FULL-YEAR RESULTS 2020 - ANALYST CALL 3 MARCH 2021, 2:00 PM CET - Vifor Pharma

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FULL-YEAR RESULTS 2020 - ANALYST CALL 3 MARCH 2021, 2:00 PM CET - Vifor Pharma
PRESENTATION

               FULL-YEAR
               RESULTS 2020
               ANALYST CALL
               3 MARCH 2021, 2:00 PM CET
FULL-YEAR RESULTS 2020 - ANALYST CALL 3 MARCH 2021, 2:00 PM CET - Vifor Pharma
FULL-YEAR RESULTS 2020
SPEAKERS

                 STEFAN SCHULZE              COLIN BOND
               CHIEF EXECUTIVE OFFICER   CHIEF FINANCIAL OFFICER

3 MARCH 2021                                                       2
BUSINESS UPDATE AND
OUTLOOK
STEFAN SCHULZE, CHIEF EXECUTIVE OFFICER
2020 HIGHLIGHTS
KEY MILESTONES ACHIEVED ACROSS ALL AREAS
                                                  AFFIRM-AHF study of Ferinject® positive readout
                                                  KALM-2 phase-III study of KORSUVATM 1 positive readout
  CLINICAL TRIALS                                 INNO2VATE phase-III study of vadadustat2 positive readout
                                                  ACCOLADE phase-II study of avacopan3 readout
                                                  Recruitment in the phase-II study of VIT-2763 in beta-thalassemia started

                                                  Ferinject® launched in Japan
                                                  China: Ferinject® and Veltassa® partnered & NDA submission accepted for Ferinject®
  MARKET ACCESS
                                                  Avacopan3 filing accepted for review in Europe
                                                  KORSUVATM 1 filed in the US

                                                  In-licensing agreement with Cara Therapeutics for KORSUVATM 1 extended
  BUSINESS
                                                  Worldwide rights4 of ANG-3777 licensed from Angion Biomedica
  DEVELOPMENT
                                                  Divestment of OM Pharma strengthens focus on key therapeutic areas
1) Licensed from Cara Therapeutics, Inc. 2) Licensed from Akebia Therapeutics, Inc., subject to certain conditions and limited to the US dialysis market
3) Licensed from ChemoCentryx, Inc. 4) Excluding China, Taiwan, Hong Kong and Macau; for all nephrology indications and congestive heart-failure

3 MARCH 2021                                                                                                                                               4
2020 HIGHLIGHTS
STRONG FINANCIAL PERFORMANCE DESPITE COVID-19

                      NET SALES              CHF 1’705.6 million, -1.1% or +3.7% at constant exchange rates (CER)

                                             CHF 575.8 million, +18.7% or +29.4% at CER, and +35.7% on a
                          EBITDA
                                              comparable basis1

   CORE EARNINGS PER SHARE                   CHF 4.99, +28.7% vs. prior year

            NET CASH POSITION                CHF 190.6 million

                   EQUITY RATIO              77.1%

1) At CER and excluding the IAS 19 impact

3 MARCH 2021                                                                                                         5
STRATEGIC FOCUS
THREE KEY AREAS AS BASIS FOR FUTURE GROWTH

               1
                       Iron Deficiency

                   2
                         Nephrology

               3
                       Cardio-Renal

3 MARCH 2021                                 6
IRON DEFICIENCY – MARKET OVERVIEW
DRIVING OVERALL MARKET GROWTH

                   2014                                                                           2017                                                2020

                                   36%
                     1’924                                                                         2’633                 43%                          3’392   46%
                    CHFm                                                           57%            CHFm                                          54%   CHFm
           64%

      Ferinject®/Injectafer®, Venofer® and Maltofer®
Source: quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, moving annual total Q4-2020. Average 2020 exchange rates have been applied

3 MARCH 2021                                                                                                                                                        7
FERINJECT®/INJECTAFER®
SIGNIFICANT GROWTH IMPACT BY COVID-19 PANDEMIC
NET SALES
CHF million

