Recordati S.p.a. · MIL:REC
Recordati — Investor Presentation (December 2004)
14 slides from Recordati's investor presentation, Dec 13, 2004
Slide 1: Expanding pharma operations
Expanding pharma operations Milan, 13 December, 2004
Slide 2: Company strategy: Expand geographical presence in Europe
Company strategy ¾ Expand geographical presence in Europe 9 Pan European product licenses obtained: 9Rupatadine France, Italy, Spain and options for Germany, Poland and the U.K. 9Silodosin 45 European countries 9 $ 100 million funding from U.S. private debt placement 1
Slide 3: Breakdown of the European pharmaceutical market
Breakdown of the European pharmaceutical market (EU 15 countries) Au Ot Po st Gr rtu he eec r ia Sw e g al r d e2 2.2 2.1 en 2 EU . Belgi um 3. .5% 3% % % Germany 21.8% 1 3. 5 Netherla % nds 3.3 % % Spain 9.4% France 20.7% Italy 14.3% U.K. 14.7% Source: IMS 2002 data 2
Slide 4: Size and growth of the five largest European markets
Size and growth of the five largest European markets Market size 2004 2003 CAGR $ billion growth growth 1997-2002 Germany 24.5 5% 8% 7% France 20.6 6% 5% 6% U.K. 15.1 9% 9% 10% Italy 14.2 4% 2% 9% Spain 9.9 8% 12% 16% leading 5 84.4 6% 7% 9% Source: IMS data - Market size and 2004 growth are 12 mont
Slide 5: Company strategy: Acquire new product licenses
Company strategy ¾ Acquire new product licenses 9 Licensing-in agreements signed in 2004: Cidine rupatadine prulifloxacin silodosin 4
Slide 6: Company strategy: Confirm commitment to research and development
Company strategy ¾ Confirm commitment to research and development in the urological and cardiovascular fields 9 R&D expenditure to increase by 25% from 2003 to 2005 9 Four new molecules in different stages of clinical development in 2005 5
Slide 7: Product pipeline
Product pipeline LERCANIDIPINE modified release formulations with LifeCycle Pharma for U.S. market with Forest and Eurand LERCANIDIPINE /ENALAPRIL REC 0545 COMBINATION (hypertension) LERCANIDIPINE 20 mg 2 NEW (overactive bladder/ PROJECTS urinary incontinence LERCANIDIPINE EU and (overactive (hypert
Slide 8: Lercanidipine – Roll out status and plan
Lercanidipine – Roll out status and plan 67 launches 25 additional approvals USA ROW modified release formulation 15 filings in development EUROPE 1998 Italy, Spain, UK 2000 Germany 2001 France (Pie slices represent relative JAPAN market value of calcium channel blockers) 7
Slide 9: Lercanidipine as a % of all calcium channel blockers
Lercanidipine as a % of all calcium channel blockers Bubble size represents $ market value of CCB’s % share of CCB market 16 France Germany 14 Italy Australia 12 Austria 10 S.Korea 8 Spain 6 Belgium 4 U.K. 2 Holland 0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Quarters from launch Source: IMS data - 3Q
Slide 10: Lercanidipine life cycle management
Lercanidipine life cycle management • Lercanidipine • 20mg strength approved in Europe and other countries. Launched in Germany, France and Australia in 2003, Italy, Spain and Scandinavia in 1Q 2004, roll-out continues • Modified release formulation under development with Forest Labs for the U.S. ma
Slide 11: Lercanidipine life cycle management
Lercanidipine life cycle management • Lercanidipine-enalapril fixed combination • New aggressive targets for blood pressure control • Combination of drugs needed for most patients • Patient compliance • Fixed combinations will play a significant role in the future hypertension market • Filed for app
Slide 12: Operational highlights first nine months 2004
Operational highlights first nine months 2004 • Pharmaceutical sales up 5.9%, or 10.5% excluding Sophartex • International pharmaceutical sales up 16.0% • Lercanidipine sales up 30.4% • EBIT up 15.3% and net income up 34.0% • New product licenses • $ 100 million funding from U.S. private placement 1
Slide 13: As presented in May / Current outlook
As presented in May Current outlook (million euro) 2004 2005* 2004 2005 SALES 475 498 ~ 485 >500 EBIT 84 90 ~ 90 >95 NET INCOME 50 55 ~ 54 >56 Assumptions: • Excluding acquisitions in other EU markets • R&D expense development 2003 - 2005: +25% * Based on 2004 - 2007 CAGRs announced in May: Sales 5%
Slide 14: Forward-looking statements disclaimer
Statements contained in this presentation, other than historical facts, are “forward- “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). 1995). These statements are based on currently available information, on current best estimates, and o