Top Banner
0 Presentation at Pareto Life Science Seminar – August 28, 2014 Peter Wolpert, CEO & Founder Moberg Pharma AB Combining Commercial and Innovation Excellence to unlock the value of proven molecules
35

Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

Jan 31, 2018

Download

Documents

lamliem
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Page 1: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

0

Presentation at Pareto Life Science Seminar – August 28, 2014 Peter Wolpert, CEO & Founder

Moberg Pharma AB

Combining Commercial and Innovation Excellence to unlock the value of proven molecules

Page 2: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

1

Disclaimer

1

Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Moberg Pharma’s results could be materially affected. The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of pharmaceutical research and product development, manufacturing and commercialization, the impact of competitive products, patents, legal challenges, government regulation and approval, Moberg Pharma’s ability to secure new products for commercialization and/or development and other risks and uncertainties detailed from time to time in Moberg Pharma’s interim or annual reports, prospectuses or press releases.

Page 3: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

2

2014 TV commercial in the Nordics

2

Page 4: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

3

3

Strategic plan

Growth strategy - Organic growth - Innovation engine incl M&A

Build value through Brand Equity and IP Equity

Strong focus on shareholder value and achieving EBITDA target

Vision

Build a mid-size Pharma/Consumer Health company with Sales in: - U.S. and select countries - OTC and select specialty areas

Financial goal

25% EBITDA margin with healthy growth from 2016

Moberg Pharma COMBINING COMMERCIAL AND INNOVATION EXCELLENCE

Page 5: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

4

4

Net Sales grew to 178 MSEK (TTM, Q214) - U.S. OTC Sales operations - Products sold in 40+ countries - 30 employees in Sthlm and NJ

Focus in OTC/Dermatology/Topicals - Leading U.S. OTC SKU in Nail Fungus - Superior interrim PII data for MOB015

3 acquisitions in last 18 months - Nov 2012, Alterna LLC - Dec 2013, OTC brands from Bayer - Apr 2014, BUPI, Ph ll for oral pain relief

Market Cap 450 MSEK, (OMX:MOB)

Moberg Pharma COMBINING COMMERCIAL AND INNOVATION EXCELLENCE

Page 6: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

H1 2014 – Highlights and Financials

CONFIDENTIAL

Page 7: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

6

2014 Highlights

6

58% Growth in Direct sales H114

#1 with 25% U.S. Market share last 4w

Stronger claims Expanded indication for Nalox in EU

21%

EBITDA margin for Commercial operations in H114

US expansion Food retailers added to distribution

of Kerasal Nail

60 million SEK raised in directed share issue

BUPI - Pipeline boost Acquisition of phase II asset

China/SE Asia Regulatory progress

Page 8: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

7

17 consecutive quarters of sales growth

Product Sales, TTM, MSEK

7

0

25

50

75

100

125

150

175

200

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

MSE

K

Page 9: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

8

Majority of revenue from direct OTC sales – Strong contribution to earnings from both channels

8

Sales via distributors

32%

Direct OTC Sales 68%

Other 12%

Nalox/ Kerasal Nail

60%

Kerasal 16%

JointFlex 12%

RoW 4%

Europe 22%

Americas 74%

Channels Products Geography

Distribution of revenue, Jan – June 2014

Page 10: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

9

Rapid increase in sales and EBITDA

9

(MSEK) Net Sales

EBITDA

2011 2012 2013 2014 H1

MilestonesProduct Sales56

112

157

106

-8

13

-8

14

-29 -16 -13

13 EBITDA

EBITDA excludingmilestone payments

Page 11: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

Commercial Operations

Page 12: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

11

A large aging population, steady to increased incidences of conditions and diseases, self care & Rx to OTC switches fuel OTC market growth

U.S. OTC market is expanding

Source: Nielsen Scantrack Total US xAOC 52 weeks ending CY2012. Projected estimate for 2013/2014 based on current growth rate.

$37,2 $38,4

$40,1 $42,1

$44,3

12/25/10 12/24/11 12/22/12 est. 2013 est. 2014

Total US Sales (billions)

+4.5% +3.2% +4.9% +5.2%

11

Page 13: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

12

Ten largest retailers account for almost 70% of sales

U.S. OTC market is highly consolidated

Source: IRI. 52 weeks as of May 2013

+4.5% +3.2% +4.9% +5.2%

12

Page 14: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

13

Platform for building Brand Equity in the US – Cost effective U.S. OTC infrastructure

Retailers/Wholesalers Sales Force CMOs

Logistics

Sales and marketing/Brand Management

13

Page 15: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

14

Building a profitable growth portfolio of Brands, Products and Projects through M&A and internal development

Current portfolio Future portfolio

Brands

Products sold through partners

15 partners incl Meda, Menarini & Paladin

Pipeline

®

MOB-015

BUPI

X Y Z +

X Y + 14

Page 16: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

15

Organic growth 2014 H1 (Value), percent

5%

31%

U.S. OTC market

Moberg U.S.

