Ipsen SA · EURONEXT:IPN
Ipsen SA — FY2009 Earnings Presentation
26 slides from Ipsen SA's earnings presentation, Mar 4, 2010
Slide 1: Confirming Ipsen's specialist care globalisation
Confirming Ipsen’s specialist care globalisation 2009 Full Year Results Road Show March 04-5, 2010 Mrs. Claire Giraut - EVP Administration and Finance Dr. Jacques-Pierre Moreau – Chief Scientific Advisor Mr. Pierre Kemula – Investor Relations Manager Disclaimer This presentation includes only summar
Slide 2: Ipsen today: a global, innovation driven, specialty pharma
Introduction Ipsen today : a global, innovation driven, specialty pharma PRIMARY CARE SPECIALTY CARE OPTIMISE returns of this A global business to GROW mostly French business A transactional model ONCOLOGY 25% GI 18% Decapeptyl® ENDOCRINOLOGY 20% Cognitive disorders 11% Somatuline®, Nutropin®, Incre
Slide 3: A reinforced profile
A reinforced profile 2002 2009 2012 illustrative trend Primary Specialist Primary Specialist Primary Specialist Care Care Care Care Care Care ~30% ~70% ~60% ~40% ~38% ~62% Total sales: ~€700 m Total sales: ~€1032m Acceleration of growth Confirming Ipsen’s biotech specialty care profile 5 Ipsen – Cor
Slide 4: Truly Differentiated R&D Capabilities
Truly Differentiated R&D Capabilities Example 1 : Somatuline® Depot, an improved presentation Sandostatin LAR® Somatuline® Autogel® 2.0 ml 0.3 ml – 0.5 ml Administration Intramuscular Subcutaneous Powder vial + solvent filled Presentation Pre-filled syringe syringe + 2 needles 10 steps needed to Rea
Slide 5: A unique technology convergence, taspoglutide; rich endocrinology pipeline
Example 2 : a unique technology convergence, taspoglutide Once-a-week injection Expected needle gauge Equal / greater potency compared to native (LAR) Î 23G compound Quarter inch long Extended metabolic half-life, 22x more stable in plasma Complete retention of incretin properties Taspoglu
Slide 6: A promising Oncology pipeline
A promising Oncology pipeline PRE CLINICAL PHASE I PHASE II PHASE III FILING Decapeptyl® • 6 M formulation Toremifene citrate • 80 mg Treatment ADT induced side effects • 20 mg HG PIN * BN-80915 (Diflomotecan) • Advanced Metastatic Cancers BN-80927 (Elomotecan) Advanced Metastatic Cancers BN-83495 •
Slide 7: 2009: major initiatives, in a rigorous execution of the Group's strategy
2009: major initiatives, in a rigorous execution of the Group’s strategy Grow and Globalise Ipsen’s specialty care business Decapeptyl® 6M Out licensing of 4 products in the 6 products in Rich phase II/ III approved in none core US, 3 global launch phase programmes Europe compounds + Optimize Ipsen’
Slide 8: All financial objectives have been met in 2009
All financial objectives have been met in 2009 Financial Financial Bayer 2009 objectives Settlement objectives performance Q1-09 Q3-09 Drug sales + 7.0 – 9.0% + 7.6% 9 Other Revenues Around €45m Approx. €80m €79.6 millions 9 Adjusted operating 14.0% 17.0 – 17.5% 17.8% 9 margin1 Normative Tax rate 18
Slide 9: Profitability objectives for 2010
Profitability objectives for 2010 Recurring adjusted operating result Fully diluted adjusted EPS Quasi stable ~ 15% growth 1.60 Stability EPS 144.4 2009 recurring 2010 adjusted 2009 recurring 2010 adjusted adjusted operating income adjusted EPS EPS objective operating income objective The Group targ
Slide 10: A rich newsflow in 2010, already initiated
A rich newsflow in 2010, already initiated Somatuline® Depot US filing Extended Dosing Interval Taspoglutide Somatuline® Autogel® Phase III results Launch in Russia Diabetes Acromegaly + NET BIM-28131 (Ghrelin) Phase I OBI-1 Phase III Decapeptyl® 3 Months Launch in China 9 Prostate cancer IGF-I+GH c
Slide 11: Top line evolution; Evolution of main P&L expenses
Top line evolution Sales by therapeutic area Sales by region +6.4% +6.4% Growth excluding foreign Growth excluding foreign exchange impacts : +6.8% exchange impacts : +6.8% 554.7 553.2 622.5 559.5 (0.9)% +12.6% (0.8)% 234.3 236.2 383.0 (0.8)% 380.1 45.7 11.2 +307% 164.1 +20.8% 198.2 (13.3)% 2008 200
Slide 12: P&L – 2009 operating result and margin
P&L – 2009 operating result and margin Reported Reportedoperating operating Adjusted AdjustedOperating Operating Recurring RecurringAdjusted Adjusted result result Result Result Operating OperatingResult Result €172.5 €172.5mm €183.6 €183.6mm €144.4 €144.4mm 16.7% 16.7% 17.8% 17.8% 14.0% 14.0% Purch
Slide 13: Balance Sheet evolution
Balance Sheet evolution (€m) Assets Liabilities 31 Dec 08 31 Dec 09 31 Dec 08 31 Dec 09 Goodwill 290.8 290.2 Equity 885.0 982.6 Property. plans & 237.9 251.8 Minority interests 1.6 1.7 equipments Intangible assets 232.9 237.0 Total equity 886.6 984.3 Other non-current assets 112.9 145.5 Long-term fi
