Photocure ASA · OSL:PHO
Photocure ASA — Q1 2015 Earnings Presentation
22 slides from Photocure ASA's earnings presentation, May 6, 2015
Slide 1: Building a Specialty Pharma Company: Results of First Quarter 2015
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS OF FIRST QUARTER 2015 6 MAY 2015 Kjetil Hestdal, MD, President & CEO Erik Dahl, CFO
Slide 2: Disclaimer
DISCLAIMER 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 as
Slide 3: Progress on Key Objectives
PROGRESS ON KEY OBJECTIVES KEY OBJECTIVES 1Q2015 KEY ACHIEVEMENTS • Hexvix/Cysview global in-market unit sales growth of ≥10% • 10% growth in-market value to 51 MNOK • 61% in-market unit growth in US • Commercial franchise profitability of 4.2 MNOK • Submit Special Protocol Assessment Request (SPAR)
Slide 4: Commercial Update
Commercial Update
Slide 5: Hexvix/Cysview: A Significant Global Specialty Brand
HEXVIX/CYSVIEW A SIGNIFICANT GLOBAL SPECIALTY BRAND • Value of in-market sales of Hexvix/Cysview Global in-market unit sales (by Q) increased YoY 10% in the quarter to NOK 184 million LTM • Hexvix/Cysview global in-market volume declined YoY 1% in the quarter, partly driven by purchases in advance o
Slide 6: Hexvix/Cysview: Solid Performance in Nordics and USA
HEXVIX/CYSVIEW SOLID PERFORMANCE IN NORDICS AND USA • Photocure own sales revenue in the US and Nordics increased 44% YoY in 1Q to NOK 12.8 Own Hexvix/Cysview in-market unit sales million Nordic and US • US revenue increased 116% YOY – Driven by in-market volume growth of 61%, price increases and Fx
Slide 7: Hexvix/Cysview: Progress in Europe
HEXVIX/CYSVIEW PROGRESS IN EUROPE Hexvix Partner Unit Sales Per Quarter • Partner revenue increased 33% in 1Q – Driven by timing of inventory replenishments in the 1Q 2014 • 1Q end user volume reduction YoY of 5% – Decline driven by high sales during first quarter 2014 in advance of price increase i
Slide 8: Pipeline Update
Pipeline Update
Slide 9: Creating Value: Clinical Development Programs
CREATING VALUE CLINICAL DEVELOPMENT PROGRAMS Technology Indication Phase 1 Phase 2 Phase 3 Status Positive Phase 2b results Treatment of Submitted SPAR request in 1Q Cevira® PDT precursors of Exploring partnerships cervical cancer Treatment of Positive Phase 2b results Visonac® PDT moderate to SPA a
Slide 10: Cevira: A Major Opportunity
CEVIRA A MAJOR OPPORTUNITY • Breakthrough single use and fully integrated drug-device technology to satisfy high need for novel therapies to treat global epidemic of HPV/CIN populations • A well tolerated non-systemic treatment option for patients which preserves fertility and avoids the morbidities
Slide 11: Cevira: Significant Sales Potential
CEVIRA SIGNIFICANT SALES POTENTIAL • Large patient population based on biopsy confirmed histology of HSIL • ~1M cases HSIL annually in US & West EU1,2 detected through routine cervical screening programs; 50% of these are caused by HPV strain 16 or 183 • ~30% risk of progress to cervical cancer4 • U
Slide 12: Visonac: Phase 3 Ready Asset
VISONAC PHASE 3 READY ASSET • High unmet need for novel treatments for moderate/ severe acne • 1st Photodynamic treatment for inflammatory acne • Broad geographic fit • Positive Phase 2b results • Significant reduction in inflammatory lesions • Overall improvement in acne severity • Well tolerated r
Slide 13: Visonac: Considerable Sales Potential
VISONAC CONSIDERABLE SALES POTENTIAL • Value of moderate to severe acne pharma market segment estimated at ~$900 MUSD globally • Dermatologist main prescriber of oral antibiotics and retinoids • Visonac positioned as second line alternative • In US and EU, >2M patients in need of second line treatme
Slide 14: Hexvix/Cysview: Expanding into the Surveillance Segment
HEXVIX/CYSVIEW EXPANDING INTO THE SURVEILLANCE SEGMENT • Surveillance following initial diagnosis represents a significant growth opportunity of 2-3 times current TURB segment • Initiation of Phase 3 study with 360 patients for examining improved detection rate of Cysview blue light cystoscopy vs wh
Slide 15: Financials
Financials
Slide 16: Hexvix/Cysview Continued Growth First Quarter 2015
HEXVIX/CYSVIEW CONTINUED GROWTH FIRST QUARTER 2015 SALES - MNOK Q1 '15 • Revenue from own sales of Hexvix/ Cysview increased 44% in 1Q YoY Hexvix own sales 12,8 – Nordic 1Q revenue growth of 22% YoY growth 44 % – US revenue increased 116% in 1Q Hexvix partner sales 13,9 YoY growth 33 % • Partner 1Q
Slide 17: Profit & Loss First Quarter 2015
PROFIT & LOSS FIRST QUARTER 2015 MNOK Q1 '15 Q1 '14 Change • Revenue increase of 43% YoY Hexvix / Cysview revenues 26,7 19,3 38 % – Other sales revenue is sales of active Other sales revenues 1,7 0,2 >100% ingredients. Signing fee and milestones 1,2 1,2 5% Total revenues 29,6 20,7 43 % • Operating e
Slide 18: Segments First Quarter 2015
SEGMENTS FIRST QUARTER 2015 • Segment reporting changed MNOK Q1 '15 Q1 '14 Change LTM FY '14 from 2015: Commercial Franchise Total revenues 29,6 20,7 43 % 107,1 98,2 • Commercial franchise: Gross profit Operating expenses 27,6 -23,4 19,1 -19,1 44 % 23 % 99,7 -79,6 91,2 -75,3 – Hexvix /Cysview by sal
Slide 19: Cash Flow First Quarter 2015
CASH FLOW FIRST QUARTER 2015 • 1Q cash flow from operations NOK -11.9 million. – Improvement of NOK 6.8 million from last year. – Working capital net outflow of NOK 4.8 million. • 1Q cash flow from investments NOK -3.6 million. – Includes investments of NOK 5.3 million in the initiation of a phase 3
Slide 20: Balance Sheet per 31 March 2015
BALANCE SHEET PER 31 MARCH 2015 • Non current assets includes NOK MNOK 31.03 31.12 19 million in shares in PCI Biotech 2015 2014 and deferred tax asset of NOK 27 Non-current assets 80,4 76,5 million Inventory & receivables 30,0 28,8 • No interest bearing debt at quarter Cash & equivalents 149,7 165,
Slide 21: Outlook
Outlook
Slide 22: Outlook
OUTLOOK • Hexvix/Cysview global in-market unit sales growth of ≥10% in 2015 FINANCIAL • Submit Special Protocol Assessment Request (SPAR) by mid-2015 • Initiate Phase 3 clinical trial to expand the use of Hexvix/Cysview CLINICAL into the surveillance market and fulfill the US post marketing commitme