                    561          552     Net sales increased by 3% at constant
                           -2%            exchange rates
                    90           99
                                         20% growth target missed due to impacts by
                    151          138
                                          COVID-19 pandemic:
                                          − Reduced physician office visits
                                          − Temporary closure of administration sites
                    320          315      − Delay of elective surgeries

                    2019         2020
   Europe      US   RoW

3 MARCH 2021                                                                            8
FERINJECT®/INJECTAFER®
STRONG REBOUND AFTER DECREASE IN RESTRICTIONS
NET SALES EVOLUTION
In CHF million, % at CER                             Q1: Growth compared to prior period
180                                                   in line with expectations
                                -26%          -2%
                  +26%                 +16%          Q2: Heavily impacted by COVID-19
150                                                   measures during first wave

120                                                  Q3: Immediate and strong return to
                                                      pre-COVID 19 growth with easing
 90                                                   restrictions in most countries
                                                     Q4: 2nd wave less impactful with
 60
                                                      better prepared healthcare system
 30                                                  Conclusion:
                                                      Ferinject®/Injectafer® expected to
   0                                                  be back to pre-COVID-19 growth
                     Q1         Q2      Q3    Q4      with easing lockdown measures
  2019     2020
CER = constant exchange rates

3 MARCH 2021                                                                                9
STRATEGIC FOCUS
THREE KEY AREAS AS BASIS FOR FUTURE GROWTH

               1
                       Iron Deficiency

                   2
                          Nephrology

               3
                       Cardio-Renal

3 MARCH 2021                                 10
NEPHROLOGY
STRONG RESILIENCE IN ANEMIA MANAGEMENT

ESA PORTFOLIO NET SALES                                                                               VENOFER® NET SALES
CHF million                                                                                           CHF million
                        540                                     524
                                             -3%
                                                                                                                      132                     136
                                                                                                                                   +3%

                        2019                                   2020                                                   2019                   2020
    Mircera® 1   Retacrit® 2

     ESA portfolio growth of 3% at CER, driven by overall demand                                        Strong growth of +8% at CER
      for Retacrit®                                                                                      Net sales growth driven by higher demand in US and China
     Mircera®      growth impacted by phasing of orders
CER = constant exchange rates 1) Licensed from F. Hoffmann-La Roche AG 2) Licensed from Pfizer Inc.

3 MARCH 2021                                                                                                                                                         11
NEPHROLOGY
VELPHORO® IMPACTED BY ORDER PATTERNS
VELPHORO® NET SALES
CHF million

                        182                                                 178
                                                   -2%                                                               Net sales increased by 4% at CER

                                                                                                                     Strong in-market sales growth of 25%

                                                                                                                     Global leader with in-market sales of CHF 439
                                                                                                                      million or 29% market share1

                                                                                                                     Protected by various Orange Book listed patents
                                                                                                                      expiring between Nov. 2028 and Nov. 2034

                        2019                                               2020

CER = constant exchange rates
1) Monthly IQVIATM MIDAS® panel, INSIGHT Health & DN, GERS, DLI, Farminform, moving annual total Q4-2020. Average 2020 exchange rates have been applied.

3 MARCH 2021                                                                                                                                                            12
NEPHROLOGY – ANG 3777
EXPANDING THE PIPELINE IN NEPHROLOGY

                   First small molecule                                                                       Global rights2
        hepatocyte growth factor mimetic                                                                   in DGF and CSA-AKI

                                                                                              ANG-37771
        ~110k patients with CSA-AKI                                                                        ~26k patients with DGF
           US, UK and EU4 combined                                                                        US, UK and EU4 combined

               Phase-II study in CSA-AKI                                                                  Phase-III study in DGF
                     read out in H2 2021                                                                  read out in end of 2021

DGF = Delayed graft function         CSA-AKI = Cardiac surgery associated acute kidney injury
1) Licensed from Angion Biomedica Corp.                2) Excluding China, Taiwan, Hong Kong and Macau

