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VIFOR PHARMA
INVESTOR PRESENTATION
SEPTEMBER 2020
VIFOR PHARMA
SEPTEMBER 2020
OUR VISION
Global leader
in iron deficiency, nephrology
and cardio-renal therapies
2
PROVEN TRACK RECORD
SEPTEMBER 2020
CORPORATE TIMELINE AND STRATEGY
1) Pre-commercial products 2) In-licensed from Akebia Therapeutics, Inc., subject to certain conditions and limited to the US dialysis market
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 of Aspreva
2008: Creation of EU affiliates
2009: Acquisition of OM Pharma
2010: Creation of VFMCRP
2013: Injectafer® – FDA approval
2013: Launch of Velphoro®
2015: Mircera® in-licensing
2015: Veltassa® in-licensing
2016: Four in-licensing deals
2016: Relypsa acquisition
2017: Galenica Santé IPO
2017: Vadadustat1 in-licensing2
2018: CR8451 in-licensing
2019: Invokana® co-promotion
2019: Joint venture with Evotec
Building iron portfolio
and international expansion
3
LEADING PORTFOLIO IN TARGET THERAPY AREAS
SEPTEMBER 2020
1) Pre-commercial products 2) Subject to certain conditions and limited to the US dialysis market
Iron
deficiencyNephrology Cardio-renal
Own
products
In-licensed
products
Avacopan1Vadadustat1 2
CR8451Rayaldee®1
4
19%
81%
50%50%
FERINJECT®/INJECTAFER®
GLOBAL LEADER IN THE I.V. IRON MARKET
SEPTEMBER 2020
GLOBAL MARKET LEADER
Source: quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, moving annual total Q1-2020, historical data at constant exchange rate (average 2019)
20202014
2’198
CHFm
933
CHFm
5
2017
1’437
CHFm
40%
60%
16 38 58 81123 163
242
377
538
693
890
1’060
FERINJECT®
SEPTEMBER 2020
BLOCKBUSTER STATUS ACHIEVED ONE YEAR EARLIER
1) Based on quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, historical data at constant exchange rate (average 2019)
Europe US RoW
IN-MARKET SALES1
CHF MILLION
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019
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
New EU
onco
guidelines
2018
6
Switzerland
Australia
Spain
Sweden
Italy
UK
France
U.S.
Japan3
China
2%
18%
31%
12%
42%
23%
23%
19%
0%
0%
FERINJECT®
SEPTEMBER 2020
SIGNIFICANT MARKET OPPORTUNITY REMAINS1
1) Based on quarterly IQVIATM MIDAS® panel, GERS, Insight Health, moving annual total (MAT) Q4 2018-19, historical data at constant exchange rate (average 2019)2) 100 mg eq./1’000 population 3) Launched on 1 September 2020
Ferinject® volume per capita2Ferinject® in-market volume growth
253
127
46
41
39
29
29
17
0
0
7
2021 2022 2023 2024
Life cycle
management
Indications
with high
unmet need
FERINJECT®
SEPTEMBER 2020
EXPLOIT THE POTENTIAL
1) Launched on 1 September 2020 2) Investigator initiated study, University of Hamburg 3) Study conducted by our US partner Daiichi Sankyo
2020 2025
HEART-FID
completion*3
U.S. Post-
approval study
FAIR-HF2
completion*2
Post-approval
study
Focus on heart failure, patient blood management and nephrology
*Targeted guidelines:
> CHF 2
billion
in-market
sales
(> CHF 1
billion
reported
sales)
U.S. label
update
Geographic
expansion
AFFIRM-AHF
completion*Post-approval
study
China approval
2021
Japan launch1
2020
8
VIT-2763 (FERROPORTIN INHIBITOR)
SEPTEMBER 2020 9
TARGETING RARE BLOOD DISORDERS
1) US and EU combined estimate
First patient in VITHAL study in Q2 2020
Approx. 150’000
DISEASE
Unmet need
Addressable
patients1
Phase-II status
Oral small moleculeBlocks iron transport to
the blood
Mechanism similar to
hepcidin
BETA THALASSEMIA SICKLE CELL DISEASE
Pain crisis and and organ damageTransfusion burden and iron overload
Approx. 25’000
Study initiation expected in 2021
NEPHROLOGY
SEPTEMBER 2020 10
LEADERSHIP OF THE WHOLE NEPHROLOGY CHAIN
1) In-licensed products 2) Joint commercialisation agreement with Janssen Pharmaceuticals Inc. 3) Subject to certain conditions and limited to the US dialysis market
CLINICAL / PRE-COMMERCIAL
IN-LICENSING DEALS AND PARTNERSHIPS
Avacopan1
Vadadustat1 3CR8451
PRE-CLINICAL
DA
TA
GE
NE
RA
TIO
N
PARTNERSHIP
TRANSPLANTATION
COMMERCIAL
PRE-DIALYSIS DIALYSIS
NephTheraRayaldee® 1
21
1
NEPHROLOGY
SEPTEMBER 2020
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
STRONG IRON AND PHARMA EXPERTISE
GLOBAL LEADER IN DIALYSIS
55% Stake
45% Stake
11
MINERAL & BONE
MANAGEMENT
ANAEMIA
MANAGEMENT
KIDNEY
PROTECTION
CKD-ASSOCIATED
COMPLICATIONS
AVACOPAN
SEPTEMBER 2020 12
NEW STANDARD OF CARE IN ANCA-AV
ANCA-AV = Anti-neutrophil cytoplasmic antibody-associated vasculitis1) Studies conducted by our partner ChemoCentryx, Inc.
