Interim Report January September 2011

Transcription

1 Interim Report January September 2011 Stockholm, 20 October 2011 Geoffrey McDonough (CEO) and Lars Sandström (CFO) We provide valuable medicines to patients with rare diseases

2 Disclaimer In order to utilize the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995, Swedish Orphan Biovitrum is providing the following cautionary statement. This presentation contains forward-looking statements with respect to the financial condition, results of operations and businesses of Swedish Orphan Biovitrum. By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, the loss or expiration of patents, marketing exclusivity or trade marks; exchange rate fluctuations; the risk that R&D will not yield new products that achieve commercial success; the impact of competition, price controls and price reductions; taxation risks; the risk of substantial product liability claims; the impact of any failure by third parties to supply materials or services; the risk of delay to new product launches; the difficulties of obtaining and maintaining governmental approvals for products; the risk of failure to observe ongoing regulatory oversight; the risk that new products do not perform as we expect; and the risk of environmental liabilities. 2

3 Agenda Introduction Geoffrey McDonough, CEO Financial Review Lars Sandström, CFO Business Review Geoffrey McDonough, CEO Q & A 3

4 Key Points Sobi is an integrated, innovative biopharmaceutical company We have a unique position in the rare disease space Our focus today: 1. Growth reaching the potential of our key products 2. Profitability operating efficiency and discipline 3. Building value for our future executing on our pipeline 4

5 Financial Review Lars Sandström, CFO We provide valuable medicines to patients with rare diseases

6 SEK M Financial performance YTD Total revenues EBITA before non-recurring items YTD 2011 YTD 6

7 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M Revenues by quarter Total revenues SEK 447 M (444) Currency effects SEK -13 M Discontinued products SEK -26 M Product sales and Copromotion +8% y/y adjusted for currency effects and discontinued products Product sales & Co-promotion Other revenues 7

8 SEK M Revenues Q3-11 vs. Q Q Discontinued products Currency Growth from product portfolio Growth from other revenues Q

9 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M EBITA before non-recurring items by quarter % 40% 30% 20% EBITA before non-recurring items SEK 3.0 M (65.6) EBITA margin 0.7% (12.8) 50 10% 0 0% EBITA before non-recurring items % of sales 9

10 EBITA Q3-11 vs. Q3-10 EBITA SEK 3 M (66) + Volume + Lower operating expenses Gross margin 52% (64%) Scheduled plant maintenance Currency Royalty 10

11 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M Cash flow before financing (excl. acquisitions) by quarter 50 0 Cash flow before financing (excl. acquisitions) SEK -3.2 M (+3.4) -50 Working capital SEK M (-32.4) -100 Net investments SEK (-5.0) -150 Cash flow before financing (excl. acq.) Whereof working capital 11

12 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M Total inventory value by quarter Tech Transfer Kineret

13 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M Net debt by quarter % % Net debt SEK 613 M (1,131) Net debt to equity 12% % 0 0% Net debt Net debt / Equity 13

14 Outlook 2011 Reiterate revenue growth of 1-5 % and lower gross margin compared to last year Expect to evaluate possible write-down of balance sheet items in Q4 of up to SEK 350 M Inventory positions Intangible assets Other items including finalization of restructuring announced in Q

15 Business Overview Geoffrey McDonough, CEO We provide valuable medicines to patients with rare diseases

16 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M Sales Driven by a Diverse Portfolio Product sales & Co-promotion Other revenues 54 Products 16

17 Portfolio Dominated by Three Lines Revenues YTD Other products 26% ReFacto 37% Orfadin 16% Kineret 21% 17

18 SEK M Revenues YTD CER % % +6% +1% Kineret Orfadin ReFacto Other products excl. discontinued 2010 CER 18

19 Kineret Potential in RA Segment (Europe example) Current Kineret Market Share 0.5% Total RA patients 4.7 million (approx. 1% of population) Diagnosed patients 3 million (approx. 60% of total) Treated with biologics Eligible Kineret patients Role of Kineret in RA is reemerging as an option for patients We are gaining momentum as we learn more about the appropriate clinical role for Kineret in the rheumatology community Source: Datamonitor 2010, Schiff et al 2004 and Sobi assumptions 19

20 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 SEK M Growth Drivers for Orfadin Potential in existing markets as awareness of newborn screening and adolescent compliance increases New markets First commercial sales in Russia Working to build our presence in the Middle East region CER 20

21 Revenues* YTD by region RoW 4% North America 36% Kineret and Orfadin Europe 52% RoW 1% Other products North America 12% Europe 25% Nordic 62% Nordic 8% * Product sales and Co-promotion 21

22 SEK M Revenues* YTD CER % % +6% % 0 Europe Nordic excl. discontinued products North America RoW 2010 CER * Product sales and Co-promotion 22

23 Research & Development Indication Product/ Project Hemophilia A rfviiifc Biogen Idec Hemophilia B rfixfc Biogen Idec Prevent growth restriction in premature infants Kiobrina Partner Phase I Phase II Phase III Reg. phase 23

24 Communications Calendar 29 November 2011 Capital Markets Day Stockholm 9-12 January 2012 JP Morgan Presentation San Francisco 23 February 2012 Q4 Earnings Call Stockholm For details please contact: Asa Stenqvist 24

25 Summary Sobi is an integrated, innovative biopharmaceutical company We have a unique position in the rare disease space Our focus today: 1. Growth reaching the potential of our key products 2. Profitability operating efficiency and discipline 3. Building value for our future executing on our pipeline 25

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