Almirall Sa · BME:ALM
Almirall Sa — H1 2024 Earnings Presentation
33 slides from Almirall Sa's earnings presentation, Jul 22, 2024
Slide 1: H1 2024 Financial Results & Business Update
H1 2024 Financial Results & Business Update 22nd of July 2024
Slide 2: Disclaimer
Disclaimer This document has been prepared by Almirall, S.A. (the Such forward-looking statements are based on current “Company”) exclusively for use during the presentation. expectations and projections about future events and are This document includes only summary information and subject to vario
Slide 3: Agenda
Agenda Carlos Gallardo, Chairman & CEO H1 2024 Highlights Biologics Growth Drivers Update: Ilumetri® & Ebglyss® Karl Ziegelbauer, CSO Pipeline Updates Mike McClellan, CFO Financial Review Carlos Gallardo, Chairman & CEO Closing Remarks Financial Results & Business Update
Slide 4: H1 2024 Highlights
H1 2024 Highlights
Slide 5: H1 2024 highlights
INTERNAL USE H1 2024 highlights Biologics are a driving force behind European dermatology business Strong set of results driven by Growth driven by key products Expanding our innovation European dermatology in Europe pipeline Net Sales Ilumetri® (psoriasis) Klisyri® (large field) €497.2 MM +6.7% YoY
Slide 6: Biologics Growth Drivers Update: Ilumetri & Ebglyss
Biologics Growth Drivers Update: Ilumetri® & Ebglyss®
Slide 7: Ilumetri highlights
INTERNAL USE Ilumetri® highlights Continued momentum in H1 2024 Half-year recap Solid position of Ilumetri® within Europe Net Sales of €52 MM in Q2 2024 the Anti-IL-23 class, which holds H1 2024 growth up c.25% YoY the leading share in the dynamic psoriasis market*. Ilumetri® is the #1 product of th
Slide 8: Ebglyss launch highlights
INTERNAL USE Ebglyss® launch highlights Net Sales doubled QoQ, positive initial feedback on clinical profile Europe Net Sales of €7 MM in Q2 2024 Half-year recap Increase of c.100% quarter-on-quarter Ebglyss® market share of dynamic patients* continues its strong increase since launch. Increasing aw
Slide 9: Atopic Dermatitis market in Germany
INTERNAL USE Atopic Dermatitis market in Germany New treatments help expand the market, driving patient numbers Patients under treatment with advanced therapies in Germany* 31,215 Continued strong growth in 2024, market expansion underpinned by the introduction of new advanced therapies. 3,813 2018
Slide 10: Atopic Dermatitis market in Europe
INTERNAL USE Atopic Dermatitis market in Europe* Large and growing market, with significant opportunity for continued expansion Atopic Dermatitis market 2031* Moderate to Moderate to Moderate to severe patients severe patients under severe patients treatment under treatment c. 5.1 MM c. 3.9 MM with
Slide 11: Ebglyss launch schedule on track
INTERNAL USE Ebglyss® Launch schedule on track Dec’23 DE ✓ 2024 NO ✓ ✓ UK DK ES AT 2025 IT CH IE SE CZ NL FL FR BE SK PT PL HU Financial Results & Business Update 11
Slide 12: Pipeline Update
2 Zz . (~ almirall Pipeline Update
Slide 13: Advancing early-stage portfolio alongside late-stage pipeline
INTERNAL USE Advancing early-stage portfolio alongside late-stage pipeline Well-positioned in key dermatology indications with exciting early pipeline prospects Molecule / Under Commercial name Indication Expected launch Phase I Phase II Phase III registration Geography Efinaconazole Onychomycosis 2
Slide 14: Clinical study program by Almirall and Lilly for Lebrikizumab
INTERNAL USE Comprehensive clinical study program by Almirall and Lilly to maximize the value of Lebrikizumab Indication Sponsor Name Objective Next Milestone ADlong Additional 2-year long-term safety Results exp. 2025 ADvantage extension Cyclosporine non-responder or ineligible Ext. results exp. H2
Slide 15: Klisyri large field
INTERNAL USE Klisyri® large field FDA approved Klisyri® for the treatment of actinic keratosis on expanded area Original FDA approval (December Safety and tolerability profiles in Actinic keratosis is the most 2020) now extended to the use of Klisyri® treatment of actinic common pre-cancerous Klisyr
Slide 16: Financial Review
2 Zz . (~ almirall Financial Review
Slide 17: European dermatology on a positive growth trajectory
INTERNAL USE H1 2024 Results European dermatology on a positive growth trajectory Highlights Net Sales €497.2 MM +6.7% and SG&A at €231.6 MM +7.9% Total EBITDA of €104.5 MM, Core EBITDA* €104.0 MM +3.4% compared to H1 2023, +3.2% vs H1 2023 aided by solid year-on-year, fueled by solid increasing mai