July 2020
Filing of avacopan
in the US by
ChemoCentryx, Inc.
November 2019
Successful readout
of ADVOCATE1
phase-III study
H2 2020
Filing of avacopan
in Europe
End of 2020
Phase-II ACCOLADE1
study readout in
C3 Glomerulopathy
End 2021 / Early 2022
Launch of avacopan
in Europe
2020 2021
CR845 / DIFELIKEFALIN
SEPTEMBER 2020 13
INNOVATION IN CKD-ASSOCIATED PRURITUS
CKD = Chronic kidney disease ESRD: End Stage Renal Disease
Significant impact on quality of life
THE DISEASE THE OPPORTUNITY
Favorable safety profile with no sign of addiction
Meaningful reduction in itch intensity and
improvements in itch-related quality of life
No pill burden
NDA submission in the US in H2 2020 No approved treatment in US and EU
~40% of ESRD patients have moderate to
severe pruritus
Only off-label treatments with poor evidence
and/or unfavorable safety profile
VADADUSTAT
SEPTEMBER 2020 14
POTENTIAL NEW ORAL STANDARD OF CARE IN DIALYSIS
ESAs = Erythropoiesis-stimulating agents1) Fresenius Kidney Care (FKC): Fresenius Medical Care North America dialysis provider organization 2) Subject to certain conditions
License agreement
Positive INNO2VATE
Phase-III results
Next steps
Non-inferior to ESAs in efficacy and cardiovascular safety
Achieved pre-specified non-inferiority margin agreed with FDA
Filing in the US by Akebia Therapeutics, Inc.
License granted by Akebia Therapeutics, Inc. to sell vadadustat to
FKC clinics1 and other third party dialysis organisations in the US2
NEPHROLOGY
SEPTEMBER 2020 15
GROWING SIGNIFICANTLY WITH HIGH UNMET NEED
CURRENT INDICATIONS
Polycystic kidney disease
Metabolic acidosis
Vascular calcification
Kidney stones
Hypernatremia
Fabry
aHUS
Acute kidney injury
β-Thalassemia renal disease
ANCA associated vasculitis
Uremic pruritus
C3G
Secondary hyperparathyroidism
Hyperphosphatemia
Hyperkalemia
Anaemia
Iron deficiency
PIPELINE INDICATIONS POTENTIAL INDICATIONS
Diabetic kidney diseaseKidney fibrosis
45%
14%
41%
VELTASSA®
SEPTEMBER 2020 16
ABILITY TO BUILD MARKET AWARENESS
1) Monthly IQVIATM MIDAS® panel, GERS, InsightHealth, DLI, moving annual total Q2-2020. Average 2019 exchange rates have been applied.
20202016
182
CHFm
401
CHFm
KEY CHARACTERISTICS
Calcium-based, non-absorbed
52-weeks data available
Acute & chronic usage
Veltassa® Sodium zirconium cyclosilicate Other potassium binders
IN-MARKET SALES1
VELTASSA®
SEPTEMBER 2020
ASSESSMENT OF LONG TERM POTENTIAL UNCHANGED
3 million USD 898
Monthly gross priceEstimated
hyperkalaemia patients
in the US
6 months
Targeted duration
of treatment
x x > USD 10 billion =
Potential market size
(net sales)
17
H1
2019
H1
2020
%∆ vs.
