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TRANSCRIPT
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A Pure-play Aesthetics Company
November 2015
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Disclaimer
1
The contents of this presentation and the information which you are given at the time of these slides and the presentation have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (the “Act”). Reliance on this presentation and its slides for the purpose of engaging in investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. This presentation does not constitute or form part of any offer for sale or subscription or solicitation of any offer to buy or subscribe for any securities in Sinclair IS Pharma Plc (the “Company”) nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. No reliance may be placed for any purpose whatsoever on the information contained in these slides or presentation and/or opinions therein. These slides and the presentation are exempt from the general restriction (in section 21 of the Act) on the communication of invitations or inducements to engage in investment activity on the grounds that it is made to: (a) persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (b) high net worth entities and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not rely on this presentation or any of its contents and all persons (whether relevant persons or otherwise) are recommended to seek their own independent financial advice from a person authorised for the purposes of the Act before engaging in any investment activity involving the Company’s securities.
This presentation includes certain forward-looking statements with respect to certain development projects, potential collaborative partnerships, results of operations and certain plans and objectives of the Company including, in particular and without limitation, the statements regarding potential sales revenues from products, both currently marketed and under development, possible launch dates for new products and line extensions, and any revenue and profit guidance. By their very nature forward-looking statements involve risk and uncertainty that could cause actual results and developments to differ materially from those expressed or implied. The significant risks related to the Company’s business which could cause the Company’s actual results and developments to differ materially from those forward-looking statements are discussed in the Company’s annual report and other filings. All forward-looking statements in this presentation are based on information known to the Company on the date hereof. The Company will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document may in certain jurisdictions be restricted by law. Accordingly, recipients represent that they are able to receive this document without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.
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Agenda
• Transaction summary and FY15
• A pure-play aesthetics company
• Product overview
• Global infrastructure
• Product pipeline
• Pro-forma balance sheet and revenue guidance
• Summary and outlook
• Appendix
2
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FY15 highlights and transaction summary
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Transaction summary
• Alliance Pharma plc to pay on closing an upfront cash payment of £132m (£127.5m consideration plus £4.7m payment for estimated stock level at closing) as well as future sales-related royalty payments relating to Flammacerium US
• Sinclair to collect remaining working capital associated with the business estimated at c.£4m net
• Transaction perimeter includes all rights, IP, product registrations and marketing authorisations owned by Sinclair in the wound care, skin care and hospital product groups
• Wound care products (including Kelo-cote®, Flammazine®, Flammacerium® and Aloclair®)
• Skin care products (including Kelostrech®, Atopiclair®, Fazol®, Papulex® and Oxyplastine®)
• Hospital products (including Haemopressin® and Optiflo®)
• Business complexity is substantially reduced with a simplified corporate structure and significantly reduced number of SKUs
• Acquisition multiples based on cash payment of £132.5m
• FY15 Revenue multiple of 3.1x
• FY15 Gross margin multiple of 6.0x
• FY15 EBITDA multiple of 14.7x1
• Proceeds to repay debt facility in full resulting in pro-forma net cash of £82m post completion
• Acquisition constitutes a reverse takeover for Alliance Pharma plc under the AIM Rules
• Subject to appropriate consultation processes, 39 employees are expected to be transferred to Alliance Pharma plc
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1Certain costs of around £6m allocated to the non-aesthetics business P&L will remain with Sinclair. These costs primarily relate to management of Sinclair’s country operations, partner management and central corporate costs including premises, regulatory, development, finance and senior management.
