Acrux Limited · ASX:ACR
Acrux — Investor Presentation (August 2012)
18 slides from Acrux's investor presentation, Aug 23, 2012
Slide 1: Acrux (ASX: ACR) 23 August 2012
For personal use only Acrux (ASX: ACR) 23 August 2012
Slide 2: Forward-Looking Statements
2 FORWARD-LOOKING STATEMENTS For personal use only This presentation includes forward-looking statements that are subject to risks and uncertainties. Such statements involve known and unknown risks and important factors that may cause the actual results, performance or achievements of Acrux to be ma
Slide 3: Acrux (ASX: ACR) at a Glance
3 ACRUX (ASX: ACR) AT A GLANCE For personal use only • Market cap ~$650m; joined S&P/ASX 200 in September 2011 • Pooled Development Fund; capital gains and dividends exempt from tax • Unique, patented technology for delivering drugs through the skin; commercialisation through partnerships • Key prod
Slide 4: ACR Share Price Performance Since IPO
4 ACR SHARE PRICE PERFORMANCE SINCE IPO For personal use only 60 cents ASX 200 dividend Axiron FDA approval Lilly deal $23m placement Axiron Evamist to fund Axiron Phase 3 Phase 3 success success $30m IPO
Slide 5: Axiron Partnership with Eli Lilly
5 AXIRON PARTNERSHIP WITH ELI LILLY • Lilly receives exclusive worldwide rights to Axiron For personal use only • Acrux revenue: – US$50 million on signing (received 2009/10) – US$3 million on transfer of manufacturing assets (received 2010) – US$87 million on FDA marketing authorisation (received 2
Slide 6: Lilly is Committed to Men's Health
6 LILLY IS COMMITTED TO MEN’S HEALTH For personal use only • Cialis® rivals Viagra® globally as leading erectile dysfunction treatment • Significant ongoing investment in Axiron: • increasing promotion to specialists, primary care physicians and direct-to-consumer • expansion of manufacturing capaci
Slide 7: US Testosterone Market Growth
7 US TESTOSTERONE MARKET GROWTH Male Testosterone Therapy Market, United States 2005 to 2011 (US$million) For personal use only 24% 29% 29% 21% 20% 15% Source: IMS data • 5 Year CAGR = 24.5% • H1 2012 year-on-year growth ~ 30% • Transdermal therapies comprise 93% of sales
Slide 8: US Market Share Since Launch
8 US MARKET SHARE SINCE LAUNCH For personal use only Share of Total Prescriptions (TRx) for transdermal products in United States April 2011 July 2012 Change Androgel® 1% 72% 30% -42% Androgel® 1.62% - 33% +33% Total Androgel® 72% 63% -9% Testim® 20% 16% -4% Axiron® - 13% +13% Androderm® 7% 5% -2% F
Slide 9: US Reimbursement Cashflows
9 US REIMBURSEMENT CASHFLOWS For personal use only Pharmaceutical company Interim partial rebate of co-pay rebates supply price Pharmacy reimbursement Patient Health insurance plan co-pay1 supply chain premiums Plan member (e.g. employer) 1 Plans may wait 12 months before adding new products to appr
Slide 10: Gross to Net Sales
10 GROSS TO NET SALES • Net sales = invoiced sales less rebates, discounts, returns For personal use only • Axiron co-pay card has assisted patients prior to securing access to health plan formularies, so that out-of-pocket expense for Axiron patients is similar to other testosterone therapies that
Slide 11: Ex-US Markets
11 EX-US MARKETS For personal use only • Lilly distributes products into 125 countries • Lilly responsible for obtaining marketing authorisations for Axiron in ex-US countries – Canada and Australia authorisations received in April/May 2012 – Decisions in select European countries expected in 2012/1
Slide 12: Patent Protection
12 PATENT PROTECTION For personal use only Underarm administration Formulation and delivery system Granted Au, Singapore, South Africa; Granted major markets; expiry 2017 expiry 2026; Other markets pending Applicator Composition Designs Granted US (expiry 2030), Granted AU, NZ, Canada, Eurasia, Appl
Slide 13: Animal Health
13 ANIMAL HEALTH For personal use only • Exclusive global licence for animal health products utilising Acrux’s delivery technology • Acrux earns royalties plus product approval milestones • First product Recuvyra® approved for marketing in US and Europe – launch Q3 2012 • Further products in clinica
Slide 14: Estradiol Spray
14 ESTRADIOL SPRAY For personal use only • Actively seeking distributor for Europe • Marketing applications under review in South Africa and South Korea • US rights held by KV Pharmaceutical – in August 2012 KV filed for Chapter 11 bankruptcy protection
Slide 15: Reported Financials
15 REPORTED FINANCIALS FY 2009/10 FY 2010/11 FY 2011/12 For personal use only $m $m $m Revenue 561 932 11 Profit before tax 49 82 4.9 Tax (charge)/benefit (2) (25) 2.5 Profit after tax 47 57 7.4 Earnings per share 29 cents 35 cents 4 cents Dividend (tax-free) - 60 cents 8 cents Cash at 30 June 59 33
Slide 16: Financial Outlook
16 FINANCIAL OUTLOOK • Multiple factors combining to drive future growth of Axiron royalties For personal use only from US$6m in 2011/12: Royalty = (US market size x US market share – Rebates + Ex-US sales) x average royalty % Trend: • Axiron milestone payments: • US$25 million expected 2013/14 (net
Slide 17: 2012/13 Milestones
17 2012/13 MILESTONES For personal use only • Axiron: – US net sales growth – underarm 2026 patent – response to USPTO in H2 2012 – marketing application decisions in Europe – launch in Australia and Canada • Other products: – Recuvyra launch in US and Europe – Estradiol spray distributor in Europe
Slide 18: For personal use only
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