VIFOR PHARMA INVESTOR PRESENTATION
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AUGUST 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 selling vadadustat to certain providers within the US dialysis market 9) Licensed from Angion Biomedica Corp.
AUGUST 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
AUGUST 2021 3IRON DEFICIENCY – MARKET OVERVIEW
I.V. IRON SEGMENT OF THE IRON MARKET
IN-MARKET SALES 2’072 2’060
In CHF million
1’801
578 587
1’524 490
1’352
1’166 433 455 459
1’003 418 423
848 831 880 386
391
358
285 332 393
303
382
1’039 1’014
387 889
475 400 379 699
542
399
170 258
88 129
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Ferinject® Venofer® Other i.v. irons
Source: quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, moving annual total Q1-2021. Average 2020 exchange rates have been applied
AUGUST 2021 4FERINJECT®/INJECTAFER®
GROWTH BACK AT PRE-PANDEMIC LEVELS
NET SALES EVOLUTION
CHF million +13.3% ▪ Q1 2021 in line with prior year despite
180 173 lock-down measures still in place in
+22.3%
many countries
160 148 153
147
140 ▪ Strong recovery in Q2 2021, driven by
120 easing of restrictions in key countries
120 114
100 ▪ Q1 and Q2 2021 growth back to pre
80 COVID-19 level, with 22.3% and
13.3% compared to Q1 and Q2 2019,
60
respectively
40
20
Q1 Q2
2019 2020 2021
CER = constant exchange rates
AUGUST 2021 5IRON DEFICIENCY – FERINJECT® INDICATIONS
INDICATIONS SPLIT DRIVEN BY REGIONAL FOCUS
CAGR
’16-201 40% 40%
35%
26%
Sales
21% 20%
share by 19%
indication 15% 14%
12%
9% 9% 9%
6%
3% 2%
Heart failure Patient blood Gastro- Nephrology Oncology / Women’s health Others
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 Q1-2021 in 100mg equivalents; EU4: Germany, France, Italy and Spain
AUGUST 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;
AUGUST 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
AUGUST 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
Nephrology KorsuvaTM 2 7 KorsuvaTM 2 7 expansion Exploring BD&L
4
portfolio opportunities
Avacopan2 6 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 selling vadadustat to certain providers within the US dialysis market 9) Licensed from Angion Biomedica Corp.
AUGUST 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 Dialysis related complications
Cardiac surgery associated
Hyperphosphatemia acute kidney injury (AKI)
Acute kidney injury
Hyperkalemia Transplant-associated AKI
C3G Transplantation
AUGUST 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
AUGUST 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®
AUGUST 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
AUGUST 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
AUGUST 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
AUGUST 2021 15CARDIO-RENAL – VELTASSA®
SIGNIFICANT OPPORTUNITY WITH EXISTING PRESCRIBERS
IN-MARKET SALES – WORLDWIDE
KEY CHARACTERISTICS
2016 2021 ▪ Calcium-based, non-absorbed
▪ 52-weeks data available
▪ Acute & chronic usage
1%
35%
38%
KEY FOCUS
171 441
CHFm CHFm ▪ Establish as therapy of choice for
chronic use
99% ▪ Grow through clinical differentiation
(DIAMOND, CARE-HK, PLATINUM)
27%
▪ Maintain and grow coverage
Veltassa® Sodium zirconium cyclosilicate Other potassium binders
Source: monthly IQVIATM MIDAS® panel, GERS, InsightHealth, DLI, moving annual total Q1-2021. Average 2020 exchange rates have been applied.
AUGUST 2021 16PROVEN BD&L CAPABILITIES & STRONG PIPELINE
KEY UPCOMING LAUNCHES AND DATA READOUTS
PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3 PIPELINE LIFE CYCLE MANAGEMENT
NephThera HEART-FID6
(Kidney fibrosis) VIT-2763
(Ferroportin inhibitor) DIAMOND
ANG-37771 CARE-HK
(CSA-AKI) PLATINUM
ANG-37771
(TA-AKI)
Rayaldee® 2
KorsuvaTM 3
Avacopan4
Vadadustat5
BD&L = Business development and licensing TA-AKI = Transplant-associated acute kidney injury 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 selling vadadustat to certain providers within the US dialysis market 6) Study conducted by our US partner Daiichi Sankyo
AUGUST 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.
AUGUST 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.
AUGUST 2021 19ANG-3777
EXPANDING LEADERSHIP ON THE NEPHROLOGY CHAIN
First small molecule Global rights2
hepatocyte growth factor mimetic in TA-AKI and CSA-AKI
ANG-37771
~110k patients with CSA-AKI ~26k patients with TA-AKI
US, UK and EU4 combined US, UK and EU4 combined
Phase-II study in CSA-AKI Phase-III study in TA-AKI
read out in H2 2021 read out in end of 2021
TA-AKI = Transplant-associated acute kidney injury CSA-AKI = Cardiac surgery associated acute kidney injury
1) Licensed from Angion Biomedica Corp. 2) Excluding China, Taiwan, Hong Kong and Macau
AUGUST 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 initiated in H1 2021
1) US and EU combined estimate
AUGUST 2021 21H1 2021 PERFORMANCE
STRONG GROWTH OF THE IRON FRANCHISE
Net sales growth at constant exchange rates
Ferinject®/Injectafer® 22.8%
Maltofer® 17.2%
Velphoro® 13.6%
Venofer® 2.7%
Veltassa® -3.1%
Mircera®/Retacrit® -9.7%
Net sales 5.0%
-20% -10% 0% 10% 20% 30%
AUGUST 2021 22P&L OVERVIEW (IN CHF MILLION)
GROSS PROFIT MARGIN UP 1.4 PERCENTAGE POINTS
H1 H1 %∆ vs.