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Next steps
• Closing of transaction, expected in December 2015, is subject to:
• Alliance Pharma plc shareholder approval
• Irrevocables to vote in favour received from 46.7% of Alliance Pharma plc shareholders
• Admission to AIM of newly issued Alliance Pharma plc shares taking place
• Sinclair to complete the TUPE consultation process
• 8 UK employees only as French works council approval already obtained and no consultation in Italy
• No Sinclair shareholder approval required
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2015 - Focus on the Aesthetics brands
Highlights
• Revenues increased by 19.4% to £75.9m (7.7% Like-for-like1 growth)
• Aesthetic brands growth drives strong gross margin improvement to 62.9% from 56.5% in 2014
• Silhouette growth rate 120% LFL
• Ellansé growth rate 86% LFL (excluding South Korea)
• Silhouette Instalift FDA approved in April 2015, with launch expected in 2016
• Adjusted EBITDA2 increased 70% to £17.1m
• Operating profit of £4.5m (2014: loss of £1.8m)
• Net debt at 30 June 2015 of £42.2m, 2.5x Adjusted EBITDA
Post Period Highlights
• Silhouette launched in South Korea in September 2015
• Silhouette Worldwide Expert meeting in October 2015 again attracted over 1,000 physicians
• Ellansé in market growth accelerating sharply
• Q1 FY16 in market growth of 46%3 versus same period last year
• Option to acquire Brazilian Silhouette distributor to create direct affiliate
• The Company is remaining in an offer period under the framework provided by a formal sales process under the Takeover Code as it continues to receive attention for the remaining aesthetics business from a number of international companies
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1 Like-for-like (‘LFL’) revenues presented on a constant currency basis and exclude product disposals and one-off licence fee income 2 Adjusted EBITDA defined as earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items 3 Estimated in market sales calculated from information provided by distributors and affiliates comprising c.94% of Aesthetics sales
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A pure-play aesthetics company
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Sinclair – Pure-Play Aesthetics Company
8
• Sinclair becomes a pure-play aesthetics company
• High growth, high margin aesthetics portfolio with Silhouette FDA approval expected to drive premium growth into medium term
• Business complexity is substantially reduced with a simplified corporate structure and significantly reduced number of SKUs
• Growth centred around existing products, geographic expansion and line extensions
• Direct sales presence in the top four European markets with strong distributor relationships in key growth markets
• Transformational near term opportunity in the US and over the medium term in China
October 2012
Western Europe distribution agreement
for Sculptra®
March 2014 Acquisition of
Ellansé®
worldwide rights
May 2014 Acquisition of
Silhouette worldwide rights January 2014
Acquisition of Perfectha®
worldwide rights
Building a strong portfolio of highly differentiated aesthetics technologies addressing unmet market need
January 2014 Acquisition of
Atléan® Worldwide rights, ex-US
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Sinclair – High Growth, High Margin Business
9
• Strong portfolio of highly differentiated aesthetics technologies based on improving facial shape and
volumisation
• Leading player in field of collagen stimulation based therapy
• FY15 sales £27.8m (+35% LFL growth), with high gross margin (over 70%)
• High in market growth rates are expected to be sustainable with strong demand in existing markets
• US launch of Silhouette expected in Q2 2016 (subject to outcome of strategic review), with forecast peak
sales potential of over $200m within 5 years
• Established infrastructure with potential to produce significant future operating leverage
• Option to acquire Brazilian distributor in Q1 2016 and create direct presence in key aesthetic market
• Multiple new geographic markets and line extension launches planned over the next few years
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Facial Rejuvenation Market Trends and Dynamics
• The Global facial injectable market covering Botox and fillers is expected to grow at a CAGR of 10% through
2017, reaching almost $2.5 bn1 (54% Botox: 46% fillers)
