Photocure ASA · OSL:PHO
Photocure ASA — Q2 2010 Earnings Presentation
22 slides from Photocure ASA's earnings presentation, Aug 19, 2010
Slide 1: Presentation of second quarter 2010 results
Brilliance in photodynamic technology TM Building a Specialty Pharma company Presentation of second quarter 2010 results 19 August 2010 Kjetil Hestdal, President & CEO Christian Fekete, CFO
Slide 2: Photocure is the world leader in photodynamic technology
Photocure is the world leader in photodynamic technology and is using its platform to develop diagnostics and therapies to identify and treat diseases in cancer and dermatology Goals Building a sustainably profitable specialty pharma company Maximise potential of innovative Photodynamic Therapy plat
Slide 3: Creating value from strong IP position in Dermatology and Cancer
Creating value from strong IP position in Dermatology and Cancer Indication Status Peak sales potential EU/ US Dermatology Allumera Improvement of facial skin appearance Consumer trial EUR 30 50 million Visonac Treatment of moderate to severe acne Phase Il EUR 240 420 million Hexvix® Detection of bl
Slide 4: Q2 2010 highlights
Hexvix revenues increased 20% to NOK 14.2 million in Q210 US approval for Cysview, triggering milestone payment of EUR 10 million Net profit of NOK 60.2 million in Q210 Cash of NOK 330.8 million per 30 June 2010 Results from multi-centre phase II study for Visonac Favorable ruling in patent case Est
Slide 5: Financials
Brilliance in photodynamic technology TM
Slide 6: Second quarter and first half 2010
Second quarter and first half 2010 Divestment of Metvix/ Aktilite changed Numbers in NOK thousand Q2 2010 Q2 2009 1H 2010 1H 2009 2009 earnings profile. 2009 accounts Sales revenue 14 245 11 907 28 205 21 576 48 428 adjusted for discontinued operations. Signing fee & milestone revenues 79 300 0 83 4
Slide 7: Q2 2010 results by Dermatology and Cancer
Q2 2010 Q2 2009 % vs. Cancer Cancer Derm. Derm(2) Total 09 Total Numbers in NOK thousand Own Partner R&D(1) Sum Own Partner R&D* Sum R&D Sales Hexvix 4 465 9 780 0 14 245 0 14 245 20 % 4 531 7 376 0 11 907 0 11 907 Cost of goods sold -285 -2 143 0 -2 428 0 -2 428 89 % -197 -1 089 0 -1 286 0 -1 286 G
Slide 8: NOK 330.8 million in cash end of period
NOK 330.8 million in cash end of period Numbers in NOK thousand 30.06.2010 30.06.2009 31.12.2009 Other investments includes: NOK 81.6 million from shares in PCI Biotech Intangible assets, software 425 472 365 Deferred revenue from sale of Metvix/Aktilite Machinery & Equipment 1 686 2 211 1 772 Other
Slide 9: Shareholders' equity amounting to NOK 503 million
Other paid-in capital includes own Numbers in NOK thousand 30.06.2010 30.06.2009 31.12.2009 shares of NOK 29.9 million Share capital 11 047 11 047 11 047 Shareholder s equity amounting to Other paid-in capital 164 548 190 476 176 112 NOK 503 million Retained earnings 327 644 -41 398 228 624 Equity r
Slide 10: Second quarter and first half 2010 cash flow
Second quarter and first half 2010 Net change in cash: Numbers in NOK thousand Q2 2010 Q2 2009 1H 2010 1H 2009 2009 NOK -39.1 million in Q2 2010 Profit/ loss before tax 60 244 -12 094 46 379 -20 706 312 382 NOK -72.7 million in 1H 2010 Depreciation and amortisation 268 404 543 802 1 451 Net purchase
Slide 11: Operations
Brilliance in photodynamic technology TM
Slide 12: Hexvix/Cysview first approved drug-device procedure for bladder cancer
® Hexvix® /Cysview is the first approved drug-device procedure for improved detection of bladder cancer. Bladder cancer is the fifth most commonly occurring type of cancer in men and the eighth most common among women, recurring in 50 70% of patients Considered a breakthrough in bladder cancer diagn
Slide 13: Key sales figures
® Key sales figures Unit sales Nordic (Photocure): +36 % Q2: +25% to 1.577 units 1H: +47% to 3.223 units Denmark largest market Unit sales outside Nordic (GE Healthcare): Q2: +39% to 7.648 units 1H: +35% to 14.953 units Germany and France largest markets, accounting for ~80% 13
Slide 14: US launch of Cysview
® TM US launch CysviewTM approved by FDA on 28 May Triggered milestone payment of EUR 10 million Preparing for launch together with Karl Storz Identified high potential hospital markets Started training of sales force Experience centres (training sites) identified New standard for diagnosis of bladd
Slide 15: Hexvix growth in Europe and US launch
® Continue growth in Europe Increase number of clinics with equipment Educate more personell Increase use in clinics with equipment Secure successful US launch Picture of a bladder in white and blue Market research to target key customers light illustrating the fluorescence effect Further training o
Slide 16: Lumacan and Cevira
Lumacan: Ongoing phase I/II study in hold Scintigraphy testing of new oral formulations in Q2 2010 Restarting phase I/II study with improved oral formulation in Q4 2010 Cevira: Placebo-controlled multicenter phase II study ongoing in 5 countries in Europe First PoC-study in Munich, Germany. One flat
Slide 17: Allumera: improving facial skin appearance
TM Improving facial skin appearance Cosmetic product to be sold through dermatologists and aesthetic physicians and is not subject to FDA approval. Offers significant improvement over existing treatments. Initial pilot study in Q4 2009 demonstrated promising results Second consumer trial started Apr
Slide 18: Visonac: treatment of moderate to severe acne
Effective treatment of moderate to severe acne High efficacy shown in three separate Phase II studies: Sustained improvement in reduction of lesions with limited side effects Results from additional Phase II trial with simplified Visonac treatment procedure: Reduction in lesion count of 39.8% for in
Slide 19: Summary
Brilliance in photodynamic technology TM
Slide 20: Summary: Hexvix, development programs, corporate
Hexvix: US approval by FDA in May launch 2H 2010 Revenues +20% in the quarter, end-user sales in units +36% Sales in Europe expected to increase by more than 30% in 2010 Development programs: Visonac: results May 2010 new sub-study will be initiated in Aug/ Sept Corporate: Established US subsidiary
Slide 21: Upcoming commercial and pipeline milestones
Commercial: Successfully launch Cysview in the US Updates on commercial activities for Hexvix in Europe Pipeline progress: Cevira: results from phase I/II study in Q3 Lumacan: restart phase I/II study with improved oral formulation in Q4 Visonac: small clinical study to be initiated in Q3 with resul
Slide 22: Welcome back
Brilliance in photodynamic technology TM Welcome back