“winning strategies drive continued growth” · 2011 interim results presentation “winning...
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Stock code: 0460.HK
2011 Interim Results Presentation
“Winning Strategies Drive Continued Growth”
11
Disclaimer
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1
2
Table of Contents
1. Results Highlights
2. Financial Review
4. Development Strategy and Outlook
5. Q&A
2
3. Business Review
6. Appendix
Section 1
Results Highlights
2011 Interim Results Highlights
For the six months ended 30 June
2011 (RMB$’000)
2010 (RMB$’000)
Change
Key Income Statement Items
Revenue 990,568 473,437 +109.2%
Gross Profit 774,730 346,363 +123.7%
Operating Profit 446,326 287,023 +55.5%
Profit Attributable to Equity Holders of the Company 380,685 254,849 +49.4%
Key Financial Ratios
Gross Profit Margin (%) 78.2% 73.2% +5 p.p.
Net Profit Margin (%) 38.4% 53.8% -16 p.p
Basic EPS (RMB Cents) 7.339 6.796 +8.0%
Receivable Turnover (days) 15 1
Inventory Turnover (days) 24 65
Dividend Per Share (RMB Cents) 1.9 N/A N/A
Special Dividend Per Share (RMB Cents) 7.8 N/A N/A
4
5
Major Achievements
Financials
Existing Products Record
Steady Sales Growth
Sound Progress in R&D
Synergies from Acquisitions and Foray into TCM
Market
♦ Revenue reached RMB991 million, up 109.2% y-o-y
♦ Net profit attributable to equity holders reached RMB381 million, up 49.4% y-o-y
♦ Leading market share with 9% in China’s CCV drug market
♦ CCV products continued to be the dominant business segment (88.3% of sales)
� Kelinao and Anjieli recorded increase of 3.6% and 26.8% respectively
� GM1 recorded a y-o-y growth of 88%
♦ Sales from anti-infective products grew by 70.6%
♦ Commenced 20 new projects, bringing the total number of R&D projects to more than 70 in total
♦ Received clinical trail approvals for 1 new exclusive drug (cinepazide mesilate)
♦ Filed production applications for several new products
♦ Acquired the 30-year exclusive distribution rights for Alprostadil
♦ Acquired Changchun Xiangtong Pharmaceutical, which owns GM1 API manufacturing facility
♦ Acquired Vinise Pharmaceutical as a first step to tap into the vast TCM market for CCV drugs
♦ Disposed 50% equity interest in Vinise Pharmaceutical to Shandong Buchang Pharmaceutical at a premium
and will jointly develop more TCM products for CCV diseases. The partnership will expedite Sihuan’s
market expansion in TCM market
Production Upgrade
♦ Langfang Sihuan Gao Bo Pharmaceutical, API production plant commenced production and sales
♦ Upgrading production facilities in North China to meet new GMP standards
♦ Commenced construction of new plant under Beijing Pharmaceutical
Integration Success with New Products
♦ Sales of newly acquired products recorded significant growth, accounting for more than one-third of total
sales, achieving a more balanced revenue contribution from newly acquired products
� Oudimei’s sales reached RMB344 million, becoming another flagship product and a key revenue contributor.
Sales of Yuanzhijiu and Yimaining reached RMB27 million and RMB23.5 million
Optimized Product Portfolio
1H 2010 Revenue
Breakdown (RMB473 Million)
1H 2011 Revenue
Breakdown (RMB991 Million)
6
Contribution of Each Sihuan Product to Sales
Note：：：：Products with percent over 1% were displayed.
The top 5 products contributed over 70 percent to Sihuan total sales in 2Q 2011.