• HA and toxin prices are declining due to lack of differentiation
• Physician margins per HA and toxin procedure declining in absence of perceived added value
• Key industry trends:
• Longer lasting procedures
• More natural look
• Less emphasis on wrinkles, more emphasis on facial shape - mid face volumisation and jaw line definition
• Desire to look beautiful but age appropriate
• Reduction in plastic surgery treatments with patients wanting local anaesthetics and minimally invasive procedures
• Product selection continues to be largely driven by physicians, with Sinclair promoting a selection of higher
margin solutions that require training and increased level of skill
10
1 Millennium Research Group 2013: The Global Market for Facial Injectables: Expanding Patient Pools, Growing Markets
Geography US Europe APAC LATAM
Market size ($m) >1,600 >400 >400 >200
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Sinclair’s Aesthetics Proposition
11
• Highly differentiated portfolio addressing growing
market needs in a changing industry shifting focus
to
• Volumisation
• Lifting of mid-face and redefinition of jawline
• Faster acting, longer lasting, customer defined
duration
• Minimally invasive Sinclair portfolio
• Offers aesthetics professionals the opportunity
to achieve a more plastic surgery-like result,
with local anaesthetic
• Widens base of prescribing clinicians
• In line with consumer demands
• Products require highly skilled physician (only sold
through Sinclair certified trained physicians) and
therefore offer high margins to clinics
Sinclair‘s leading facial rejuvenation portfolio Where our portfolio operates
Deep Tissue Regeneration Full face and neck, decolletage
Volumizing Temples, cheeks, jowls
Enhancing Wrinkles, Lips, Periorbital/peri-oral
Lifting Cheeks, eyelids, jowl, neck
Areas for Silhouette
sutures
Areas for Ellansé® / Sculptra® / Atléan® treatments
Pefectha® treatments
focus on temples,
cheeks and jowls
&
Biostimulating Full face and neck, decolletage
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Product overview
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• Resorbable PLLA/PLGA sutures with bidirectional resorbable cones for skin
repositioning and tightening
• Leading non-surgical technique offering skin tightening, reposition and
regenerative effect
• Revenues of £8.7m in FY15, 120% LFL growth
• In market growth rate of 86% for 9 months to 30 September 2015
• Continued strong growth expected in FY16
• In market growth rate expected to increase as procedure becomes established
with increasing number of trained physicians and procedures per physician
• Trend towards higher number of threads/procedures and a shift toward
higher priced 12/16 cone threads
• Strong growth in key emerging markets (South Africa, Turkey and the
Middle East)
• Sept 2015 launch in South Korea, several launches expected in 2016
(Mexico, India and Hong Kong)
• Some recovery in Russian aesthetics market
• Option to acquire Brazilian distributor in Q1 2016
• Launch in US of Silhouette Instalift® expected Q2 2016 (subject to ongoing
strategic review)
13
Silhouette
Highly innovative lifting cone on suture device providing unique clinical results through minimally invasive procedures. Strong prospects supported by high patient satisfaction and compelling physician economics
Before & after
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Neck procedure
Mid-face procedure
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A $200m+ opportunity – Silhouette US
• Launch of Silhouette Instalift® in the US expected in Q2 2016
(subject to ongoing strategic review)
• US Advisory Board formed, comprising leading aesthetic
dermatologists and plastic surgeons. Board already advising
Sinclair and using Silhouette Instalift®
• Completion of US clinical study to simplify the labelled
insertion technique and generate US efficacy data expected
in Q4 2016
• Training and medical education key to successful launch. Plans to
out-source to aesthetics CME specialist
• Approx. 4,000 physicians expected to use Silhouette
Instalift® an average of 4 times per month at peak3
• Average of 6 sutures per procedure
• Physician economics for Silhouette highly attractive
• Peak sales of $200m+ five years post launch
• Future upside potential from further non-facial indications
Most likely users
of Silhouette Instalift®
(<7% penetration
p.a.)
Sinclair peak sales
five years post launch
Target cohort
(<0.3% penetration
p.a.)