H1 2020
Net Sales 913.3 922.5 +1.0%
Other Income 20.4 43.0 +110.9%
Gross Profit 560.3 589.5 +5.2%
EBITDA 254.6 305.1 +19.8%
Depreciation and amortisation -106.0 -170.1 -60.5%
EBIT 148.7 135.0 -9.2%
Financial result -8.9 -17.0 -91.9%
Income tax -13.8 -11.3 +18.5%
Net profit before NCI 126.0 106.7 -15.3%
Non-controlling interests -60.9 -38.8 36.3%
Net profit after NCI 65.2 67.9 4.3%
Core earnings1 per share 2.11 2.66 +26.1%
P&L OVERVIEW (IN CHF MILLION)
STRONG GROWTH IN CORE EPS
COVID-19 impact on
Ferinject®/Injectafer® and Veltassa®
offset by dialysis business
EBITDA of CHF 319.8 million or
+25.6% at constant exchange rate
Increase in depreciation and
amortisation driven by CCX140
impairment of CHF 56.2 million
Non-controlling interests impacted
by the CCX140 impairment
NCI = non-controlling interests1) Reported earnings after non-controlling interests adjusted for proportionate amortisation of intangible assets of CHF 104.9 million in H1 2020 (H1 2019: CHF 71.9 million)
SEPTEMBER 2020 18
31 Dec
2019
30 Jun
2020
Change vs.
31 Dec 2019
Cash & cash equivalents 544.9 304.7 (240.2)
Trade & other receivables 471.9 481.7 9.8
Inventories 348.7 420.2 71.6
Financial investments & other assets 633.4 784.4 151.1
PPE1 & RoU
2 assets 351.0 351.4 0.3
Intangible assets 2’584.5 2’557.1 (27.5)
Assets 4’934.4 4’899.5 (34.9)
Current financial & lease liabilities 17.8 14.2 (3.5)
Other current liabilities 523.6 534.4 10.8
Non-current financial & lease liabilities 626.5 620.9 (5.6)
Other non-current liabilities 31.3 57.3 26.0
Shareholders' equity 3’735.3 3’672.8 (62.6)
Liabilities & shareholders' equity 4’934.4 4’899.5 (34.9)
BALANCE SHEET OVERVIEW (IN CHF MILLION)
STRONG EQUITY RATIO OF 75.0%
Decrease in cash & cash
equivalents due to dividend
payments
Increase in financial investments
driven by gain on ChemoCentryx
equity stake
Decrease in intangible assets
driven by CCX140 impairment and
usual amortisation, partly offset by
purchase of a priority review
voucher for CHF 107.7 million
1) Property, plant & equipment 2) Right-of-use
SEPTEMBER 2020 19
2020
Opening cash & cash equivalents, 1 January 544.9
Operating activities 288.1
Net working capital (NWC) (116.6)
Interest, tax & other financial payments 1.1
Cash flow from operating activities 172.6
Milestones & BD&L1 investments (125.7)
Capex & others (27.1)
Cash flow from investing activities (152.8)
Dividends paid (219.6)
Financing & others (34.4)
Cash flow from financing activities (254.0)
Exchange rate effects (5.9)
Ending cash & cash equivalents, 30 June 304.7
Financial liabilities2 (537.6)
Net debt (232.9)
CASH FLOW OVERVIEW (IN CHF MILLION)
NET DEBT POSITION OF CHF 232.9 MILLION
Net working capital driven by higher
inventory and temporary increase of
account receivables from US sales
Milestone and BD&L investments driven by
acquisition of a priority review voucher
Dividend payments of CHF 129.6 million to
Vifor Pharma shareholders and CHF 90.0
million to Fresenius Medical Care
1) Business development and licensing 2) Excluding non-interest bearing financial liabilities and lease liabilities
SEPTEMBER 2020 20
GUIDANCE 20201
1) Subject to no worsening of the situation due to COVID-19
In 2020, net sales are expected to grow in the range of 5% at
constant exchange rates, reported EBITDA is expected to grow
in the range of 20%.
SEPTEMBER 2020 21
OUTLOOK
1) Licensed from ChemoCentryx, Inc. 2) By our partner Cara Therapeutics, Inc. 3) Study conducted by our partner ChemoCentryx, Inc.
CLINICAL TRIALS
MARKET ACCESS
Veltassa® partnering in China
Ferinject® launch in Japan
Avacopan1 filing in Europe
CR845 filing in the US2
BUSINESS
DEVELOPMENT At least one in-licensing, product acquisition or corporate transaction
Ferinject® phase-IV AFFIRM-AHF study readout
Avacopan phase-II ACCOLADE3 in C3 Glomerulopathy study readout
SEPTEMBER 2020 22
CONTACT INFORMATION
SEPTEMBER 2020
Colin Bond Chief Financial Officer
Phone: +41 58 851 83 53
Email: [email protected]
Julien VignotHead of Investor Relations
Phone: +41 58 851 66 90
Email: [email protected]
Laurent de Weck Investor Relations Senior Manager
Phone: +41 58 851 80 95
Email: [email protected]
Investor relations
23
DISCLAIMER
SEPTEMBER 2020
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.
24