VIFOR PHARMA INVESTOR PRESENTATION
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MARCH 2021
VIFOR PHARMA
INVESTOR PRESENTATIONLEADING PORTFOLIO IN TARGET THERAPY AREAS
Iron
Nephrology Cardio-renal
deficiency
Commercial
products
2
3 4
Rayaldee®5 Avacopan6
Pipeline VIT-27631 KorsuvaTM 7
products Vadadustat8 ANG-37779
1) Restriction of iron availability, i.e. for treating non-transfusion-dependent thalassemia or sickle cell disease 2) Licensed from F. Hoffmann-La Roche AG 3) Licensed from Pfizer Inc.
4) Joint commercialisation agreement with Janssen Pharmaceuticals Inc. 5) Licensed from OPKO Health, Inc. 6) Licensed from ChemoCentryx, Inc. 7) Licensed from Cara Therapeutics, Inc.
8) Licensed from Akebia Therapeutics, Inc., subject to certain conditions and limited to the US dialysis market 9) Licensed from Angion Biomedica Corp.
MARCH 2021 2VIFOR PHARMA STRATEGIC FOCUS
THREE AREAS AS BASIS FOR FUTURE GROWTH
Global market leader
1
Iron Deficiency High unmet medical need
Ferinject®: defined by manufacturing process
2
Nephrology
3
Cardio-Renal
MARCH 2021 3IRON 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
MARCH 2021 4IRON DEFICIENCY – 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
MARCH 2021 5IRON DEFICIENCY – FERINJECT® INDICATIONS
INDICATIONS SPLIT DRIVEN BY REGIONAL FOCUS
CAGR
’16-201 40% 40%
40%
Sales 26%
share by 20% 20%
indication 17% 16% 15%
12%
9% 9% 9%
3% 4%
1%
Patient blood Heart failure Gastro- Nephrology Oncology / Women’s health Other
management enterology Hematology
EU4 and the UK US
1) Pre-COVID-19 year-over-year growth rate as per end of Q1 2020
Source: quarterly IQVIATM MIDAS® panel, GERS, Insight Health, moving annual total Q3-2020 in 100mg equivalents; EU4: Germany, France, Italy and Spain
MARCH 2021 61
IRON DEFICIENCY – FERINJECT® PBM1 EUROPE
MAJOR GROWTH OPPORTUNITY
PATIENT DROP-OFF – EU4 AND THE UK
135K
221K
370K
PBM strongly supported by
World Health Organization
Estimated savings per patient
of CHF 850 vs usual care2
1’933K
Additional real world
1’207K evidence data expected in
2021
With iron deficiency Other i.v. iron Ferinject® Transfusion Not treated
Source: Vifor Pharma analysis, 2019, EU4: Germany, France, Italy and Spain 1) Patient Blood Management 2) Froessler B, et al. Risk Manag Health Policy 2018;11:77–82;
MARCH 2021 7VIFOR PHARMA STRATEGIC FOCUS
THREE AREAS AS BASIS FOR FUTURE GROWTH
1
Iron Deficiency
Establish leadership position
2
Nephrology Fast growing market
Leverage unique partnership
3
Cardio-Renal
MARCH 2021 8NEPHROLOGY – PORTFOLIO OVERVIEW
CONTINUING TO ESTABLISH LEADERSHIP POSITION
Nephrology
revenue
Upcoming launches
Creation of launch 2015
VFMCRP
in 2010
launch 2018
Initial portfolio Portfolio expansion
1 1 3
Avacopan2 6 KorsuvaTM 2 7 KorsuvaTM 2 7 expansion
Nephrology Exploring BD&L
4
portfolio opportunities
Rayaldee® 2 5 Vadadustat2 8 ANG-37772 9
2010 2015 2020 2025
1) Sales in chronic kidney disease 2) Pipeline products 3) Licensed from F. Hoffmann-La Roche AG 4) Licensed from Pfizer Inc. 5) Licensed from OPKO Health, Inc. 6) Licensed from ChemoCentryx, Inc.
7) Licensed from Cara Therapeutics, Inc. 8) Licensed from Akebia Therapeutics, Inc., subject to certain conditions and limited to the US dialysis market 9) Licensed from Angion Biomedica Corp.