3 MARCH 2021                                                                                                                        13
NEPHROLOGY
LEADERSHIP OF THE WHOLE NEPHROLOGY CHAIN
                    PRE-CLINICAL                                                                               CLINICAL / PRE-COMMERCIAL

                    PARTNERSHIP                                                                   IN-LICENSING DEALS AND PARTNERSHIPS

                                                                                     Avacopan1                                         Rayaldee®2

                                                                                                                                                                                                                          DATA GENERATION
                     NephThera
                                                                                                                 CR8453                                            Vadadustat4

                                                                                         COMMERCIAL

                    PRE-DIALYSIS                                                                  DIALYSIS                                                    TRANSPLANTATION

                                                                                                                                         7

                                          5                                                   6                                                                    ANG-37778

1) Licensed from ChemoCentryx, Inc. 2) Licensed from OPKO Health, Inc. 3) Licensed from Cara Therapeutics, Inc. 4) Licensed from Akebia Therapeutics, Inc., subject to certain conditions and limited to the US dialysis market
5) Joint commercialization agreement with Janssen Pharmaceuticals Inc. 6) Licensed from Pfizer Inc. 7) Licensed from F. Hoffmann-La Roche AG 8) Licensed from Angion Biomedica Corp.; excluding China, Taiwan, Hong Kong and Macau
3 MARCH 2021                                                                                                                                                                                                                                14
STRATEGIC FOCUS
THREE KEY AREAS AS BASIS FOR FUTURE GROWTH

               1
                       Iron Deficiency

                   2
                          Nephrology

               3
                       Cardio-Renal

3 MARCH 2021                                 15
CARDIO-RENAL – FERINJECT®
AFFIRM-AHF STUDY SHOWED STRONG CLINICAL BENEFITS
TOTAL HEART FAILURE HOSPITALISATION
                                           100
                                                     Rate ratio (95% CI): 0.74 (0.58–0.94); p=0.013
 Mean cumulative events per 100 patients

                                                                                                                         26% reduction in heart failure
                                            80
                                                                                                                          re-hospitalization

                                            60
                                                                                                                         Reduction irrespective of anemia status
                                                                                                                         Strengthening of ESC guideline expected
                                            40                                                                            in 2021
                                                                                                                         Market opportunity in heart failure of
                                            20
                                                                                                                          > CHF 500m in Europe and
                                             0
                                                 0      4   8   12     16 20 24 28 32 36 40              44   48   52
                                                                                                                          > CHF 1bn in the US
                                                                      Time since randomization (weeks)

                                           Ferinject®       Placebo

3 MARCH 2021                                                                                                                                                        16
CARDIO-RENAL – VELTASSA®
ADDRESS KEY DEMAND DRIVERS TO RESUME GROWTH

NET SALES
CHF million
                                        Demand mainly impacted by reduced nephrology
                  132                    office visits due to COVID-19 restrictions
                         -11%   118
                                        In 2021, further differentiate the clinical benefits
                                         of Veltassa® and improve formulary coverage
                                        PLATINUM study initiated in 2020 to evaluate
                                         benefit of Veltassa® use in the emergency setting

                  2019          2020
  US     Europe

3 MARCH 2021                                                                                    17
CARDIO-RENAL – VELTASSA®
SIGNIFICANT OPPORTUNITY WITH EXISTING PRESCRIBERS
IN-MARKET SALES – WORLDWIDE
                                                                                                                               KEY CHARACTERISTICS
        2015                                                            2020                                                    Calcium-based, non-absorbed
                                                                                                                                52-weeks data available
                                                                                                                                Acute & chronic usage

                                                       38%                                     40%                              KEY FOCUS
         172                                                             431
        CHFm                                                            CHFm                                                     Build awareness
                                                                                                                                 Establish clinical differentiation
                                                                                                                                 Improve pull-through
                                                                          22%
                                                                                                                                 DIAMOND study is significant growth
                                                                                                                                  accelerator and “differentiator”

  Veltassa®        Sodium zirconium cyclosilicate          Other potassium binders

Source: monthly IQVIATM MIDAS® panel, GERS, InsightHealth, DLI, moving annual total Q4-2020. Average 2020 exchange rates have been applied.

