Photocure ASA · OSL:PHO
Photocure ASA — Q3 2010 Earnings Presentation
24 slides from Photocure ASA's earnings presentation, Oct 27, 2010
Slide 1: Presentation of third quarter 2010 results
Brilliance in photodynamic technology TM The world leader in photodynamic technology Presentation of third quarter 2010 results 27 October 2010 Kjetil Hestdal, President & CEO Christian Fekete, CFO
Slide 2: Forward-looking statements
The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Photocure ASA ( the Company ) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions m
Slide 3: Third quarter highlights
Signed partnership agreement with Salix for Lumacan in October Positive results from interim analysis of phase II study on Cevira Established and hired key personnel in US subsidiary Revenues of NOK 11.4 million in Q310 (12.5) Operating loss of NOK 15.9 million in Q310 (12.2) Cash of NOK 310.9 milli
Slide 4: Financials
PHOTOCURE . ® wy Financials
Slide 5: Third quarter 2010
Third quarter 2010 Hexvix revenue down 9% in Q3 Numbers in NOK million Q3 2010 Q3 2009 YTD 2010 YTD 2009 2009 and up 16% YTD Sales revenue 11.4 12.5 39.6 34.0 48.4 Q3 decline partly explained by Signing fee & milestone revenues 0 0 83.4 0 0 weaker EUR/NOK Total revenues 11.4 12.5 123.0 34.0 48.4 Red
Slide 6: NOK 310.9 million in cash end of period
NOK 310.9 million in cash end of Numbers in NOK million 30.09.2010 30.09.2009 31.12.2009 period Milestone payment of EUR 7.5 Intangible assets, software 0.5 0.4 0.4 million from GE Healthcare was paid Machinery & Equipment 1.7 0.5 1.8 in October and EUR 2.5 million will be paid before the end of 201
Slide 7: Shareholder's equity amounting to NOK 469.1 million
Shareholder s equity amounting to Numbers in NOK million 30.09.2010 30.09.2009 31.12.2009 NOK 469.1 million Share capital 11.0 11.0 11.0 Other paid-in capital includes own Other paid-in capital 165.9 191.4 176.1 shares of NOK 29.9 million Retained earnings 292.2 323.1 228.6 Equity ratio of 94% Share
Slide 8: Third quarter 2010 cash flow
Third quarter 2010 Numbers in NOK thousand Q3 2010 Q3 2009 YTD 2010 YTD 2009 2009 Profit/ loss before tax -11.6 355.3 34.8 334.6 312.4 Depreciation and amortisation 0.3 0.4 0.8 1.2 1.5 Share-based compensation 1.3 0.9 3.7 2.7 3.5 Net interests -3.3 -1.7 -7.5 -6.3 -9.3 Write down financial assets 0 0
Slide 9: Operational Update
PHOTOCURE . ® wy Operational Update
Slide 10: Cancer
PHOTOCURE wy Cancer
Slide 11: Agreement with Salix Pharmaceuticals Inc. for Lumacan
Agreement with Salix Pharmaceuticals Inc. for Lumacan Exclusive worldwide license - excluding the Nordic region- for development, registration and commercialisation of LumacanTM Photocure to receive: Salix to receive: Signing fee of USD 4 million Rights to IP related to the molecule hexylaminolevuli
Slide 12: Key sales figures Q310
® Key sales figures Hexvix units sold per quarter 10 000 +23% Unit sales Nordic (Photocure): Own sales Partner sales 9 000 Q3: -6% to 1.154 units 8 000 YTD: +28% to 4.377 units 7 000 Denmark largest market 6 000 Unit sales EU outside Nordic (GE Healthcare): 5 000 Q3: +30% to 6.991 units 4 000 YTD: +
Slide 13: Marketed and sold by GE Healthcare in combination with blue light scopes
TM - Marketed and sold by GE Healthcare in combination with blue light scopes sold by Karl Storz First shipment of 500 Cysview sold to GE Healthcare in Q3 2010 Karl Storz supplement to PMA under review by FDA, expect response in November for improved blue light system in Q4 2010 First customer for b
Slide 14: Cevira phase II study
Placebo-controlled multicenter phase II study ongoing in 5 countries in Europe Preliminary results after 4 months reported; 71% reduction in lesions vs 43% in control group based on cytology Primary endpoint is reduction in lesions after 6 The Cevira drug-delivery system applied to the cervix months
Slide 15: Dermatology
15 Dermatology PHOTOCURE . ® wy
Slide 16: Preparing Allumera launch
Preparing AllumeraTM launch Cosmetic product to be sold through dermatologists and aesthetic physicians Offers significant improvement over existing treatments Started preparations for launch in 2011 Established US Subsidiary in August 2010 Appointed key personell Second consumer trial ongoing, resu
Slide 17: Effective treatment of moderate to severe acne
Effective treatment of moderate to severe acne Start-up of clinical study in October to optimize the application procedure Updating market research and product positioning Based on the above, Photocure plan to start a phase IIb study in the US in 2011 17
Slide 18: Summary & Outlook
18 Summary & Outlook PHOTOCURE . ® wy
Slide 19: Main strategic target is to build a specialty pharma company
Photocure s main strategic target is to build a specialty pharma company, by Maximising the potential of the Photodynamic Technology Platform, and Develop, register and commercialise new products in Dermatology and Cancer Dermatology Develop own PDT-based products Focus on Allumera and Visonac Estab
Slide 20: Summary and outlook
Hexvix/Cysview: US approval in May 2010, introduction of Cysview and blue light scopes are ongoing Revenues -9% in the quarter, end-user sales in units +23% in the quarter End-user sales in Europe expected to increase by more than 30% in 2010 Development programs: CeviraTM: promising initial results
Slide 21: Creating value from strong IP position
Creating value from strong IP position Clinical pipeline: Pre- Indication Phase I Phase II Phase III Market Status Clinical Detection of Hexvix® Marketed in Europe and US bladder cancer CANCER Treatment of Results expected Cevira precursors of Q1 2011 cervical cancer Detection of Lumacan Licensed to
Slide 22: Appendix
PHOTOCURE . ® wy Appendix
Slide 23: Q3 2010 results by segment
Q3 2010 Q3 2009 % vs. Cancer Cancer Derm(2) Total 09 Derm(2) Total Numbers in NOK thousand Own Partner R&D(1) Sum Own Partner R&D Sum Sales Hexvix 4.0 7.4 11.4 0 11.4 -9% 4.7 7.7 12.5 12.5 Cost of goods sold -0.3 -1.2 -1.5 -1.5 -2% -0.2 -.1.4 -1.6 -1.6 Gross profit 3.7 6.1 9.8 0 9.8 -10% 4.5 6.4 10.
Slide 24: YTD 2010 results by segment
YTD 2010 YTD 2009 % vs. Cancer Cancer Derm(2) Total 09 Derm(2) Total Numbers in NOK thousand Own Partner R&D(1) Sum Own Partner R&D Sum Sales Hexvix 14.3 25.3 39.6 39.6 16% 13.1 21.0 34.0 34.0 Cost of goods sold -1.0 -4.6 -5.6 -5.6 53% -0.6 -3.1 -3.6 -3.6 Gross profit 13.3 20.7 34.0 34.0 12% 12.5 17