▪ Planned decrease in other income due
2020 1 2021 H1 2020 to lower partnering activities in H1 2021
Net sales 846.2 859.3 +1.5% ▪ Gross profit increase driven by growth of
Other income 42.2 20.4 -51.7% high margin iron products
Cost of sales -345.9 -329.7 +4.7%
Gross profit 542.5 550.0 +1.4% ▪ Strong research and development
Marketing and distribution -192.3 -193.5 -0.6% decrease due to CCX140 impairment in
Research and development -146.6 -108.1 +26.3% H1 2020, partially offset by investments
General and administration -90.1 -71.0 +21.2% in Veltassa® and vamifeport (VIT-2763)
EBIT 113.5 177.4 +56.3% studies in H1 2021
Depreciation and amortization -166.9 -103.7 +37.9% ▪ General and administration decrease
EBITDA 280.4 281.0 +0.2% driven by reduction in personnel related
costs
▪ EBITDA increase by 5.3% at CER or
15.0% at CER excluding other income
CER = constant exchange rates
1) Restated
AUGUST 2021 23BALANCE SHEET OVERVIEW (IN CHF MILLION)
STRONG EQUITY RATIO OF 76.5%
31 Dec 30 Jun ∆ vs.
2020 2021 Dec 2020 ▪ Cash & cash equivalents decrease
Cash & cash equivalents 730.0 626.2 (104.0)
mainly driven by dividend
Trade & other receivables 487.7 509.4 21.7
Inventories 339.8 397.4 57.6
distributions
Financial investments 748.8 408.3 (340.5) ▪ Increase in inventory driven by
Other assets 148.0 231.4 83.4 Veltassa® and Mircera®
PPE1 & RoU2 assets 302.8 296.2 (6.6)
Intangible assets 2’454.5 2’447.5 (7.0)
▪ Financial investments decline
Assets 5’211.7 4’916.3 (295.4) mainly due to the devaluation of
our ChemoCentryx equity stake
Current financial & lease liabilities 23.0 21.8 (1.2)
▪ Increase in other assets relates to
Other current liabilities 521.0 509.0 (12.0)
Non-current financial & lease liabilities 608.6 594.1 (14.4) higher net pension assets and
Other non-current liabilities 41.5 28.3 (13.1) lower deferred tax liabilities
Shareholders' equity 4’017.6 3’763.0 (254.6)
Liabilities & shareholders' equity 5’211.7 4’916.3 (295.4)
1) Property, plant & equipment 2) Right-of-use
AUGUST 2021 24CASH FLOW OVERVIEW (IN CHF MILLION)
NET CASH POSITION OF CHF 86.6 MILLION
2021
Opening cash & cash equivalents, 1 January 730.0
Operating activities 288.7 ▪ Change in net working capital mainly due to
Net working capital (73.4)
planned increase in inventory
Tax payments (25.5)
Cash flow from operating activities 189.8 ▪ Capex investments related to production
Milestones & BD&L1 investments (27.5) facilities in Switzerland as well as software
Capex & others (40.7) and IT projects
Financial investments (30.3)
▪ Financial investments driven by the Angion
Cash flow from investing activities (98.6)
Biomedica equity stake of CHF 22.3 million
Dividends paid (189.8)
Financing & others (19.1) ▪ Dividend payments of CHF 129.8 million to
Cash flow from financing activities (208.9) Vifor Pharma shareholders and CHF 60.0
Exchange rate effects 13.9 million to Fresenius Medical Care
Ending cash & cash equivalents, 30 June 626.2
Financial liabilities 2 (539.6)
Net cash 86.6
1) Business development and licensing 2) Excluding non-interest bearing financial liabilities and lease liabilities
AUGUST 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) Subject to no worsening of the situation due to COVID-19 in H2 2021
AUGUST 2021 26OUTLOOK 2021
▪ Ferinject® approval expected in China
▪ KorsuvaTM 1 approval expected in the US and filing in Europe
MARKET ACCESS ▪ Avacopan2 approval expected in Europe and Japan
▪ Avacopan2 & KorsuvaTM 1 partnering in China
▪ Vadadustat3 filing in the US by our partner Akebia Therapeutics
▪ Vamifeport phase-II initiation in sickle cell disease in H1 2021
▪ Vamifeport 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 TA-AKI in Q4 2021
BD&L ▪ At least two in-licensing deals, product acquisitions or corporate transactions
CSA-AKI = cardiac surgery-associated acute kidney injury TA-AKI = transplant-associated AKI BD&L = business development and licensing 1) Licensed from Cara Therapeutics, Inc. 2) Licensed from ChemoCentryx, Inc. 3) Licensed from
Akebia Therapeutics, Inc., subject to certain conditions and limited to selling vadadustat to certain providers within the US dialysis market 4) Licensed from Angion Biomedica Corp.
AUGUST 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
AUGUST 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. AUGUST 2021 29
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