Almirall Sa · BME:ALM
Almirall Sa — Q1 2024 Earnings Presentation
31 slides from Almirall Sa's earnings presentation, May 13, 2024
Slide 1: Q1 2024 Financial Results & Business Update
Q1 2024 Financial Results & Business Update 13th of May 2024
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 Carlos Gallardo, Chairman & CEO Q1 2024 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Mike McClellan, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks Financial Results & Business Update
Slide 4: Q1 2024 Highlights
Zg (% almirall Q1 2024 Highlights
Slide 5: Q1 2024 highlights
INTERNAL USE Q1 2024 highlights Biologics strength driving dermatology business in Europe European dermatology Main European product Expanding our shows solid results portfolio bolsters growth innovation pipeline Net Sales ZKN-013: Oral Readthrough Ilumetri® (psoriasis) €247.4 MM +6.6% YoY, driven b
Slide 6: Biologics Growth Drivers Update: Ilumetri & Ebglyss
Biologics Growth Drivers Update: Ilumetri® & Ebglyss®
Slide 7: Ilumetri highlights
INTERNAL USE Ilumetri® highlights Positive growth trajectory in Q1 2024 Europe Net Sales of €49 MM in Q1 2024 Quarterly recap Increase of c.30% vs Q1 2023 Continuous gain in market share of the Anti-IL-23 class underpins strong performance. Anti-IL-23 class continues to lead in psoriasis market. Ilu
Slide 8: Ebglyss: first-line treatment, compelling product profile
INTERNAL USE Ebglyss® First-line treatment, compelling product profile* Systemic treatment for moderate-to-severe AD patients not adequately controlled by topical therapy or when those therapies are not advisable. Approved for both adults and adolescents above 12. Mechanism of Efficacy Safety Dosing
Slide 9: Ebglyss rapidly gaining traction in Germany
INTERNAL USE Ebglyss® Rapidly gaining traction in Germany thanks to excellent pre and post launch execution After just 10 weeks Ebglyss® Product awareness ahead Already second place dynamic patients' uptake* of benchmarks in intention to prescribe in has already passed all pre and post launch, first
Slide 10: Ebglyss rollouts according to plan
INTERNAL USE Ebglyss® Rollouts according to plan Dec’23 DE ✓ 2024 NO ✓ UK AT DK ES 2025 IT CH IE SE CZ NL FL FR BE SK PT PL HU Financial Results & Business Update 10
Slide 11: Pipeline Update
\ (* almirall Pipeline Update
Slide 12: Growing early-stage portfolio as the late-stage pipeline progresses
INTERNAL USE Growing early-stage portfolio as the late-stage pipeline progresses Strong presence in key dermatology indications & new additions in early pipeline Molecule / Under Commercial name Indication Expected launch Phase I Phase II Phase III registration Geography ® (extended label) Klisyri A
Slide 13: In-licensed global rights from Eloxx Pharmaceuticals for ZKN-013
INTERNAL USE In-licensed global rights from Eloxx Pharmaceuticals for ZKN-013 ZKN-013: Oral Readthrough Inducer to be developed in rare dermatological diseases Designed to overcome nonsense mutations, for example in rare dermatological diseases such 1 as RDEB and JEB and beyond e.g., FAP. 2 Enables
Slide 14: Financial Review
\ (* almirall Financial Review
Slide 15: Q1 2024 Results: European dermatology performance off to a good start
INTERNAL USE Q1 2024 Results European dermatology performance off to a good start in 2024 Highlights Net Sales €247.4 MM +6.6% and SG&A at €112.0 MM +5.0% Total EBITDA of €52.5 MM, Core EBITDA* €52.2 MM +1.4% compared to Q1 2023, +1.4% vs Q1 2023 helped by year-on-year, driven by solid increasing ma
Slide 16: Net Sales breakdown by products
INTERNAL USE Q1 2024 Results Net Sales breakdown by products Q1 2024 Net Sales breakdown of the business € Million YTD March 2024 YTD March 2023 % Chg YoY Dermatology; 52% Europe 219.1 201.0 9.0% Dermatology 113.0 95.7 18.1% General Medicine & OTC 106.1 105.3 0.8% Ebastel franchise 20.3 20.0 1.5% €2
Slide 17: Dermatology Sales Breakdown