Significantly faster growth than the market

Growth driver

Combination of Brand and IP equity:

15

Page 17: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

16

Available at 30 000 points of sale

New patent pending formulation launched Q114

Market share 25% last 4w

Recent distribution added:

16

0% 23% market share increase in 3 years

Kerasal Nail™ – Best selling SKU in its category

Page 18: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

17

17

Positive initial response on advertising and the product from consumers and retailers

Walgreens increases distribution 21,000 stores at Walmart, CVS, Walgreens, and Rite Aid

Ca 30 million Americans experience frequent foot pain1. Many simultaneously suffer from cold feet and dry skin. Associated with diabetes, fibromyalgia, arthritis, joint pain, muscle strain or trauma.

Triple action formula that relieves foot pain, warms cold feet, and moisturizes dry skin.

Active ingredients: capsaicin and camphor, Fusome® - skin delivery system

Kerasal® NeuroCream rapidly gains market share in a niche category with growth potential – Now no 2 SKU

1 The population prevalence of foot and ankle pain in middle and old age: a systematic review. Thomas et al, Pain 2011 Dec

Page 19: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

18

Acquisition of three cash-generating brands from Bayer Healthcare in Dec 2013

18

• Noncore to Bayer Healthcare – no marketing in over 10 years, ca 3m$ in Net Sales

• Leverages U.S. OTC platform • Domeboro is a astringent solution that provides fast,

soothing itch relief for skin irritations • Vanquish provides strong headcache relief with lower

safety risk profile vs. competitors • Fergon is a high potency iron supplement • High loyalty brands on market 50+ years • Opportunity

• Targeted niche marketing to increase sales • Improve gross margin • Expand distribution

Page 20: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

19

Vanquish – Launched integrated Marketing plan

19

Page 21: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

20

Domeboro - Brand modernization CONFIDENTIAL

20

New web - Skin Care Center

Page 22: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

Distributor sales

Page 23: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

22

Moberg Pharma Global Markets – >20 markets remain to launch under current contracts

All markets

Jointflex Kerasal

Kerasal Nail/Nalox/Emtrix

Page 24: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

23

Distributor Sales well positioned for further growth Nalox™/Kerasal Nail™

10% growth in Europe – implementation of new stronger claims only started. Potential for further growth in 2015

Strong sales in Canada as response to launch of consumer advertising, Market leader with 25% market share Jan - May1)

Preparations for launches in China and SE Asia progressing well Large potential for 2015

Note: Four largest distributors only, not an all inclusive list.

23

1)CDH units, IMS. Market share of OTC and Rx products for onychomycosis.

Page 25: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

Innovation Engine

Page 26: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

25

25

Innovation engine

8 patent families - MOB015 – Ph II data expected in Sept - BUPI – Ph II expected Sept – Q115 - Kerasal Nail+/Nalox+

Focus to strengthen OTC pipeline

>100 BD OPPORTUNITIES EVALUATED IN 2013/14

3 ACQUISITIONS LAST 21 MONTHS

Acquisitions/inlicensing

Focus on OTC assets for U.S. market Completed Acquisitions Alterna LLC, Nov 2012, 20 m$ (1.8x Sales) Bayer brands, Dec 2013, 4.8 m$ (1.6x Sales) Bupizenge, April 2014, Dev. project,1m$

Page 27: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

26

26

40% MYCOLOGICAL CURE AFTER 6 MONTHS MOB-015, n=25, Final data in September 2014

MOB-015 – Superior results after 6 months

Source: 1)Moberg Pharma data on file from ongoing phase II study

Page 28: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

27

MOB015 interim results are superior to topical drugs on the market and on par with oral terbinafine therapy – but without the safety issues of oral therapy

27

Mycological cure Active Product Company Form at 6 months at 12/15

months Comment

Terbinafine MOB-015 Moberg Pharma Topical 40%1) In Sept 2014 25-75% affected

Ciclopirox Penlac Sanofi Topical - 29-36%2) 20-65% affected

Tavaborole Kerydin Anacor Topical - 31-36% 20-60% affected

Efinaconazole Jublia Valeant Topical - 54% 20-50% affected

Amorolfin Loceryl Galderma Topical - n/a3)

Terbinafine Lamisil Novartis Oral 40%4) 75%4)

Itraconazole Sporanox J&J Oral 25-30%4) 40-50%4)

