Photocure ASA · OSL:PHO
Photocure ASA — Q1 2017 Earnings Presentation
20 slides from Photocure ASA's earnings presentation, May 23, 2017
Slide 1: Photocure ASA: Building a Specialty Pharma Company
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS FOR FIRST QUARTER 2017 23 MAY 2017 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: Key Objectives and Achievements
KEY OBJECTIVES AND ACHIEVEMENTS KEY OBJECTIVES 1Q KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit sales • Hexvix/Cysview global in-market volume increased YoY 10% in first quarter • In the US Cysview in-market volume increased YoY 28% in first quarter • Increase growth of Cysview in
Slide 4: Hexvix/Cysview Update
Hexvix/Cysview Update
Slide 5: Hexvix/Cysview a Significant Global Specialty Brand
HEXVIX/CYSVIEW A SIGNIFICANT GLOBAL SPECIALTY BRAND Global in-market unit sales (by Q) • Value of in-market sales of Hexvix/Cysview in the first quarter increased YoY 7% to NOK 65 million • Hexvix/Cysview global in-market volume increased YoY 10% in the first quarter • Overall franchise EBITDA first
Slide 6: Hexvix/Cysview Progress Update in USA
HEXVIX/CYSVIEW PROGRESS UPDATE IN USA Approval in • Photocure own sales revenue in the US in 1Q increased 32% surveillance market – Driven by YoY in-market volume growth of 28% in first quarter Receive • Permanent Blue Light Cystoscope placements of 89 at the end of reimbursement quarter, increase o
Slide 7: Hexvix/Cysview Phase 3 Surveillance Study Showed Significant Clinical Benefits
HEXVIX/CYSVIEW PHASE 3 SURVEILLANCE STUDY SHOWED SIGNIFICANT CLINICAL BENEFITS Phase 3 Surveillance Study Conclusions Late-Breaking Presentation at AUA • BLFCC significantly improves the detection of patients with recurrent bladder cancer (21.5%, p<0.0001) • BLCC significantly improves the detection
Slide 8: Cysview US New Clinical Data Through Clinical Registry
CYSVIEW US NEW CLINICAL DATA THROUGH CLINICAL REGISTRY BLC with Cysview Clinical Registry Study Results BLCC Registry Poster • Bladder Cancer Registry Study in the US was presented at AUA Poster session “Blue Light Cystoscopy for the diagnosis of Urothelial Bladder Cancer: results from a prospective
Slide 9: Cysview US Increased Awareness Key for Continued Growth
CYSVIEW US INCREASED AWARENESS KEY FOR CONTINUED GROWTH BLCC Patient and Urologists Awareness Campaigns Media Campaigns Key Market Awareness Campaign KOL interviews at AUA* Focused Blue Light Cystoscopy with Cysview (BLCC) • Dr. Sia Daneshmand, MD awareness campaign in select high volume markets • D
Slide 10: Hexvix Performance Nordics
HEXVIX PERFORMANCE NORDICS • Photocure own sales revenue in the Nordics decreased YoY 4% in first quarter – Decrease in revenue caused by YoY in-market volume decline of 8% in first quarter and FX impact – A temporary loss of procedures through recent months related to reorganization of clinics and
Slide 11: Hexvix/Cysview Partner Progress
HEXVIX/CYSVIEW PARTNER PROGRESS Cost of Bladder Cancer represents • Partner revenue increased 6% in 1Q to NOK 16.2 million € 4.9 bn (Leal et al, 2016) – Driven by YoY in-market volume growth of 13% in first quarter • Ipsen in EU: – Strong visibility for Hexvix at European Association of Urology Cong
Slide 12: Cevira/Visonac Update
Cevira/Visonac Update
Slide 13: Cevira & Visonac Phase 3 Ready Products with Significant Sales Potential
CEVIRA & VISONAC PHASE 3 READY PRODUCTS WITH SIGNIFICANT SALES POTENTIAL • Cevira - Breakthrough single use and fully integrated drug-device technology to satisfy high need for novel non-surgical therapies to treat global epidemic of HPV/HSIL populations • Visonac – Novel topical non-antibiotic/non-
Slide 14: Financials
Financials
Slide 15: Segment Performance First Quarter 2017
SEGMENT PERFORMANCE FIRST QUARTER 2017 MNOK Q1 '17 Q1 '16 Commercial franchise: • Hexvix/Cysview total revenue increasing YoY 9% in the Commercial Franchise quarter, negatively impacted by FX movements. Revenue Nordic revenues 9.7 10.1 US revenues 10.0 7.6 increase in constant currencies 14% Partner
Slide 16: Consolidated Income Statement First Quarter 2017
CONSOLIDATED INCOME STATEMENT FIRST QUARTER 2017 • Total revenue increase YoY 5% first quarter. MNOK Q1 '17 Q1 '16 – Negatively impacted by milestone revenues Hexvix / Cysview revenues 36.5 33.5 • Operating expenses increase 5% YoY first quarter Signing fees and milestones - 1.3 Total revenues 36.5
Slide 17: Cash Flow First Quarter 2017
CASH FLOW FIRST QUARTER 2017 • Cash flow from operations first quarter NOK -10.8 million MNOK Q1 '17 Q1 '16 (Q1 2016 NOK -9.3 million) Cash flow from: – Working capital impact NOK -3.7 million - Operations -10.8 -9.3 • Cash flow from investments first quarter NOK -3.0 million - Investments -3.0 -5.1
Slide 18: Balance Sheet per 31 March 2017
BALANCE SHEET PER 31 MARCH 2017 • Non current assets include NOK 29.9 million in MNOK 31.03 31.12 31.03 investments in tangible and intangible assets and 2017 2016 2016 deferred tax asset of NOK 48.4 million Non-current assets 78.3 74.1 54.6 Inventory & receivables 44.4 43.0 74.2 • No interest beari
Slide 19: Outlook
Outlook
Slide 20: Key Objectives and Achievements
KEY OBJECTIVES AND ACHIEVEMENTS KEY OBJECTIVES 1Q KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit sales • Hexvix/Cysview global in-market volume increased YoY 10% in first quarter • In the US Cysview in-market volume increased YoY 28% in first quarter • Increase growth of Cysview in