Investeren in Biotechnologie Hoe zoeken naar de gouden graal
Mini-seminarie Biotech 21 november 2012
Dr Jan De Kerpel, PhD, MBA Biotech/Pharma equity research KBC Securities - Brussels +32 2 429 84 76
[email protected]
Agenda Wat verstaan we onder biotechnologie? Investeren in biotechnologie Beleggen in biotech: aantrekkelijke returns, maar …? Europese sector Waardering via case study
Conclusie: vuistregels voor biotechbeleggingen
Wat is ‘biotechnologie’? OESO: De toepassing van wetenschap en technologie op levende organismen, zowel op onderdelen, producten of modellen daarvan, om levende en niet-levende materialen te manipuleren ten einde kennis, goederen en services te creëren.
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Rode Biotech
Medicijnen
Devices
Groene Biotech
GMO
Veredeling
Witte Biotech
rest
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Diagnostica
Agenda Wat verstaan we onder biotechnologie? Investeren in biotechnologie Beleggen in biotech: aantrekkelijke returns, maar …? Europese sector Waardering via case study
Conclusie: vuistregels voor biotechbeleggingen
Waarom in biotech beleggen?
Hoge return Gigantische koerswinsten mogelijk Positieve klinische tests of baanbrekende technologie Overname premies van 50% of meer
Vaak erg innovatieve producten die mensenlevens redden Maatschappij is bereid hogere prijzen te betalen
Mean and lean bedrijven met sterke focus op kernproducten Biotechproducten minder gevoelig voor generische kopieën Klassieke medicijnen kennen 90% omzet verlies na patent verval
Farma is de belangrijkste klant: where big and small meet (Klein) biotechbedrijf (Groot) farmabedrijf
Weinig innovatie Procesgestuurd Risicoavers Gereglementeerd en sterke marketing Hebben nieuwe producten nodig
Sterk in innovatie Flexibel en aanpasbaar Hoog risicoprofiel (vaak slechts één product) Beperkte marktingervaring Hebben constant cash nodig
⇒ Producten & technologie: Mergers& ergers Acquisitions&Partnerships z
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Risico’s inherent aan de activiteiten
Productontwikkeling mislukt vaak. Slechts 1 op de 10 kandidaatgeneesmiddelen komt uiteindelijk op de markt
Weinig gediversifieerd Mislukken of vertraging van één product beïnvloedt bedrijfswaardering. Entrepreneurs/oprichters niet altijd beste profiel om groeiend bedrijf te leiden.
Regulator en markt niet altijd klaar voor erg innovatieve technologieën. Gentherapie, stamcellen, regeneratieve geneeskunde, … Monoklonale antilichamen kampten 20 jaar met dezelfde obstakels, maar zijn nu de belangrijkste bronnen van omzet voor farmaceutische bedrijven
Vaak partnerships voor producten die halfweg ontwikkeling zijn Kosten lopen te hoog op Verlies van controle op het ontwikkelingstraject Partner vaak minder soepel en trager bij het ontwikkelen van projecten Vaak communicatiestop opgelegd door de partner over veelbelovende producten z
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Risico’s inherent aan kleine bedrijven
Kapitaalintensief en lange termijn voor return on investment Ontdekking en ontwikkeling zijn erg duur Return on investment duurt vrij lang (+10 jaar)
Meeste biotechbedrijven zijn niet winstgevend Europa: 5 bedrijven met omzet >€ 100mln, VS: ~50 met marktkapitalisatie > € 1mrd Netto cashverbruik vereist regelmatig herfinanciering => kwetsbaarheid
Beursgenoteerde biotechbedrijven Kleine marketcap en illiquide aandelenhandel 60% VS biotech heeft mcap < $ 100mln. Weerhoudt institutionele beleggers om toe te treden Cash outflow fondsen leidt tot gedwongen verkoop Aandelenkoersen blijvend laag terwijl bedrijven succesvol zijn
