Photocure ASA · OSL:PHO
Photocure ASA — Q2 2015 Earnings Presentation
21 slides from Photocure ASA's earnings presentation, Aug 13, 2015
Slide 1: Building a Specialty Pharma Company: Results of Q2 and H1 2015
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS OF SECOND QUARTER AND FIRST HALF YEAR 2015 13 AUGUST 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 2Q2015 KEY ACHIEVEMENTS • Hexvix/Cysview global in-market unit sales growth of ≥10% • 15% growth in-market unit sales • 55% in-market unit growth in US • Commercial franchise profitability 9.9 MNOK • Submit Special Protocol Assessment Request (SPAR) for • In
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 17% year to date to NOK 195 million LTM • Hexvix/Cysview global in-market volume increased YoY 15% in the quarter, and 6% year to date • Overall franchise
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 Own Hexvix/Cysview in-market unit sales Nordics increased YoY 42% in 2Q and 43% year Nordic and US to date to NOK 28.6 million • US revenue increased year to date 117% YoY – Driven by in-market volume gro
Slide 7: Hexvix/Cysview Partner Progress
HEXVIX/CYSVIEW PARTNER PROGRESS • Partner revenue increased YoY 3% in 2Q and 16% year to date to NOK 27.0 million – 2Q revenue driven by timing of inventory Hexvix Partner Unit Sales Per Quarter replenishments in 2014 • End user volume growth 15% in 2Q and 4% year to date • Double digit unit growth
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 SPA approved Cevira® PDT precursors of Exploring partnerships cervical cancer Treatment of Positive Phase 2b results Visonac® PDT moderate to SPA and PIP approved
Slide 10: 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 11: 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 12: 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 13: Visonac: Phase 3 Ready Asset with Considerable Sales Potential
VISONAC PHASE 3 READY ASSET WITH CONSIDERABLE SALES POTENTIAL • High unmet need for novel treatments for moderate/ severe acne • Positive Phase 2b results • Significant reduction in inflammatory lesions and improvement of overall acne severity • Well tolerated regimen • Phase 3 Ready with significan
Slide 14: Financials
Financials
Slide 15: Hexvix/Cysview Continued Growth Second Quarter 2015
HEXVIX/CYSVIEW CONTINUED GROWTH SECOND QUARTER 2015 SALES - MNOK Q2 '15 YTD '15 • Revenue from own sales of Hexvix/ Cysview increased YoY 42% in 2Q and Hexvix - Nordic 10,0 18,2 43% year to date YoY growth 19 % 20 % – Nordic 2Q revenue growth of 19% Cysview - US 5,8 10,3 YoY growth 118 % 117 % – US
Slide 16: Profit & Loss Second Quarter 2015
PROFIT & LOSS SECOND QUARTER 2015 MNOK Q2 '15 Q2 '14 Change YTD '15 YTD '14 Change Hexvix / Cysview revenues 28,9 23,8 21 % 55,6 43,2 29 % Other sales revenues 2,6 0,5 >100% 4,3 0,7 >100% Signing fee and milestones 3,3 1,1 >100% 4,5 2,3 96 % Total revenues 34,8 25,5 36 % 64,4 46,2 39 % Gross profit
Slide 17: Segments Second Quarter 2015
SEGMENTS SECOND QUARTER 2015 MNOK Q2 '15 Q2 '14 YTD '15 YTD '14 LTM • Commercial franchise: Commercial Franchise – Continued improvement in Total revenues 34,8 25,5 64,4 46,2 116,4 revenues and EBIT Gross profit 32,6 23,5 60,2 42,6 108,8 – EBIT margin year to date at Operating expenses -22,7 -18,1 -
Slide 18: Cash Flow Second Quarter 2015
CASH FLOW SECOND QUARTER 2015 MNOK Q2 '15 Q2 '14 YTD '15 YTD '14 Cash flow from: - Operations -2,5 -9,8 -14,4 -28,5 - Investments -1,5 0,8 -5,1 1,9 - Financing 0,9 0,0 0,9 0,0 Net change in cash -3,1 -9,0 -18,6 -26,5 Ending cash balance 146,7 140,7 146,7 140,7 • 2Q cash flow from operations NOK -2.5
Slide 19: Balance Sheet per June 2015
BALANCE SHEET PER 30 JUNE 2015 • Non current assets includes NOK MNOK 30.06 31.12 8.9 million in shares in PCI Biotech 2015 2014 and deferred tax asset of NOK 24.3 Non-current assets 70,0 76,5 million Inventory & receivables 32,8 28,8 Cash & equivalents 146,7 165,2 • No interest bearing debt at quar
Slide 20: Outlook
Outlook
Slide 21: Outlook
OUTLOOK • Hexvix/Cysview global in-market unit sales growth of ≥10% in 2015 FINANCIAL • Initiate necessary documentation for the Cevira device to ensure readiness for the Phase 3 trial following the SPA approval CLINICAL • Initiate Phase 3 clinical trial to expand the use of Hexvix/Cysview into the