2Q17 GBT Results Presentation

Transcription

1 2Q17 GBT Results Presentation Montevideo, August 15 th 2017 B3: GBIO33

2 Highlights Another quarter of strong. Strategic agenda continues to evolve as planned. 2Q17 Highlights P&L HIGHLIGHTS Gross revenues up 4.4% in BRL and 12.5% (constant currency), YoY. 2Q17 Gross Revenues 1H17 Gross Revenues Recently launched products contributing strongly. Opsumit grew at 70.2% from 2Q16 and Veletri up 51.6% from 1Q17 Net revenues increase 2.6% in 2Q17 or 10.1% and up 4.2% in 1H17 or 15.3% in constant currency % % nominal % % nominal 424 Adjusted EBITDA of BRL 39.0M, up 72.6% or 86.2%, YoY LTM adjusted EBITDA reached BRL 203.3M compared with BRL 174.3M in full year 2016 Gross margin at 53.8% or BRL 100.0M, consistent with historic figures Industry leading ROIC of 47.4% in LTM Pipeline progress with new deals signing with Celgene and Dipharma Beginning of commercial activities in Mexico 2Q16 2Q17* 2Q17 2Q17 Adjusted EBITDA % % nominal 39 1H16 1H17* 1H17 1H17 Adjusted EBITDA % % nominal 84 2Q16 2Q17* 2Q17 1H16 1H17* 1H17 Note: (*) Growth on a constant currency basis 2

3 Highlights Profit and loss statement 2Q17 2Q16 Δ% 2Q17* Δ% 1H17 1H16 Δ% 1H17* Δ% Gross revenues % % % % Net revenues % % % % Cost of goods sold % % % % COGS (%) -46.2% -57.1% -45.3% -46.8% -54.0% -45.6% Gross profit % % % % Gross Margin (%) 53.8% 42.9% 54.7% 53.2% 46.0% 54.4% Operating Expenses % % % % OPEX (%) -46.0% -34.4% -47.7% -39.0% -34.5% -40.0% Operating income % % % % EBIT Margin 7.8% 8.5% 7.0% 14.2% 11.5% 14.4% (+) D&A % % % % EBITDA % % % % EBITDA Margin 9.9% 10.4% 9.1% 16.3% 13.3% 16.5% (+) Stock Grants (+) One-time adjustment % % % % Adjusted EBITDA % % % % Adj. EBITDA Margin 21.0% 12.5% 21.1% 22.3% 15.2% 22.8% 3

4 Highlights Strong performance track record 12.5% in gross revenue 86.2% in adjusted EBITDA % % nominal % % nominal % % nominal 73.3% % nominal Q16 2Q17* 2Q17 1H16 1H17* 1H17 2Q16 2Q17* 2Q17 1H16 1H17* 1H % in net revenue 40.3% in gross profit 2.6% nominal 15.3% 4.2% nominal 28.7% nominal 36.2% 20.3% nominal 10.1% % Q16 2Q17* 2Q17 Note: (*) Growth on a constant currency basis 1H16 1H17* 1H17 2Q16 2Q17* 2Q17 1H16 1H17* 1H17 4

5 Revenues Country breakdown Net revenues by country (BRL Millions) 414 Others Colombia Argentina ,5 42, ,4 38,1 64, ,3 36,1 56, ,5 80,6 97,3 43,8 71, ,1 65,9 121,2 Brazil 65,6 78,4 76,6 137,3 150,5 147,4 2Q16 2Q17* 2Q17 1H16 1H17* 1H17 Note: (*) Growth on a constant currency basis 5

6 Revenues Components of revenue Therapeutic area components of revenue 2Q17 vs. 2Q16 (% of gross revenues) Therapeutic area components of revenue 1H17 vs. 1H16 (% of gross revenues) 6,4% 3,5% 3,6% 12,8% 12,8% 17,8% 18,5% 17,8% 14,2% 6,5% 3,5% 3,5% 13,4% 13,4% 17,4% 16,7% 15,9% 12,8% 34,2% 29,9% 31,4% 36,3% 32,7% 34,2% 27,3% 35,2% 34,4% 27,1% 33,7% 32,9% 2Q16 2Q17* 2Q17 1H16 1H17* 1H17 Onco & onco-hematology Orphan & rare diseases Others Infectious diseases Speacialty treatments and I&I Onco & onco-hematology Orphan & rare diseases Others Infectious diseases Speacialty treatments and I&I Geography components of revenue 2Q17 vs. 2Q16 (% of net revenue) Geography components of revenue 1H17 vs. 1H16 ((% of net revenue) 12,4% 9,3% 8,9% 12,1% 10,6% 10,5% 23,7% 19,1% 19,4% 22,5% 17,2% 17,6% 27,6% 32,3% 30,4% 27,1% 35,8% 32,4% 36,3% 39,3% 41,2% 38,3% 36,4% 39,5% 1Q16 1Q17* 1Q17 Brazil Argentina Colombia Others 1H16 1H17* 1H17 Brazil Argentina Colombia Others 6

7 Recently launched products Significant of new products GBT consolidated gross revenues GBT components (BRL million Growth components vs 2Q16) % -33% Q16 2Q17* 2Q17 2Q16 2Q17* 2Q17 2Q16 2Q17* 2Q17 2Q16 2Q17* 2Q17 - Base portfolio 3 launches Launched in 2015 Launched in 2015 Launched in 2016 Note: (*) Growth on a constant currency basis 7