Producten en businessplannen moeilijk begrijpbaar voor gewone belegger
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Agenda Wat verstaan we onder biotechnologie? Investeren in biotechnologie Beleggen in biotech: aantrekkelijke returns, maar …? Europese sector Waardering via case study
Conclusie: vuistregels voor biotechbeleggingen
Totale marktkap. beursgenoteerde biotech North America
Central Asia Europe
€ 256bn
€ 33bn
$1bn Market value
Market value
Pacific Rim
Market value € 1bn Market value
Middle East
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€ 21bn Market value
Totale marktkap.van beursgenoteerde biotech KMO’s 3000
15 6
2500
17
€m
2000
1500
15
7
13 6
1000
5 500
1
3
1
1
1
0
in um en ny ark ce ay nd ain aly nd nd tria ds a t It nla ola us lan gi wed rma nm ran orw erla Sp ri l B F P A her Fi N itz tBe S Ge De a t e Sw Ne Gr SME cutoff: <€ 2bn Source: Factset October 2012 z
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Biotech market size
Number of companies
3
Innovatie: betekenis in biotech
First First in in class class Level of innovation
Innovation Innovation threshold threshold
Value Value
Me Me too too Market Market expectation expectation 5
10
15
20
Time/year z
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Source: Paul Stoffels, Chief Scientific Officer, Janssen Pharmceutical companies, J&J
Agenda Wat verstaan we onder biotechnologie? Investeren in biotechnologie Beleggen in biotech: aantrekkelijke returns, maar …? Europese sector Waardering via case study
Conclusie: vuistregels voor biotechbeleggingen
Coverage universe
Stock price: Target price: Potential: Rating: Mcap
€ 4.74 € 9.00 89.9% BUY € 207
Stock price: Target price: Potential: Rating: Mcap
€ 5.76 € 8.00 38.9% ACCUMULATE € 154
Stock price: Target price: Potential: Rating: Mcap
€ 36.60 € 45.00 23% BUY € 1,306
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Stock price: Target price: Potential: Rating: Mcap
€ 14.59 € 16.00 9.7% ACCUMULATE € 455
Stock price: Target price: Potential: Rating: Mcap
Stock price: Target price: Potential: Rating: Mcap
Stock price: Target price: Potential: Rating: Mcap
Biotech/pharma Health Medical device
€ 0.82 € 0.95 15.9% HOLD € 75
Stock price: Target price: Potential: Rating: Mcap
€ 15.95 SUSPENDED € 387
€ 12.75 € 13.25 3.9% PT THE OFFER € 736
€ 42.18 € 44.00 4.3% HOLD € 7,734
Stock price: Target price: Potential: Rating: Mcap
Stock price: Target price: Potential: Rating: Mcap
€ 15.80 € 19.00 20.3% BUY € 420
€ 0.03 € 0.01 -61.5% HOLD € 19
Acquired: • Innogenetics • Movetis
KBCS Lead IPO or involved in financing transaction Under coverage
Hoe toekomstige waarde bepalen?
Traditionele financiële ratios zijn niet van toepassing Doorgaans cash burning, weinig omzet en beperkte winst Omzet dikwijls gevolg van éénmalige betaling, over # jaren herkend Peer-groep analyse niet zinvol= te verschillend in kernactiviteit Kans op slagen van een project gelimiteerd
Sum-of-the-parts Risico-gecorrigeerde net present berekening per project/activiteit - overhead kosten + cash positie
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Risico-gecorrigeerde NPV: Wat?
Wat doet het product? Is er een unmet medical need? Incrementeel of marginale verbetering? Waar bevindt zich de verbetering? (efficientie, veiligheid, gebruikersvoordeel, prijs, …)
Potentieel van product: hoe groot is de markt? Hoeveel patiënten elk jaar? Welk type patient komt in aanmerking? Vroeg in het ziektebeeld, midden, of op het einde van het ziektebeeld
Wat is de huidige competitive positie en die ten tijde van lancering product. Wanneer zou het product op de markt komen?
