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VIFOR PHARMA
INVESTOR PRESENTATION
PRESENTATION
January 2019
© Vifor Pharma January 2019 2
VIFOR PHARMA
OUR VISION
Global leader
in iron deficiency, nephrology
and cardio-renal therapies.
© Vifor Pharma
ETIENNE JORNOD
EXECUTIVE CHAIRMAN
OF THE BOARD OF DIRECTORS
STEFAN SCHULZE
PRESIDENT OF THE EXECUTIVE
COMMITTEE & COO
COLIN BOND
CHIEF FINANCIAL OFFICER
EXPERIENCED LEADERSHIP TEAM
PROVEN TRACK RECORD
January 2019 3
© Vifor Pharma
PROVEN TRACK RECORD
CORPORATE TIMELINE AND STRATEGY
2000 2010
2015
2020
BECOMING GLOBAL LEADER
IN IRON DEFICIENCY AND
ENTERING INTO NEPHROLOGY
BECOMING GLOBAL LEADER
IN NEPHROLOGY AND ENTERING
CARDIO-RENAL DISEASE AREA
• 2000: Venofer® US FDA approval
• 2007: Launch of Ferinject®
• 2008: Acquisition Aspreva
• 2008: Creation of EU affiliates
• 2009: Acquisition OM Pharma
• 2010: Creation of VFMCRP
• 2013: Injectafer® – FDA approval
• 2013: Launch of Velphoro®
• 2015: Mircera® license
• 2015: Veltassa® license
• 2016: Four licensing deals
• 2016: Relypsa acquisition
• 2017: Galenica Santé IPO
• 2017: Vadadustat license
• 2017: Veltassa® EU approval
• 2017: Mircera® license expansion
• 2018: CR845 license
BUILDING IRON PORTFOLIO
AND INTERNATIONAL EXPANSION
January 2019 4
© Vifor Pharma
LEADING PORTFOLIO IN TARGET THERAPY AREAS
1) Pre-commercial products
Avacopan1) CCX1401)
1)
Vadadustat1)
January 2019 5
CR8451)
Iron
deficiency Nephrology Cardio-renal
Own
products
In-licensed
products
© Vifor Pharma
THREE STRATEGIC GROWTH DRIVERS
Ferinject® Exploit the potential through market awareness
Veltassa® Build a blockbuster
Vifor Fresenius Medical Care Renal Pharma Grow and enhance value
January 2019 6
© Vifor Pharma January 2019
FERINJECT®
A BLOCKBUSTER BY 2020
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Europe US ROW
FAIR-HF
study
(cardio)
FERGI-COR
study
(gastro)
PREFER study
(fatigue)
New EU
guidelines:
nephro, cardio,
gastro, onco
FIND-CKD
study (ND-
CKD)
Injectafer®
approved
in the USA
CONFIRM-
HF study
(cardio)
New ESC
guidelines
(cardio)
EFFECT-HF
study
(cardio)
Intensifying
promotional
effort by
Daiichi
Sankyo
Launch in
CH, UK,
Spain
MAT = Moving annual total 1) Based on Quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, historical data at constant exchange rate (average 2017) 2) Estimate based on IQVIATM
7
New EU
onco
guidelines
FERINJECT® IN-MARKET SALES1) (MCHF) GLOBAL I.V. IRON MARKET (MAT Q2 2018)1)
• Market totalled CHF 1’698 million, +15% versus prior year period
• Ferinject® growth represented 88% of the total market growth, with +32% versus prior year period
• Global market share of Ferinject® in value is 47% (54% in our top 10 markets)
16 38 58 81 123
163 240
374
535
692
850-880
2018E2)
IN-MARKET SALES1)
CHF MILLION
© Vifor Pharma
Switzerland
Australia
New Zealand
Sweden
Germany
Spain
France
UK
Italy
U.S.