7
Source: IMS
Section 2
Financial Review
510
709
1,037
473
991
0
400
800
1,200
2008 2009 2010 1H 2010 1H 2011
9
Strong and Steady Business Growth
Revenue by Segment:
CCV: RMB874.4 million
Non-CCV: RMB116.2 million
(RMB million)
+109.2
%
88.3%
11.7%
CCV Non-CCV
1H 2011
Revenue
CCV Revenue (RMB Million)
Product 6 month ended 30 June 2011 6 months ended 30 June 2010 Change
Existing Products
Kelinao 223.7 215.9 +3.6%
Anjieli 72.3 57.0 +26.8%
Chuanqing 38.6 41.8 -7.7%
GM1 58.9 31.3 +88.4%
Qingtong 16.9 12.8 +32.4%
Newly Acquired Products
Oudimei 344.1 N/A N/A
Yuanzhijiu 27.0 N/A N/A
Yimaining 23.5 N/A N/A
376
517
745
346
775
73.8% 72.9% 71.8% 73.2%
78.2%
0%
20%
40%
60%
80%
100%
0
400
800
1,200
2008 2009 2010 1H 2010 1H 2011
Gross Prof it Gross Prof it Margin
237
326
522
255
381
45.8%44.2%
52.3%53.8%
38.4%
0%
10%
20%
30%
40%
50%
60%
0
400
800
2008 2009 2010 1H 2010 1H 2011
Prof it Attributable to Equity Holders of the Company
Net Prof it Margin
10
Strong and Steady Business Growth
Gross profit Profit Attributable to Equity Holders of the Company(RMB million)(RMB million)
+124.
0%
+49.4%
11
Effective Cost Containment
Distribution Expenses Administrative Expenses
(RMB million) (RMB million)
39
49 57
26
294
7.6%
6.9% 5.5%
5.6%
29.7%
0%
10%
20%
30%
40%
0
50
100
150
200
250
300
2008 2009 2010 1H 2010 1H 2011
Distribution Costs % of Revenue
53
79
115
52
78
10.5%11.1% 11.0% 11.1%
7.9%
0%
3%
6%
9%
12%
0
30
60
90
120
2008 2009 2010 1H 2010 1H 2011
Administrative Expenses
% of Revenue
� 1H 2011 distribution cost to total revenue surged by 29.7% due to:
• Marketing cost related to sales in newly acquired subsidiaries
• Operational cost related to bigger sales force and intensive marketing activities
�Administrative expenses increased by 49.1% due to the administrative expenses related to business and integration expenses incurred, but the overall ratio of administrative expenses to revenue was only 7.9%
Capital Expenditure
12
(RMB million)
68.71
142.9
114.4
44.08
� The Group’s capital expenditure for the first half of 2011 reached RMB114.4 million
Cash Flow Statement
13
For the six months ended 30 June
2011 (RMB’000) 2010 (RMB’000)
Net cash generated from operating activities
222,605 183,984
Net cash used in investing activities (1,089,940) (2,526)
Net cash used in financing activities (17,079) (173,939)
Net (decrease)/ increase in cash and cash equivalents
(884,414) 7,519
Cash and cash equivalents at beginning of the period
5,851,379 612,859
Cash and cash equivalents at the end of the period
4,966,965 620,378
Section 3
Business Review
15
CCV Market Overview
Market Share (%)
Product SEM2009 SEM2010 SEM2011
Plavix (Sanofi-Aventis) 4.35 4.81 5.02
Kelinao/Anjieli (Sihuan) 4.85 5.08 3.94
Shenjie (Shandong Qilu) 3.58 3.43 3.87
Kaishi (Beijing Taide) 2.57 2.93 3.09
Adegold (Jinzhou Aohong) 2.00 2.13 2.94
Source: IMS
* *denotes molecules that Sihuan markets
Source: IMS
China CCV Market Size H
ospita
l P
urc
hases (
RM
B m
illio
ns)
10,970
8032
14,095
17,927
21,342
SEM2007-2011 CAGR: 27.7%
HospitalPurchase(RMBm)
MarketShareSEM2011
CAGR (SEM2007-2011)
Leading Manufacturer
Ganglioside:GM1* 1,544.31 7.23% 52.01% Qilu
Clopidogrel 1,407.92 6.60% 41.82% Sanofi-Aventis
Alprostadil* 962.23 4.51% 38.39% Beijing Taide
Edaravone* 959.93 4.50% 47.47% Simcere
Blood 928.88 4.35% 41.16% Jinzhou Aohong
Cinepazide* 839.84 3.93% 30.02% Sihuan
Top Six Most Frequently Prescribed CCV Molecules in SEM2011
Top Five Most Frequently Prescribed CCV Brands in SEM2011
cardio-cerebral vascular
Largest CCV Drug Franchise in ChinaSihuan is consistently ranked #1 in China’s CCV drug market since 2007. We have further consolidated our leadership in China’s CCV prescription drugs market, dominating the market with a 9% share as at the end of June 2011.
