Photocure ASA · OSL:PHO
Photocure ASA — Q3 2016 Earnings Presentation
18 slides from Photocure ASA's earnings presentation, Nov 15, 2016
Slide 1: Building a Specialty Pharma Company
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS OF THIRD QUARTER AND FIRST NINE MONTHS 2016 15 NOVEMBER 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 3Q/YTD2016 KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit sales • Hexvix/Cysview global in-market volume increased growth rate YoY 5% year to date • Cysview in-market volume increased YoY 37% in third quarter and 27% year to date • Hexvix
Slide 4: Commercial Update
Commercial Update
Slide 5: Hexvix/Cysview a Significant Global Specialty Brand
HEXVIX/CYSVIEW A SIGNIFICANT GLOBAL SPECIALTY BRAND Global in-market unit sales (by Q) • Value of in-market sales of Hexvix/Cysview in the quarter increased YoY 12% to NOK 57 million. Year to date at NOK 181 million (+16%) • Hexvix/Cysview global in-market volume increased YoY 3% in the quarter and
Slide 6: Hexvix/Cysview Provides Significant Clinical Benefits
HEXVIX/CYSVIEW PROVIDES SIGNIFICANT CLINICAL BENEFITS • New publications show that Blue Light Cystoscopy with Hexvix/Cysview significantly improves detection of bladder cancer, reduces progression of bladder cancer and can be used repeatedly – Significantly reduces progression of bladder cancer (Gak
Slide 7: Hexvix/Cysview Performance in Nordics and USA
HEXVIX/CYSVIEW PERFORMANCE IN NORDICS AND USA • Photocure own sales revenue in the US and Nordics increased YoY 22% in the quarter and 23% year to date to Own Hexvix/Cysview in-market unit sales NOK 51.9 million Nordic and US • US revenue increased YoY 46% in the quarter and 43% year to date – Drive
Slide 8: Hexvix/Cysview Partner Progress
HEXVIX/CYSVIEW PARTNER PROGRESS • Partner revenue increased YoY 12% in the quarter and 17% year to date to NOK 47.5 Hexvix Partner Unit Sales Per Quarter million • End user YoY volume growth 4% in the quarter and 5% year to date • New territories & partners – BioSyent Pharma in Canada • Commercial s
Slide 9: Pipeline Update
Pipeline Update
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 with a total market size 2-3 times current TURB segment • Patient enrollment in Hexvix/Cysview Phase 3 market expansion trial continued to be strong in third
Slide 11: Cevira & Visonac Phase 3 Ready Products with Significant Sales Potential
CEVIRA & VISONAC PHASE 3 READY PRODUCTS WITH SIGNIFICANT SALES POTENTIAL • Cevira - Breakthrough single use and fully integrated drug-device technology to satisfy high need for novel non-surgical therapies to treat global epidemic of HPV/HSIL populations • Visonac – Novel topical non-antibiotic/non-
Slide 12: Financials
Financials
Slide 13: Segments Third Quarter 2016
SEGMENTS THIRD QUARTER 2016 MNOK Q3 '16 YTD '16 YTD '15 Commercial franchise: Commercial Franchise • Hexvix/Cysview total revenue growing YoY Nordic revenues 8.7 29.4 26.4 17% in the quarter and year to date 20% US revenues 7.8 22.4 15.7 (in constant FX: 13%) Partner revenues 15.1 47.5 40.5 Hexvix /
Slide 14: Profit & Loss Third Quarter 2016
PROFIT & LOSS THIRD QUARTER 2016 • Total revenue increase YoY 5% year to MNOK Q3 '16 YTD '16 YTD '15 date Hexvix / Cysview revenues 31.6 99.4 82.6 – Negatively impacted by sales of API Other sales revenues (API) -0.0 -0.0 6.5 Signing fees and milestones 3.6 6.2 11.1 and reduced milestone revenues To
Slide 15: Cash Flow Third Quarter 2016
CASH FLOW THIRD QUARTER 2016 MNOK Q3 '16 YTD '16 YTD '15 Cash flow from: - Operations -8.6 -30.7 -19.2 - Investments -2.9 -11.1 -9.0 - Financing 1.0 1.7 2.4 Net change in cash -10.5 -40.1 -25.8 Ending cash balance 93.9 93.9 139.5 • Year to date cash flow from operations at NOK -30.7 million (prior y
Slide 16: Balance Sheet per 30 September 2016
BALANCE SHEET PER 30 SEPTEMBER 2016 • Non current assets include NOK MNOK 30.09 31.12 22.5 million in investments in 2016 2015 tangible and intangible assets, NOK Non-current assets 82.0 43.6 7.4 million in shares in PCI Biotech Inventory & receivables 81.4 70.4 and deferred tax asset of NOK 52.2 Ca
Slide 17: Outlook
Outlook
Slide 18: Delivering on Key Objectives
DELIVERING ON KEY OBJECTIVES KEY OBJECTIVES 3Q/YTD2016 KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit • Hexvix/Cysview in-market value increased YoY 16% to sales growth rate NOK 181 million year to date • Hexvix/Cysview global in-market volume increased YoY 5% year to date; we expe