Cosmo Pharmaceuticals Nv · SIX:COPN
Cosmo Pharmaceuticals Nv — H1 2019 Earnings Presentation
28 slides from Cosmo Pharmaceuticals Nv's earnings presentation, Jul 30, 2019
Slide 1: Half-Year 2019
HALF-YEAR 2019 Dublin, 30 July 2019 Cosmo Pharmaceuticals
Slide 2: Safe Harbour
SAFE H ARBOUR This presentation may include forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. The inclusion of forward-looking statements should not be regarded as a representation by Cosmo that any of its
Slide 3: Agenda
AGENDA 01 INTRODUCTION AND H1 2019 KEY EVENTS 02 H1 2019 FINANCIAL REVIEW 03 2019 OUTLOOK & KEY PRIORITIES 04 QUESTIONS AND ANSWERS Cosmo Pharmaceuticals 3 Half Year Report 2019
Slide 4: Introduction and H1 2019 Key Events
INTRODUCTION AND H1 2019 KEY EVENTS Cosmo Pharmaceuticals 4 Half Year Report 2019
Slide 5: Key Events H1 2019
KEY E VENTS H 1 2 0 19 • Revolutionary artificial intelligence product for the detection of lesions during colonoscopy unveiled and subsequent worldwide validation deal entered into with Medtronic • Collaboration agreement entered into with Medtronic in the artificial intelligence field for addition
Slide 6: Key Events H1 2019 - Continued
KEY E VENTS H 1 2 0 19 - CONTINUED • U.S. organization restructuring completed, savings of c. €20m expected in 2019 • Very positive results of Breezula® full phase II clinical trial announced by our associate Cassiopea • Aemcolo™ Phase II proof of concept study in IBS-D progressed • Health Canada ap
Slide 7: H1 2019 Financial Review
H1 2019 FINANCIAL REVIEW Cosmo Pharmaceuticals 7 Half Year Report 2019
Slide 8: H1 2019 Financial Highlights
H1 2 0 19 F I NANCI AL HIGHLIGHTS • Revenue €21.5m vs €36.7m last year • Net operating expenses €38.7m vs €43.9m last year • Operating loss €17.2m vs €7.2m last year • Net financial expenses €2.6m vs net financial income €4.8m last year • Loss after taxes for the period €20.8m (H1 2018: loss after t
Slide 9: Income Statement
I N COME STATEMENT EUR 1,000 H1 2019 H1 2018 Change Revenue 21,507 36,660 (15,153) Other income 277 240 37 Cost of sales (11,029) (10,714) (315) Research and development costs (7,667) (4,459) (3,208) Selling, general and administrative costs (20,289) (28,938) 8,649 Net operating expenses (38,708) (4
Slide 10: Income Statement - Revenue (Uceris, Cortiment)
I N COME STATEMENT - R EVENUE Uceris® EUR 1,000 – (Unless otherwise stated) H1 2019 H1 2018 Change Net Sales – US$ $32,546 $69,726 ($37,180) Manufacturing Income 2,843 5,936 (3,093) Royalty Income 1,726 7,110 (5,384) Total Income 4,569 13,046 (8,477) • Uceris® revenue (including authorised generic)
Slide 11: Income Statement - Revenue (Lialda/Mezavant/Mesavancol)
I N COME STATEMENT - R EVENUE Lialda®/Mezavant®/Mesavancol® EUR 1,000 H1 2019 H1 2018 Change Manufacturing Income 7,306 9,660 (2,354) Royalty Income 1,441 929 512 Total Income 8,747 10,589 (1,842) • Reduction in manufacturing income mainly due to launch of generic in U.S. in 2018 • Increase in royal
Slide 12: Income Statement - Revenue (Eleview, Licence fees)
I N COME STATEMENT - R EVENUE Eleview® EUR 1,000 H1 2019 H1 2018 Change Revenue 1,042 2,761 (1,719) Total Income 1,042 2,761 (1,719) • Eleview® transition from Olympus to Medtronic impacted on H1 performance Licence fees, up-front fees & milestones and Generic & Other EUR 1,000 H1 2019 H1 2018 Chang
Slide 13: Income Statement - Operating Expenses
I N COME STATEMENT - OPERATING EX PENSES • Net operating expenses €38.7m (H1 2018: €43.9m) • Cost of sales €11.0m (H1 2018: €10.7m) • R&D costs €7.7m (H1 2018: €4.5m) • S’G&A costs €20.3m (H1 2018: €28.9m) • Operating loss €17.2m (H1 2018: €7.2m) Cosmo Pharmaceuticals 13 Half Year Report 2019
Slide 14: Income Statement
I N COME STATEMENT • Net financial expenses of €2.6m vs net financial income of €4.8m in H1 2018 • Financial income of €3.1m (H1 2018: €6.1m) includes gains on investments of €1.9m, FX gains of €0.7m and interest on cash and bonds of €0.4m. Prior year financial income included an FX gain of €3.9m •
Slide 15: Statement of Financial Position - Assets
