Slide 1: Full Year 2024 Preliminary Results
FULL YEAR 2024 PRELIMINARY RESULTS Milan, February 13th 2025
Slide 2: Speakers
SPEAKERS Rob Koremans Luigi La Corte Chief Executive Officer Chief Financial Officer 2
Slide 3: FY 2024 Results at Top End of Upgraded Targets
FY 2024 RESULTS AT TOP END OF UPGRADED TARGETS • Continued excellent momentum of the Group achieving results at top end of upgraded guidance. Net Revenue at € 2,341.6 million, +12.4% vs PY or +9.2% like-for-like1 at CER; adverse FX impact of € 26.9 million (-1.3%): o SPC at € 1,449.2 million, +10.3%
Slide 4: Consistently Delivering Strong Growth, Achieving Targets
CONSISTENTLY DELIVERING STRONG GROWTH, ACHIEVING TARGETS Group Revenue 2014-2024 million Euro CAGR +9.0% 2,342 2,082 1,853 1,580 1,482 1,449 1,288 1,352 1,154 987 1,048 942 RRD SPC1 2013 2014 2015 2016 2017 2018 2019 2020* 2021 2022 2023 2024 Actual vs Mid- point of annual -1% +5% +6% +6% -1% +3% -7
Slide 5: Specialty & Primary Care: Mid-Single Digit Growth Driven by Urology
SPECIALTY & PRIMARY CARE: MID-SINGLE DIGIT GROWTH DRIVEN BY UROLOGY AND RESILIENT MATURE PORTFOLIO Pharmaceutical Revenue FY 2024 vs FY 20231 million Euro Key highlights +10.3% • +10.3% growth vs PY or +5.7% like-for-like2 at CER (+2.5% excl. Türkiye); promoted products continue to outperform the so
Slide 6: Rare Diseases: Double-Digit Growth of Endocrinology and Hema-Oncology
RARE DISEASES: DOUBLE-DIGIT GROWTH OF ENDOCRINOLOGY AND HEMA-ONCOLOGY, AHEAD OF PRIOR ESTIMATES Revenue FY 2024 vs FY 2023 Key highlights million Euro • Continued strong double-digit growth, +16.7% vs PY or 15.7% like-for- +16.7% like2 at CER driven by key franchises Endocrinology and Hema- Oncology
Slide 7: Opportunity to More Than Double Sales of Key Rare Diseases Growth Drivers
OPPORTUNITY TO MORE THAN DOUBLE SALES OF KEY RARE DISEASES GROWTH DRIVERS Peak Year Sales (PYS) Targets (€ M) PRODUCT 2024 REVENUE (€ M) NEW OLD(1) FUTURE GROWTH DRIVERS • Favorable market dynamics (increasing treatment rates) 204 500 – 600 >400 • Assumed approval of Cushing syndrome in US mid-2025
Slide 8: Continued Robust Growth Across All Regions
CONTINUED ROBUST GROWTH ACROSS ALL REGIONS (million euro) FY 2024 FY 2023 Change % U.S.A. 391.5 316.1 23.9 Italy 330.5 309.8 6.7 Spain 214.0 165.1 29.6 France 174.8 179.7 (2.7) Germany 161.4 150.9 7.0 Russia, other CIS countries and Ukraine 150.5 140.6 7.1 Türkiye 132.8 97.5 36.2 Portugal 67.2 60.2
Slide 9: Revenue and EBITDA at Top End of Upgraded 2024 Guidance
REVENUE AND EBITDA AT TOP END OF UPGRADED 2024 GUIDANCE (million Euro) FY 2024 FY2023 Change % Revenue 2,341.6 2,082.3 12.4 Gross Profit 1,600.3 1,422.6 12.5 as % of revenue 68.3% 68.3% 1 Adjusted Gross Profit 1,637.8 1,481.6 10.5 as % of revenue 69.9% 71.1% SG&A Expenses 654.4 601.1 8.9 as % of rev
Slide 10: Strong Free Cash Flow, +17% vs FY 2023
STRONG FREE CASH FLOW, +17% VS FY 2023 (million Euro) FY 2024 FY 2023 Change EBITDA1 865.8 769.6 96.2 Movements in working capital (112.5) (110.6) (1.9) Changes in other assets & liabilities 28.7 (8.2) 36.9 Interest received/(paid) (74.7) (65.2) (9.5) Income tax Paid (144.4) (105.4) (39.0) Other 7.0
Slide 11: Leverage at Just Below 2.4x EBITDA Pro-Forma