Ma
rke
t S
ha
re
Source: IMS
16
Sihuan Consistently Ranked #1 in the CCV Market in China
* including Changchun Xiangtong Pharmaceutical
Sihuan
Yunnan Mengsheng
Zhuhai Sailong
Guangdong Medicine Research
Others
Sihuan
Anke
Fujian Mindong
Changchun GuoAo Others
Qilu
Harbin Medical University
Sihuan*
Beijing Saisheng Others
Increasing Market Share
Market Share of GM1 in 1H 2011 Market Share of Ligustrazine in 1H 2011Market Share of Cerebroprotein
Hydrolysate in 1H 2011
(1H 2010:7.4%)
(1H 2010:55.3%)
(1H 2010:19.5%)
18
Excellent Sales Performance
(RMB million)
Revenue of CCV Products
401
561
838
223.7
72.3
38.6
58.916.9
344.1
27
23.524.5
44.9
0
100
200
300
400
500
600
700
800
900
1000
2008 2009 2010 1H 2011
Kelinao Anjieli Chuanqing GM1 Qingtong
Qudimei Yuanzhijiu Yimaining Qu'Ao Others
874.4
CAGR = 44.6%
4656
86
22.8
14.6
14.9
63.9
0
20
40
60
80
100
120
140
2008 2009 2010 2011 H1
Sulbenicillin Sodium Anjiejian Other Anti-infective
19
Excellent Sales Performance
(RMB million)
CAGR = 36.7%
Revenue of Non-CCV Products
116.2
Successful Acquisition for a Balanced Product Portfolio
20
• Tap into the vast TCM market for CCV drugs
• Obtained 4 key TCM CCV products with strong market growth
potential: Breviscapine and Sodium Chloride injections, Scutellarin
Glucose injections, Salviae Miltiorrhizae and Ligustrazine injections, and
Salivae Miltiorrhizae Liguspyragine Hydrochloride and Glucose injections
21
Clear Roadmap for Successful Integration
Continued shareholder value creation through successful integration
Brand transition
Product portfolio integration
Integration of distribution channels
Integration of supply chainand centralized procurement
22
♦ One of the largest innovative drug R&D teams in China, including 15 PhDs and 138 master degree holders
♦ 15 products were developed in-house, including Kelinao/Anjieli, Chuanqing, Qu’Ao, Xinpuao and Ren’Ao
♦ Currently over 70 products under various development stages, including 20 new projects
Research and Development
Market leading R&D capabilities, focusing on innovative and first-to-market generic drugs
Team 1
Innovative drug development
Team 2
First-to-market generic drug development
♦ Five innovative product candidates completed pre-clinical study, and applied for clinical trial with SFDA until now
♦ As at the end of first half of 2011, we have been granted 46 new patents, which have strengthened our capacity to achieve sustainable growth in the long run
♦ Received clinical trail approvals for 1new exclusive drug (cinepazide mesilate)
Sihuan on average spent 10% of its total revenue on research & development since 2007
♦ Collaborations with leading research institutions, universities and hospitals
♦ Broaden our access to proprietary products, and minimize the upfront costs and risks associated with early-stage product development
External R&D Collaborations
Recent Development
♦ About 51 personnel ♦ Potential to result in
intellectual property rights in relation to formulation, production process, improved chemical attributes or drugdelivery system
♦ About 289 personnel led by six key research scientists– Key research scientists have
on average over 10 years of drug development experience from their tenures at multinational pharmaceutical companies
Overview
Production Upgrade
23
Section 4
Development Strategy and Outlook
25
Development Strategy and Outlook
Continue to strengthen CCV market leadership
– Increase sales of existing products with penetration to second & third-tier cities and more hospitals and medical departments
