PRESENTATION
VIFOR PHARMA
IR PRESENTATION
May 2017
A PURE PLAY PHARMA COMPANY
• A separation of the
Galenica Group was
completed via a full IPO
of Galenica Santé on 07
April 2017.
• Galenica will change its
name to Vifor Pharma
on 12 May 2017.
• Galenica raised
sufficient equity to have
a net debt free situation.
• Galenica has a new
ticker symbol (VIFN).
• 1:10 share split effective
on 22 May 2017
© Vifor Pharma
May 2017
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VIFOR PHARMA
VISION
Global Leader
in Iron Deficiency, Nephrology
and Cardio-Renal Therapies.
© Vifor Pharma
May 2017
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AGENDA
1
2
3
Experienced
leadership team
Proven track record
Leading portfolio
in target disease areas
4
5
6
Three mid-term
strategic growth drivers
Investments
Strong financial
performance
and 2017 outlook
© Vifor Pharma
May 2017
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1
EXPERIENCED LEADERSHIP TEAM
MANAGEMENT TEAM – HIGHLY EXPERIENCED WITH PROVEN TRACK RECORD
Etienne Jornod
Executive Chairman
• First and only Company
• Executive Chairman since 1996
• Led the transition of the Company from
wholesaler to specialty pharma and retail
Stefan Schulze
President of the Executive
Committee and COO Vifor
Pharma
• Appointed CEO of VFMCRP in 2014
• Designated COO Vifor Pharma in May 2017
• Long-time experience in Dialysis/Pharma
Colin Bond
Chief Financial Officer
• CFO since 2016
• Biotech and Pharma background (previously
CFO of Evotec)
• More than 30 years financial and capital
market experience
Vifor Pharma Group
~2,500
MEMBERS OF THE BOARD OF DIRECTORS
Marc de Garidel
Chairman and former
CEO of Ipsen
Fritz Hirsbrunner
Former CFO Galenica
(1996 – 2011)
Daniela Bosshardt-Hengartner
Pharmacist,
Financial analyst
Dr. Romeo Cerutti
Executive Board Credit Suisse
Prof. Dr. Michel Burnier
Nephrologist
Dr. Gianni Zampieri
Former CEO Vifor Pharma
© Vifor Pharma
May 2017
Dr. Sylvie Grégoire
Board member Novo Nordisk
5
2
PROVEN TRACK RECORD
FINANCIAL PROFILE
EBIT1)
MCHF
EPS DEVELOPMENT
CHF
491
451
311
263
327
350
368
50.0
43.9
39.4
40.0
370
29.1
32.3
35.5
46.5
39.8
34.6
30.0
266
20.7
20.0
154
9.9
12.3
15.9
10.0
2007
2008
2009
2010
2011
Galenica Santé
2012
2013
2014
2015
2016
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Vifor Pharma
SHARE PRICE PERFORMANCE
• Cumulative growth:
+2,800%
• Average growth rate p.a.:
21%
• Total shareholder return p.a.:
23.2% (incl. dividends)
SHARE DETAILS
Valor symbol:
VIFN
Outstanding shares: 6’500’000
1) Like-for-like (excludes non-cash one off effects and Relypsa in 2016)
© Vifor Pharma
May 2017
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2
PROVEN TRACK RECORD
CORPORATE TIMELINE AND STRATEGY
2020
2015
2010
2000
BUILDING IRON PORTFOLIO
AND INTERNATIONAL EXPANSION
• 2000: Venofer ® US FDA approval
• 2007: Launch of
Ferinject®
• 2008: Acquisition Aspreva
• 2008: Creation of EU affiliates
• 2009: Acquisition OM Pharma
© Vifor Pharma
May 2017
BECOMING GLOBAL LEADER
IN IRON DEFICIENCY AND
ENTERING INTO NEPHROLOGY
BECOMING GLOBAL LEADER
IN NEPHROLOGY AND ENTERING
CARDIO-RENAL DISEASE AREA
• 2010: Creation of VFMCRP
• 2015: Mircera® License
• 2013: Injectafer® – FDA approval
• 2015: Veltassa® License
• 2013: Launch of Velphoro®
• 2016: 4 Licensing Deals
• 2016: Relypsa Acquisition
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3
LEADING PORTFOLIO IN TARGET DISEASE AREAS
IRON DEFICIENCY
NEPHROLOGY
CARDIO-RENAL
Own
Products
1)
In-licensed
Products
1)
Avacopan/
CCX1681) CCX1401)
1) Pre-commercial products
© Vifor Pharma
May 2017
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4
THREE MID-TERM STRATEGIC GROWTH DRIVERS
Ferinject®
Exploit the Potential through Market Awareness
Vifor Fresenius Medical Care Renal Pharma
Grow and Enhance Value
Veltassa®
Build a Blockbuster
© Vifor Pharma
May 2017
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4
FERINJECT® – EXPLOIT BLOCKBUSTER POTENTIAL
OF >USD 1 BILLION
531
FERINJECT® IN-MARKET SALES (MCHF)
368
Number of Ferinject® Patient-years experience
since launch at 31 Dec 2016: 4,734,910
256
179
136
24
2007
2008
2008
Approval
in Europe /
Switzerland
Launch in
Switzerland,
UK, Spain
First launch
in Germany
Europe
© Vifor Pharma
US
43
2009
2009
FAIR-HF
study
(cardio)
63
2010
2010
FERGI-COR
study
(gastro)
88
2011
2011
2012
2012
PREFER study
(fatigue)
New EU
guidelines:
Nephro, Cardio,
Gastro, Onco
2013
2013
2014
2014
2015
2015
2016
2016
FIND-CKD
study (NDCKD)
CONFIRMHF study
(Cardio)
New ESC
guidelines
(Cardio)
Injectafer
approved
in the USA
Injectafer
approved
in the USA
EFFECT-HF
study
(Cardio)
2017
US market:
Daiichi
Sankyo
increases
sales force
to >300
reps.
