Photocure Asa · OSL:PHO
Photocure Asa — Q2 2012 Earnings Presentation
23 slides from Photocure Asa's earnings presentation, Aug 24, 2012
Slide 1: Photocure ASA Executing the Strategy
Photocure ASA Executing the Strategy RESULTS OF THE SECOND QUARTER AND FIRST HALF 2012 24 AUGUST 2012 KJETIL HESTDAL, 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 Second Quarter 2012
Highlights Second Quarter 2012 Building a Specialty Pharma Company Operational • Hexvix®/Cysview® delivering growth across geographies – Approval of upgraded blue light cystoscope in May enables US market access – Study published in the prestigious Journal of Urology demonstrates significant improve
Slide 4: Commercial Operations Update
Commercial Operations Update
Slide 5: Hexvix/Cysview Strategic Collaboration with Ipsen
Hexvix®/Cysview® Strategic Collaboration with Ipsen • Strategic partnership progressing well Hexvix Partner Unit Sales Per Quarter • EUR 6.5 million in up-fronts and milestones 10 000 achieved to date 9 000 8 000 – Final milestone, EUR 1.5 million received following 7 000 approval to manufacture at
Slide 6: Hexvix/Cysview Nordic and US Commercial Operations
Hexvix®/Cysview® Nordic and US Commercial Operations Own Hexvix/Cysview Unit Sales Per Quarter • Sales growth driven by Photocure’s dedicated 2 500 commercial operations in US and Nordic regions increased 29% in 2Q 2012 2 000 • Sales growth from US and Nordic regions 1 500 increased 19% in 1H 2012 1
Slide 7: Hexvix/Cysview Nordic and US Commercial Operations
Hexvix®/Cysview® Nordic and US Commercial Operations • Long term follow up study in 551 patients published in Journal of Urology – Statistically significant improvement in bladder cancer recurrence-free-survival – Trend towards bladder preservation P=0.004 • Successful introduction to key target aud
Slide 8: Allumera US Commercial Operation
Allumera® US Commercial Operation • New customer generation encouraging – >70 new customers generated first half 2012, with 170 customers by 2Q 2012 • Reorder rate, ~30%, indicative of increased customer satisfaction • Telemarketing initiative supplementing field force for broader targeting • Revenu
Slide 9: Pipeline Update
Pipeline Update sess
Slide 10: Creating Value Diverse Product Portfolio
Creating Value Diverse Product Portfolio Technology Indication Phase 1 Phase 2 Phase 3 Status • Phase 2b results to be reported in 4Q 2012 Treatment of • Commercialization through Cevira® PDT precursors of partners cervical cancer • Significant interest from potential partners • Formulation prototyp
Slide 11: Visonac Successful Clinical Trial Results
Visonac® Successful Clinical Trial Results • Visonac ® (methyl aminolevulinate) is a key late stage asset within the Photocure pipeline • Red light selected as optimal wavelength to adequately penetrate sebaceous glands • Dual mechanism of action – kills P acnes and decreases sebum production • Prio
Slide 12: Acne – The Disease
Acne – The Disease • Acne is a high prevalence disease – 120 million patients afflicted in US and top 5 EU markets – Impacts 80-90% of young people • Continues through age 20-40 – 95% of patients seek medical advice • Clinical studies demonstrate that acne has a greater impact on emotional state and
Slide 13: High Unmet Need in Acne
High Unmet Need in Acne Sales, Billions • High unmet need in the segment of moderate to severe acne – Current mainstay of therapy are oral, systemic antibiotics, retinoids, 0,25 Topicals combinations 0,35 Isotretinoin Oral – Value of this segment ~USD 900 million globally 0,3 Antibiotics Other Orals
Slide 14: Visonac Summary of Clinical Trial Results
Visonac® Summary of Clinical Trial Results • Visonac phase 2b results demonstrated significant efficacy versus control – Statistically significant reduction in inflammatory lesions (primary end point) – Statistically significant higher treatment success rate as defined by reduction in acne severity
Slide 15: Visonac Phase 3 Global Development Plan
Visonac® Phase 3 Global Development Plan • Photocure will complete development and registration for both US and EU, leveraging its expertise with previous drug-device approvals • Continue discussions with regulatory authorities to finalize phase 3 study design – Number of subjects, duration of follo
Slide 16: Financials
Financials
Slide 17: Profit & Loss Second quarter and first half year 2012
Profit & Loss Second quarter and first half year 2012 Full year Figures in NOK million 2Q 2012 2Q 2011 Change 1H 2012 1H 2011 2011 Sales revenues 17.3 16.6 4% 37.4 34.5 71.5 Signing fee & milestone revenues 14.2 2.7 432% 28.2 5.7 44.0 Total revenues 31.5 19.3 63% 65.7 40.2 115.6 Gross profit 28.8 17
Slide 18: Balance Sheet Per 30 June 2012
Balance Sheet Per 30 June 2012 (Amounts in NOK 1 000) Note 30.06.2012 30.06.2011 31.12.2011 • NOK 297.5 million in cash & cash Non-currrent assets equivalents on 30 June 2012 Machinery & equipment 4 365 3 546 4 414 Other investments 6 82 537 91 725 83 337 • Other investments includes NOK Deferred ta
Slide 19: Cash Flow Second Quarter 2012
Cash Flow Second Quarter 2012 2012 2011 2012 2011 2011 (Amounts in NOK 1 000) 2Q 2Q 1.1-30.6 1.1-30.6 Full year Profit/loss(-) before tax -13 863 -18 497 -25 519 -34 428 -47 462 Depreciation and amortisation 411 299 752 570 1 134 Share-based compensation 2 109 1 916 3 837 3 992 6 882 Net interests -
Slide 20: Segment Information Second Quarter 2012
Segment Information Second Quarter 2012 • Cancer Own sales includes Q2.2012 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 7 224 9 181 - 16 405 940 -89 - 851 17 256 in Nordic and USA Milestone revenues -
Slide 21: Summary and Outlook
Summary and Outlook
Slide 22: 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 23: Key Milestones 2012
Key Milestones 2012 2012 First Half 2012 Second Half 2012 Highlights Focus Successfully launched Cysview in US Results from Cevira Phase 2b clinical Continued to drive adoption of Allumera trial available in US Drive growth of Cysview in the US Ipsen secured strong start with Hexvix Work