Slide 18: Net Sales Breakdown by Products
INTERNAL USE H1 2024 Results Net Sales Breakdown by Products Million € YTD June 2024 YTD June 2023 % Chg YoY H1 2024 Net Sales breakdown H1 2024 Net Sales breakdown of the business by geography Europe 440.4 407.9 8.0% Dermatology 233.0 194.3 19.9% General Medicine & OTC Dermatology 53% General Medic
Slide 19: Dermatology Sales Breakdown
INTERNAL USE H1 2024 Results Dermatology Sales Breakdown Million € YTD June 2024 YTD June 2023 % Chg YoY Europe 233.0 194.3 19.9% Ilumetri 100.5 80.4 25.0% RoW; 3% Ciclopoli franchise 26.4 26.3 0.4% US; 11% Decoderm franchise 17.5 15.9 10.1% Wynzora 12.9 7.7 67.5% Ebglyss 10.8 0.0 n.m. Solaraze 10.7
Slide 20: Total Income Statement
INTERNAL USE H1 2024 Results Total Income Statement Million € YTD June 2024 YTD June 2023 % Chg YoY % var CER H1 2024 Net Sales fueled by strong Dermatology Total Revenues 500.1 467.3 7.0% 7.0% sales in Europe, with solid performance of Ilumetri ® Net Sales 497.2 466.1 6.7% 6.7% and Ebglyss®. Other
Slide 21: Balance Sheet
INTERNAL USE H1 2024 Results Balance Sheet Million € Jun 2024 Dec 2023 Variation €MM Goodwill & Intangible assets decreased primarily due to higher depreciation offsetting recent R&D Goodwill & Intangible assets 1,288.7 1,310.4 (21.7) deal investments, Ebglyss® capitalization and Property, plant and
Slide 22: Cash Flow
INTERNAL USE H1 2024 Results Cash Flow Million € YTD June 2024 YTD June 2023 Working Capital reduction mainly driven by an Profit Before Tax 30.3 28.1 increase in accounts receivable. Depreciation and amortization 68.6 62.8 Change in working capital (20.0) (28.9) Other adjustments mostly related to
Slide 23: Closing Remarks
2 Zz . (~ almirall Closing Remarks
Slide 24: Conclusions
INTERNAL USE Conclusions Robust dermatology performance and promising Ebglyss® launch Accelerating Good progress Strong Ilumetri® Ebglyss® growth with early and Strong H1 2024 Continue to explore performance in in market share in late-stage assets, results, new inorganic the half-year, on Germany an
Slide 25: Appendices
INTERNAL USE Appendices Financial Results & Business Update
Slide 26: Core Results
INTERNAL USE H1 2024 Results Core Results* Million € YTD June 2024 YTD June 2023 % Chg YoY % var CER Reconciliation Core Total Revenues 499.6 466.6 7.1% 7.1% from Core EBITDA* Core Net Sales 497.2 466.1 6.7% 6.7% Core Other Income 2.4 0.5 n.m. n.m. to Total EBITDA Cost of Goods (173.5) (161.5) 7.4%
Slide 27: Total Income Statement CER
INTERNAL USE H1 2024 Results Total Income Statement CER Million € CER YTD June 2024 YTD June 2024 var YTD June 2023 % var CER % Chg YoY EURO CER June 2024 Total Revenues 500.1 500.1 - 467.3 7.0% 7.0% Net Sales 497.1 497.2 0.1 466.1 6.7% 6.7% CZK 23.69 25.01 Other Income 3.0 2.9 (0.1) 1.2 150.0% 141.
Slide 28: Ilumetri
INTERNAL USE Ilumetri® Net Sales in € Million 49 52 42 42 44 36 38 31 31 25 27 14 17 20 20 6 9 9 12 4 5 5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 Financial Results
Slide 29: Net Sales by Geography
INTERNAL USE H1 2024 Results Net Sales by Geography Million € YTD June 2024 YTD June 2023 % Chg YoY Europe 440.4 407.9 8.0% US 28.8 30.0 (4.0%) Rest of World 28.0 28.2 (0.7%) Net Sales 497.2 466.1 6.7% Financial Results & Business Update 29
Slide 30: Leading Product Net Sales
INTERNAL USE H1 2024 Results Leading Product Net Sales Million € YTD June 2024 YTD June 2023 % Chg YoY Ilumetri 100.5 80.4 25.0% Ebastel franchise 43.9 42.4 3.5% Ciclopoli franchise 28.3 28.8 (1.7%) Crestor 21.9 21.9 - Almax 21.9 18.7 17.1% Sativex franchise 19.0 18.5 2.7% Decoderm franchise 17.9 16
Slide 31: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements Gross Margin & EBITDA Million € YTD June 2024 YTD June 2023 (1) Net Sales 497.2 466.1 Procurements(1) (119.3) (115.1) Other manufacturing costs(2) Staff costs (19.3) (17.6) Amortization & Depreciation (5.6) (5.1) Other operating costs (1
Slide 32: Reconciliations with audited financial statements
INTERNAL USE Reconciliations with audited financial statements EBIT & Net Financial income/(expenses) Million € YTD June 2024 YTD June 2023 EBITDA 104.5 101.3 Amortization & Depreciation (68.6) (62.8) EBIT 35.9 38.5 Financial income 3.7 1.1 Financial cost (7.9) (7.4) Financial derivative 2.4 (3.7) N
Slide 33: www.almirall.com
For further information, please contact: Pablo Divasson del Fraile Senior Director of Investor Relations Tel. +34 610 546 296 [email protected] Or visit our website: www.almirall.com