Wat is de mogelijke commerciële verkoopprijs en productiekost
=>Klinische gegevens op patienten onontbeerlijk => belang PoC
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Risico-gecorrigeerde NPV: What?
Commercieel pad Zelf commercializeren? Revenue, COGS, … Marketing strategie en investeringen
Partnering strategy? Upfront, milestone en royalty assumpties (afhankelijk van stadium van partnering)
Waarschijnlijkheidsanalyse In welke fase van ontwikkeling? Fase 1: 10-15%; fase 2: 20-50%; fase 3: 6080%; regulatory: 90%
Probabiliteit sterk afhankelijk van ziektebeeld en primair eindpunt
Verdisconteringsvoet / belastingen Reflecteert penalty functie (WACC) 12% approval/launch; 15% development
Tax rate of 34% or 7%; deferred taxes? z
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Success rates and time to market across therapeutic areas Therapeutic area
Probability of approval Time (from phase I)
in
Hormones (excluding sex hormones)
65%
94
Antiparasitic
59%
103
Formulations
56%
83
Anti-infectives
50%
87
Other products
49%
77
Sensory
49%
103
Musculoskeletal
44%
101
Dermatological
43%
86
Cardiovascular
42%
103
Alimentary and metabolic
40%
99
Blood and clotting
37%
106
Genitourinary (and sex hormones)
36%
90
Immunological
35%
98
Respiratory
35%
103
Neurological
32%
108
Anticancer
24%
108
Biotechnology
21%
100
Source: PharmaPredict
clinical
development (m)
Thrombogenics Located in Leuven, Public 2006 Founded by VIB researcher/prof European biotech leader Development of new eye drug, ready for launch in US License with Alcon/Novartis for EU
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TARGET: € 45 RATING: BUY
Vitreous remodelling leads to progressive liquefaction with age1
Incomplete separation can cause vitreomacular adhesion (VMA), that results in traction, leading to visual disturbance
VMA VMA Resolved
Ocriplasmin injected intravitreally acts by weakening and breaking the protein fibers that are causing the adhesion and separates the vitreous body from the retina, which relieves the traction and resolves the symptoms z
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1. Bishop PN. Prog Retin Eye Res. 2000; 19(3):323‐344.
TARGET: € 45 RATING: BUY
sVMA
Watchful waiting
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Metamorphopsia (blurred vision)
•
Deteriorating visual acuity
•
Impaired visual function
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Worsening of symptoms
Vitrectomy
Complications Patient compliance • Requires admission • Retinal detachment to operating room • Retinal tears (OR) • Bleeding in the eye • Face down time for • Cataract progression 48 hours to 5 days in almost all phakic • Extended caregiver patients support ~850,000 vitrectomy procedures performed globally per year (~ 300,000 in the United States)
TARGET: € 45 RATING: BUY
Lead product Microplasmin for back of the eye
Single injection versus vitrectomy
US: FDA approved (Oct’ 12), launch in Jan. ‘13
Commercialization by Thrombogenics
Europe: CHMP opinion expected by YE12, launch mid 13 Commercialization by Alcon, THR gets 25-30% royalty net sales
Peak sales assumption for VMA: ~€ 700m (~0.5m eligible patients in US + EU VISION RESULTING FROM DIFFERENT EYE DISEASES VMA related Normal
Central visual distortion
Retinal detachment
Source: KBC Securities research and eyetestsathome.co.uk
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Not VMA related Glaucoma
Cataract
TARGET: € 45 RATING: BUY
Market Size*
% Eligible for ocriplasmin †
Eligible Ocriplasmin Patients
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Macular Hole Total patients: 128,459*
VMA/VMT
Macular Pucker
Total patients: 111,478*
Total patients: 456,940*
28%†
29% 47%
71%†
72%
sVMA Population US ≈ 250,000 patients
*CMS Claims Data (SAF); CMS Claims Data (PSPS). †Eligibility based on Jan 2011 TG primary Quant research (US retinal physicians).
