Photocure ASA · OSL:PHO
Photocure ASA — Q1 2014 Earnings Presentation
19 slides from Photocure ASA's earnings presentation, May 7, 2014
Slide 1: Building a Specialty Pharma Company: Results of the First Quarter 2014
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS OF THE FIRST QUARTER 2014 7 MAY 2014 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: Highlights First Quarter 2014
HIGHLIGHTS FIRST QUARTER 2014 • Hexvix/Cysview sales revenues increased 33% to NOK 19.3 million in 1Q 2014, driven by strong customer demand across major markets – Hexvix/Cysview global in-market unit sales increased 20% – Value of global in-market sales increased 36% to NOK 46 million – Photocure’s
Slide 4: Commercial Update
Commercial Update ————i( (sss
Slide 5: Hexvix/Cysview Strong Growth in All Markets
HEXVIX/CYSVIEW STRONG GROWTH IN ALL MARKETS Global in-market unit sales (by Q) • Hexvix/Cysview global in-market volume growth 20% YOY • Value of in-market sales of Hexvix/Cysview increased 36% YOY Global in-market value NOK mill (LTM) 5
Slide 6: Hexvix/Cysview Solid Performance in Nordics
HEXVIX/CYSVIEW SOLID PERFORMANCE IN NORDICS • Photocure own sales revenues in the US and Nordics increased 39% in 1Q 2014 to NOK 8.9 Own Hexvix/Cysview in-market unit sales million • Key drivers include strong customer demand and price increases • Nordic revenue growth of 40% in 1Q 2014 – Volume gro
Slide 7: Hexvix/Cysview Good Performance in US
HEXVIX/CYSVIEW GOOD PERFORMANCE IN US • US 1Q 2014 revenue growth of 36% • Key drivers include volume growth of 13%, price increases and Fx • Despite limited 2014 CMS reimbursement policy, Blue Light Cystoscope placements increased to 43 in 1Q 2014 • Continued progress towards securing sustainable r
Slide 8: Hexvix: Ipsen Strong Performance in Europe
HEXVIX IPSEN STRONG PERFORMANCE IN EUROPE • Partner revenue increased 29% in 1Q 2014 Hexvix Partner Unit Sales Per Quarter to NOK 10.4 million • Strong customer demand with end user volume growth of 21% • Double digit growth in France, Germany, Belgium and Netherlands • Price increase in Germany eff
Slide 9: Pipeline Update
Pipeline Update tees
Slide 10: Creating Value: Diverse Product Portfolio
CREATING VALUE DIVERSE PRODUCT PORTFOLIO Technology Indication Phase 1 Phase 2 Phase 3 Status Detection of Worldwide license with Salix Lumacan® PDD colorectal Phase 1 / 2 Clinical trial cancer underway Treatment of Positive Phase 2b results Visonac® PDT moderate to SPA approved severe acne Explorin
Slide 11: 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 12: Cevira a Major Opportunity
CEVIRA A MAJOR OPPORTUNITY • High unmet medical need for novel therapies to treat global epidemic of HPV/CIN populations • Breakthrough single use and fully integrated drug-device technology • Results of the Phase 2b trial are significant – Significant overall response in CIN 2 – High clearance of H
Slide 13: Financials
Financials
Slide 14: Hexvix/Cysview - Continued Growth
HEXVIX/CYSVIEW - CONTINUED GROWTH • Revenue from own sales of Hexvix/ SALES - MNOK Q1 '14 Cysview increased 39% in 1Q 2014 – Nordic revenue increased 40% Hexvix own sales 8,9 • Driven by end user volume growth of 16%, YoY growth 39 % inventory 7% , price and FX impact Hexvix partner sales 10,4 – US
Slide 15: Profit & Loss First Quarter 2014
PROFIT & LOSS FIRST QUARTER 2014 MNOK Q1 '14 Q1 '13 • Revenue increase of 32% Hexvix / Cysview revenues 19,3 14,6 Other sales revenues 0,2 - – Milestones revenues relate to Signing fee and milestones 1,2 1,0 accrued revenue from Galderma Total revenues 20,7 15,7 Gross profit 19,1 14,3 • Operating ex
Slide 16: Cash Flow First Quarter 2014
CASH FLOW FIRST QUARTER 2014 MNOK Q1 '14 Q1 '13 • 1Q 2014 cash flow from operations NOK -18.7 million Cash flow from: - Operations -18,7 -26,7 • Quarter working capital changes - Investments 1,1 1,8 negative NOK 5.6 million, compared - Financing activities 0,0 -0,6 to last year negative NOK 3.4 mill
Slide 17: Balance Sheet per 31 March 2014
BALANCE SHEET PER 31 MARCH 2014 • Non current assets includes NOK MNOK 31.03 31.12 47.9 million in shares in PCI Biotech 2014 2013 and deferred tax asset of NOK 49.1 Non-current assets 120,6 104,8 million Inventory & receivables 29,7 29,7 Cash & equivalents 149,7 167,3 • No interest bearing debt Tot
Slide 18: Summary and Outlook
Summary and Outlook
Slide 19: Good Progress Made Towards 2014 Goals
GOOD PROGRESS MADE TOWARDS 2014 GOALS KEY 2014 OBJECTIVES 1Q ACHIEVEMENTS Hexvix/Cysview global in-market unit sales growth of 20% growth ≥10% Obtain sustainable reimbursement solution in US Established broad support Secure partnership for development and Established high interest with commercializa