WELCOME TO ACTELION’S ANNUAL GENERAL MEETING 2013 · 2017-02-20 · – 2013: CHF 1.00 proposed...
Transcript of WELCOME TO ACTELION’S ANNUAL GENERAL MEETING 2013 · 2017-02-20 · – 2013: CHF 1.00 proposed...
Copyright © 2013 Actelion Pharmaceuticals Ltd
WELCOME TO ACTELION’S ANNUAL GENERAL MEETING 2013
© 2013 Actelion Pharmaceuticals Ltd
Die nachfolgenden Informationen enthalten gewisse zukunftsgerichtete Aussagen betreffend des Geschäfts der Gesellschaft, die durch Benutzung von Begriffen wie "schätzt", "glaubt", "erwartet", "werden", "sollte", "würde", "suchen", "pendent", "geht davon aus" oder ähnlichen Ausdrücken sowie durch Diskussion von Strategie, Plänen oder Absichten identifiziert werden können. Derartige Aussagen beinhalten Beschriebe der Forschungs- und Entwicklungsprogramme der Gesellschaft und den damit in Zusammenhang stehenden Aufwänden, Beschriebe von neuen Produkten welche voraussichtlich durch die Gesellschaft zum Markt gebracht werden und die Nachfrage für solche bereits existierenden oder erst in Aussicht stehenden Produkte. Derartige zukunftsgerichteten Aussagen reflektieren die gegenwärtigen Ansichten der Gesellschaft bezüglich dieser zukünftigen Ereignisse und unterliegen bekannten und unbekannten Risiken, Unsicherheiten und Annahmen. Viele Faktoren können die effektive Performance, Resultate oder Leistungen beeinflussen, sodass sie erheblich von derartigen ausdrücklichen oder implizit erwähnten zukunftsgerichteten Aussagen abweichen können. Sollten eines oder mehrere dieser Risiken eintreten oder Annahmen sich als nicht korrekt herausstellen, können die effektiven Resultate der Gesellschaft erheblich von den erwarteten abweichen.
Generalversammlung 2013 18 April 2013 2
© 2013 Actelion Pharmaceuticals Ltd
MEETING STRUCTURE
ACTELION’S ANNUAL GENERAL MEETING 2013
18 April 2013 Generalversammlung 2013 3
Opening Remarks Jean-Pierre Garnier, Chairman of the Board
Business Review 2012 Jean-Paul Clozel, Chief Executive Officer
Andrew J. Oakley, Chief Financial Officer
Agenda & Proposals Jean-Pierre Garnier, Chairman of the Board Marian Borovsky, Secretary of the Board of Directors
© 2013 Actelion Pharmaceuticals Ltd
FORMAL DECLARATIONS REGARDING THE CONSTITUTION OF THE MEETING
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© 2013 Actelion Pharmaceuticals Ltd
IHR TELEVOTER / YOUR TELEVOTER
Ja Oui Yes
Enthaltung Abstention Abstention
Nein Non No
Generalversammlung 2013 18 April 2013 5
© 2013 Actelion Pharmaceuticals Ltd
FORMAL DECLARATIONS REGARDING THE CONSTITUTION OF THE MEETING
Generalversammlung 2013 18 April 2013 6
Copyright © 2013 Actelion Pharmaceuticals Ltd
OPENING REMARKS BY THE CHAIRMAN OF THE BOARD Jean-Pierre Garnier Chairman of the Board of Directors
© 2013 Actelion Pharmaceuticals Ltd
30.00
35.00
40.00
45.00
50.00
55.00
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13
Actelion Nasdaq Biotech index (rebased) Swiss SMI index (rebased)