MARCH 2021 9NEPHROLOGY OPPORTUNITIES
LARGE AND GROWING MARKET WITH HIGH UNMET MEDICAL NEED
COMMERCIAL PIPELINE BD&L OPPORTUNITIES
Uremic pruritus CKD progression drivers
Iron deficiency ANCA associated vasculitis
CKD associated complications
Anaemia Secondary hyperparathyroidism
Diabetic kidney disease Cardiac surgery associated Dialysis related complications
Hyperphosphatemia acute kidney injury
Delayed graft function Acute kidney injury
Hyperkalemia
C3G Transplantation
MARCH 2021 10NEPHROLOGY – PARTNERSHIP WITH FMC1
UNIQUE EXPERTISE AND PATIENT ACCESS
STRONG IRON AND PHARMA EXPERTISE 55%
Stake
Clinical development
Manufacturing, regulatory and market access experiences
Global commercial presence
Global leadership in nephrology through:
Combination of strengths
Optimal sourcing of innovation
Access to patient data & faster clinical trial execution
GLOBAL LEADER IN DIALYSIS Improving outcomes via treatment algorithms
~350’000 >52 million >4’000
patients dialysis treatments p.a. clinics
45%
Stake
1) Fresenius Medical Care
MARCH 2021 11VIFOR PHARMA STRATEGIC FOCUS
THREE AREAS AS BASIS FOR FUTURE GROWTH
1
Iron Deficiency
2
Nephrology
Natural portfolio extension
3
Cardio-Renal Strong momentum in Europe
Significant opportunity with Veltassa®
MARCH 2021 12CARDIO-RENAL – PATIENT POPULATION
NATURAL EXTENSION OF OUR THERAPY AREA FOCUS
CARDIO-RENAL PATIENTS
Reduced kidney Reduced heart
function function
associated with associated with
increased risk of increased risk of
heart impairment renal impairment
HEART FAILURE
Stage IV Stage III Stage II Stage I
NEPHROLOGY
Stage I Stage II Stage III Stage IV Stage V
NEPHROLOGISTS AND CARDIOLOGISTS
ALREADY TARGETED TODAY
MARCH 2021 13CARDIO-RENAL – FERINJECT® EUROPE
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 over CHF 500m in
20
Europe
0
0 4 8 12 16 20 24 28 32 36 40 44 48 52
Time since randomization (weeks)
Ferinject® Placebo
MARCH 2021 14CARDIO-RENAL – INJECTAFER® US
MAJOR UNADDRESSED GROWTH OPPORTUNITY
HFrEF1 PATIENT DROP-OFF – US
410K
Injectafer® label extension based on
FAIR-HF & CONFIRM-HF in 2021/22
Further label and guideline
21K 17K strengthening following HEART-FID
study
948K
US market opportunity over USD 1
500K billion
With iron deficiency Other iron Other i.v. iron Ferinject® Not treated
anaemia (IDA)
1) Heart failure with preserved injection fraction
Source: interviews with US HF specialists, ZS analysis on claims, ATU research, scientific papers
MARCH 2021 15CARDIO-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.
MARCH 2021 16PROVEN BD&L CAPABILITIES & STRONG PIPELINE
KEY UPCOMING LAUNCHES AND DATA READOUTS
PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3 PRE-COMMERCIAL LIFE CYCLE MANAGEMENT
NephThera HEART-FID6
(Kidney fibrosis) VIT-2763
(Ferroportin inhibitor)
DIAMOND
ANG-37771
(CSA-AKI)
ANG-37771
(DGF)
Rayaldee® 2
KorsuvaTM 3
Avacopan4
Vadadustat5
BD&L = Business development and licensing DGF = Delayed graft function CSA-AKI = Cardiac surgery associated acute kidney injury
1) Licensed from Angion Biomedica Corp. 2) Licensed from OPKO Health, Inc. 3) Licensed from Cara Therapeutics, Inc. 4) Licensed from ChemoCentryx, Inc. 5) Licensed from Akebia Therapeutics, Inc., subject to certain conditions and
limited to the US dialysis market 6) Study conducted by our US partner Daiichi Sankyo
MARCH 2021 17AVACOPAN
NEW STANDARD OF CARE IN ANCA-AV
Sustain remission Reduce glucocorticoid toxicity
statistically superior at 52 weeks vs. standard of care
Avacopan1
Orphan and rare renal disease Global rights
around 50k patients in Europe excl. US
Approval in Europe and Japan Potential in further indication
2021 including C3G and HS
ANCA-AV = Anti-neutrophil cytoplasmic antibody-associated vasculitis C3G = C3 glomerulopathy HS = Hidradenitis suppurativa
1) Licensed from ChemoCentryx, Inc.
MARCH 2021 18KORSUVATM (CR845/DIFELIKEFALIN) INJECTION
INNOVATION IN CKD-ASSOCIATED PRURITUS
Standard of care with poor efficacy ~40% of ESRD patients
and/or unfavorable safety profile moderate to severe CKD-aP
KorsuvaTM 1
No approved treatment Global rights
in the US and Europe excl. Japan and South Korea
Launch in the US in end of 2021 Leverage commercial organisation
followed by Europe in 2022 established presence in dialysis
1) Licensed from Cara Therapeutics, Inc.
MARCH 2021 19ANG-3777
EXPANDING LEADERSHIP ON THE NEPHROLOGY CHAIN
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
MARCH 2021 20VIT-2763 (FERROPORTIN INHIBITOR)
TARGETING RARE BLOOD DISORDERS
Blocks iron transport to Mechanism similar to
Oral small molecule
the blood hepcidin
BETA THALASSEMIA SICKLE CELL DISEASE
Unmet need Transfusion burden and iron overload Pain crisis and and organ damage
Addressable
Approx. 25’000 Approx. 150’000
patients1
Phase-II status Recruitment completion expected in H2 2021 Study initiation expected in 2021
1) US and EU combined estimate
MARCH 2021 212020 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%
MARCH 2021 22P&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)
MARCH 2021 23BALANCE 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
MARCH 2021 24CASH 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
MARCH 2021 25GUIDANCE 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
MARCH 2021 26OUTLOOK 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.
MARCH 2021 27CONTACT INFORMATION
Investor relations
Colin Bond Julien Vignot Laurent de Weck
Chief Financial Officer Head of Investor Relations Investor Relations Senior Manager
Phone: +41 58 851 83 53 Phone: +41 58 851 66 90 Phone: +41 58 851 80 95
Email: colin.bond@viforpharma.com Email: julien.vignot@viforpharma.com Email: laurent.deweck@viforpharma.com
MARCH 2021 28DISCLAIMER 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. MARCH 2021 29
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