TARGET: € 45 RATING: BUY MARKET RESEARCH DATA FOR OCRIPLASMIN USAGE (50 US AND 50 EU RETINAL SPECIALISTS QUESTIONED) Indication
Macular Hole
VMA/VMT
Macular Pucker
Total eligible sVMA
Total patients US*
128,459
111,478
456,940
~270,000
Total patients EU-5°
132,258
114,695
470,124
~280,000
% Ocriplasmin eligible
52%
70%
28%
Total eligible for sVMA
~135,000
~155,000
~260,000
>550,000
Source: Thrombogenics market research *CMS Claims data (SAF and PSPS), °US prevalence extrapolated to EU-5 population
VALUE PROPOSITION TO ALL STAKEHOLDERS Patients: Restores vision & improves visual function Early treatment option for population now untreated Minimally invasive – administration via single injection Well tolerated Doctors: Novel early pharmacologic treatment option Office-based treatment Improved practice economics Society: Positive economic impact on disease treatment
Source: KBC Securities research and Thrombogenics z
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TARGET: € 45
US Reimbursement strategy (Jan 2011 sub; Oct 2011 approval) ICD-9 Diagnosis Code for VMA/VMT
2011
FDA Submit April 2012
(Dec 2012 Sub; Apr 2013 earliest RATING: Effective) Transitional Pass Through Status and “C” Code for HOPD/ASC Reimbursement
Expected FDA Approval Oct 2012
2012 (Jan 2012 begin; March 2012 complete) Payer policy updates for ICD-9 Diagnosis Code for VMA/VMT
BUY
2013 (April-May 2012 begin; Ongoing through 2012) Enroll participating providers in VMA registry for patients with ICD-9 diagnosis code
Throughout 2011 and 2012 Payer Education and Advocacy for Coverage – Both Disease/Indication and Product
2014
(Jan 2013 Sub; Jan 2014 Effective) HCPCS “J” Code for MD Office Reimbursement
ICD-9 Diagnosis Coding, Registry HCPCS J Coding for MD Office HCPCS C Coding for HOPD/ASC
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-Dossier Development, Payer Advisory Boards, Health Economics -KOL Referral Network, CAC Education and Advocacy, Local Coverage Policies
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Payer Advocacy and Coverage
TARGET: € 45 RATING: BUY
Agreement with Alcon for Ocriplasmin (March 2012) Licensed ex-US rights (Europe and RoW)
Territory represents ~300,000 (250k EU, 50k RoW) patients on annual basis
Represents –according to Thrombogenics- 40% of the products value
Upfront and potential milestones of € 375m + highly attractive sales royalties
€ 75m immediate payment
€ 90m in milestones within 12 months (approval and first patient treated)
€ 210m in commercial milestones
‘Industry standard royalties’ on net sales
Undisclosed: KBCS assumption: 25% - comment CEO Thrombogenics: ‘that’s conservative’
Efficient and rapid launch in Europe and ROW
Co-invest to expand potential indication for Ocriplasmin
AMD & Diabetic Macular Edema
Share 50:50 future Ocriplasmin development costs for EU and RoW
Alcon/Novartis are global leader in ophthalmology
Ocriplasmin complementary to Lucentis ($ 3bn sales in FY11)
Thrombogenics continues to focus on US commercialization of Ocriplasmin z 24
Represents 60% of ocriplasmin’s value
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TARGET: € 45 RATING: BUY
Key valuation assumptions: VMA only penetration rate of 40%/50% of eligible patients Could be too conservative with partner like Alcon/Novartis
1 patient = 1 eye = 1 injection Some physicians indicate multiple use
€ 2400/injection in EU/RoW, $ 4000/injection in US Based on new mngt guidance (‘above $ 3000)