3 MARCH 2021                                                                                                                                                            18
OUTLOOK 2021

                                                  Ferinject® approval in China
                                                  KorsuvaTM 1 approval in the US and filing in Europe
  MARKET ACCESS                                   Avacopan2 approval in Europe and Japan
                                                  Avacopan2 & KorsuvaTM 1 partnering in China
                                                  Vadadustat3 filing in the US by our partner Akebia Therapeutics by mid-Q2 2021

                                                  VIT-2763 phase-II initiation in sickle cell disease in H1 2021
                                                  VIT-2763 phase-II recruitment completion in beta thalassemia in H2 2021
  CLINICAL TRIALS
                                                  ANG-37774 phase-II readout in CSA-AKI in H2 2021
                                                  ANG-37774 phase-III readout in DGF in Q4 2021

  BD&L                                            At least two in-licensing deals, product acquisitions or corporate transactions

1) Licensed from Cara Therapeutics, Inc. 2) Licensed from ChemoCentryx, Inc. 3) Licensed from Akebia Therapeutics, Inc., subject to certain conditions and limited to the US dialysis market
4) Licensed from Angion Biomedica Corp.

3 MARCH 2021                                                                                                                                                                                   19
FINANCIAL PERFORMANCE
AND GUIDANCE
COLIN BOND, CHIEF FINANCIAL OFFICER
2020 PERFORMANCE
OVERALL PORTFOLIO RESILIENT
                                Net sales growth at constant exchange rates

Venofer®                                                                 8.4%

Maltofer®                                                               7.8%

Velphoro®                                                     3.6%

Ferinject®/Injectafer®                                      3.0%

Mircera®/Retacrit®                                         2.5%

Veltassa®                           -5.1%

Net sales                                                     3.7%

                         -10%           -5%        0%             5%       10%

3 MARCH 2021                                                                     21
P&L OVERVIEW (IN CHF MILLION)
EBITDA GROWTH OF 35.7% ON A COMPARABLE BASIS
                                                                                   FY                         FY                     %∆ vs.
                                                                                  2019 1                     2020                     2019                    Other income increase driven by
Net Sales                                                                         1’725.0                    1’705.6                   -1.1%                   partnering activities for Ferinject®,
Other Income                                                                         37.0                       96.4                +160.5%                    Veltassa® and Velphoro® as well as
Gross Profit                                                                       1’061.2                    1’100.8                    +3.7%                 disposal of non-core products
EBITDA                                                                                485.0                      575.8                 +18.7%                 EBITDA growth of +35.7% on a
Depreciation and amortization                                                        -209.1                     -284.4                 -36.0%                  comparable basis driven by cost
EBIT                                                                                  275.9                      291.4                  +5.6%
                                                                                                                                                               containment measures
Profit from continuing operations                                                     222.8                      237.6                   6.6%
Profit from discontinued operations                                                    50.9                      220.9                 334.0%                 Depreciation and amortization
Net profit before NCI                                                                 273.8                      458.6                  67.5%                  driven by CCX140 impairment of
Non-controlling interests                                                            -114.7                      -98.9                  13.8%                  CHF 56.2 million (H1 2020)
Net profit after NCI                                                                  159.1                      359.6                 126.0%
                  2
                                                                                                                                                              Profit from discontinued operations
Core EPS from continuing operations                                                      3.88                       4.99              +28.7%
                                                                                                                                                               due to disposal of OM Pharma in
                                                                                                                                                               September 2020

NCI = non-controlling interests EPS = earnings per share
1) Restated 2) Reported earnings after non-controlling interests adjusted for proportionate amortization and impairment of intangible assets of CHF 185.0 million in 2020 (2019: CHF 143.5 million)