STATEMENT O F F I NANCIAL P OSITION - A SSETS • Property, plant and equipment €31.8m (31 Dec 2018: €28.6m) • Intangible assets €47.3m (31 Dec 2018: €35.5m) • Cash and investments in funds & bonds €324.0m (31 Dec 2018: €375.8m) • Investment in associate Cassiopea €127.7m (31 Dec 2018: €130.4m), marke
Slide 16: Statement of Financial Position - Liabilities
STATEMENT O F F I NANCIAL P OSITION - L IABILITIES • Interest bearing loans and borrowings €163.7m (2018: €158.2m) • Mainly liability component of convertible bond • Current and Deferred tax liabilities €8.6m (2018: €7.9m) • Trade payables €7.9m (2018: €8.8m) • Other liabilities €10.2m (2018: €5.9m)
Slide 17: Statement of Financial Position
STATEMENT O F F I NANCIAL P OSITION EUR 1,000 30 Jun 2019 31 Dec 2018 Change Non-current financial assets 16,665 41,855 (25,190) Investment in associates 127,681 130,402 (2,721) Other non-current assets 98,757 79,262 19,495 Cash and cash equivalents 158,406 210,689 (52,283) Current financial assets
Slide 18: Statement of Financial Position - Continued
STATEMENT O F F I NANCIAL P OSITION - CONTINUED Other Non-Current Assets EUR 1,000 30 Jun 2019 31 Dec 2018 FY Change Property, plant and equipment 31,763 28,616 3,147 Goodwill 1,439 1,439 - Other intangible assets 47,316 35,524 11,792 Deferred tax assets 14,064 11,724 2,340 Other non-current receiva
Slide 19: Statement of Financial Position - Cash & Financial Assets
STATEMENT O F F I NANCIAL P OSITION - CA SH & F INANCIAL A SSETS EUR 1,000 30 Jun 2019 31 Dec 2018 FY Change Investments in Funds 165,580 165,077 503 Investments in Equity Instruments 16,665 15,525 1,140 Total non-current & current financial assets 182,245 180,602 1,643 Cash 158,406 210,689 (52,283)
Slide 20: Statement of Financial Position - Summary
STATEMENT O F F I NANCIAL P OSITION – S UMMARY Total Assets Total liabilities Equity €594.7m €190.4m €404.3m Cosmo Pharmaceuticals 20 Half Year Report 2019
Slide 21: Cashflow - Summary
CA SHFLOW – S UMMARY H1 2019 Cash outflow before changes in working capital (€11.0m) Changes in working capital (€ 4.9m) Convertible bond interest paid (€ 2.2m) Linkverse – 1st payment of contingent consideration to acquire remaining 40% (€ 3.0m) Purchase of Treasury Shares* (€17.2m) Loan to Cassiop
Slide 22: Cashflow
CA SHFLOW EUR 1,000 H1 2019 H1 2018 Loss for the period before tax (22,619) (5,283) Adjustment for non-monetary item 11,613 5,748 Operating cash outflow before changes in working capital (11,006) 465 Change in net working capital (4,919) (7,422) Cash flows from operating activities (15,925) (6,957)
Slide 23: Cashflow - Continued
CA SHFLOW – CONTINUED EUR 1,000 H1 2019 H1 2018 Payment of lease liabilities (707) (212) Repayments of interest on interest-bearing loans and borrowings (2,297) - Net cashflow due to Linkverse acquisition (3,000) - Purchase of treasury shares (17,173) (3,449) Cashflows from financing activities (23,
Slide 24: 2019 Outlook & Key Priorities
2019 OUTLOOK & KEY PRIORITIES Cosmo Pharmaceuticals 24 Half Year Report 2019
Slide 25: Key Priorities for H2 2019 and Beyond
KEY P RI ORI TIES FOR H2 2 0 1 9 A ND BEYOND • Launch Aemcolo™ in the U.S. • Pursue regulatory approval for our Artificial Intelligence device in the U.S. with the FDA • Reach agreement with the FDA in relation to a confirmatory phase III trial for Methylene Blue MMX and commence the trial • Progres
Slide 26: Summary
S UMMARY • In the first of half of this year we took a number of key steps. Following the delay of MB MMX we have simultaneously: a) reduced our U.S. cost base significantly; b) announced new interesting product opportunities (GI Genius and CB-03-10); c) closed important deals with Medtronic; d) shi
Slide 27: Questions and Answers
QUESTIONS AND ANSWERS Cosmo Pharmaceuticals 27 Half Year Report 2019
Slide 28: Contact details
Cosmo Pharmaceuticals NV Riverside II Sir John Rogerson’s Quay Dublin 2, Ireland [email protected] Mr. Alessandro Della Cha , CEO [email protected] Mr. John Manieri, IR [email protected] +353 1 817 03 70 28 Half Year Report 2019
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