PHOTOCURE ASA AGM - STATE OF THE BUSINESS
10 June 2020
Daniel Schneider, President and CEO
OUR MISSION IS TO DELIVER TRANSFORMATIVE SOLUTIONS WHICH IMPROVE THE LIVES OF BLADDER CANCER PATIENTS
Photocure's global commercial bladder cancer platform will be the foundation for transformative deals and value growth
PAST YEAR HIGHLIGHTS: CONTRIBUTING TO PHOTOCURE STRATEGY IMPLEMENTATION
Regaining worldwide rights to Hexvix
- Expected to be EBITDA1 accretive from full-year 2021
- After transition year targeting approximately 30% annual revenue growth in current Ipsen territories
Partnership highlights: Cevira Deal approximately USD 250 million potential
• Asieris payment of USD 6.5 million thru Q1, according to license agreement
Business growth highlights:
- 238 Installed base of rigid and flex BLC: 65 towers installed in 2019 +15 in Q1 2020
- Cost reduction initiatives to reduce impact of Covid-19
Product highlights:
• U.S. patent for neoadjuvant therapy for patients scheduled for cystectomy (Expiry 2036)
HEXVIX®/CYSVIEW® – KEY ENABLERS IN PLACE AND READY FOR GROWTH WE WILL GET THE 5 KEY ENABLERS IN PLACE FOR EU
LARGE UNTAPPED POTENTIAL IN THE EUR 150 MILL EUROPEAN MARKET (CURRENT EU PENETRATION (EXCEPT DACH) <5% WITH OPPORTUNITY TO REACH NORDIC LEVEL OF 40%)
UNTAPPED EU/SAE MARKETS: UK, SPAIN, ITALY & OTHER COUNTRIES
~0% penetration
| Europe |
U.S. |
Europe: 165,000 new
cases and more than
50,000 deaths
annually1 |
US: 82,500 new cases
and more than 18,000
deaths annually1 |
| EU5: 360,000 TURBTs |
US: 315,000 TURBTs |
Ave. Hexvix price ~
EUR 415 |
Ave. Hexvix price ~
USD 1070 |
Germany: 30% current
penetration, >3,500
units per sales FTE,
growing |
Penetration 5-10%
Growth rate in excess
of 35% Y-o-Y |
Major markets like UK,
Spain not pursued, very
limited resources in
Italy, France |
Increased commercial
investment and focus
delivering results |
U.S. ACCELERATED MOMENTUM: RECENT 8 QUARTERS' INSTALLATION FUELS FUTURE GROWTH!
Tower placements by year
Annual New Installations Cumulative install base continues strong trend
Photocure sustainability report
2019 SUSTAINABILITY / ESG REPORT: DOING THINGS THE RIGHT WAY
- Photocure has recently prepared the company's first sustainability report for 2019, in accordance with GRI and Euronext reporting guidelines.
- The report covers sustainability topics that are of importance to Photocure and the company's stakeholders.
- The report has been reviewed and approved by the Board of Directors.
- Next year the ESG report will be integrated into the 2020 annual report
PHOTOCURE'S MATERIAL TOPICS
Summary and Outlook
OPTIMISTIC TO REBOUND FROM COVID-19 IMPACT IN H2
BLCTM with Hexvix®/Cysview® can play an integral part in this situation: postponed procedures* do not postpone aggressive cancer progression
- Patient safety through better detection of bladder cancer tumors, in spite of the potential longer check-up intervals during the COVID-19 crisis
- Low and medium-risk patient categories in particular could be treated in the office/flex setting:
- less restrictive for the patients
- performing flexible Blue Light Cystoscopies in the office setting frees up hospital capacity
- Less recurrence and avoiding progression to muscle-invasive bladder cancer stages
- The ministry of health in several countries urging hospitals to start addressing the backlog of procedures and surgeries as soon as possible
12 * Low and medium-risk patients category will be postponed, not the high-risk patient category. According to this, roughly 45% of patients should not be postponed and they represent close to 50% of TURBTs Internal data: USA, EU5 & Nordics figures: Please note market breakout 30% TURBTs and 70% Cystoscopies.
ASPIRATION: CREATING THE LEADING BLADDER CANCER COMPANY
Ambition of world wide revenues in range of NOK 1 Billion in 2023 and approximate 40% EBITDA margin in 2023