© CELLO HEALTH PLC

February 2019

© CELLO HEALTH PLC 2

CELLO HEALTH PLC

MISSION

To build a world-class, healthcare-focused marketing and scientific commercial advisory company.

• 1,000 professionals delivering gross profit of £100m+

© CELLO HEALTH PLC 3

CELLO HEALTH PLC

FULL YEAR TRADING UPDATE - 17 JANUARY 2018

• Overall, delivery on market consensus for 2018

• Strong trading by Cello Health

• Flat trading from Cello Signal

• Net cash at year end, with strong cash flows in H2

• Growing dividend

• Strong organic growth story, complemented with targeted acquisitions

• Focus on organic start-ups

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CELLO HEALTH PLC

2017 2016Headline

Gross Profit

£m

Headline Operating

Profit£m

Margin %

Headline Gross Profit

£m

Headline Operating

Profit£m

Margin %

Cello Health 60.2 10.6 17.7% 47.6 8.6 18.1%

Cello Signal 41.0 3.9 9.5% 43.6 4.5 10.3%

Sub total 101.2 14.5 14.3% 91.2 13.1 14.4%

Central cost - (2.7) - - (2.6) -

Group 101.2 11.8 11.7% 91.2 10.5 11.5%

HISTORICAL PERFORMANCE

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CELLO HEALTHPLC

• Franchise and Brand Strategy

• Scenario and Competitor Planning

• Launch Excellence

• Forecasting and Valuation

• Asset and Indication Prioritisation

• Commercialisation Strategy

• Business Development

• Analysis and Assessment

• Strategic Communication Planning

• Data Dissemination

• Stakeholder Engagement

• Education and Outreach

• Consumer Engagement

• Landscaping and unmet needs

• Patient Journey

• TPP Optimisation

• Customer and Market Segmentation

• Positioning and Message Development

• Brand Tracking

29% 40%31%2018 Gross profit:

WHAT WE DO

SUPPORTING CLIENTS ACROSS THE PRODUCT LIFECYCLE, WITH A FOCUS ON EARLY DRUG DEVELOPMENT

Pre-clinical Pre-launch Launch Post-launch Brand optimisation

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CELLO HEALTH PLC

One brand, one team• Cello Health brand• BD culture• Marketing out-reach• Events• Uniform bonus scheme

Service innovation• Biotech• E-Village• IQ • Cello Health Logic• Pulsar Health• Signal digital capacity

Global presence• Hub offices in New York,

Pennsylvania, London and Farnham• USA 45% of Cello Health 2018

gross profits• 24 out of 25 top pharmaceutical as

clients

Collaborative culture• Cello Academy• Centres of excellence• Graduate recruitment • Global BD team

A fusion of advisory and delivery capability under one global lead brand across pharmaceuticals, biotech, devices, OTC, social health and charities

SOURCES OF COMPETITIVE ADVANTAGE

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CELLO HEALTHPLC

Client Size• Large: >$10bn in annual

sales (2017)•Mid: Between $2.25bn

and $10bn in sales• Small: <$2.25bn in sales

SOURCES OF REVENUE

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• MSAs with 24 of the top 25 drug producers

• Wide range of US based biotech clients

• Increasing med-tech and devices client base

• Growing consumer health range of clients

• Established public health and health charities client base

CELLO HEALTH PLC

SOURCES OF REVENUE

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CELLO HEALTH PLC

MACRO GROWTH DRIVERS

Pricing pressure

RX CX trend

Growth of orphan drugs and customised medicines

Regulatory and market access changes

Strong R & D/pipelines

Improved diagnostics and unmet needs

Demographics

Outsourcing trend

C. 5% MARKET GROWTH

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CELLO HEALTH PLC

CLIENT SPECIFIC TRENDS

• Orphan propositions increasingly making it direct to market

• Surge in interest in non-standard therapeutic solutions

➢Immunotherapy

• Growing role of ‘real world data’ in verifying efficacy

• Consumer engagement requirements increasing

• Pricing pressure raises need for efficiency in commercial delivery, speed to market and market impact

• New entrants disrupt established models

➢Biosimilars

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CELLO HEALTH PLC

CELLO HEALTH BOARD

LEADERSHIP TEAMSEurope and US

EXPERTISE HUBSCAPABILITY OPERATING

BOARDS

Cello Health Insight

Cello Health Consulting

Cello Health Communications

Forecasting Market AccessBusiness

Development

Rare Diseases Microbiome

MEETING CLIENT NEEDS

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CELLO HEALTH PLC

THE COMPETITIVE LANDSCAPE

• CROs migrating towards ‘soup to nuts’ solutions➢Inventiv + Research Inc = Syneos Health

➢Quintiles + IMS = IQVIA

• Private equity highly active➢Parexel

• Range of emerging consolidators➢UDG

➢EVERSANA

Accelerating consolidation of providers

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CELLO HEALTH PLC

CONSUMER

ENGAGING WITH THE CONSUMER AGENDA

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CELLO HEALTHPLC

• GROWTH

• INNOVATION

• LEVERAGE

STRATEGIC PRIORITIES

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CELLO HEALTH PLC • Digital marketing and social media research solutions for big

corporates

• Blue chip global client base: Healthcare, Technology, Financial Services, Public Sector, Utilities and Charities

• Solid core contracted revenue stream and visibility

• Global office network: Edinburgh, London, Cheltenham, Los Angeles, and Singapore

• Strong technology underpinning and proprietary software licensing model

CELLO SIGNAL

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ResearchDigital and Creative

Communications

Specialist Communication

Services

LBGRBS

NPowerNetwork Rail

RBLIFAWWWF

BUPAThe Scottish Government

EFPIABHF

NovonordiskBRC

TFLTesco

WargamingSonySky

L’OrealDisney

VodaphoneEA

NetflixHP

NovartisAstraZeneca

MerlinMarriott

CELLO HEALTH PLC

CELLO SIGNAL

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Double the size and scale of Cello

Health in the next 3 years

Working across the whole

lifecycle but best known for work

in early drug development

Working at the forefront of

where science and technology is

going

A more integrated Health business where

our fusion of expertise

differentiates

An expanded client base with a

broader definition of

what we mean by health*

*from biopharmaceuticals to Med-Tech, m-Health, devices, wearables to the public (NHS in UK) and private providers, health insurers, health finance or patient advocacy or health charities

CELLO HEALTH PLC

AMBITIONS

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GROWTH IN 2019/20

• Continued addition of professionals, particularly in the US

• Continued expansion in core hubs - New York, Yardley, Farnham and London

• Addition of Philadelphia, Boston and Berlin

• Expansion of Pulsar Health product with Cello Health Logic

• Collaboration with Signal Health to deliver digital communication solutions in US and UK

• Ongoing acquisition programme, with US focus

CELLO HEALTH PLC