Photocure Asa · OSL:PHO
Photocure Asa — Q1 2012 Earnings Presentation
26 slides from Photocure Asa's earnings presentation, Apr 26, 2012
Slide 1: Executing the Strategy
Photocure ASA Executing the Strategy RESULTS OF THE FIRST QUARTER 2012 26 APRIL 2012 KJETIL HESTDAL, PRESIDENT & CEO TORBJØRN ØYE, INTERIM 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: Highlights First Quarter 2012
Highlights First Quarter 2012 • Operational – Commercial execution delivering progress across all segments and territories • Ipsen commercialization of Hexvix® progressing well as MAA transfers complete • Initiated commercialization of Cysview® in US through own Cancer Commercial Operations • Market
Slide 4: Commercial Operations Update
Commercial Operations Update
Slide 5: Hexvix/Cysview Strategic Collaboration with Ipsen
Hexvix/Cysview Strategic Collaboration with Ipsen • Strong start to strategic partnership • €4.25 million in manufacturing transition milestones achieved to date • Dedicated Medical, Brand Management and Strategic Key Account Managers in place to supplement efforts of pan-European Uro- Oncology Sale
Slide 6: Hexvix/Cysview Strategic Collaboration with Ipsen
Hexvix/Cysview Strategic Collaboration with Ipsen • Initiation of commercialization staggered Hexvix Partner Unit Sales Per Quarter 10 000 by market 9 000 – November: Germany, Italy 8 000 – January: Austria, Belgium, 7 000 Netherlands 6 000 units 5 000 – February: France 4 000 – March: Spain 3 000 –
Slide 7: Hexvix/Cysview Nordic and US Commercial Operations
Hexvix/Cysview Nordic and US Commercial Operations • US Commercial Team Operational – Building highly experienced team of sales, marketing and medical staff • Team of 9 in place 1Q, expanding to 15-20 by year end – 17 fluorescence-enabled scopes operable in 1Q in top tier institutions • Focus on dri
Slide 8: Hexvix/Cysview Nordic and US Commercial Operational
Hexvix/Cysview Nordic and US Commercial Operational • Volume growth own sales up 15% Own Hexvix/Cysview Unit Sales Per Quarter • Nordic Operations 2 500 – Volume growth of 6% compared to 1Q 2011 2 000 • Strong performance in Sweden and Norway, 1 500 volume up 19% and 18% – Nordic Consensus published
Slide 9: Allumera Increased Customer Acceptance
Allumera Increased Customer Acceptance • Encouraging volume and revenue growth for 1Q 2012 – Revenues NOK 1.2 million compared to NOK 0.7million in 4Q 2011 – Increased new customer generation – Reorder rate, ~30%, indicative of increased customer satisfaction • Customer market research survey comple
Slide 10: Allumera Expanding Consumer Awareness
Allumera Expanding Consumer Awareness • Featured segment on The Doctors syndicated television broadcast – >6.5 million exposures • Continued strong media interest with feature articles by Key Opinion Leaders – Strong endorsement of Allumera in two major dermatology publications • Customizable practi
Slide 11: Pipeline Update
Pipeline Update
Slide 12: Visonac Acne an Attractive Target Market
Visonac Acne an Attractive Target Market Leading Dermatology Markets Forecast, 2012 est • Acne is a large and growing segment in Dermatology ACNE – 3rd largest segment in Dermatology PSORIASIS DERMATITIS – Represents ~ 17% overall dermatology market globally SKIN INFECTIONS MISCELLANEOUS – Acne mark
Slide 13: Visonac Targeting a Segment of High Unmet Need
Visonac Targeting a Segment of High Unmet Need Sales, Billions 0,25 Topicals • Visonac targets the segment of moderate to severe 0,35 Isotretinoin acne Oral Antibiotics 0,3 Other Orals – Current mainstay of therapy are oral, systemic antibiotics $2,00 and retinoids – Value of this segment ~$900 mill
Slide 14: Visonac Ongoing Clinical Trial