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Base case scenario : $ 4,000 US; € 2,400 EU
TARGET: € 45 RATING: BUY
NEW SALES POTENTIAL OCRIPLASMIN FOR VMA ONLY 2012
2013
2014
2015
2016
2017
2018
2019
2020
Eligible US patients (th)
199
207
214
222
231
239
248
257
267
Ocriplasmin penetration (%)*
0%
8%
15%
30%
45%
50%
50%
50%
50%
Number of US patients (th)
0
16
32
67
104
120
124
129
133
Ocriplasmin VMA revenues US (€ m)
0
38
99
205
319
368
382
396
411
Eligible EU patients (th)
299
310
322
334
346
359
372
386
400
Ocriplasmin penetration (%)*
0%
3%
6%
12%
24%
36%
40%
40%
40%
Number of EU patients (th)
0
9
19
40
83
129
149
154
160
Ocriplasmin VMA revenues EU (€ m)
0
21
46
96
199
310
357
371
384
Total Ocriplasmin VMA sales (€ m)
0
59
145
301
519
678
739
767
795
Source: KBC Securities research *% of eligible patients actually being prescribed ocriplasmin
NEW P&L ASSUMPTIONS FOR OCRIPLASMIN FOR VMA ONLY* (€ m)
Revenue
2013E
2014E
2015E
2016E
2017E
2018E
2019E
2020E
75
133
111
240
369
477
471
489
549
US sales revenues
0
38
99
205
319
368
382
396
411
European & Row revenues
75
95
12
35
50
109
89
93
138
Royalty Alcon
0
5
12
24
50
78
89
93
96
upfront
75
0
0
0
0
0
0
0
0
milestones
0
90
0
11
0
32
0
0
42
COGS (incl. distribution + royalty out)
-3
-10
-15
-32
-50
-60
-61
-63
-67
Gross Profit
72
124
95
208
319
418
410
426
482
Operational costs
39
46
53
61
77
88
94
100
106
S&M
14
20
24
28
35
39
40
41
43
G&A
5
6
7
9
16
20
22
23
24
R&D
20
20
22
24
27
29
32
35
39
33
78
42
146
242
329
316
326
376
69%
67%
67%
69%
EBIT z 26
2012E
Margin as % of revenues 59% 38% 61% 66% November 2012 z z Source: KBC Securities research *does not include additional sales from DME or wet-AMD
TARGET: € 45 RATING: BUY SWOT ANALYSIS JETREA STRENGTHS
WEAKNESSES
• Unique, innovative product that can prevent surgery
• VMA is a small and new disease requiring education
• Strong support from FDA advisory committee • No competitors, strong selling/pricing power
•
• Cheap production of active ingredient, long patent life • Small group of target prescribers allows for small
•
sales & marketing efforts • Huge cash pile offers cushion against regulatory
•
setbacks • Strong national and international investor base
• • •
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of physicians Referral patterns from general ophthalmologists and optometrists not yet established Thrombogenics is not an established brand in US and Jetrea is the company’s first commercial product -20°C distribution requires storage in Lack of J-code (only available as of January 2014) to be compensated by reimbursement managers Sales-team too small to address general ophthalmologists to optimize referral process No IMS US prescription monitoring possible
OPPORTUNITIES
THREATS
• Label extension in major disease areas like diabetic
• Sell-on-the-news pressure upon first approval
macular edema, AMD and ocular vein occlusion offer huge sales potential • Off-label use by surgeons to liquefy gel and other surgery-facilitating usage • Company can bank on experience of Alcon • US approval may lower investment risk and increase M&A scenario
• Initial sales ramp-up not meeting market expectations
November 2012 z
• Single product company, need for follow-up products • Underestimating the financial market’s wish for sales
reporting needs and increased investor nervousness on short- term US prescription trends
NPV: € 38/sh TARGET: € 45 RATING: BUY