INTERNAL USE Q1 2024 Results Dermatology Sales Breakdown € Million YTD March 2024 YTD March 2023 % Chg YoY Europe 113.0 95.7 18.1% RoW; 2% Ilumetri 48.9 38.0 28.7% US; 10% Ciclopoli franchise 12.7 14.3 (11.2%) Decoderm franchise 8.7 7.5 16.0% Wynzora 6.3 3.5 80.0% Skilarence 5.5 5.8 (5.2%) Solaraze
Slide 18: Total Income Statement
INTERNAL USE Q1 2024 Total Income Statement % Chg € Million YTD March 2024 YTD March 2023 % var CER YoY Total Revenues 248.8 232.5 7.0% 7.0% Net Sales 247.4 232.0 6.6% 6.6% Other Income 1.4 0.5 180.0% 180.0% Cost of Goods (90.2) (80.3) 12.3% 12.3% Gross Profit 157.2 151.7 3.6% 3.6% % of sales 63.5%
Slide 19: Balance Sheet
INTERNAL USE Q1 2024 Balance Sheet € Million Mar 2024 Dec 2023 Variation €MM Goodwill & Intangible assets 1,303.4 1,310.4 (7.0) Property, plant and equipment 139.4 141.3 (1.9) Financial assets 20.5 22.9 (2.4) Other non current assets 179.8 181.8 (2.0) Total Non Current Assets 1,643.1 1,656.4 (13.3)
Slide 20: Cash Flow
INTERNAL USE Q1 2024 Cash Flow € Million YTD March 2024 YTD March 2023 Profit Before Tax 15.2 15.4 Depreciation and amortization 34.0 31.5 Change in working capital (18.7) (46.3) Other adjustments 2.3 4.9 CIT Cash Flow (9.4) (4.3) Cash Flow from Operating Activities (I) 23.4 1.2 • Working Capital ou
Slide 21: Closing Remarks
\ (* almirall Closing Remarks
Slide 22: Conclusions
INTERNAL USE Conclusions Strong dermatology performance and encouraging initial Ebglyss® data Encouraging Strong Ilumetri® initial Ebglyss® Added new On target to performance, with launch metrics, early-stage assets Continuing to meet 2024 solid expansion in with further as we continue to explore ne
Slide 23: Appendices
INTERNAL USE Appendices Financial Results & Business Update
Slide 24: Core Results
INTERNAL USE Q1 2024 Core Results* Reconciliation from Core EBITDA* to Total EBITDA € Million YTD March 2024 YTD March 2023 % Chg YoY % var CER Core Total Revenues 248.5 232.2 7.0% 7.0% Core Net Sales 247.4 232.0 6.6% 6.6% Core Other Income 1.1 0.2 n.m. n.m. Cost of Goods (90.2) (80.3) 12.3% 12.3% G
Slide 25: Total Income Statement CER
INTERNAL USE Q1 2024 Total Income Statement CER € Million CER YTD Mar 2024 YTD Mar 2024 var YTD Mar 2023 % var CER % Chg YoY EURO CER Mar 2024 Total Revenues 248.8 248.8 - 232.5 7.0% 7.0% CZK 23.79 25.07 Net Sales 247.4 247.4 - 232.0 6.6% 6.6% DKK 7.44 7.46 Other Income 1.4 1.4 - 0.5 180.0% 180.0% P
Slide 26: Ilumetri Net Sales
INTERNAL USE Ilumetri® Net Sales in € Million 49 42 42 44 36 38 31 31 25 27 17 20 20 12 14 6 9 9 4 5 5 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Financial Results & Business
Slide 27: Net Sales by Geography
INTERNAL USE Q1 2024 Net Sales by Geography € Million YTD March 2024 YTD March 2023 % Chg YoY Europe 219.1 201.0 9.0% US 13.7 15.5 (11.6%) Rest of World 14.6 15.5 (5.8%) Net Sales 247.4 232.0 6.6% Financial Results & Business Update 27
Slide 28: Leading Product Net Sales
INTERNAL USE Q1 2024 Leading Product Net Sales € Million YTD March 2024 YTD March 2023 % Chg YoY Ilumetri 48.9 38.0 28.7% Ebastel franchise 25.3 23.6 7.2% Ciclopoli franchise 13.8 15.2 (9.2%) Crestor 11.0 10.9 0.9% Almax 10.3 9.8 5.1% Sativex franchise 9.7 9.5 2.1% Decoderm franchise 8.9 7.6 17.1% W
Slide 29: Reconciliations with audited financial statements: Gross Margin & EBITDA
INTERNAL USE Reconciliations with audited financial statements Gross Margin & EBITDA € Million YTD March 2024 YTD March 2023 € Million YTD March 2024 YTD March 2023 Net Sales(1) 247.4 232.0 Operating Profit 18.4 20.4 - Procurements(1) (64.0) (58.4) - Directly traceable with annual accounts Amortizat
Slide 30: Reconciliations with audited financial statements: EBIT & Net Financial
INTERNAL USE Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) € Million YTD March 2024 YTD March 2023 EBITDA 52.5 51.8 Amortization & Depreciation (34.0) (31.5) EBIT 18.5 20.3 € Million YTD March 2024 YTD March 2023 Financial income 1.3 0.1 Financial cost (3.7
Slide 31: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 pablo.divasson@almirall.com Or visit our website: www.almirall.com