3 MARCH 2021                                                                                                                                                                                          22
BALANCE SHEET OVERVIEW (IN CHF MILLION)
STRONG EQUITY RATIO OF 77.1%
                                                                             31 Dec                   31 Dec               Change vs.
                                                                              2019 1                   2020                  2019
                                                                                                                                             Cash & cash equivalents increase
 Cash & cash equivalents                                                        544.9                    730.0                 185.1          driven by OM Pharma divestment,
 Trade & other receivables                                                      471.9                    487.7                  15.8          partly offset by BD&L4 investments
 Inventories                                                                    348.6                    339.8                  (8.8)         and dividend distributions
 Financial investments & other assets                                           633.5                    896.8                 263.3
      2       3
 PPE & RoU assets                                                               351.0                    302.8                (48.2)         Financial investments increase
 Intangible assets                                                            2’584.5                  2’454.5               (130.0)          mainly driven by gain on
Assets                                                                        4’934.4                  5’211.7                 277.3          ChemoCentryx equity stake
 Current financial & lease liabilities                                             17.8                     23.0                     5.2     Intangible assets decrease mainly
 Other current liabilities                                                        523.6                    521.0                   (2.6)      driven by OM Pharma divestment
 Non-current financial & lease liabilities                                        626.5                    608.6                  (17.9)      and CCX140 impairment, partly
 Other non-current liabilities                                                     31.3                     41.5                    10.2
 Shareholders' equity                                                           3’735.3                  4’017.6                  282.3
                                                                                                                                              offset by purchase of a priority
Liabilities & shareholders' equity                                              4’934.4                  5’211.7                  277.3       review voucher for CHF 107.7
                                                                                                                                              million

1) Balance sheet as of 31 December 2019 not restated 2) Property, plant & equipment 3) Right-of-use 4) Business development and licensing

3 MARCH 2021                                                                                                                                                                      23
CASH FLOW OVERVIEW (IN CHF MILLION)
NET CASH POSITION OF CHF 190.6 MILLION
                                                                                                                 2020
Opening cash & cash equivalents, 1 January                                                                            544.9     Net working capital increase due to phasing
    Operating activities                                                                                           549.1         of payment from major customers and
    Net working capital                                                                                          (127.2)         planned increase in inventory
    Interest, tax & other financial payments                                                                      (19.3)
    Operating cash flow from discontinued operations                                                                21.2        Milestone and BD&L1 investments driven by
   Cash flow from operating activities                                                                             423.8         extension of the agreement with Cara
    Milestones & BD&L1 investments                                                                               (256.0)         Therapeutics, licensing of ANG-3777 and
    Capex & others                                                                                                (70.0)         acquisition of a priority review voucher
    Net proceeds from OM Pharma divestment                                                                         378.4
   Cash flow from investing activities                                                                              52.4        Investments more than offset by net
    Dividends paid                                                                                               (219.6)         proceeds from the OM Pharma divestment
    Financing & others                                                                                            (48.7)         of CHF 378.4 million
   Cash flow from financing activities                                                                           (268.4)
                                                                                                                                Dividend payments of CHF 129.6 million to
   Exchange rate effects                                                                                              (22.7)
                                                                                                                                 Vifor Pharma shareholders and CHF 90.0
Ending cash & cash equivalents, 31 December                                                                           730.0
                                                                                                                                 million to Fresenius Medical Care
    Financial liabilities2                                                                                       (539.5)
   Net debt                                                                                                        190.6
1) Business development and licensing 2) Excluding non-interest bearing financial liabilities and lease liabilities

3 MARCH 2021                                                                                                                                                                 24
GUIDANCE 20211

                           In 2021, at constant exchange rates, net sales are expected
                           to grow at a low-to-mid single digit rate, and EBITDA to grow
                           at a high single digit rate.

1) The COVID-19 pandemic continues to impact economic conditions and patient access to our treatments; therefore Vifor Pharma’s 2021 guidance assumes a progressive improvement of patients access to the Company’s treatments
as of H2 2021

3 MARCH 2021                                                                                                                                                                                                                     25
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, forward-
looking 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
forward-looking statements, which speak only as of the date of this presentation.

3 MARCH 2021                                                                                                                 26
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