Moberg Pharma Ab · OMXSTO:MOB
Moberg Pharma Ab — Q1 2015 Earnings Presentation
21 slides from Moberg Pharma Ab's earnings presentation, May 11, 2015
Slide 1: Interim Report Jan-Mar 2015
MOBERG PHARMA AB (PUBL) Interim Report Jan-Mar 2015 Combining Commercial and Innovation Excellence to Develop Unique Products for Underserved Niches Press conference, May 11, 2015 at 10:30 a.m. (CET) Dial-in number: Sweden +46 8-566 426 63, U.S. +1 855 8753 22 35 Peter Wolpert, CEO and Founder Anna
Slide 2: Disclaimer
Disclaimer Statements included herein that are not historical facts are forward-looking statements. Such forward- looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Moberg Pharma’s results could
Slide 3: Highlights – Q1 15
Highlights —- Q115
Slide 4: 2015 Q1 Highlights
2015 Q1 Highlights Net sales grew by 53% to MSEK 73 – Growth across all areas, very strong distribution sales – Favorable exchange rate development, 27% growth at fixed rates. Significant profitability improvement – EBITDA margin of 24% – EBITDA Commercial Operations of 35% Acquisition of Balm
Slide 5: Growth driving significant improvement in profitability
Growth driving significant improvement in profitability Q1 2014 Q1 2015 Net Sales, MSEK EBITDA, MSEK EBITDA Commercial Operations, MSEK 73.1 (+53%) 16% 24% 24% 35% 47.4 17.4 (+131%) 25.6 (+121%) 11.6 7.5 NOTE: EBITDA Commercial Operations does not include R&D and Business Development expenses 4 for
Slide 6: Consecutive quarters of sales growth
20 consecutive quarters of Sales growth Product Sales, TTM, MSEK 250 200 150 MSEK 100 50 0 5 5
Slide 7: Progress in Commercial Operations and Innovation Engine
Progress in Commercial Operations and Innovation Engine
Slide 8: Outperforming the market through focus on strategic brands
Outperforming the market through focus on strategic brands Organic growth Q1 15 (Value), % Strategic brands • Kerasal® - Foot care Emtrix® • Domeboro® - Derma/Skin irritation 7% • Balmex 5% Mature brands • Jointflex® - Ext. analgesic • Vanquish® - Int. analgesic Moberg U.S. U.S. OTC market • Fergon®
Slide 9: Launches of new Kerasal Nail line extensions
Launches of new Kerasal Nail line extensions in line with strategic goal of leadership position in nail fungus No 1 selling product with 22% market share in 20141) Available at >30 000 points of sale, 2014 expansion into food retail segment Two new line extensions drive additional growth 1)Ret
Slide 10: Closed Balmex acquisition on April 24
Closed Balmex acquisition on April 24 Acquired from Chattem (Sanofi) for $3.9 million – Sales trending above $4 million annually – Deal financed with existing funds Strong heritage in baby diaper rash with broad distribution in major chains: Brand integration fully underway. New consumer campa
Slide 11: Distributor Sales key growth driver in Q1 with 102% growth
Distributor Sales key growth driver in Q1 15 with 102% growth Sales in >40 markets Continued growth in Canada Market leader with >50% of OTC sales (value) and 30% of all Rx/OTC units1) Strong sales in Europe, +55% ROW sales tripled! - Initial launch successes in Malaysia, Hong Kong and Sin
Slide 12: Successful start of launch in Malaysia and Hong Kong
Successful start of launch in Malaysia and Hong Kong Excellent distribution and sell-in to pharmacies Positive response from consumers on TV commercials and advertising Good reorders Malaysia: 45% market share 2014 and continued strong sales Q1 15 Hong Kong: Excellent start of sales and re
Slide 13: Pipeline assets in phase II
Pipeline assets in phase II - Building on Topical drug delivery know how and IP portfolio Peak sales Pipeline Indication Status potential, m$ USP asset MOB-015 Onychomycosis Phase II 250-500 Topical terbinafine with fast visible improvement and superior cure rates BUPI Oral Mucositis Phase II 50-100
Slide 14: MOB-015 vs Jublia – Target Product Profile
MOB-015 vs Jublia – Target Product Profile for mild-moderate affected nails Mycological cure Complete Almost Clear nail % of patients cure cured or growth experiencing visual cured improvement after 1 month Product at 6 at 12/15 at 12/15 at 12/15 at 12/15 at 1 month months months months months month
Slide 15: Financials
Financials
Slide 16: P&L summary – Sales growth and increased profitability
P&L summary – Sales growth and increased profitability (MSEK) Q1 2015 Q1 2014 FY 2014 Revenue 73 48 200 Gross profit 57 38 151 % 78% 79% 75% SG & A -34 -25 -107 R&D - existing product portfolio1) -1 -2 -7 Other operating income/operating expenses 4 0 6 EBITDA Commercial Operations 26 12 43 % 35% 24%
Slide 17: Majority of revenue from direct OTC sales
Majority of revenue from direct OTC sales - RoW product sales tripled Q115 (Y/Y) Distribution of revenue, January – March 2015 Other RoW JointFlex 12% 14% 17% Sales via distributors 35% Kerasal 13% Europe Americas 19% Direct OTC Nalox/ 67% Sales 65% Kerasal Nail 59% Channels Products Geography 16 16
Slide 18: Revenue growth was 53% in Q1
Revenue growth was 53% in Q1 Revenue by source Jan-Mar Jan-Mar Jan-Mar Full-year (MSEK) 2015 2014 Index 2014 Direct sales 47 34 138 139 Sales of products to distributors 24 12 202 59 Milestone payments 2 2 120 2 TOTAL 73 48 153 200 Revenue by product category Jan-Mar Jan-Mar Jan-Mar Full-year (MSEK)
Slide 19: Significant improvement in cash position
Significant improvement in cash position Q1 2015 Q1 2014 Operative cash flow - 5 MSEK - 3 MSEK Cash position 53 MSEK 19 MSEK Note: Many orders in March led to increase in operating receivables to 30 MSEK (5 MSEK) Cash position exclusive of Balmex acquisition in April, consideration 3.9 MUSD, finance
Slide 20: Focus next 12 months
Focus next 12 months
Slide 21: Focus next 12 months
Focus next 12 months PROVIDING UNIQUE PRODUCTS IN UNDERSERVED NICHES Drive growth and EBITDA improvements Fuel strong U.S growth - Line extensions and new SKUs Long-term target - Balmex integration Create shareholder value Grow Distributor Sales through a focus on - EU: Extended indication pro