ACTELION SHARE PRICE PERFORMANCE
Generalversammlung 2013 18 April 2013 8
Share price development +35% in 2012 AGM 2012
Copyright © 2013 Actelion Pharmaceuticals Ltd
OPENING REMARKS BY THE CHAIRMAN OF THE BOARD Jean-Pierre Garnier Chairman of the Board of Directors
Copyright © 2013 Actelion Pharmaceuticals Ltd
CREATING VALUE THROUGH SCIENTIFIC INNOVATION Jean-Paul Clozel Chief Executive Officer
© 2013 Actelion Pharmaceuticals Ltd
2012: A LANDMARK YEAR FOR ACTELION
CORE EARNINGS GROWTH IN 2012
SUCCESSFUL MID-STAGE STUDY
WITH PONESIMOD
NEW BOARD MEMBER ELECTED
RENEWED DIVIDEND PAYOUT
FIRST NP-C TREATMENT
AVAILABLE IN JAPAN
SUCCESSFUL MID-STAGE STUDY
WITH CADAZOLID
PRIMARY ENDPOINT MET IN
MACITENTAN STUDY
STRONG SALES PERFORMANCE IN
CHALLENGING ENVIRONMENT
REGULATORY FILINGS FOR MACITENTAN
COMMITMENT TO DOUBLE-DIGIT
CORE EARNINGS GROWTH IN 2015
VALUE CREATION STRATEGY
IMPLEMENTED
MACITENTAN RESULTS
PRESENTED AT CHEST 2012
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© 2013 Actelion Pharmaceuticals Ltd
LONG-TERM MORBIDITY/MORTALITY OUTCOME DATA
SERAPHIN STUDY RESULTS
RISK REDUCTION: 45%
P < 0.0001
10 MG: MACITENTAN
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© 2013 Actelion Pharmaceuticals Ltd
THREE MAIN TASKS FOR VALUE CREATION
DELIVERING ON OUR STRATEGY
SUSTAIN AND GROW THE PAH
FRANCHISE
BUILD ADDITIONAL SPECIALTY FRANCHISE
OPTIMIZE PROFITABILITY
Generalversammlung 2013 18 April 2013 13
© 2013 Actelion Pharmaceuticals Ltd
DELIVERING ON OUR STRATEGY
SUSTAIN AND GROW THE PAH
FRANCHISE
BUILD ADDITIONAL SPECIALTY FRANCHISE
OPTIMIZE PROFITABILITY
Generalversammlung 2013 18 April 2013 14
© 2013 Actelion Pharmaceuticals Ltd
Tradename
Molecule Mechanism
Tracleer Bosentan ERA
Letairis Ambrisentan ERA
Revatio Sildenafil PDE5
Adcirca Tadalafil PDE5
Ventavis Iloprost Inhaled Prostacyclin
Tyvaso Treprostinil Inhaled Prostacyclin
Flolan Epoprostenol IV Prostacyclin
Veletri Epoprostenol IV Prostacyclin
Remodulin Treprostinil IV/SC Prostacyclin
APPROVED BASED ON SHORT-TERM EXERCISE CAPACITY DATA
CURRENT APPROVED PAH TREATMENTS
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© 2013 Actelion Pharmaceuticals Ltd
GLOBAL LEADERSHIP IN PAH THERAPY
TRACLEER ®
First approval for PAH 2001 Approved in 63 countries
First approval for DU 2007 Approved in 49 countries
VENTAVIS ®
Acquired for PAH in 2006 Marketed by Actelion in
the US
VELETRI ®
First approval for PAH 2010 Approved in US, Canada &
Switzerland
SUSTAINING LEADERSHIP POSITION
Generalversammlung 2013 18 April 2013 16
© 2013 Actelion Pharmaceuticals Ltd
GLOBAL LEADERSHIP IN PAH THERAPY
TRACLEER ®
1,500.2 CHF MILLION
1% DECREASE
VENTAVIS ®
110.2 CHF MILLION 4% INCREASE
VELETRI ®
24.0 CHF MILLION 63% INCREASE
SUSTAINING LEADERSHIP POSITION
Generalversammlung 2013 18 April 2013 17
© 2013 Actelion Pharmaceuticals Ltd
Potent and sustained dual receptor binding
Tailored properties to target tissue
Favorable pharmacokinetic / dynamic properties