US population of
30-64 year old females
72.0m1
Experienced users
of aesthetics injectables
2.6m2
Peak sales
$200m+
1 US census 2010, Age and Sex Comparisons 2 Guggenheim Securities, five year forecast 3 Based on European physician user profiles 14
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Ellansé® - Accelerating Sales Growth
• Next generation, long duration collagen stimulator
• PCL (polycaprolactone) collagen stimulating microspheres for facial rejuvenation - clearly differentiated by ease of use, speed of onset, tuneable duration of action and safety profile
• Revenues of £4.5m in FY15 (1% LFL growth)
• In market growth rate of 45% for 9 months to 30 Sept 2015, despite growth headwind from overstocking in South Korea
• Growth rate 86% LFL (excluding South Korea)
• Accelerating in market growth rate expected in 2016 supported by
• Improved situation in South Korea and new distributor contract agreed in principle, to result in increased volumes
• Annualised sales to Taiwan approx. $1m after just six months
• Multiple new launches planned in APAC
• Strong growth from EU as number of trained prescribing
physicians rise
• Ongoing pre-IDE work ahead of US clinical trials
• Ongoing approval process in Mexico and Brazil, and approval
processes due to commence in Canada and China
15
Before & after
Nose reshaping
Cheeks and submalar augmentation
Nasolabial folds
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Perfectha® - Expanding Geographic Reach
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• Latest generation biphasic HA (Hyaluronic Acid) volumising fillers for the treatment of wrinkles and facial contours
• Comprises 5 fillers differentiated by particle size for treatments across smooth, medium and deep wrinkles and facial contours
• High quality, brander HA filler which is competitively priced against marketed alternatives Restylane (Galderma), Juvederm (Allergan) and
Belotero (Merz)
• Bi-phasic, hence long lasting, yet visco-elastic profile and therefore ease of use among the best in class, due to patented E-Brid technology
• Revenue of £8.2m in FY15, 13% LFL growth
• In market growth rate of 21% for 9 months to 30 Sept 2015
• Good growth in Europe and multiple emerging markets offset by South Korea, Brazil and Russia
• Launch of Perfecta Lidocaine in EU (mid 2016) and recovery in South Korea and Brazil expected to sharply accelerate 2016 growth
• Perfectha G® (female sexual function) launch expected by mid 2017
• Strong near-term growth opportunities in multiple emerging markets including Mexico, India and Hong Kong
• Ongoing registration process for China approval, expected in 2018
• Opportunity to register in the US provides upside
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Sculptra® and New-fill®
• 100 year distribution agreement in Western Europe for Sculptra® and New-fill® concluded between Sinclair Pharmaceuticals Ltd & Valeant Pharmaceuticals North America in October 2012
• Sculptra® is a highly efficacious collagen stimulator made of PLLA that provides deep tissue regeneration with long lasting results up to 25 months
• Revenue of £5.0m in FY15, expected to decline slightly, though minimal cannibalisation from Ellansé®
17
Sculptra®
New-fill®
• Class III medical device used for correction of facial lipoatrophy in HIV-positive patients treated by antiretroviral therapy
• CE mark & FDA approval in 2004
• Reimbursed by health authorities in France and UK
• Well tolerated & effective up to two years with a significant increase in dermis thickness
• Revenue of £1.5m FY15, expected to remain stable
Sculptra® before & after
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● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Atléan®
• Tricalcium phosphate collagen stimulator/HA gel combination to provide durable natural results especially for fine wrinkles
• Ex US rights only, with launch expected in 2017. Development program continues to support CE mark re-registration
• Previously marketed by GSK with largest markets in Spain and Russia, but removed from the market for strategic reasons
• Free HA acts as a vector for the β-TCP particles and provides an immediate filling effect while β-TCP stimulates fibroblasts to produce collagen. Preclinical data indicate that -TCP stimulates collagen formation in the dermis and is resorbed 6 to 9 months after injection