ROW
May 2017
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4
FERINJECT® – EXPLOIT BLOCKBUSTER POTENTIAL
OF >USD 1 BILLION
12%
8%
4%
30%
Worldwide
market
70%
NEPHROLOGY
SEGMENT
Swiss
9%
market
NONNEPHROLOGY
SEGMENT
25%
Gynaecology
© Vifor Pharma
May 2017
Internal Medicine
Nephrology
Cardiology
Oncology/hematology
38%
Geriatry
Gastroenterology
Other TA’s
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4
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
ESTABLISH
55% Stake
STRONG IRON AND PHARMA EXPERTISE
Avacopan/CCX168
CCX140
GLOBAL LEADER IN DIALYSIS
45% Stake
© Vifor Pharma
May 2017
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4
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
BUILD PORTFOLIO
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
1)
Veltassa®/Relypsa
Rayaldee®/OPKO
Licence
(excl. US and Japan)
Licence
(Europe and other)
Mircera®/Roche
EU Affiliates
US Licence
Acquisition from FMC
CCX168/Avacopan
ChemoCentryx1)
Q3 2016
Q4 2016
CCX140/
1)
ChemoCentryx
Licence (ex-US/China)
Retacrit™/Pfizer1)
US Licence
Licence
(ex-US/China)
1) Pre-commercial products
© Vifor Pharma
May 2017
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VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
ENHANCE VALUE
ANAEMIA
MANAGEMENT
MINERAL & BONE
MANAGEMENT
CARDIO-RENAL
MANAGEMENT
KIDNEY
PROTECTION
Avacopan/CCX1681)
CCX1401)
1)
• Disease modifying
• CKD progression
• Rare Glomerular
Diseases
1)
1) Pre-commercial products
© Vifor Pharma
May 2017
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4
VELTASSA®
BUILD A BLOCKBUSTER >USD 1 BILLION
Innovative product
Broad label
Well tolerated
© Vifor Pharma
May 2017
Uniquely differentiated
Strong intellectual property
Large market opportunity
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4
VELTASSA®
ADDRESSES LIFE THREATENING UNMET MEDICAL NEED
ODDS OF DEATH WITHIN 24 HOUR PERIOD1)
% OF US PHYSICIANS WHO WOULD TAKE ACTION
AT/ABOVE SERUM K+ LEVEL (SPLIT BY SPECIALTY AND STAGE OF CKD)
Odds Ratio of Death from Hyperkalemia
% of doctors taking action
25
120%
19.5
20
100%
80%
15
11.6
60%
10
5.7
5.4
5
40%
20%
1.1
1.0
0%
0
CKD 3
CKD 4
Potassium level, mEq/L
<5.5
≥5.5 and <6.0
≥6.0
≤4.8 4.9 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6.0 ≥6.1
Serum K+ levels (Treatment Algorithm Quantitative Study, June 2013, n=386)
Nephrology – Stage 3
Cardiology – Stage 3
Nephrology – Stage 4
Cardiology – Stage 4
1) Retrospective Analysis of 245,808 Veterans; adapted from Einhorn et al., 169 (vol 12) Arch Intern. Med. 1156 (June 22, 2009)
© Vifor Pharma
May 2017
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4
VELTASSA®
US RAMP-UP ON TRACK SINCE LAUNCH
YTD SCRIPTS DISPENSED TO PATIENTS AND UNITS SOLD TO HOSPITALS/INSTITUTIONS IN THE US
5'000
4'000
3'000
2'000
1'000
-
Retail TRx: Outpatient prescriptions covered and dispensed | Non-Retail Units: Hospital/institution units sold
© Vifor Pharma
May 2017
Outpatient TRx
Non-retail units
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INVESTMENTS – LEVERAGING INTERNAL EXPERTISE
AND LATE STAGE EXTERNAL INNOVATION
PRE-CLINICAL
Own
Products
Ferroportin
inhibitors
(Iron overload –
leveraging iron deficiency expertise)
PHASE 1
PHASE 2
PHASE 3
PRECOMMERCIAL
COMMERCIAL
PHASE 4
AFFIRM-AHF
Q4 2017
R107 (leveraging
polymer technology)
Paediatric
Amber
Paediatric
2018
2019
In-licensed
Products
© Vifor Pharma
May 2017
Avacopan/CCX168
2017
2020
CCX140
2017
2021
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STRONG FINANCIAL PERFORMANCE
REVENUE
EBITDA
CAGR 24%
MCHF
MCHF
1'279
1'050
828
115
202
1'167
935
626
2014
2015
287
Net sales
287
2016
2014
NET SALES BY BRANDS
373
331
2015
2016
FTE
Ferinject®
329
Mircera®
125
Venofer®
Velphoro®
Others
Relypsa
-104
2'410
MCHF
350
435
373
Other Operating Income
