Slide 1: First half results 2014
2014 First half results CONFERENCE CALL ‐ 29 JULY 2014
Slide 2: First half 2014 highlights
First half 2014 highlights • Revenue € 507,6 million, up 6.3% • EBITDA € 141.9 million or 27.9% of sales, up 18.2% • Operating income (EBIT) € 121.8 million or 24.0% of sales, up 18.8% • Net income € 83.0 million or 16.4% of sales, up 18.1% • Exclusive license for Vitaros® from Apricus Biosciences •
Slide 3: Main product sales
Main product sales Corporate products including drugs for rare diseases account for 50.6% of revenue (million Euro) 1H 2014 1H 2013 Change % Zanidip® (lercanidipine) 58.4 61.3 (4.6) Zanipress® (lercanidipine+enalapril) 31.2 29.3 6.5 Urorec® (silodosin) 28.4 22.7 25.4 Livazo® (pitavastatin) 12.4 11.2
Slide 4: A diversified product portfolio
A diversified product portfolio Drugs for rare diseases 11.9% Other corporate products 11.8% Livazo 2.4% Urorec 5.6% OTC 16.4% Zanipress 6.2% Zanidip 11.5% Subsidiaries’ local product portfolios 29.9% Pharmaceutical chemicals 3.5% Other revenue 0.8% Data: First half 2014 Total revenue € 507.6 m 4
Slide 5: Composition of revenue by geography
Composition of revenue by geography New products and new markets drive growth (million Euro) 1H 2014 1H 2013 Change % Italy 119.7 120.7 (0.8) France 55.3 57.2 (3.4) Germany 40.5 37.0 9.6 Russia, other CIS countries and Ukraine 39.3 44.3 (11.3) Spain 37.8 15.6 142.6 Turkey 33.6 34.8 (3.3) U.S.A. 27.7
Slide 6: Geographical breakdown of pharmaceutical revenue
Geographical breakdown of pharmaceutical revenue Other international sales 15.2% (sales to licensees and exports) Italy 24.4% Other W. Europe 2.4% Other CEE 2,5% Portugal 3.7% North Africa 4.0% U.S.A. 5.6% France 11.3% Turkey 6.9% Germany 8.3% Spain 7.7% Russia, other CIS and Ukraine 8.0% Data: Firs
Slide 7: First half 2014 results: significant margin growth
First half 2014 results Significant margin growth (million Euro) 1H 2014 1H 2013 Change % Revenue 507.6 477.7 6.3 Gross Profit 336.6 312.1 7.9 as % of revenue 66.3 65.3 SG&A Expenses 173.6 169.7 2.3 as % of revenue 34.2 35.5 R&D Expenses 40.7 37.9 7.2 as % of revenue 8.0 7.9 Other Income (Expense),
Slide 8: Financial position and Shareholders' equity
Financial position and Shareholders’ equity (million Euro) 30 Jun 2014 31 Dec 2013 Change Cash and short‐term financial 117.2 52.3 64.9 investments Bank overdrafts and short‐term loans (26.9) (34.0) 7.1 Loans – due within one year (88.2) (82.5) (5.7) Loans – due after one year (213.1) (196.8) (16.3)
Slide 9: 2014 Outlook
2014 Outlook Objectives • Consolidated sales slightly below € 1 billion, including a significant negative currency effect in addition to Adagen® and Entact® license terminations. • Margin improvement • EBIT to exceed € 220 million • Net Income to exceed € 150 million • No new acquisitions, milestone
Slide 10: Company declarations, disclaimers and profile
Company declarations, disclaimers and profile DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY’S FINANCIAL REPORTS The manager responsible for preparing the company’s financial reports Fritz Squindo declares, pursuant to paragraph 2 of Article 154‐bis of the Consolidated Law on Finan