Japan
China
5%
33%
47%
16%
16%
39%
16%
22%
53%
45%
0%
0%
January 2019 8
FERINJECT®
SIGNIFICANT MARKET OPPORTUNITY REMAINS1)
1) Based on Quarterly IQVIATM MIDAS® panel, GERS, Insight Health, Moving Annual Total (MAT) Q2 2017-18 2) 100 mg eq./1’000 population
Launch Date
2008
2011
2012
2008
2007
2009
2011
2008
2012
2013
2019
2021
Ferinject® volume per capita2) Ferinject® in-market volume growth
253
107
51
36
34
29
22
22
22
12
0
0
© Vifor Pharma January 2019 9
FERINJECT®
THE BLOCKBUSTER PLAN
1) Study conducted by our US partner Daiichi Sankyo
Therapeutic
areas with high
unmet need
• Heart failure
• Patient blood management
• Gastroenterology
• Nephrology
Strong
partnerships
• Partnering with leading
companies
Geographic
expansion
• Japan (2019)
• China (2021)
• Key pharmerging markets
Life cycle
management
• AFFIRM-AHF
• HEART-FID1)
© Vifor Pharma
2020 2021 2022 2023 2024
January 2019 10
1) Investigator initiated study, University of Hamburg 2) Study conducted by our US partner Daiichi Sankyo
FERINJECT®
EXPLOIT THE POTENTIAL
2019 2025
HEART-FID
completion2) U.S. Post-approval study
FAIR-HF2
completion1) Post-approval study
China launch
2021
AFFIRM-AHF
completion Post-approval study
EU guidelines*
update based on
AFFIRM AHF
U.S. guidelines*
update based on
HEART-FID
*Targeted guidelines:
Focus on cardiology, patient blood management, gastroenterology and nephrology
> CHF 2 billion
in-market sales
potential
Japan launch
H2 2019
U.S. label
update
© Vifor Pharma January 2019 11
1) Pre-commercial products
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
THE RATIONALE
STRONG IRON AND PHARMA EXPERTISE
GLOBAL LEADER IN DIALYSIS
Avacopan1)
CCX1401)
55% Stake
45% Stake
Vadadustat1) CR8451)
1)
© Vifor Pharma
Managed care expertise
Patient access (>300k patients)
Validation of innovation
Medications in FKC clinics1) become SoC2)
Sourcing of innovation
Evaluation of clinical assets
Acceptance of clinical risk
Regulatory and market access expertise
55% Stake
45% Stake
January 2019 12
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
SYNERGISTIC PARTNERSHIP
Focus on pharma needs of nephrology patients – Global Leader
Access to patient data. Faster clinical trial execution
Faster uptake and utilisation
Partnership technically controlled by Vifor Pharma
1) Fresenius Kidney Care (FKC): Fresenius Medical Care North America dialysis provider organization 2) Standard of care
STRONG IRON AND PHARMA EXPERTISE
GLOBAL LEADER IN DIALYSIS
© Vifor Pharma
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
CURRENT PORTFOLIO
January 2019 13
1) Pre-commercial products
CARDIO-RENAL
MANAGEMENT
MINERAL & BONE
MANAGEMENT
ANAEMIA
MANAGEMENT
KIDNEY
PROTECTION
Avacopan1)
1)
Vadadustat1)
CR8451)
CCX1401)
CKD-ASSOCIATED
COMPLICATIONS
© Vifor Pharma
2020 2021 2022 2023 2024
January 2019 14
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
DELIVERING INNOVATION TO NEPRHOLOGY PATIENTS
2019 2025
Additional launches in
nephrology
CR845
launch
Vadadustat
launch
CCX140
launch
Avacopan / C3G Ph. II trial completion
CR845 / Uremic
Pruritus Ph. III trial completion
Vadadustat Ph. III trials
completion
> CHF 1bn
reported sales
Avacopan
launch
Avacopan / AAV Ph. III trial
completion
CCX140 / FSGS Ph. II trial completion
Rayaldee®
launch
© Vifor Pharma
CURRENT INDICATIONS
January 2019
NEPHROLOGY
NUMEROUS OPPORTUNITIES REMAIN
Polycystic kidney disease
Metabolic acidosis
Vascular calcification
Kidney stones
Hypernatremia
Fabry
aHUS
Diabetic nephropathy
Acute kidney injury
β-Thalassemia renal disease
FSGS
ANCA associated vasculitis
Uremic pruritus
C3G
Secondary hyperparathyroidism Hyperphosphatemia
Hyperkalemia
Anaemia
Iron deficiency
PIPELINE INDICATIONS POTENTIAL INDICATIONS
15
© Vifor Pharma January 2019 16
NEPHROLOGY
LEADERSHIP OF THE WHOLE NEPHROLOGY CHAIN