Very limited drug-drug interaction
Improved safety and tolerability profile
PROVIDING A STRONG AND UNIQUE BENEFIT TO PATIENTS
MACITENTAN: NOVEL & DIFFERENTIATED
Generalversammlung 2013 18 April 2013 18
Copyright © 2013 Actelion Pharmaceuticals Ltd
STUDY WITH ENDOTHELIN RECEPTOR ANTAGONIST IN PULMONARY ARTERIAL HYPERTENSION TO IMPROVE CLINICAL OUTCOME
Copyright © 2013 Actelion Pharmaceuticals Ltd
PROSTACYCLIN (PGI2) RECEPTOR AGONIST IN PULMONARY ARTERIAL HYPERTENSION
© 2013 Actelion Pharmaceuticals Ltd
DELIVERING ON OUR STRATEGY
SUSTAIN AND GROW THE PAH
FRANCHISE
BUILD ADDITIONAL SPECIALTY FRANCHISE
OPTIMIZE PROFITABILITY
Generalversammlung 2013 18 April 2013 21
© 2013 Actelion Pharmaceuticals Ltd
Ponesimod: First S1P1 modulator to demonstrate efficacy in psoriasis
Cadazolid: First efficacy results with Actelion’s novel antibiotic in patients
COMMITMENT TO INNOVATION – BUILDING SPECIALTY PIPELINE
EXCELLENT PIPELINE PROGRESS
Ponesimod & cadazolid to advance to Phase III clinical development
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© 2013 Actelion Pharmaceuticals Ltd
DELIVERING ON OUR STRATEGY
SUSTAIN AND GROW THE PAH
FRANCHISE
BUILD ADDITIONAL SPECIALTY FRANCHISE
OPTIMIZE PROFITABILITY
Generalversammlung 2013 18 April 2013 23
© 2013 Actelion Pharmaceuticals Ltd
Rapidly implemented Cost Savings Initiative
– Lower R&D cost base – Aligns the organization to the strategy – Addresses efficiency opportunities – Fully capitalize on the significant growth opportunities – Retains full commercial capabilities
OPTIMIZE PROFITABILITY
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© 2013 Actelion Pharmaceuticals Ltd
ACTELION 2012 – KEY PERFORMANCE NUMBERS
FY 2011 FY 2012 % of
Change CHF
% of Change
LC
Product sales 1,713.0 1,722.1 1 (2)
Core earnings (ex DDP) 480.6 537.0 12 6
Core EPS 3.04 3.69 22 16
in CHF million
in CHF million
CHF
Generalversammlung 2013 18 April 2013 25
Copyright © 2013 Actelion Pharmaceuticals Ltd
SOLID PERFORMANCE – COMMITMENT TO VALUE CREATION
Andrew J. Oakley Chief Financial Officer
© 2013 Actelion Pharmaceuticals Ltd
22% growth of Core EPS
Operating margin improvement
Cost savings initiative fully implemented
Lower tax rate
Acceleration of share buyback
Free cash flow of over CHF 500 million – increased by 72%
Cash distribution to shareholders of CHF 357.9 million
HIGHLIGHTS OF THE YEAR
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© 2013 Actelion Pharmaceuticals Ltd
FY 2011 FY 2012 % of
Change CHF
% of Change
LC
Product sales 1,713.0 1,722.1 1 (2)
Operating Income 12.2 421.5 * *
Core earnings (ex DDP) 480.6 537.0 12 6
US GAAP EPS (1.23) 2.57 * *
FINANCIAL HIGHLIGHTS
in CHF million
CHF
in CHF million
in CHF million
*not meaningful
Generalversammlung 2013 18 April 2013 28
© 2013 Actelion Pharmaceuticals Ltd
1,713.0 1,722.1
FY 2011 FY 2012
Sales decrease driven by
– Competition in the US – Price erosion ex-US
Regional breakdown (LC):