– Partner with experience TCM market player to gain market share in TCM market of CCV drugs
Continue to optimize and diversify product portfolio with acquired products/companies–Integration of distribution channels
–Integration of supply chains and centralized procurement
–Integration of raw material
Continue to increase sales and marketing efforts
– Plan to expand product managers and sales managers team to 80 and 500, respectively
– Strengthen marketing efforts in organizing seminars, presentations and media campaigns
Continue to seek M&A opportunities to further expand product portfolio
– Target complementary companies and/or products
Continue to invest in R&D
– Strengthen R&D capability to speed up product development
– Lay the ground work for sustainable business growth
Sustainable Growth
and
Market Leadership
Section 5
Q&A
Section 6
Appendix
2828
2003 2004 2005 2006 2007 2008 2009 2010 2011
Kelinao
Key products launched and acquired:
Therapeutic Area # of Products
Cardio-cerebral vascular 37
Anti-infective 15
Others 35
CNS 9
Oncology 7
Respiratory system 2
Metabolism system 4
Others 13
Total 87
Chuanqing Qu’Ao
Aogan
QingtongQingtongAnjiejianRen’Ao
Anjieli Yimaining
Zhuo’Ao / Bi’Ao
Zhuo’Ao / Bi’Ao
Kanglixin PojiaPojia
Oudimei
Yuanzhijiu
Raw medicine and injection of GM1 Sodium
Breviscapine Sodium Chloride Injection
Salvia Miltiorrhizae and Ligustrazine Hydrochloride Injection
Diversified Product Portfolio
Fufangsanwei B Injection (II)
Existing CCV Products Continue to Grow Strongly
29
♦ For treatment of ischemic cerebral vascular diseases
♦ The market for ligustrazine in China was RMB726m in 2010
♦ Launched in 2003, Chuanqing is the 1st SFDA-approved ligustrazine hydrochloride lyophilised powder for injection in China
– Received patent for production method in China
♦ Listed in the National Medicine Catalogue
Chuanqing (Ligustrazine hydrochloride) Qu’Ao (Cerebroprotein hydrolysate)
♦ For treatment of traumatic brain injury and cerebral vascular disease
♦ The market for cerebroprotein hydrolysate in China was RMB1.3bn in 2010
♦ Qu’Ao’s revenue increased by 21.4% to RMB29.6mn in 1H 2011
♦ Launched in 2005, Qu’Ao received a production method patent in China
♦ Listed in the Provincial Medicine Catalogue in 11 provinces
The second best selling cerebroprotein hydrolysate drug in China in 1H 2011 (22.97% of market share)
The best selling ligustrazine injectable in China, dominating more than half of the market
Aogan (monosialotetrahexosylganglioside sodium injection, GM1)
♦ One of the most effective drugs currently available in the market for the treatment of vascular or traumatic central nervous system damage and Parkinson’s disease
♦ GM1 was the best selling molecule in cardio-cerebral vascular drug market in 2010 with sales of RMB2.4bn
♦ Aogan’s revenue grew by 88.39% in the first half of 2011
♦ With the latest acquisition of Xiangtong, Sihuan’s pro forma market share was 16.1%, and ranked No.3 in China in the first half of 2011
♦ Listed in the Provincial Medicine Catalogue in 13 provinces
The sales of Aogan surged 88.39% YOY to RMB58.9mn
Kelinao (80mg) / Anjieli (320mg) (Cinepazide Maleate)
Kelinao and Anjieli maintained a strong growth
♦ Commonly used in acute stroke therapy, increases blood flow to the brain and acts as a neuro-protectant
♦ The only approved products with maleate as the active ingredient in the PRC
♦ Launched in 2003, Kelinao was sold in approximately 3,500 hospitals in 29 provinces across China by the end of June 2011.
