually of which 75% lifetime treatment costs of any 5.7B Cost of Bladder Cancer in the U.S., projection are men1b cancer2 for 20203 RE
Slide 7: Hexvix/Cysview for better detection and management of NMIBC
Hexvix®/Cysview® For better detection and management of NMIBC A Drug Device combination for better visual contrast Blue Light between benign Cystoscopy (BLC™) and malignant cells preferentially accumulates in Hexvix / Cysview is used bladder cancer cells with a blue light making them glow enabled cy
Slide 8: Blue Light Cystoscopy: Creating a New Standard of Care
Blue Light Cystoscopy: Creating a New Standard of Care “You cannot treat what you cannot see!” Key benefits Hexvix/Cysview with BLC offers improved detection and more complete surgical resection leading to a reduced risk of recurrence vs. white light cystoscopy alone1–4,6–9 Enables more accurate ris
Slide 9: Supportive environment for becoming the standard of care
Supportive environment for becoming the standard of care for the detection & management of bladder cancer Recommended in global & national guidelines: Photocure – Presentation of full year and Q4 2020 Results © Photocure - Confidential 9
Slide 10: The Patient Journey: Characterized by long term follow-up with repeat procedures
The Patient Journey: Characterized by long term follow-up with repeat procedures NMIBC MIBC Urologist performs TURBT initial cystoscopy procedure, biopsy to Blood in the If suspected confirm Chemotherapy or urine or other bladder cancer diagnosis, BCG treatment symptom diagnosis, refer remove all ba
Slide 11: Strategic commercial organization
Strategic commercial organization ~35 Management / Field Force in the U.S. ~27 Management / Field Force in Major European Growing Global Countries Footprint with Distribution / Marketing Partnerships in Canada, Chile, China and Australia/NZ Photocure Direct Sales & Marketing Partner Sales & Marketin
Slide 12: Q4 2020 Financials
Q4 2020 Financials Photocure – Presentation of full year and Q4 2020 Results 12
Slide 13: Segment Performance
Segment Performance Fourth Quarter 2020 Commercial Franchise Amounts in NOK million Q4 ’20 Q4 ‘19 Change FY ’20 FY ‘19 Change Revenue: 66% growth in Q4, full year at 20% Commercial Franchise U.S. Revenue 41.1 27.8 48% 113.2 98.7 15% U.S.: Q4 revenue growth of 48%. Q4 unit sales 11% Europe Revenue (1
Slide 14: Consolidated Income Statement
Consolidated Income Statement Fourth Quarter 2020 Revenue, Significant One-off Items Amounts in NOK million Q4 ‘20 Q4 ‘19 Change FY ‘20 FY ‘19 Change Excluding one-off’s in Q4, YoY revenue increased Hexvix®/Cysview® Revenue 97.7 58.8 66% 255.2 213.2 20% 52% Other Revenue 0.2 56.8 1.3 68.3 Q4 2020: R
Slide 15: Cash Flow
Cash Flow Fourth quarter 2020 Cash Flow from Operations Amounts in NOK million Q4 ’20 Q4 ‘19 FY ’20 FY ‘19 Operations Cash Flow 11.1 30.4 15.6 20.7 Comparison with Q4 2019 driven by sign-on and Earnings before Tax -0.4 53.3 -33.2 45.7 milestones from Asieris in Q4 2019 of NOK 56.5 million Contract r
Slide 16: Balance Sheet
Balance Sheet December 31, 2020 2020 2019 Non-Current Assets Amounts in NOK million Dec. 31 Dec. 31 Ipsen transaction Non-Current Assets 363.8 70.5 Accounted for in accordance with IFRS 3. Total Assets includes up-front payment (EUR 15 Customer relationship 162.6 - million) and capitalized value of
Slide 17: U.S. Positioned for Growth
U.S. Positioned for Growth Photocure – Presentation of full year and Q4 2020 Results 17
Slide 18: Cysview Performance: Kit Volume Last 3 Years
Cysview Performance: Kit Volume Last 3 Years Covid-19 volatility in 2020; significant impact in Q2 & Q4 Photocure – Quarterly U.S. Cysview® Kit Volume 18
Slide 19: U.S.: Continued blue light cystoscope placements despite challenges of pandemic
U.S.: Continued blue light cystoscope placements despite challenges of pandemic Annual New Installations Cumulative Installed Base Surgical & Surveillance Approvals Inclusion in Guidelines New Commercial Team/Leadership Improved Reimbursement * Q1 2020: 12 installations (11 Rigid & 1 Flex) Q2 2020:
Slide 20: Hexvix European Operations
Hexvix European ® Operations Photocure – Presentation of full year and Q4 2020 Results 20
Slide 21: Large Untapped Potential in the 150 Mill EUR European Market
Large Untapped Potential in the 150 Mill EUR European Market Europe U.S. Established Hexvix Markets Europe: 165,000 new US: 82,500 new cases cases and more than and more than 18,000 Nordics: ~40% penetration 50,000 deaths annually1 deaths annually1 Active Hexvix Markets EU5: 360,000 TURBTs US: 315,0
Slide 22: Resources Committed for Hexvix Growth in Europe
Resources Committed for Hexvix® Growth in Europe Direct promotion initiated 1 October 2020 Expanded Photocure EU commercial organization from 7 employees to 27 from July 2020 through Feb. 2021 5 experienced Country Managers covering priority regions Distribution channels built across all of Europe W
Slide 23: Hexvix/Cysview – ambition to become standard of care in a $1.9 billion TAM
Hexvix®/Cysview® – ambition to become standard of care in a $1.9 billion total addressable market** POSITION IN THE LIFE CYCLE KEY SUCCESS FACTORS Penetration 100% APPROVAL SURGICAL & SURVEILLANCE 75% ACCEPTANCE MAJOR & LOCAL GUIDELINES* 50% PERMANENT AND FAVORABLE Nordic ACCESS REIMBURSEMENT DACH 2
Slide 24: Cevira License Agreement
Cevira License ® Agreement Photocure – Presentation of full year and Q4 2020 Results 24
Slide 25: CEVIRA: Value From License of Non-Core Asset to Asieris
CEVIRA®: Value From License of Non-Core Asset to Asieris License Agreement terms: Asieris is a Chinese subsidiary focused on genito-urinary diseases, with their own product USD 250M potential in total: candidate in clinical development in China and the U.S. for the treatment of NMIBC 1B USD 5M UP-FR
Slide 26: Summary and outlook
Summary and outlook Photocure – Presentation of full year and Q4 2020 Results 26
Slide 27: Summary & Guidance
Summary & Guidance Continuing to execute; positioned for growth Hexvix/Cysview sales increased in Q4 and FY 2020 YoY, despite Covid-19 pandemic Added 45 new cystoscope towers in 2020, Installations continuing into early 2021 in both the U.S. and Europe Delivered positive EBITDA in Q4; Cash position
Slide 28: Investment Highlights
Investment Highlights Photocure has established a position as an innovation leader in the large and underserved bladder cancer treatment market Our Hexvix®/Cysview® product is a best-in-class solution for the detection, staging, and long-term management of bladder cancer Treatment guidelines and rei
Slide 29: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of full year and Q4 2020 Results 29