Slide 14: Cash flow statement
Cash flow statement 31 Dec 08 31 Dec 09 €m Cash Flow before change in working capital 196.3 192.7 Net increase in deferred revenues from partnerships: +€73.9m - Increase/ Decrease in working capital 7.4 64.9 Net cash flow generated by operating activities 203.7 257.6 Investment in tangible assets
Slide 15: US platform integrated and fully operational
US platform integrated and fully operational Strong and experienced management team : New President and General Manager (May 2009) New leadership team in key positions (Clinical & Medical Affairs, legal, HR, …) Fully operational managed care organisation (22 FTEs), including Payer Relation Managemen
Slide 16: Snapshot on Increlex and Dysport
Snapshot on Increlex® and Dysport® Increlex® Dysport® Established treatment option: Number of SMN1s up more than 31% year-on year Great interest from commercial payors Fully integrated in US reimbursement system Dysport® enjoys an Establishment of specialized Reimbursement 85% coverage rate Dysport®
Slide 17: Partnership with Inspiration in Hematology
Appendix Partnership with Inspiration in Hematology Capitalizing on OBI-1; Ipsen’s strategic focus is Hemophilia, … Hematology All blood-related disorders Hemostasis All coagulation disorders Market Size $19.5 billion Ipsen’s and Inspiration’s core strategic focus Lack of coagulation blood factor He
Slide 18: ... and combined with Inspiration, serves all hemophilia needs
… and combined with Inspiration, serves all hemophilia needs INSPIRATION PRE CLIN PHASE I PHASE II PHASE III EXPECTED FILING DATES IB1001 (FIX) 2011 2012 (acquired) OBI-1 (pFVIII) 2013 (congenital) FVIIa 2014 FVIII 2015 A recombinant product in each segment of the hemophilia market 35 Ipsen – Corpor
Slide 19: FVIII & FIX market still underserved globally
…FVIII & FIX market are still underserved globally… Factor VIII Low penetration IU 9.5 b 70% of hemophilia patients worldwide do ~$5.0 bn IU1 6.5 b not have access to factors Long term growth prospects 4% to 10% CAGR until 2020 2009 2009 2020 Driven by prophylaxis in developed world sales IU s
Slide 20: Building a unique hemophilia product franchise
Building a unique hemophilia product franchise Inspiration Wyeth Baxter CSL Behring Bayer Novo Nordisk Mononine Phase I FIX Phase III BeneFIX Phase I - plasma derived OBI-1 Phase III - - - - - FVIIa Preclinical Preclinical - Preclinical Phase I Novoseven Refacto Kogenate/ FVIII Preclinical Phase I P
Slide 21: Endocrinology back up slides
BACK UP SLIDES Endocrinology A unique focus on pituitary disorders and hormone dependent diseases A strong franchise Hypothalamus A range of products addressing today - + Short Stature, Acromegaly and NET SST GHRH • High morbi-mortality Pituitary • Debilitating pathologies GH ss • High unmet medic
Slide 22: Somatuline offers significant life cycle growth opportunities
Somatuline® offers significant life cycle growth opportunities Relative NET market size (indicative) Ipsen’s Phase III underway current positioning Last patient targeted for 2010 (n=200) Functionally active NETs Europe Europe Non functioning NETs & & Symptoms due to Incidental finding/ RoW RoW exces
Slide 23: Oncology: Decapeptyl strong positions, poised to grow
BACK UP SLIDES Oncology Decapeptyl®: strong positions, and poised to grow Current market share 60% Algeria 50% Romania China Greece Italy 40% Portugal Latvia Ukraine Ireland France 30% Belgium Spain 20% Russia Czech Republic 10% 48% of G5 market South Korea UK Recent launches 0% Germany Medium Marke
Slide 24: Decapeptyl 6 month formulation: more differentiated product profile
Decapeptyl® 6 month formulation: a more differentiated product profile Comparable efficacy to 1 and 3 months formulation • Castration levels (testosterone) Efficacy • Disease control (PSA) Local Limited local side effects (6.7% of patients ) Tolerance Storage and Storage at room temperature (n
Slide 25: Oristusane: moving forward in development stages
Oristusane : Moving forward in the development stages Phase II initiated : Post-menopausal women with advanced or recurrent Endometrial endometrial cancer (80 patients) • First patient dosed on November 25 Phase I/ II on going in ER-positive metastatic breast cancer (35 patients) • Optimal biolo
Slide 26: Dysport: launched in 1991, approved in more than 75 countries
Dysport®: launched in 1991, approved in more than 75 countries Market share in medical indications GER 47% UK 52% F 39% IT 43% In dark blue, countries where Dysport® is marketed 51 Ipsen – Corporate Presentation Sources: IMS, Insight Health/ODV, Ipsen estimates A good track record at catching-up mar