♦ Launched in 2006, Anjieli provides physicians with greater flexibility in prescribing cinepazide maleate to better match the patient’s profile and clinical setting
♦ Combined revenue reached RMB296mn in the first half of 2011
♦ Listed in the National Medicine Catalogue since 2009
Newly Acquired CCV Products
30
♦ Used for the treatments of peripheral nerve injury, polyneuritis, trigeminal neuralgia, sciatica, vomiting caused by pregnancy, radiation diseases and antineoplastic drugs, seborrheic dermatitis, pernicious anemia and nutritional anemia
♦ The only available compound vitamin B formula using intravenous delivery
♦ Formulation and production patent expiring 2024
♦ Included in the Provincial Medicine Insurance Catalogue in 14 provinces
Compound Trivitamin B injection (II)
Yuanzhijiu (Troxerutin and Cerebroprptein Hydrolysate injection)
♦ For the treatment of cerebral thrombosis, cerebral hemorrhage, cerebral vasospasm and other acute and chronic cerebral vascular diseases, and other brain dysfunction and sequelae caused by traumatic brain injury and cerebrovascular disease; occlusive peripheral vascular disease, thrombophlebitis, capillary bleeding and increased vascular permeability caused by edema
♦ Unique formulation, multiple therapeutic effects and provensafety track record
♦ Formulation and production patents expiring 2024
♦ Yuanzhizhu recorded sales of RMB 27.0mn in the first half of 2011.
♦ Included in the Provincial Medicine Insurance Catalogue in 16 provinces
Oudimei (Cerebroside-Kinin injection)
♦ For treatment of cardio-cerebral vascular diseases, particularly dysfunction caused by myocardial and brain diseases
– Proven to promote metabolism of heart and brain tissues, facilitate the growth, differentiation and regeneration of brain neurons and improve cerebral blood flow and cerebral metabolic functions
♦ Outstanding therapeutic efficacy and proven safety with tremendous market potential
♦ Formulation and production patents expiring 2025
♦ Oudimei recorded sales of RMB344.1mn in the first half of 2011 and has become a key revenue contributor.
♦ Included in the Provincial Medicine Insurance Catalogue in 22 provinces
Yimaining (Alprostadil lipid emulsion injection)
♦ For treatment of peripheral vascular diseases, cardio-cerebral microcirculation disorders and post-surgery thrombosis
– Proven to dilate blood vessels, inhibit platelet aggregation, increase pulmonary blood flow, and promote vasodilation
– The advantages of the lipid emulsion include specificity for the narrow segments of blood vessels, lower effective dosage and decreased side effects
♦ No.3 best selling CCV molecule in China with hospital purchase of RMB962.2mn in the first half of 2011
♦ Yimaining recorded sales of RMB23.5mn in the first half of 2011.
♦ Since the acquisition, Sihuan won the tender offer in 20 provinces and municipalities
Distributor Distributor Distributor
Differentiated and Proven Sales and Marketing Model
Managed and supported by our in-house dedicated sales and product managers, who ensure the efficiency, productivity and stability of our distribution network
Our unique sales model has proven to be highly successful and cost-efficient,resulting in rapid and deep market penetration
♦ Over 300 in-house sales and product managers
– majority of them have professional qualifications in medicine and pharmacy
– work with over 2,000 distributors and their sales forces to rapidly penetrate hospital markets
♦ We closely manage our distributors and their sales forces through:
– devising marketing strategies
– organizing national and provincial conferences
– selecting distributors with deep knowledge and understanding of their local markets and the ones with established sales channels to local hospitals and physicians
– assigning distributors to hospitals and setting sales targets
– providing sales training programs for distributors
– closely monitoring distributors' performance
Our Group
Product managers
Patients
Distributor
����
• • •
�������� ����
Hospitals and physicians
Product and marketing support Select and manage distributors
Sales managers
• • •
Product, marketing and promotional support; distributor selection and management
Organizing and supporting medical/pharmaceutical conferences
Distributor
31
3232
Innovative Drug R&D Team
KBP BioSciences ♦ Strategy: Our discovery and development of new chemical entities as novel
therapeutic agents is driven by the market and focuses on:
– Addressing unmet medical needs
– Minimizing development risk
– Maximizing success rate
– Providing improved medication for large patient populations
♦ Employees: 289 research staff
♦ Key research scientists have on average over 10 years of drug development
experience, and experience in prestigious multinational pharmaceutical
companies, including: GSK, Pfizer, Boehringer Ingelheim, Astellas, Ligand etc.
