Photocure ASA · OSL:PHO
Photocure ASA — Q2 2011 Earnings Presentation
24 slides from Photocure ASA's earnings presentation, Aug 18, 2011
Slide 1: Photocure ASA Q2 and first half 2011 results
Brilliance in photodynamic technology Photocure ASA The world leader in photodynamic technology Presentation of second quarter and first half year 2011 results 18 August 2011 Kjetil Hestdal, President & CEO Christian Fekete, 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: Highlights Second quarter 2011
Highlights Second quarter 2011 • Allumera® - The first in a new class of Photodynamic Cosmetics, launched by Photocure in the US in June • US Commercial Organization fully operational • Sales revenues up 7 % to NOK 19.3 million (NOK 18.0 million) in Q2 • Operating profit NOK -20.8 million (NOK 58.8
Slide 4: Operational Update
Operational Update 4
Slide 5: Allumera: The first in a new class of Photodynamic Cosmetics
Allumera The first in a new class of Photodynamic Cosmetics • What is Allumera? • The first in a new class of photodynamic cosmetics • Clinically proven to • improve the overall appearance of skin, • visibly reduce the outward signs of aging • reduce the appearance of pores • With results that last
Slide 6: Allumera: Excellent results and safety profile
Allumera Excellent results and safety profile • Hexaminolevulinate hydrochloride was chosen as principal agent because of its properties • Low / limited penetration => superficial effects • Low concentration (0.5%) and 1hour application time chosen because of cosmetic benefits with minimal side effe
Slide 7: Allumera: Launched by Photocure in the US in June
Allumera Launched by Photocure in the US in June • Sales force of National Sales Director and 10 Area Business Managers hired and trained. Operational in the Field from June 20. • Customer Service Center trained to cover unmanned territories • >2,300 dermatology accounts have been screened; process
Slide 8: Allumera: Strong set of professional marketing elements
Allumera Strong set of professional marketing elements Photos/testimonials Practice Resources PR Advertising Website iPads showcase Allumera
Slide 9: iPads demonstrate before-and-after photos in sales presentations
iPads demonstrate before-and- after photos effectively in sales presentations Three months after Before Allumera her last Allumera Tx Tx 9
Slide 10: Allumera: Key Initiatives Rest of Year
Allumera Key Initiatives Rest of Year • Drive sales volumes and process from trial to purchase • Continue to refine customer targeting and profiling efforts • Expand pilot program for engagement of practice managers • Facilitate Key Opinion Leader interviews with magazines in order to build awarenes
Slide 11: Hexvix: Sales volume growing 10% in units in Q2
Hexvix Sales volume growing 10% in units in Q2, 15% 1H11 Hexvix units sold per quarter 12 000 Partner sales (unit sales outside Nordic): +10% • +10% in Q2 2011, to 8.403 units 10 000 • +17% for 1H11 8 000 • Germany and France largest markets, accounting for ~80% of volume 6 000 Own sales (Nordic): 4
Slide 12: Cysview USA
Cysview™ USA • Limited sales in Q2 awaiting approval of new generation blue light system by Karl Storz • Response from FDA expected 4Q11 • Units have been built and are ready to place • Once approved, supply chain will not constrain placements • 10 leading urology centres operational/ near operation
Slide 13: Hexvix: Significant potential years after launch
Hexvix – Significant potential 5 years after launch Background: • EMEA approved Hexvix in 2005, and Photocure started selling in the Nordic countries • GE Healthcare licensed Hexvix in 2006 and started selling in Europe • FDA approved Hexvix in May 2010 under the tradename Cysview Status: • Photocur
Slide 14: Cevira: First patient enrolled in phase IIb study
Cevira First patient enrolled in phase IIb study • Cervical HPV infection highly prevalent and growing • 80% of all women have HPV infections • No therapeutic treatment available, surgical options fraught with high morbidity • Represents 4-5 million women in US alone • Phase IIb study with integrate
Slide 15: Lumacan: Development on track
Lumacan® Development on track • Lumacan licensed to Salix in October 2010 • Partnership established on several levels • Salix reiterates US revenue target of USD 500 million for Lumacan • Development of oral formulation ongoing Formulation development Phase 1 Phase 2 Phase 3 Lumacan: Photodynamic co
Slide 16: Expanding Dermatology Franchise: Visonac
Expanding Dermatology Franchise Visonac First patient enrolled in phase IIb study • Acne is an attractive market • Impacts 85% of all 12-24 year olds • High unmet need for moderate to severe acne – avoid antibiotic resistance, need for an effective alternative to isotretinoin • Market research in US
Slide 17: Financials
v Financials ~~
Slide 18: Profit & Loss
Profit & Loss Second quarter and first half year 2011 • Sales revenue up 7% in Q2 2011. Numbers in NOK millions Q2 2011 Q2 2010 1H 2011 1H 2010 2010 • First sale of Allumera in June, NOK Sales revenue 19.3 18.0 40.2 35.3 70.5 0.1 million in Q2. Signing fee & milestone revenues 0 79.3 0 83.4 106.8 •
Slide 19: Balance sheet
Balance sheet Per 30.6.2011 • NOK 349 million in cash & cash Numbers in NOK million 30.06.2011 31.12.2010 equivalents at 30 June 2011 Machinery & Equipment 3.5 1.9 • Other investments includes NOK 72 Other investments 91.7 84.3 million in shares in PCI Biotech Total non-current assets 95.3 86.2 • Sh
Slide 20: Cash Flow
Cash Flow Second quarter and first half 2011 • Reduced net cash flow from Numbers in NOK millions Q2 2011 Q2 2010 1H 2011 1H 2010 2010 operations to NOK -13.8 million Profit/ loss before tax -18.5 60.2 -34.4 -46.4 18.1 in Q2 (NOK – 17.5 million) Depreciation and amortisation 0.3 0.3 0.6 0.5 1.3 • Ne
Slide 21: Segment information
Segment information Second quarter 2011 Segment information Q2 2011 (Amounts in NOK 1000) Cancer Dermatology Total % vs. PY Own Partner R&D (1) Own R&D (1) Sales Revenues 5 557 10 557 0 64 3 087 19 265 7% Milestone revenues 0 Cost of goods sold -294 -1 917 0 -8 -30 -2 249 -7 % Gross profit 5 263 8 6
Slide 22: Summary & Outlook
Summary & Outlook 22
Slide 23: Executing our strategy
Executing our strategy Photocure’s main strategic objective is to build a specialty pharma company, by • Maximising the potential of the Photodynamic Technology Platform And • Develop, register and commercialise new products in Dermatology and Cancer Key Achievements 1H 11 • Launched Allumera in US
Slide 24: Key Milestones next 18 months
Key Milestones next 18 months 2011 2012 Drive Hexvix / Cysview Growth Drive Allumera Growth Cevira Phase IIb Visonac Phase IIb Lumacan Lumacan Phase I Phase II 24