CLINICAL / PRE-COMMERCIAL
IN-LICENSING DEALS AND PARTNERSHIPS
Avacopan
Vadadustat CR845
CCX140
PRE CLINICAL
DA
TA
GE
NE
RA
TIO
N
PARTNERSHIP
TRANSPLANTATION
COMMERCIAL
PRE DIALYSIS DIALYSIS
© Vifor Pharma January 2019 17
VELTASSA®
OVERVIEW OF KEY FEATURES
1) SmPC = summary of product characteristics
RAASi enabling
Included in SmPC1) in Europe
Room temperature storage
US: 3 months / EU: 6 months
High safety profile
Limited undesirable effects
Mode of action
Calcium-based, non-absorbed
Broad use
Acute & Chronic
52-weeks data
AMETHYST-DN study
© Vifor Pharma January 2019 18
VELTASSA® U.S. RAMP-UP
KEY CONSIDERATIONS
1) BrandImpact, Q1’17 2) Relypsa data on file
U.S. addressable market 3 million hyperkalemia patients
Awareness
Market access
Duration of treatment
Payers’ coverage
Nephrology: impact analysis ranked #11)
Prescribed by 89% of nephrologists2)
Currently ~4-5 months
67% Medicare coverage
Pricing Monthly gross price USD 820
Cardiology: Diamond study needed to unlock the cardiology space
Median out-of-pocket costs of $6 for all approved claims
© Vifor Pharma
2020 2021 2022 2023 2024
January 2019 19
VELTASSA®
DRIVE TO BLOCKBUSTER STATUS
2019 2025
DIAMOND
completion Post-approval study
AMBER
completion Post-approval study
Label updates based on
DIAMOND results
Blockbuster
status
Guideline*
updates based on
AMBER results
Guideline*
updates based on
DIAMOND results
*Targeted guidelines:
European rollout
Japan launch
Zeria
© Vifor Pharma January 2019
R&D INVESTMENTS
KEY CLINICAL TRIALS ONGOING
1) Iron overload; leveraging iron metabolism expertise 2) Study conducted by our US partner Daiichi Sankyo
PHASE 1 PHASE 2 PHASE 3 LIFE CYCLE MANAGEMENT
Own
Products
In-licensed
Products
Oral ferroportin
inhibitor1)
Avacopan (Q4 2019)
CCX140 (2020)
AFFIRM-AHF (Q4 2019)
AMBER (H1 2019)
DIAMOND (2022)
Vadadustat (2020)
20
CR845 (H2 2019)
Initiation mid-2019
HEART FID (2022)2)
© Vifor Pharma
1) Half-year results 2018 2) Reported earnings after minorities adjusted for amortisation of intangible assets to normalise for the significant impact from the acquisition of Relypsa
FINANCIAL HIGHLIGHTS1)
January 2019 21
+23.4% +44.5%
2.66 80.0%
+29.3%
127.5
NET SALES EBITDA
CORE EPS2) (in CHF)
FERINJECT®/INJECTAFER®
NET DEBT (in million CHF) EQUITY RATIO
© Vifor Pharma
In 2018 at constant exchange rates Vifor Pharma net sales are expected to grow
by more than 15% and reported EBITDA by more than 25%.
In 2020 net sales are expected to exceed CHF 2 billion and EBITDA to reach a high triple-digit
level.
For 2018 and 2019, the dividend is expected to be at the same level as for 2017. From 2020
onwards, the payout ratio is targeted at 35% of net income.
January 2019
GUIDANCE 2018
NET SALES AND EBITDA GUIDANCE INCREASED
22
© Vifor Pharma
OUTLOOK 2019
CLINICAL TRIALS
MARKET ACCESS
Veltassa®: read-out of the AMBER study (H1 2019)
Veltassa®: initiation of the DIAMOND outcome study for RAASi enabling (Q1 2019)
Ferroportin inhibitor: initiation of phase-II study (mid-2019)
Avacopan: phase III ADVOCATE study readout (Q4 2019)
CR845: KALM-1 and KALM-2 study readouts (H2 2019)
Ferinject® launch in Japan (H2 2019)
Rayaldee® filing in Europe (H1 2019)
Expansion of footprint in China
Partnering the Japanese rights for CCX140
IN-LICENSING Completion of at least one additional bolt-on transaction during the course of 2019
January 2019 23
© Vifor Pharma
CONTACT INFORMATION
Colin Bond – CFO
Phone: +41 58 851 83 53
Email: [email protected]
INVESTOR RELATIONS
Julien Vignot – Head of Investor Relations
Phone: +41 58 851 66 90
Email: [email protected]
Laurent de Weck – Investor Relations Manager
Phone: +41 58 851 80 95
Email: [email protected]
January 2019 24
© Vifor Pharma
DISCLAIMER
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.
January 2019 25