• Intended for the treatment of cutaneous depressions, for sub-cutaneous or intra-dermal injection
• Improves depressed skin areas and restores skin contours in the short term and naturally allows for biostimulation in the longer term
• Well tolerated, totally resorbable and effective treatment for dermal regeneration
18
Before & after
Pre-treatment Day 7 Day 72
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Global Infrastructure
● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Simplified global business operations
20
• Simplified corporate structure
• Global reach retained post transaction
• Significant in-house European sales and marketing infrastructure with 60+ highly experienced sales and marketing staff
• Regional hubs in Singapore and Mexico, accelerating growth in APAC and LATAM markets
• Simplified sales channels, vastly simplified supply chain. Ongoing programme to reduce and smooth stock levels
• Complete in-house regulatory, R&D, supply chain and QA/QC capability
• Total employees reduced from 210 to 171
Direct product sales
Company operations
Intercontinental – CEE Intercontinental – MEA
APAC Intercontinental – LATAM US operations
Mexico LATAM operations
California US operations
Singapore Asian operations
Lyon Perfectha® manufacturing
Paris French operations Global commercial
headquarters
London Corporate head office UK operations
Chester Global technical operations
Utrecht Ellansé® manufacturing
Frankfurt German operations
Madrid Spanish operations
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● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Key territories for Aesthetics business
21
• Direct in UK, France, Germany, Spain
• On track to launch Silhouette Instalift® in the US in Q2 2016 subject to ongoing strategic review
• Signed option to acquire Brazilian distributor
• China expected to be a major growth driver from 2018
• Distributor issues in South Korea for Ellansé® and Perfectha® largely resolved and expected to produce sharp growth recovery in 2016
• Leveraging European branding and presence for export markets, especially APAC and the Middle East Direct sales Key growth opportunities
Canada
US
Mexico
Brazil
Turkey
Spain
UK
France Germany
India
China
Australia
Indonesia
Saudi Arabia
UAE
Taiwan
South Korea
South Africa
Russia
Italy
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Product pipeline
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● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Mid-term Growth Supported By Strong Pipeline
23
Product 2016 2017 2018 2015 Development Notes
Silhouette
US clinical study
Collagen stimulator/ lifting suture
Multifilament products for non-facial indications
Ellansé® US clinical trials, FDA approval and
product launch
Collagen stimulating filler
+ Lidocaine CE mark submission and European launch
Perfectha®
+ Lidocaine CE mark approval and European launch
HA dermal filler
CE mark submission and European launch
Labiaplasty (Perfectha G®)
Atléan® CE mark re-submission and European launch
Collagen stimulator / HA filler
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Pro-forma balance sheet and revenue guidance
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Revenue Guidance
25
• Silhouette franchise continues to be a major driver of revenue growth and expected to remain fastest growing product in FY16
• Ellansé® in market growth rate accelerating sharply due to a combination of
• Strong growth in existing markets as the number of trained prescribing physicians rises
• Launch in new markets (including Taiwan)
• Improved situation in South Korea (new distributor contract agreed in principle)
• Process of distributor inventory smoothing and lowering underway
• With supply issues now resolved, distributor inventory levels expected to be halved to less than 2 months by end of December
2015
• Expected reported sales growth for FY16 of 8% - 25%, underlying in market sales growth for FY16 of approx. 40%
• Reported sales growth will be temporarily affected by distributor destocking
• On a reported basis strong sales growth expected from H1 FY17
• Brazil full sales consolidation and US Silhouette Instalift® launch excluded from guidance
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● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