♦ Expertise: Anti-infective, CCV and oncology
♦ Pipeline: 20 research programs focusing on anti-infective, CCV, and oncology
areas, five of which applied for clinical trial by the end of June 2011
– Include: Benapenem, Anaprazole, Pinoxacin Hydrochloride, Imigliptin Hydrochloride, and Apapenem
♦ Patents: KBP submitted over 300 patent applications, 198 patents were granted
♦ Out–licensing opportunities:
– Sihuan is given the priority to select product candidates in the KBP pipeline
– We may out-license drug candidates to other domestic and overseas
pharmaceutical companies as an additional source of revenue
– We have received great interest from multiple companies in following the
progress of our pipeline candidates and potentially acquiring candidates after
they reach various milestones
First-To-Market Generic R&D Team
33
Hainan
Beijing
♦ Strategy: Focus on development of first-to-market generic drugs
♦ Employees: 51 personnel
♦ Expertise: Enhance properties of existing drugs by improving their therapeutic benefits and convenience of use
♦ Proven Track Record:
– Since establishment, the team successfully developed and brought to market 15 pharmaceutical products including Chuanqing and Qu’Ao, which enjoy leading positions in their respective areas
– Successful improvement of the safety and efficacy of cinepazide maleate and three patents in relation to the synthesis process, crystal type and production method were granted for these improvements
– Commenced 20 news projects
– Received clinical trial approvals for the new drug (cinepazide mesilate) in the first half of 2011
– Obtained 14 new patents in the first half 2011. No. of patents obtained increased to 17 by the end of June 2011
Product candidates
Nalmefene Hydrochloride
Fasudil Hydrochloride Injection
Levetiracetam Injection
Levophencynonate Hydrochloride
Indications
Prevent or reverse the effects of opioids, including the treatment of respiratory depression, sedation and hypotension
Circulatory system drugs for the treatment of cerebral vasospasm following aneurysmal subarachnoid haemorrhage
Anti-epilepsy drugs for the treatment of partial onset-seizures in patients with juvenile myoclonic epilepsy
Vertigo symptoms caused by vertebrobasilar ischemia and other diseases
Expected time to market
2011
2012
2013
2014
Pipeline Products
In-house Manufacturing Process
34
Our manufacturing facility is fully GMP-compliant
Production facilities
♦ Manufacturing activities are carried out by Beijing Sihuan in Tongzhou District in Beijing (We own and operate production facilities occupying 25,329 sq.m.)
– We operate six production lines:
– 2 for producing small volume liquid for injection
– 1 for producing lyophilised powder for injection
– 3 for oral solid medicines, which include tablets, capsules and granules
– Current production capacities:
– 62.5 million vials of small volume liquid for injection
– 3 million vials of lyophilised powder for injection
– 50 million pieces of capsules
– 560 million pieces of tablets
– 8 million packets of granules
♦ We also own a manufacturing facility for API and pharmaceutical intermediates in Langfang, Hebei Province
– Langfang Sihuan Gao Bo Pharmaceuticals commenced its operation.
♦ We are in the process of upgrading our production facilities in northern China to meet new GMP standards
– namely at Jilin Sihuan and Changchun Xiangtong
♦ We plan to increase our production capacities and capabilities by constructing more new production facilities and acquiring additional production equipment
– Beijing
– For manufacturing of lyophilised powder for injection and small volume liquid for injection
– Expected to commence production in late 2013
– Upon completion, we plan to move production of our key products in-house