LEVERAGE AT JUST BELOW 2.4x EBITDA PRO-FORMA1 REFLECTING COMPLETION OF ENJAYMO® ACQUISITION AT END OF NOVEMBER (million Euro) 31-Dec-24 31-Dec-23 Change Cash and cash equivalents 322.4 221.8 100.6 Short-term debts to banks and other lenders (22.8) (99.9) 77.1 Loans and leases - due within one year2
Slide 12: FY 2025 Targets – Double-Digit Growth of All Metrics
FY 2025 TARGETS – DOUBLE-DIGIT GROWTH OF ALL METRICS FY 2024 FY 2025 € million Actual Targets* Outlook Continued strong revenue growth across both business units • SPC to sustain mid-single digit organic growth (at CER) driven by Urology and OTC portfolio, C&C in line with 2024 Revenue 2,341.6 2,600
Slide 13: Questions & Answers
QUESTIONS & ANSWERS
Slide 14: Q&A
Q&A (min ch oh aD Rob Koremans Luigi La Corte Alberto Martinez Scott Pescatore Milan Zdravkovic Chief Executive Officer Chief Financial Officer Executive VP Specialty Executive VP Executive VP & Primary Care Rare Diseases Research & Development AY
Slide 15: Appendix
APPENDIX
Slide 16: Composition of Revenue
COMPOSITION OF REVENUE DIVERSIFIED PORTFOLIO AND FOOTPRINT Therapeutic Areas Geographic Total Revenue FY 2024 Pharmaceutical Revenue FY 2024 Rare Disease 35.6% Metabolic Specialty and Primary Care Endocrinology USA (incl. Chemicals) 64.4% 2.0% Hema-Oncology 2.9% Cardiovascular 5.9% 11.1% 5.8% 17.1%
Slide 17: FY 2024 Cough & Cold – Robust Performance vs a Strong 2023 Season
FY 2024 COUGH & COLD – ROBUST PERFORMANCE VS A STRONG 2023 C&C SEASON Cough & Cold1 – Revenue trend by quarter 2019, 2022, 2023 and 2024 million Euro 47.3 43.6 39.6 38.4 35.0 35.5 32.9 31.8 31.7 31.8 29.9 28.4 26.1 23.8 22.8 23.6 2019 2022 2023 2024 Q1 Q2 Q3 Q4 1) Includes RX and OTC products among
Slide 18: Main Product Sales
MAIN PRODUCT SALES (million Euro) FY 2024 FY 2023 Change % Zanidip® (lercanidipine) and Zanipress® (lercanidipine+enalapril)1 179.3 181.4 (1.2) Eligard® (leuprorelin acetate) 127.7 110.7 15.4 Avodart® (dutasteride) and Combodart®/Duodart® 111.6 25.6 n.s. (dutasteride/tamsulosin)2 Seloken®/Seloken® Z
Slide 19: Upcoming R&D Pipeline Milestones
UPCOMING R&D PIPELINE MILESTONES PROGRAM UPCOMING MILESTONE Osilodrostat ( ) • Cushing syndrome US FDA regulatory decision on sNDA expected mid-2025 ONGOING Pasireotide • Post-Bariatric Hypoglycaemia (PBH) Phase 2 enrollment completion by mid 2025 PROGRAMS Dinutuximab beta • High Risk relapsed/refra
Slide 20: FY 2024 Results by Operating Segments
FY 2024 RESULTS BY OPERATING SEGMENTS Total Revenue FY 2024 EBITDA1 FY 2024 Specialty and Specialty and Primary Care (incl. Primary Care (incl. Chemicals) Chemicals) 35.6% 39.4% Rare Diseases Rare Diseases 64.4% 60.6% Margin on Revenue: Rare Diseases: EBITDA1 40.9% Specialty and Primary care: EBITDA
Slide 21: FY 2024 Results – Adjusting Items
FY 2024 RESULTS – ADJUSTING ITEMS Reconciliation of Net income to EBITDA1 (million Euro) FY 2024 FY 2023 Change % Summary of key items Net Income 416.5 389.2 7.0 Income Taxes 130.7 101.8 Financial (income)/expenses, net 91.7 67.0 • FX losses of € 9.3 million in 2024 vs € 2.2 million gains o/w net FX
Slide 22: Company Declarations, Disclaimers and Profile
COMPANY DECLARATIONS, DISCLAIMERS AND PROFILE Statements contained in this presentation, other than historical facts, are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on
Slide 23: Our purpose: Unlocking the full potential of life
Our purpose: Unlocking the full potential of life. ~ RECORDATI