Strong balance sheet position post transaction
26
• Following the completion of the transaction
• Company will repay debt facility and be
completely debt free
• Pro-forma net cash estimated at £82m
• Pro-forma net assets estimated at £123m
(£m, Y/E 30 Jun) FY15 FY14
Goodwill 122.1 127.3 Intangible assets 110.2 114.2 Property, plant and equipment 1.7 1.4 Deferred tax & other assets 3.5 4.0 Non-current assets 237.5 247.0
Inventories 7.6 7.6 Trade and other receivables 27.7 29.5 Cash at bank 12.7 17.5 Assets held for resale – 1.1 Current assets 47.9 55.8
Borrowings (0.0) (1.2)Trade and other payables (22.6) (26.1)Other financial liabilities (23.1) (14.8)Current tax liabilities (0.4) (0.6)Provisions (0.6) (0.2)Current liabilities (46.7) (42.9)
Borrowings (51.8) (53.3)Other financial liabilities (54.6) (61.5)Deferred tax liabilities (26.7) (27.0)Other non-current liabilities - (0.1)Non-current liabilities (133.1) (141.9)
Net assets 105.6 117.9
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Summary and outlook
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A truly differentiated aesthetics portfolio
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Silhouette Ellansé® Sculptra® / New-fill® Perfectha®
• Resorbable PLLA/PGLA sutures with bidirectional resorbable cones for skin repositioning and tightening
• New generation of collagen stimulator made of PCL for immediate correction and tunable longevity from 1 to 4 years
• Latest generation of biphasic HA filler range for volume and contouring
• Leading viscoelastic profile
• Collagen stimulator made of PLLA for progressive correction
• Western European rights
Redefined face, volume
repositioned, reduced wrinkles
Long-lasting results
Immediate correction
Non-surgical procedure
Minimal downtime
Immediate volumisation through collagen stimulation
Improved skin quality
Safe
Tunable duration from 1 to 4 years
High volumising capacity
Easy to inject
Long lasting correction
Provides complementary treatments for facial contouring and fine tuning
Deep Tissue Regeneration
Full facial approach
Gradual and Natural results
Long lasting correction up to 25 months
Recognisable brand
FY15 revenue: £8.7m FY15 revenue: £4.5m FY15 revenue: £8.1m FY15 revenue: £6.4m
Enhancing & lifting Deep tissue regeneration Volumising
Atléan®
• Injectable collagen stimulator and HA filler
• Currently renewing CE mark
Short term contouring and volumisation
Long term skin biostimulation
Well tolerated
Totally resorbable
FY15 revenue: n/a
Biostimulating
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Building a scalable, global aesthetics business
29
• Sinclair is targeting significant revenue growth over the next two years
• From a much simplified business model
• Strong net cash position
• Leveraging existing infrastructure and product platform
• Management has identified multiple growth drivers, one potentially transformational, from a differentiated product portfolio
• US launch of Silhouette expected in Q2 2016 (subject to outcome of strategic review), a transformational opportunity with peak sales potential of over $200m five years post launch
• Increased in market penetration from new customers and higher use rates
• Multiple launches in emerging market territories
• Conversion of strong relatively low risk medical device pipeline
• Scale to deliver sustainable growth
• Established direct and indirect marketing infrastructure with a developing strategy to maximise future growth opportunities in global market
• Company remains in an offer period as it continues to receive attention for the remaining aesthetics business
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Appendix
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FY June-15 – Income Statement
• Reported revenue growth of 19% and 24% on a constant currency basis
• Strong contribution from aesthetics portfolio drives gross margin improvement
• Selling, marketing, and distribution costs increased by 25% to £18.8m as a result of a further build-out of the Group’s aesthetics commercial infrastructure and investment in physician training
• EBITDA growth of 70% to £17.1m, 22% EBITDA margin
• Finance expense includes full year cost of Hayfin facility and non-cash discount unwind charge on deferred consideration liabilities
31
(£m, Y/E 30 Jun) FY15 % Rev FY14 % Rev
Revenue 75.9 63.6
