Recordati S.p.a. · MIL:REC
Recordati — Investor Presentation (February 2011)
19 slides from Recordati's investor presentation, February 2011
Slide 1: A European specialty pharmaceutical group
A European u opea specialty spec a ty pharmaceutical p a aceut ca group g oup February 2011
Slide 2: A strategy of growth and geographical expansion
A strategy of growth and geographical expansion • A mid sized pharmaceutical company with a European focus (2800 employees, of which 1400 field force) • R&D in the cardiovascular and urology fields and in treatments for Profile rare diseases • Marketing operations in the main Western European market
Slide 3: Our products are sold in 130 countries
Our products are sold in 130 countries 17 Subsidiaries 7 Branches 106 Countries where Recordati products are sold (under license or exported) 3
Slide 4: A growing presence in emerging markets
A growing presence in emerging markets Portugal 5.2% Spain 4.2% UK 1.4% Germany 9.0% Other W. European countries 2.4% Russia, Turkey, other CEE 10.0% France 19.9% Other international sales 19.8% (sales to licensees and exports) Italy 28.1% Data: Full year 2010 Pharmaceutical revenue € 702.3 m 4
Slide 5: A richer product portfolio
A richer product portfolio Zanipress 4.4% Other corporate products 7.5% Zanidip 20.4% Orphan drugs 8.1% Pharmaceutical chemicals 3.6% Other revenue 4.5% Local product portfolios 51.5% Entact®/Elopram® 6% (escitalopram/citalopram) ‐ Italy Peptazol® (pantoprazole) – Italy 3% Methadone – France 3% Tora
Slide 6: A growing portfolio of corporate products
A growing portfolio of corporate products ZANIDIP® (lercanidipine), (l idi i ) 22% of sales • Calcium channel blocker indicated for the treatment of hypertension. Lipophilic dihydropiridine discovered and developed by Recordati. On the market in 95 countries. ZANIPRESS® (lercanidipine+enalapril), 4%
Slide 7: A growing orphan drug business (CAGR 10%)
A growing orphan drug business ‐ (CAGR 10%) ADAGEN® (pegademase bovine), indicated in the treatment of SCID‐ADA deficiency CARBAGLU® (carglumic acid), indicated in the treatment of hyperammonaemia due to NAGS deficiency d fi i CYSTADANE® (betaine anhydrous), indicated in the treatment of homocystinu
Slide 8: Other corporate products
Other corporate products LOMEXIN® (fenticonazole), indicated in the treatment dermatological and gynecological mycotic infections URISPAS® (flavoxate), URISPAS (flavoxate) indicated in the symptomatic treatment of micturition disorders KENTERA® (oxybutynin transdermal patch), indicated in the treatm
Slide 9: A well balanced R&D pipeline
A well balanced R&D pipeline NAME ORIGINATOR INDICATION DEVELOPMENT STATUS LIVAZO®/ALIPZA® Kowa Dyslipidemia Approved Filed in EU CARBAGLU® CARBAGLU Recordati Organic acidemias Phase h III iin U.S. S NORMOSANG® Recordati Hepatic porphyria Pre‐registration in U.S. NX 1207 Nymox Benign prostatic hyper
Slide 10: A well balanced R&D pipeline (cont'd)
A well balanced R&D pipeline (cont’d) • CARBAGLU® (carglumic acid), currently approved for the treatment of hyperammonaemia due to NAGS deficiency, is in pre‐registration phase in Europe and i phase in h III clinical li i l development d l t in i the th USA ffor additional dditi l iindications di ti
Slide 11: A well balanced R&D pipeline (cont'd)
A well balanced R&D pipeline (cont’d) • CYSTADROPS® (cysteamine chlorhydrate) are eye drops developed for “ocular manifestations of cystinosis” which cannot be controlled by orally administered cysteamine, t i specially i ll formulated f l t d iin a patient‐friendly ti t f i dl gell form. f A phase
Slide 12: Operational and financial highlights - full year 2010
Operational and financial highlights ‐ full year 2010 • Revenue € 728.1 728 1 million, million down 2.6%, 2 6% international sales down 1 1.2% 2% • Operating income (EBIT) € 154.8 million, down 4.6% • Net Income € 108.6 108 6 million, million down 1.8% 1 8% • Silodosin (Urorec®/Silodyx™) approved in
Slide 13: Composition of revenue
Composition of revenue Low impact of lercanidipine generic competition (million Euro) 2010 2009 Change % Italy 197.0 210.6 (6.5) France 139.9 162.4 (13.8) Germany 63.3 65.8 (3.8) Portugal 36.3 36.8 (1.5) S i Spain 29 6 29.6 30 9 30.9 (4 0) (4.0) United Kingdom 9.9 15.1 (34.9) Other Western European
Slide 14: Main product sales
Main product sales Significant growth of new corporate products and orphan drugs (million Euro) 2010 2009 Change % Zanidip® (lercanidipine) 148.7 214.9 (30.8) Zanipress® (lercanidipine+enalapril) 31.7 20.8 52.5 Other corporate products 54 9 54.9 37 1 37.1 48 0 48.0 Orphan drugs 58.8 48.9 20.1 14
Slide 15: Full year 2010 results
Full year 2010 results Profit margins maintained despite lercanidipine patent loss (million Euro) 2010 2009 Change % Revenue 728.1 747.5 (2.6) Gross Profit 488.1 511.9 (4.7) as % of revenue 67 0 67.0 68 5 68.5 SG&A Expenses 260.5 267.4 (2.6) as % of revenue 35.7 35.7 R&D Expenses 68.8 69.4 (0.9) as
Slide 16: Financial position and Shareholders' equity
Financial position and Shareholders’ equity A very strong balance sheet (million Euro) 31 Dec 2010 31 Dec 2009 Change Cash and short‐term financial na n.a. 93 8 93.8 investments Bank overdrafts and short‐term loans n.a. (28.9) Loans – due within one year n.a. (2.4) Loans – due after one year na n.a.
Slide 17: Financial projections
Financial projections Loss of lercanidipine sales to generics fully compensated 2010 2011 (million Euro) Actual Targets Revenue 728 1 728.1 ~ 750 Operating income (EBIT) 154.8 ~ 160 Net Income 108.6 ~ 110 17
Slide 18: The Recordati share
The Recordati share The Recordati share (ticker REC, Reuters RECI.MI, Bloomberg Last 12 months’ prices: REC IM, ISIN IT 0003828271) has been listed on the Italian Stock Exchange since 1984. It belongs to the FTSE IT Mid Cap and FTSE IT Health Care indexes indexes. Share capital, at 4 December 2009,
Slide 19: 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