Visonac Ongoing Clinical Trial • Clinical experience gained in > 400 patients to date – Sustained improvement in reduction of lesions (50-60%) with limited side effects – Acceptable office based procedure, 1.5hr occlusion followed by illumination with red light – Results from ongoing Phase 2b trial
Slide 15: Cevira High Need for Non-Invasive Treatment Option
Cevira High Need for Non-Invasive Treatment Option • Cervical HPV infection highly prevalent and growing Development from HPV Infection to Cervical Cancer – 80% of all women have HPV infections during their lifetime – Represents 4-5 million women in US alone • For lesions that progress to CIN, no th
Slide 16: Cevira Late stage compound for treatment of HPV-related disease of cervix
Cevira Late stage compound for treatment of HPV-related disease of cervix • Breakthrough Photodynamic Technology – First integrated drug-device in PDT • Clinical experience in more than 250 patients with high efficacy (60% confirmed The Cevira drug-delivery system applied to the cervix response rate
Slide 17: Cevira Ongoing Clinical Trial
Cevira Ongoing Clinical Trial • Phase 2b study with integrated drug- delivery device started in June 2011 Enrollment completed – 262 patients at 23 centers in Europe and the US Primary endpoint: complete or partial response 3 months after treatment (histology, cytology and HPV) Results expecte
Slide 18: Lumacan Detection of Colorectal Cancer
Lumacan Detection of Colorectal Cancer • Lumacan: Photodynamic colorectal diagnosis Colorectal Cancer 3rd most commonly diagnosed and 2nd most deadly cancer worldwide. 500,000 new cases each year in the US and EU Lumacan increases detection rate for colon cancer, as an adjunct to white light col
Slide 19: Financials
Financials
Slide 20: Profit & Loss First Quarter 2012
Profit & Loss First Quarter 2012 • Total revenues up 63% in 1Q Figures in NOK million 1Q 2012 1Q 2011 Change Full year 2011 to NOK 34.2 million. Includes second transition milestone Sales revenues 20.1 17.9 13% 82.9 from Ipsen Signing fee & milestone revenues 14.1 3.0 364% 32.7 • Sales revenue up 13
Slide 21: Balance Sheet Per 31 March 2012
Balance Sheet Per 31 March 2012 • NOK 326.1 million in cash & cash equivalents at 31 March (Amounts in NOK 1 000) Note 31.03.2012 31.03.2011 31.12.2011 Non-currrent assets 2012 Machinery & equipment 4 246 3 181 4 414 Other investments 6 90 284 89 374 83 337 • Other investments includes Deferred tax
Slide 22: Cash Flow First Quarter 2012
Cash Flow First Quarter 2012 • Net change in cash from operations of NOK -28.3 million in 1Q • The change in cash flow is a result of a milestone prepayment of EUR 1.5 million that was recognized in 1Q 2012 (Other operational items) • Cash and cash equivalents at 31 March 2012 were NOK 326.1 million
Slide 23: Segment Information First Quarter 2012
Segment Information First Quarter 2012 • Cancer Own sales includes 1.1 - 31.3.2012 Cancer Dermatology Total Own Own revenues from Hexvix/Cysview (Amounts in NOK 1 000) sales Partner R&D Sum sales Partner R&D Sum Sales Revenues 6 105 8 082 - 14 187 1 230 4 719 - 5 949 20 136 in Nordic and USA Milesto
Slide 24: Summary and Outlook
Summary and Outlook
Slide 25: Executing Our Strategy
Executing Our Strategy • Build a speciality pharma company, focused on dermatology and cancer • Maximize the potential of the company's Photodynamic Technology Platform – Photocure Technology™ • Leverage our experience to develop, register and commercialize new products based on Photocure Technology
Slide 26: Key Milestones 2012
Key Milestones 2012 2012 First Half 2012 Second Half 2012 Commercial Execution Delivering the Promise of the Successfully Launch Cysview in Pipeline US Results from Visonac Phase IIb Continue to drive adoption of clinical trial available Allumera in US Results from Cevira Phase IIb Ipsen t