Cost of sales (28.1) (27.8)Gross profit/(loss) 47.8 63% 35.8 56%
Selling, marketing and distribution (18.8) 25% (15.0) 24%
Administrative expenses (24.4) 32% (22.5) 35%
Operating profit/(loss) 4.5 6% (1.8) 3%
Finance expense (12.7) (2.7)Loss before taxation (8.2) (4.4)
Taxation 0.9 0.3 Losses after tax (7.2) (4.1)
Discontinued operations – (1.2)Net loss for the period (7.2) (5.3)
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FY June-15 – Cash Flow
32
• Operating cash flow increased due to the increase in underlying EBITDA, one-off license income, lower exceptional charges and no further costs of discontinued operations from the Group’s former manufacturing site in France
• Interest paid increased reflecting a full year impact of the increased debt used to fund acquisitions in 2014
• Investing activities arose from the settlement of deferred consideration liabilities £7.4m and payments to acquire the distribution rights to Silhouette in certain key markets
• Net debt of £42.2m at June 2015, 2.5x FY15 EBITDA
(£m, Y/E 30 Jun) FY15 FY14
Operating profit 10.0 (4.4)Interest paid (5.2) (2.1)Interest paid on finance leases (0.0) (0.0)Taxation paid (0.5) (0.3)Operating cash flow 4.3 (6.8)
Purchases of PP&E (0.8) (0.4)Purchase of intangible assets (1.4) (1.4)Proceeds from sale of intangible assets 1.4 0.9 Purchase of financial instruments – (0.2)Payment of deferred consideration (7.4) (0.5)Acquisition of subsidiaries (0.1) (42.6)Investing cash flow (8.4) (44.2)
Repayments of obligations under finance – (0.0)Proceeds from borrowings – 59.5 Payment of borrowings issue costs – (3.5)Repayments of borrowings (1.0) (11.9)Net proceeds from share issue – 20.0 Payment of share issue expenses (0.0) (0.4)Financing cash flow (1.0) 63.6
Net cash flow (5.1) 12.7
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● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●
FY June-15 – Balance Sheet
33
• Non-current assets decreased mainly as a result of amortisation charges and losses due to foreign exchange movements
• Inventories and trade and other receivables have both stabilised despite the strong underlying growth in the year, reflecting improvement in working capital management following acquisitions
• Non-current liabilities have reduced mainly as a result of the payment of various deferred consideration milestones and due to foreign exchange movements
• Borrowings decreased due to the decrease in the non-current portion of the Hayfin debt facility
(£m, Y/E 30 Jun) FY15 FY14
Goodwill 122.1 127.3 Intangible assets 110.2 114.2 Property, plant and equipment 1.7 1.4 Deferred tax & other assets 3.5 4.0 Non-current assets 237.5 247.0
Inventories 7.6 7.6 Trade and other receivables 27.7 29.5 Cash at bank 12.7 17.5 Assets held for resale – 1.1 Current assets 47.9 55.8
Borrowings (0.0) (1.2)Trade and other payables (22.6) (26.1)Other financial liabilities (23.1) (14.8)Current tax liabilities (0.4) (0.6)Provisions (0.6) (0.2)Current liabilities (46.7) (42.9)
Borrowings (51.8) (53.3)Other financial liabilities (54.6) (61.5)Deferred tax liabilities (26.7) (27.0)Other non-current liabilities - (0.1)Non-current liabilities (133.1) (141.9)
Net assets 105.6 117.9
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FY June-15 – Non-aesthetics HFI1
34
• Income statement for the non-aesthetics as presented in the Alliance Pharma plc Admission Document
• Due to allocation effects the costs as presented in the HFI are not necessarily representative of the position that will prevail in the future
• Certain costs, of around £6m, allocated to the non-aesthetics business P&L HFI presentation will remain with Sinclair. These costs primarily relate to management of Sinclair’s country operations, partner management and central corporate costs including premises, regulatory, development, finance and senior management
(£m, Y/E 30 Jun) FY15 % Rev FY14
Revenue 43.3 46.1
Cost of sales (21.1) (23.3)Gross profit 22.3 51% 22.8
Administration and marketing (12.2) 28% (14.2)Amortisation and impairment (3.7) 9% (3.6)Share based employee remuneration (1.4) 3% (0.7)Operating profit 5.0 11% 4.4
Finance expense - - Profit before taxation 5.0 4.4
Taxation 0.4 0.4 Profit for the year 5.4 4.8
EBITDA 9.0 8.0
1Based on the Historical Financial Information as published in the Alliance Pharma plc Pathfinder Admission Document