Interim report January-June 2013 A DIFFERENT KIND OF PHARMA COMPANY

Transcription

1 Interim report January-June 2013 A DIFFERENT KIND OF PHARMA COMPANY Telephone conference, August 6, 2013 at 10:30 a.m. (CET) Dial-in number: , enter code: Peter Wolpert, CEO and founder 0

2 Disclaimer Statements included herein that are not historical facts are forward-looking statements. Such forwardlooking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Moberg Pharma s results could be materially affected. The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, Moberg Pharma s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in Moberg Pharma AB s interim or annual reports, prospectuses or press releases. 1 1

3 A different kind of pharma company Rapid growth under profitability with Kerasal Nail /Nalox as key growth driver Products based on innovative drug delivery of proven molecules Direct sales in the U.S. Network of distributors/ partners in RoW Growth strategy Organic and M&A H1 2 2

4 Second quarter highlights Continued strong topline growth Kerasal Nail now best selling product in its category in the U.S. Majority of revenues from proprietary sales Increased product distribution New distribution agreements for China (Menarini) and Mexico (Paladin) Additional U.S. retail chains, including Target, Meijer and Hannaford Solid platform for increased growth Rights issue to Bure Equity (in July) Evaluation of acquisition and in-licensing opportunities ongoing. 3 3

5 Sales increase owing to successful acquisition and strong organic growth Net Sales, MSEK 107% GROWTH IN PRODUCT SALES * Q Q *Revenues Q includes milestones of 2,8 MSEK 4 4

6 Successful marketing and expanded distribution drive sales of Nalox /Kerasal Nail 51% GROWTH IN NALOX /KERASAL NAIL PRODUCT SALES Kerasal Nail U.S. market share Q Q

7 Kerasal Nail now best selling product in its category in the U.S. with 19% market share Kerasal Nail Retail Sales, USD and Market share, % $ % $ $ % $ % $ $ % $ $0 0% Kerasal Nail $ Sales Kerasal Nail % of Category Linear Linjär (Kerasal Nail % of Category) 6 Source, IRI: Nail fungus OTC category Retail Dollar Sales Multi-Outlet, 4 week periods in

8 Continued growth and increased financial strength Apr-Jun Apr-Jun Jan-Jun Jan-Jun (MSEK) Revenues - Product sales - Milestones Cash position June Significant events during and after the reporting period Moberg Derma became Moberg Pharma Kerasal Nail distribution agreements expanded to Mexico (Paladin) and China (Menarini) Patient enrollment completed in clinical study of MOB-015 Private placement of MSEK 36 to Bure Equity in July EBITDA Operating profit Earnings after Tax Earnings per Share (SEK)

9 Majority of revenue from proprietary sales Distribution of revenue, Jan - June 2013 Proprietary sales 55% Sales via distributors 45% Kerasal 14% JointFlex 17% Nalox/ Kerasal Nail 69% America 54% RoW 8% Europe 36% Channels Products Geography 8 8

10 Kerasal Nail Best selling product in its category Best selling product in its category Available at points of sale Distribution added through Target, Meijer and Hannaford 9 9

11 New distribution agreements signed - further launches ahead Nalox European growth affected by intensifying competition Strong sales in e.g. France, Italy and the Netherlands Launch preparations at full intensity in Canada Distribution agreements expanded to Mexico (Paladin) and China (Menarini) Preparations for Chinese market approval will begin shortly Note: Not an all inclusive list

12 Strong financial platform facilitates portfolio expansion Rights issue pursuant to AGM authorization Private placement to Bure Equity generated MSEK 36 before issue costs (in July) Aimed at facilitating acquisitions and licensing of marketed products, as well as strengthening pipeline assets Bure is now the third largest shareholder 11 11

13 Portfolio of growing brands sold in more than 40 markets Product Indication Market presence Nalox Kerasal Nail Kerasal JointFlex Damaged nails Dry feet/cracked heels Joint and muscle pain Proprietary sales in the U.S. Launched by 10 partners in 25 markets Proprietary sales in the U.S. Launched by 13 partners in 15 markets Proprietary sales in the U.S. Launched by 14 partners in 20 markets 12 12

14 Organic growth >100 NEW BUSINESS OPPORTUNITIES TO BE EVALUATED 2013 Current products growing, line extensions Launches in new markets 8 patent families enable additional products - MOB Non-clinical programs Acquisitions/inlicensing Products - Focus on US OTC market Projects and technologies Interest areas for BD/Development: - Derma indications, e.g. Acne, Psoriasis, Pigmentation disorders - Select other indications 13 13

15 Strong U.S. sales, continued growth but slower pace in Europe Revenue by geographical market Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full-year (MSEK) Europe, product sales Europe, milestones America Rest of the world TOTAL Revenue by product category Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full-year (MSEK) Nalox/Kerasal Nail, sales of products Nalox/Kerasal Nail, milestone payments Kerasal Jointflex Kaprolac TOTAL

16 Strong financial position (MSEK) June June December Assets Intangible fixed assets Tangible fixed assets Financial fixed assets Deferred tax assets Total fixed assets Inventories Accounts receivable and other receivables Cash and bank balances Total current assets TOTAL ASSETS Equity and liabilities Equity (attributable to Parent Company shareholders) Long-term interest-bearing liabilities Long-term non-interest-bearing liabilities Current interest-bearing liabilities Current non-interest-bearing liabilities TOTAL EQUITY AND LIABILITIES

17 Cash flow Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full-year (MSEK) Cash flow before changes in working capital Change in working capital CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES Change in cash and cash equivalents Cash and cash equivalents at the start of the period Exchange-rate difference in cash and cash equivalents Cash and cash equivalents at the end of the period Private placement to Bure Equity in July generated MSEK 36 before issue costs 16 16

18 Building A DIFFERENT KIND OF PHARMA COMPANY Continued strong product demand Kerasal Nail now top selling U.S brand in its category Expanded distribution network in the U.S. Majority of revenues from proprietary sales Larger geographical reach new agreements for China and Mexico Strengthened financial position Evaluation of acquisition and in-licensing opportunities at an advanced stage 17 17