Photocure ASA · OSL:PHO

Photocure ASA — FY2005 Earnings Presentation

23 slides from Photocure ASA's earnings presentation, Feb 28, 2006

  1. Slide 1: PhotoCure ASA Full Year 2005

    PhotoCure ASA Full Year - 2005 February 28th 2006

  2. Slide 2: Highlights 2005

    Highlights 2005 „ Increased sales of Metvix – Sale of Metvix tubes increased 51% – Metvix launched in Poland, Portugal, Netherlands and Spain – Metvix approved for Bowen’s disease in 22 European countries „ Hexvix ready for commercialisation – Hexvix approved in EU and application filed in the US –

  3. Slide 3: Financial statements

    Financial statements

  4. Slide 4: Profit & loss 4th quarter (group) – IFRS

    Profit & loss 4th quarter (group) – IFRS 2005 2004 30.09 - 31.12 30.09 - 31.12 13 012 8 935 Sales revenues 3 908 3 908 Milestone revenues 16 921 12 844 Sales and milestone revenues -3 535 -2 307 Cost of products sold 13 386 10 537 Gross profit 1 033 1 062 Other operating revenues -5 957 -14 033 Payr

  5. Slide 5: Geographical distribution of sales revenues

    Geographical distribution of sales revenues 2005 1Q 2Q 3Q 4Q 2005 The Nordic region 3 891 4 106 2 891 6 232 17 120 Outside the Nordic region 4 908 4 768 4 431 6 780 20 887 Total 8 799 8 874 7 322 13 012 38 007 2004 1Q 2Q 3Q 4Q 2004 The Nordic region 4 649 3 825 3 061 4 647 16 182 Outside the Nordic

  6. Slide 6: Financial statements – profit & loss (group) - IFRS

    Financial statements – profit & loss (group) - IFRS 2005 2004 01.01 - 31.12 01.01 - 31.12 Sales revenues 38 007 36 855 Milestone revenues 15 634 40 954 Sales and milestone revenues 53 641 77 809 Cost of products sold -13 430 -13 066 Gross profit 40 211 64 743 Other operating revenues 15 235 4 597 Pa

  7. Slide 7: Financial statements - balance sheet (group) – IFRS

    Financial statements - balance sheet (group) – IFRS 2005 2004 31.12 31.12 Machinery & equipment 2 708 2 080 Inventory 12 943 17 533 Receivables 17 725 16 146 Securities 59 171 111 219 Cash & cash equivalents 13 157 26 733 Total assets 105 704 173 711 Total equity 48 465 85 566 Long-term liabilities

  8. Slide 8: Financial statements - cash flow statement (group) – IFRS

    Financial statements - cash flow statement (group) – IFRS Twelve months ended 31.12.2005 31.12.2004 Loss before tax -38 474 -45 323 Interest paid -63 -103 Other operational items -32 004 -4 822 Net cash flow from operations -70 540 -50 248 Cash flow from investments 5 464 2 758 Cash flow from capita

  9. Slide 9: Metvix and Aktilite - treatment of skin cancer without scarring

    Metvix® and Aktilite™ - treatment of skin cancer without scarring

  10. Slide 10: The AK/BCC market is still dominated by procedures…

    The AK/BCC market is still dominated by procedures… 75 % Aldara Metvix/Levulan Solaraze Efudix Cryo/Surgery 9% 11 % 3% 2% Source: PhotoCure estimate of the global market - patients treated in 2005

  11. Slide 11: …but the worldwide pharmaceutical market increased with 33% in value

    …but the worldwide pharmaceutical market increased with 33% in value from 2004 to 2005… The AK/BCC pharmaceutical market was USD 160 million in 2005 35 33% % change from 2004-2005 30 25 20 15 10 5 3% 0 Dermatology (Class D) AK/BCC Pharmaceutical Pharmaceutical market market Source:PhotoCure estimate

  12. Slide 12: …and in Europe Metvix increased by 85% in value from 2004 to 2005

    …and in Europe Metvix increased by 85% in value from 2004 to 2005 85% % change from 2004 to 2005 90 80 70 60 50 40 30% 30% 30 20 12% 10 0 Solaraze Metvix Aldara Efudix * PhotoCure estimate of growth in value in Europe in 2005

  13. Slide 13: Metvix - Nordic sales increase of 18% in units in 2005

    Metvix - Nordic sales increase of 18 % in units in 2005 Metvix Sales - Nordic 2003 - 2005 Highlights: 4500 ƒ Sales increase in units of 18 % in 2005 4000 vs 2004 (13,163 vs 11,200) 3500 3000 ƒ Sales increase in units of 21% in Q4 2500 2005 vs Q4 2004 (4,084 vs 3,381) Units 2000 ƒ 4 Aktilite lamps so

  14. Slide 14: Metvix - Galderma sales increase of 77% in units in 2005

    Metvix - Galderma sales increase of 77 % in units in 2005 Metvix Sales - Galderma 2003 - 2005 Highlights: 9000 ƒ Sales increase in units of 77 % in 8000 2005 vs 2004 (25,438 vs 14,346) 7000 6000 ƒ Sales increase in units of 65 % in 5000 Q4 2005 vsQ4 2004 (8,476 vs Units 4000 5,140) 3000 2000 ƒ 62 Ak

  15. Slide 15: Hexvix – a breakthrough in bladder cancer

    Hexvix® – a breakthrough in bladder cancer

  16. Slide 16: Bladder cancer – facts and figures

    Bladder cancer – facts and figures „ Bladder cancer − the 4th most common malignancy among males − the 10th most common malignancy among females „ High recurrence rate - probably due to lesions being overlooked „ Good prognosis if diagnosed early and treated adequately „ 4 million cystoscopies perfo

  17. Slide 17: Licencing agreement with GE Healthcare for Hexvix

    Licencing agreement with GE Healthcare for Hexvix „ GE Healthcare - world leader in imaging drugs „ Agreement signed January 2006 – Exclusive rights to market and distribute Hexvix outside of the Nordic region – Option to licence in the US – Total milestones of € 28 million, of which € 7 million at

  18. Slide 18: Key lessons in the Nordic introduction of Hexvix

    Key lessons in the Nordic introduction of Hexvix „ ~ 5 calls required to sell in the Hexvix method – Focus on clinical and patient benefits (medical staff) – Focus on health economic benefits (finance, purchasing staff) „ ~ 12-18 months from request to equipment in place – Local procedures for budge

  19. Slide 19: Research & Development

    Research & Development

  20. Slide 20: Broad pipeline in clinical phase

    Broad pipeline in clinical phase

  21. Slide 21: Goals and milestones

    Goals and milestones

  22. Slide 22: Strategic and operational goals

    Strategic and operational goals „ Continue investing in Metvix and Aktilite – Support Galderma in strengthening Metvix/Aktilite in dermatology – Seek Aktilite approval in the US – planning launch in 2008 „ Commercialise Hexvix – Continue Nordic launch – Support GE Healthcare in launching Hexvix – Fo

  23. Slide 23: R&D goals in 2006 and 2007

    R&D goals in 2006 and 2007 „ Metvix – 2006: Complete two phase III studies in EU/US for Aktilite approval in US – 2007: File NDA supplement for Aktilite approval in the US „ Hexvix – 2006: Follow-up FDA and secure approval in the US – 2006: Start one phase III study for flexible scopes in the US – 2

PhotoCure — FY2005 Earnings Presentation on 6ix