Photocure ASA · OSL:PHO
Photocure ASA — Q4 2016 Earnings Presentation
21 slides from Photocure ASA's earnings presentation, Feb 15, 2017
Slide 1: Building a Specialty Pharma Company: Results for Fourth Quarter and Full Year 2016
PHOTOCURE ASA BUILDING A SPECIALTY PHARMA COMPANY RESULTS FOR FOURTH QUARTER AND FULL YEAR 2016 15 FEBRUARY 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 4Q/FY 2016 KEY ACHIEVEMENTS • Increase Hexvix/Cysview global in-market unit sales • Hexvix/Cysview global in-market volume increased growth rate YoY 5% full year • Cysview in-market volume increased YoY 5% in fourth quarter and 21% full year • Hexvix/Cy
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 quarter increased YoY 4% to NOK 60 million. Full year at NOK 241 million (+13%) • Hexvix/Cysview global in-market volume increased YoY 3% in the quarter and 5% f
Slide 6: Hexvix/Cysview Increased Exposure in Medical Community
HEXVIX/CYSVIEW INCREASED EXPOSURE IN MEDICAL COMMUNITY Continued positive data flow fuels forward momentum • New publications in Bladder Cancer show Blue Light Cystoscopy (BLC) with Hexvix/Cysview significantly improves long time outcomes ─ Significantly prolongs time to progression of bladder cance
Slide 7: Hexvix/Cysview Inclusion in Key National Guidelines
HEXVIX/CYSVIEW INCLUSION IN KEY NATIONAL GUIDELINES Transforming clinical practice • US Guidelines: Use of Blue Light Cystoscopy with Cysview/Hexvix receives highest level of recommendation in the new AUA/SUO bladder cancer guideline ─ Recommended based on the large body of evidence supporting both
Slide 8: Hexvix/Cysview Performance in Nordics and USA
HEXVIX/CYSVIEW PERFORMANCE IN NORDICS AND USA • Photocure own sales revenue in the US and Nordics increased full year 13% to NOK 69.5 million. Full year Own Hexvix/Cysview in-market unit sales growth in unit sales was 5%. Nordic and US • US revenue increased YoY 9% in the quarter and 32% full year –
Slide 9: Cysview US Established Foundation for Continued Growth
CYSVIEW US ESTABLISHED FOUNDATION FOR CONTINUED GROWTH Key highlights and basis for future growth – Inclusion of BLC with Cysview in the AUA guidelines validated the high unmet medical needs – BLC with Cysview available at many key US major urology and cancer hospitals – Established best practice ac
Slide 10: Cysview US Increased Awareness Key for Continued Growth
CYSVIEW US INCREASED AWARENESS KEY FOR CONTINUED GROWTH – Established a major bladder cancer patient registry with over 600 patients as of 2016 • Secure continued flow of new data on clinical benefits from real world clinical use of BLC with Cysview – Patient awareness increased through close collab
Slide 11: Cysview US Significant Growth Opportunity
CYSVIEW US SIGNIFICANT GROWTH OPPORTUNITY Number of bladder cancer resections (TURBs) > 300 000 annually – Majority of TURBT’s done at 400 centers in the US with more than 100 MUSD potential Number of cystoscopies > 1.4 million annually – Surveillance following initial diagnosis a significant Approv
Slide 12: Hexvix/Cysview Partner Progress
HEXVIX/CYSVIEW PARTNER PROGRESS • Partner revenue increased YoY 3% in the Hexvix Partner Unit Sales Per Quarter quarter and 14% full year to NOK 61.5 million • End user YoY volume growth 3% in the quarter and 5% year to date • New territories & partners – Sales in Canada and Australia have commenced
Slide 13: Cevira/Visonac Update
Cevira/Visonac Update
Slide 14: 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 15: Financials
Financials
Slide 16: Segments Fourth Quarter 2016
SEGMENTS FOURTH QUARTER 2016 Commercial franchise: MNOK Q4 '16 FY '16 FY '15 • Hexvix/Cysview total revenue declining Commercial Franchise YoY 5% in the quarter, impacted by Nordic revenues 9.6 39.0 38.7 US revenues 8.0 30.5 23.0 inventory reductions for distributors and Partner revenues 14.0 61.5 5
Slide 17: Profit & Loss Fourth Quarter 2016
PROFIT & LOSS FOURTH QUARTER 2016 • Total revenue increase YoY 7% full MNOK Q4 '16 FY '16 FY '15 year Hexvix / Cysview revenues 31.6 131.0 115.8 – Negatively impacted by reduced Other sales revenues (API) 5.2 5.2 6.5 sales of API and reduced milestone Signing fees and milestones 1.2 7.4 12.4 revenue
Slide 18: Cash Flow Fourth Quarter 2016
CASH FLOW FOURTH QUARTER 2016 MNOK Q4 '16 FY '16 FY '15 Cash flow from: - Operations 49.9 19.2 -21.0 - Investments 25.0 13.9 -12.6 - Financing 0.4 2.1 2.4 Net change in cash 75.3 35.2 -31.2 Ending cash balance 169.2 169.2 134.0 • Fourth quarter net cash flow NOK 75.3 million, NOK 4.9 million excludi
Slide 19: Balance Sheet per December 2016
BALANCE SHEET PER 31 DECEMBER 2016 • Non current assets include NOK MNOK 31.12 31.12 28.1 million in investments in 2016 2015 tangible and intangible assets and Non-current assets 74.1 43.6 deferred tax asset of NOK 46.0 Inventory & receivables 43.0 70.4 million Cash & equivalents 169.2 134.0 Total
Slide 20: Outlook
Outlook
Slide 21: Outlook
OUTLOOK Investment in the US Cysview Market • Established foundation for growth • Inclusion in AUA/SUO guidelines in 2016 • Increased awareness of BLC with Cysview among urologists and patients • Bladder cancer registry demonstrating benefits in “real life” setting • Opportunity to significantly imp