112
CAGR 23%
408
Relypsa
251
188
113
© Vifor Pharma
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207
109
54
309
325
310
2014
2015
2016
May 2017
1'792
1'752
2'002
2014
2015
2016
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BALANCE SHEET OVERVIEW
Pro-forma/unaudited balance sheet at 1st January 2017 adjusted for IPO proceeds
In CHF billion
Cash & cash
equivalents
Cash of 0.5 billion
Strong equity ratio of 74%
4.2
4.2
0.3
0.2
0.3
0.3
0.5
Inventory, other
current & noncurrent assets
0.4
0.3
0.3
2.7
© Vifor Pharma
May 2017
Trade &
other receivables
Property, plant &
equipment
Intangible
assets including
goodwill
Trade & other
payables
Non-current
financial liabilities
Shareholders'
equity
Current financial
liabilities
Other current
& non-current
liabilities
3.1
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6
2017 OUTLOOK
PRODUCT
LAUNCHES
EMA approval of Veltassa® and subsequent launch expected in H2 2017
PARTNERING
Japanese rights of Veltassa® and CCX 168 / CCX 140 expected to be partnered
IN-LICENSING
At least one additional in-licensing deal during the course of 2017
CLINICAL
Ferroportin iron over-load inhibitor expected to enter Phase 1 in Q4 2017
© Vifor Pharma
May 2017
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GUIDANCE 2017
At constant exchange rates Vifor Pharma net sales are expected to grow
by high single digit in 2017.
Excluding the costs to support the launch and ramp-up of Veltassa® of approximately
CHF 260 million, EBITDA is also expected to increase at a mid to high single digit rate.
In the medium term net sales are expected to exceed CHF 2 billion in 2020 and EBITDA
is expected to reach a high triple-digit level in 2020.
From 2017 to 2019 the dividend is expected to be at the same level as for 2016.
From 2020 onwards the payout ratio is targeted at 35% of net income.
© Vifor Pharma
May 2017
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CONTACT INFORMATION
Stefan Schulze – President and COO
Colin Bond – CFO
Phone:
Email:
Phone:
Email:
+41 58 851 81 00
[email protected]
Investor Relations
+41 58 851 83 53
[email protected]
Julien Vignot – Head Investor Relations
Media Relations
Beatrix Benz – Head Global Communication & Public Affairs
Phone:
Email:
Phone:
Email:
© Vifor Pharma
+41 58 851 66 90
[email protected]
May 2017
+41 58 851 80 16
[email protected]
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DISCLAIMER
Certain statements, beliefs and opinions in this presentation are forward-looking, which reflect the Company’s or, as
appropriate, the Company’s directors’ current expectations and projections about future events. By their nature, forwardlooking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and
assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude
of factors including, but not limited to, changes in demand, competition and technology, can cause actual events,
performance or results to differ significantly from any anticipated development. Forward-looking statements contained
in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities
will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update
or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change
in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the
Company nor its advisers or representatives nor any of its of their parent or subsidiary undertakings or any such person’s
officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors
nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this
presentation or the actual occurrence of the forecasted developments. You should not place undue reliance on forwardlooking statements, which speak only as of the date of this presentation.
© Vifor Pharma
May 2017
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