8 Operating expenses Operating expenses Expenses (BRL Millions) 2Q17 2Q16 Δ% 2Q17* Δ% 1H17 1H16 Δ% 1H17* Δ% Selling and marketing expenses % % % % General and administrative expenses % % % % R&D, medical, regulatory and bus. dev. Expenses % % % % Reorganization, integration and acquisition expenses % % % % Other operating income/(expenses) % % % % Operating Expenses % % % % Note: (*) Growth on a constant currency basis 8

9 Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA calculation (BRL Millions) Adjusted EBITDA and EBITDA margin (%) 2Q17 2Q16 2Q17* 1H17 1H16 1H17* 12.5% 21.1% 21.0% 15.2% 22.3% Net income (loss) Financial expenses % 83,5 Income tax (+) D&A ,5 EBITDA (+) Stock Grants ,6 42,1 39,0 53.3% nominal (+) One-time adjustment Adjusted EBITDA Q16 2Q17* 2Q17 1H16 1H17 Note: (*) Growth on a constant currency basis 9

10 Net Financial Expenses Net Financial expenses breakdown Interest, FX and other financial expenses 2Q17 2Q16 Δ% 1H17 1H16 Δ% Interest and other financial expenses % % Bancolombia % % PECs % % Other finance expenses, net % % FX income/expenses, net % n.a. Net Financial Results % % 10

11 Taxes GBT s implied effective tax rate GBT s implied effective tax rate calculation (BRL Millions) Q17 2Q17 1H17 EBIT Taxable EBIT Current income tax Deferred income tax Implied effective tax rate 20.1% 24.1% 27.1% 25.3% 1 Current Income Tax / Taxable EBIT, where Taxable EBIT equals operating income plus taxable financial expenses or gains 2 Normalized for stock grants (one-timer, non-cash item, which has no tax impact) 11

12 NET INCOME Net income and adjusted net income 2Q17 Adjusted net income (BRL Millions) 2Q16 Adjusted net income (BRL Millions) (11.3) 3,8 20,6 (11.9) (2,6) (3,2) 6.7 (4.5) Net income (loss) Deferred tax One timers Intercompany exchange difference Adjusted net income Net income (loss) Deferred tax One timers Intercompany exchange difference Adjusted net income 1H17 Adjusted net income (BRL Millions) 1H16 Adjusted net income (BRL Millions) 0,0 22,4 30,5 6,6 (1.8) 8.7 0,0 8,1 (4,4) 8.1 Net income (loss) Deferred tax One timers Intercompany exchange difference Adjusted net income Net income (loss) Deferred tax One timers Intercompany exchange difference Ajusted net income Note: (*) Growth on a constant currency basis 12

13 Financials Illustrative cash flow highlights 1H17 Net cash flow from operating/ investing activities As % of revenue As % of EBITDA 13.8% 10.1% 61.6% 45.4% (12,6) 83,5 (15.9) (3.6) 51,4 (8.4) (5.1) 37,9 Adj. EBITDA Variances in net working capital Income tax paid Non recurring expenses Net cash flow from operating activities Capex Investment in intangibles Net cash flow after investing activities 2016 Net cash flow from operating / investing activities As % of revenue As % of EBITDA 15.0% 7.7% % 35.1% , Adj. EBITDA Variances in net working capital Income tax paid Non recurring expenses Net cash flow from operating activities Capex Investment in intangibles Net cash flow after investing activities 13

14 Financials Net indebtedness Net debt / adjusted EBITDA (1) 2,2x Times interest earned: adj EBITDA / interest expense (1) 6.3x 4.1x 1,1x Including PECs Excluding PECs Including PECs Excluding PECs Debt overview as of 2Q17 31 Debt reconciliation 185 Total Debt 2Q Cash (47) 282 Net Debt 2Q Total Debt 2Q17 < 1 Year < 3 Years < 5 Years Note: (1) Adusted EBITDA LTM and net debt as of June 30,

15 CAPEX and intangibles Maintenance capex and intangibles Maintenance capex 2Q17 vs. 2Q16 Maintenance capex 1H17 vs. 1H % -9.8% 5,6 9,3 8,4 3,0 2Q16 2Q17 1H16 1H17 Intangible 2Q17 vs. 2Q16 Intangible 1H17 vs. 1H % % 5,1 3,9 1,6 2,3 2Q16 2Q17 1H16 1H17 15

16 Pipeline update Solid pipeline and important milestones progress ABRAXANE Price agreement by CMED Launch of ABRAXUS in Mexico in July and beginning of commercialization in 3Q17 ALPROSTAPINT Pint Pharma contract extension for 15 years and territory expansion to include Brazil DITERIN Agreement with Dipharma to commercialize the product in Latin America in 7 countries OXITIDINOL Launch of perfinidone in Argentina OPSUMIT Registration approval in Ecuador ZAVESCA Registration approval in Panama Due Diligence 11 molecules from oncology and infectious diseases Closing 5 molecules in the final stage before signing of the agreement 16

17 Disclaimer This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of the Company s management. The words anticipates, believes, estimates, expects, forecasts, plans, predicts, project, targets and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Known risks and uncertainties include but are not limited to the impact of competitive services and pricing market acceptance of services, service transactions by the Company and its competitors, regulatory approval, currency fluctuations, changes in service mix offered, and other risks described in the Company s registration statement. Forward-looking statements speak only as of the date they are made and Grupo Biotoscana does not undertake any obligation to update them in light of new information or future developments. 17

18 IR Contact Melissa Angelini