Source: 1)Moberg Pharma data on file from ongoing phase II study; 2) Gupta AK, Fleckman P, Baran R. Ciclopirox nail lacquer topical solution 8% in the treatment of toenail onychomycosis. J Am Acad Dermatol 43(4 Suppl):S70-80 (2000 Oct); 3) Mycological cure rates have not been published for Loceryl using the standard definition, which is the combination of negative fungal culture and KOH microscopy; 4) Double blind, randomized study of continous terbinafine compared with intermittent itraconazole in the treatment of toenail Onychomycosis, BMJ 1999;

Page 29: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

28

Acquisition of BUPI lozenge – Oral mucositis is 1st indication

28

Page 30: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

29

Acquisition of BUPI assets

29

Product & Indication Bupivacaine lozenge for oral pain relief (mouth and throat) 1st indication: Oral Mucositis in cancer patients. Large unmet need Other indications: Burning Mouth Syndrome, Sjögren’s syndrome, Upper

gastrointestinal endoscopy. Long-term also OTC potential

Value and Next steps Peak Sales potential $50-100m, whereof the OM indication is $20-25m Attractive deal structure, $1m in upfront/milestone and royalty after profitable Phase II application submitted in June, plan to pursue early revenue opportunities

Page 31: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

Management and Outlook

Page 32: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

31

Management and Board with strong track record Management experience McKinsey, AZ, Q-Med, Biogen Idec, Alterna, Karolinska Dev

31

Anna Ljung CFO Thomas Thomsen Torbjörn Koivisto

Board experience Pharmacia/Pfizer, Lundbeck, Genmab, Quintiles, Altaris Capital, Merrill Lynch, J&J, Barrier Therapeutics, NCH

Peter Wolpert CEO and Founder

Mats Pettersson (Chair)

Wenche Rolfsen Geert Cauwenbergh

George Aitken-Davies

Steve Cagle VP North America

Kjell Rensfeldt VP R&D

Martin Ingman VP Sales & marketing, ROW

Page 33: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

32

The Share last 3 years (Aug 21 2014)

32

Analysts

Klas Palin, Redeye

Christian Lee, Remium

Additional coverage expected H2 2014

Page 34: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

33

20 largest shareholders by June 30, 2014 CONFIDENTIAL

33

Shareholders No of shares Capital and votes, % ÖSTERSJÖSTIFTELSEN 2 248 478 16,1 SIX SIS AG, W8IMY 890 645 6,4 JPM CHASE NA (Altaris Capital Partners) 825 652 5,9 BURE EQUITY AB (PUBL) 811 151 5,8 FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION 773 472 5,5 GRANDEUR PEAK 703 780 5,0 HANDELSBANKEN FONDER AB RE JPMEL 612 777 4,4 WOLCO INVEST AB (Peter Wolpert, CEO) 600 000 4,3 TREDJE AP-FONDEN 486 000 3,5 J P MORGAN CLEARING CORP, W9 446 410 3,2 DEUTSCHE BANK AG LDN-PRIME BROKER, AGE FULL TAX 415 029 3,0 BANQUE CARNEGIE LUXEMBOURG S.A, (FUNDS) 386 494 2,8 SOCIETE GENERALE 258 621 1,9 STATE STREET BANK & TRUST COM., BOSTON 222 703 1,6 ML, PIERCE, FENNER & SMITH INC 172 414 1,2 SYNSKADADES STIFTELSE 172 201 1,2 MOBEDERM AB 154 215 1,1 BNY GCM CLIENT ACCOUNTS (E) ILM 130 257 0,9 LUNDMARK, ANDERS 130 000 0,9 KAUFMANN, PETER 120 800 0,9 SUMMA, 20 STÖRSTA ÄGARNA 10 561 099 75,6 Övriga aktieägare 3 401 438 24,4 TOTAL 13 962 537 100 Source: Euroclear Sweden AB per 2014-06-30

Warrants to Management (SW: PersonaloptionerI)

Outstanding warrants correspond to 8.1% of shares (6% to Management/Employees)

Page 35: Moberg Pharma ABmobergpharma.se/sites/default/files/moberg_presentation_pareto... · Moberg Pharma AB . Combining Commercial ... Noncore to Bayer Healthcare – no marketing in over

34

34

Focus next 12 months BUILDING A DIFFERENT KIND OF PHARMA COMPANY

Improving EBITDA!

Fuel strong U.S growth - K-Nail and Neurocream launch - Line extensions and new SKUs

Grow Distributor Sales - EU: Extended indication - China registration, SE Asia, Mena

BD focus - US OTC products

MOB-015 finalize PII, licensing process

Bupi: Pll study, evaluate/pursue early sales and Orphan Drug opportunities