Photocure ASA · OSL:PHO
Photocure ASA — FY2015 Earnings Presentation
20 slides from Photocure ASA's earnings presentation, Feb 11, 2016
Slide 1: Building a Specialty Pharma Company: Results for Q4 and Full Year 2015
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS FOR FOURTH QUARTER AND FULL YEAR 2015 11 FEBRUARY 2016 Kjetil Hestdal, MD, President & CEO Erik Dahl, 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: Delivering on Key Objectives
DELIVERING ON KEY OBJECTIVES KEY OBJECTIVES 2015 KEY ACHIEVEMENTS • Hexvix/Cysview global in-market unit sales growth of 10% • Hexvix/Cysview global in-market volume increased YoY 7% full year, with 11% volume growth in own markets • Hexvix/Cysview in-market value increased YoY 20% full year • Submi
Slide 4: Commercial Update
Commercial Update
Slide 5: Hexvix/Cysview a Significant Global Specialty Brand
HEXVIX/CYSVIEW A SIGNIFICANT GLOBAL SPECIALTY BRAND • Value of in-market sales of Hexvix/Cysview Global in-market unit sales (by Q) increased YoY 20% full year to NOK 215 million • Hexvix/Cysview global in-market volume increased YoY 8% in the quarter, and 7% full year • Overall franchise EBITDA for
Slide 6: Hexvix/Cysview Solid Performance in Nordics and USA
HEXVIX/CYSVIEW SOLID PERFORMANCE IN NORDICS AND USA • Photocure own sales revenue in the US and Nordics increased YoY 34% in 4Q and 35% full Own Hexvix/Cysview in-market unit sales year to NOK 61.7 million Nordic and US 4 000 • US revenue increased full year 87% 3 500 3 000 – Driven by in-market vol
Slide 7: Hexvix/Cysview Partner Progress
HEXVIX/CYSVIEW PARTNER PROGRESS • Partner revenue increased 34% in 4Q and 17% full year to NOK 54.1 million – 4Q revenue driven by timing of inventory Hexvix Partner Unit Sales Per Quarter replenishments in 2014 • End user volume growth 9% in 4Q and 6% full year • Double digit unit growth full year
Slide 8: Pipeline Update
Pipeline Update
Slide 9: Creating Value: Clinical Development Programs
CREATING VALUE CLINICAL DEVELOPMENT PROGRAMS Technology Indication Phase 1 Phase 2 Phase 3 Status Positive Phase 2b results published in British Journal of Treatment of Dermatology Cevira® PDT precursors of SPA approved cervical cancer Exploring partnerships Treatment of Positive Phase 2b results Vi
Slide 10: Hexvix/Cysview Expanding into the Surveillance Segment
HEXVIX/CYSVIEW EXPANDING INTO THE SURVEILLANCE SEGMENT • Surveillance following initial diagnosis represents a significant growth opportunity of 2-3 times current TURB segment • First Patient, First Visit in Hexvix/Cysview Phase 3 market expansion study in October • Study including 360 patients to e
Slide 11: Cevira a Major Opportunity
CEVIRA A MAJOR OPPORTUNITY • Breakthrough single use and fully integrated drug-device technology to satisfy high need for novel non-surgical therapies to treat global epidemic of HPV/CIN populations • Results of the Phase 2b trial are significant in HSIL patients • Statistically significant (p=0.004
Slide 12: Visonac Phase 3 Ready Asset with Considerable Sales Potential
VISONAC PHASE 3 READY ASSET WITH CONSIDERABLE SALES POTENTIAL • As documented in scientific literature and dermatology guidelines high unmet medical need for non-antibiotic, non-retinoid treatments in severe acne segment – Mono therapy with oral antibiotics (tetracyclines) effectiveness not well doc
Slide 13: Financials
Financials
Slide 14: Hexvix/Cysview Continued Growth Fourth Quarter 2015
HEXVIX/CYSVIEW CONTINUED GROWTH FOURTH QUARTER 2015 • Revenue from own sales of Hexvix/ Cysview increased YoY 34% in 4Q and 35% full year – Nordic 4Q revenue growth of 13% – US 4Q revenue growth of 95% • Partner 4Q revenue increased YoY 34% and full year 17% • Changed timing of supply to partner com
Slide 15: Profit & Loss Fourth Quarter 2015
PROFIT & LOSS FOURTH QUARTER 2015 • Total revenue increase YoY 33% in 4Q and 4% full year – Revenue increase excluding signing fees & milestones at 34% in 4Q and full year 31% • Operating expenses increase YoY 22% in 4Q and 15% full year – Mainly driven by FX, year to date approx. 4% increase in con
Slide 16: Segments Fourth Quarter 2015
SEGMENTS FOURTH QUARTER 2015 • Commercial franchise: – Improvement in revenues and EBITDA – EBITDA margin full year at 21% • Development portfolio: – Activities related to Cevira SPAR – Cysview post marketing commitment phase 3 capitalized 16
Slide 17: Cash Flow Fourth Quarter 2015
CASH FLOW FOURTH QUARTER 2015 • 4Q cash flow from operations NOK -1.8 million, full year NOK -21.0 – Full year improvement of NOK 15.9 million from last year, excluding impact of Salix NOK 30.8 million • Full year cash flow from investments NOK -12.6 million. – Includes investments of NOK 14.4 milli
Slide 18: Balance Sheet per December 2015
BALANCE SHEET PER 31 DECEMBER 2015 • Non current assets includes NOK 5.9 million in shares in PCI Biotech and deferred tax asset of NOK 23.5 million • No interest bearing debt at year end • Shareholder’s equity of NOK 210.1 million • Equity ratio of 85% • Photocure held 35,476 own shares at end of y
Slide 19: Outlook
Outlook
Slide 20: Outlook
OUTLOOK FINANCIAL • Increased Hexvix/Cysview unit sales growth rates in 2016 • Finalize recruitment and reporting of clinical results of CLINICAL Hexvix/Cysview phase 3 market expansion study in 2017 • Secure partnership for further development and commercialization PARTNERSHIP of Visonac and Cevira