– US 41% – Europe 37% – Japan 12% – RoW 10%
DELIVERING A SOLID PERFORMANCE IN A CHALLENGING ENVIRONMENT
ACTELION PRODUCT SALES
in CHF million
-2% LC variance
Generalversammlung 2013 18 April 2013 29
© 2013 Actelion Pharmaceuticals Ltd
399.8 398.5
FY 2011 FY 2012
Increased spend on macitentan, selexipag
Pipeline refocusing
CSI impact on fixed cost base
BALANCING SPEND WITH FUTURE GROWTH
NON-GAAP R&D OPEX
in CHF million
-1% LC decrease
Generalversammlung 2013 18 April 2013 30
© 2013 Actelion Pharmaceuticals Ltd
636.2 590.2
FY 2011 FY 2012
Benefit from lower legal expenses
Focused commercial spend delivering leverage
UNDERLYING COMMERCIAL LEVERAGE
NON-GAAP SG&A OPEX
in CHF million
-9% LC Decrease
Generalversammlung 2013 18 April 2013 31
© 2013 Actelion Pharmaceuticals Ltd
480.6 537.0
FY 2011 FY 2012
Operational leverage delivers margin improvement
– 28% margin 2011 – 31% margin 2012
Impact of CSI
EXCLUDES IMPACT OF DOUBTFUL DEBT PROVISIONS
CORE EARNINGS
in CHF million
+6% LC Increase
Generalversammlung 2013 18 April 2013 32
© 2013 Actelion Pharmaceuticals Ltd
Stock compensation CHF 46.6 m
Depreciation CHF 42.3 m
Amortization CHF 39.6 m
Auxilium Pharmaceuticals Inc. payment CHF 9.1 m
Restructuring charge CHF 6.9 m
Doubtful debt provision CHF (22.6) m
OTHER GAAP OPEX
in CHF million
210.9 121.9
340.6
FY 2011 FY 2012
Generalversammlung 2013 18 April 2013 33
© 2013 Actelion Pharmaceuticals Ltd
-81.50
-63.0
Interest expense on litigation provision: CHF 41.6 m
Bond costs: CHF 12.0 m
Other financial expense CHF 10.6 m related to hedging and valuation movements
Tax expense CHF 55.2 m (15.4%)
FINANCIAL RESULT
in CHF million
FY 2011 FY 2012
Generalversammlung 2013 18 April 2013 34
© 2013 Actelion Pharmaceuticals Ltd
-1.23
2.57
FY 2011 EPS impacted by litigation provision
Core EPS: CHF 3.69 (+22%)
US GAAP EARNINGS PER SHARE
in CHF
FY 2011 FY 2012
Generalversammlung 2013 18 April 2013 35
© 2013 Actelion Pharmaceuticals Ltd
Increased core earnings
Improved working capital
Lower Capex
FREE CASH FLOW
290.9
501.1
FY 2011 FY 2012
in CHF million
Generalversammlung 2013 18 April 2013 36
© 2013 Actelion Pharmaceuticals Ltd
109.3
264.2 95.3
'93.70
FY 2011 FY 2012
Dividend
– 2012: CHF 0.80 per share – 2013: CHF 1.00 proposed per share
Share repurchase
– Ongoing CHF 800 million program – Repurchased in 2012: CHF 264.2 m – Total end 2012: CHF 383.4 m – Completion before end 2013
FY 2012 – RETURN TO SHAREHOLDERS
in CHF million
Generalversammlung 2013 18 April 2013 37
© 2013 Actelion Pharmaceuticals Ltd
Q1 2012 Q1 2013 % of
Change CHF
% of Change
LC
Product sales 415.8 432.8 4 4 5
Operating Income 67.1 124.0 85 86
Core earnings 117.6 168.5 43 44
US GAAP EPS 0.38 0.85 125 127
FIRST QUARTER 2013 - FINANCIAL HIGHLIGHTS
in CHF million
CHF
in CHF million
in CHF million
Generalversammlung 2013 18 April 2013 38
Copyright © 2013 Actelion Pharmaceuticals Ltd
CONCLUDING REMARKS
Chairman of the Board