SENSITIVITY ANALYSIS FOR JETREA FOR VMA ONLY Average injection/patient : 1.5 Larger eligible market Average injection/patient : 1.3 Price / patient : +20% WACC : 10% Price / patient : +10% WACC : 11% USD/EUR : 1.2 Royalty alcon : 29% Royalty alcon : 27% USD/EUR : 1.4 Price / patient : -10% Ramp-up slower (-2y) Price / patient : -20% Macular hole only Restricted label, smaller eligible market 20
25
30
35
38
40
45
50
55
60
Δ Ιmpact versus base case (€ / share)
Source: KBC Securities research PRICING SENSITIVITY ANALYSIS FOR JETREA FOR VMA ONLY* (PRICE PER SHARE)
PATIENT
EU PRICING PER
US PRICING PER PATIENT $ 3,000
$ 3,500
$ 4,000
$ 4,500
$ 5,000
€ 2,000
28.1
32.1
36.2
40.3
44.3
€ 2,200
28.7
32.8
37.0
41.0
45.1
€ 2,400
29.5
33.6
37.6
41.7
45.8
€ 2,600
30.3
34.3
38.4
42.5
46.5
€ 2,800
31.0
35.1
39.2
43.2
47.3
€ 3,000
31.8
33.8
39.9
44.0
48.1
Source: KBC Securities research *does not include additional sales from DME or wet-AMD z 28
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TARGET: € 45 RATING: BUY
Looking at valuation as an acquirer VALUING FROM DIFFERENT PERSPECTIVES
US Market
Alcon
Acquirer, other
Standalone
perspective
than Alcon
€ 25
€ 28
€ 28
Comment The US market has for each party equal value, although a company with an established US ophthalmology sales organization will be able to create substantial synergies. We assume a 10% synergy advantage.
EU Market
€ 13
€ 21
€ 13
Alcon can avoid the payment of near term and future milestone payments by acquiring THR. The upfront and 2013 milestones already represent € 5/sh in our valuation. On the other hand, Alcon already has a substantial part of the EU market value under control, which will be at least the value it gave away to THR. Hence, we double our assessment of the EU market with THR. If the acquirer is not Alcon, the EU value is unchanged.
Label extension
€3
€3
€3
Label extension should have a much higher value for a bigger firm given its stronger resources, but we do not take this into account for now for the sake of easy comparison.
Deferred tax assets
0
€3
€3
YE11 deferred tax assets are not taken into account for a lossmaking company in the SOTP, but for a profitable organization acquiring the loss-making biotech it holds tax-avoidance value
Cash Total Upside to current level
€4
29
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€4
€ 45
€ 59
€ 51
~30%
~75%
~50%
Source: KBC Securities research z
€4
Cash in THR holds its value for all parties.
TARGET: € 45 RATING: BUY
NPV BREAKDOWN NPV (€ m) Product
NPV per share (€)
Probability of launch
New
Old
New°
Old
New
Old
New
Old
Staphylokinase
2
15
0.1
0.5
10%
60%
79
79
Jetrea for VMA
1,341
888
37.6
26.1
95%
95%
740
587
Ocriplasmin, DME
108
104
3.0
3.0
30%
35%
335
315
Anti-PlGF (TB-403)
0
0
0
0
0%
0%
0
0
158
158
4.4
4.9
1,609
1,165
45.1
34.4
Cash (YE11 + 1Q capital)* Total value
Source: KBC Securities *cash from Alcon upfront is in Jetrea for VMA based on 35.5 million shares
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Peak sales estimate (€ m)
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TARGET: € 45 RATING: BUY
Financial situation: cash exceptionally strong and ‘profitable’ End June cash position: € 186m (vs € 80m at YE11)
Includes € 75m from Alcon and € 78m capital increase
Operational cash burn 1H12 € 59m (vs ~€ 15-20m/semester in 2011)
~€ 16m to strengthen IP position (payment to Nuvue, Griffols, etc)
€ 2m FDA filing, € 4m increase SG&A for launch preparation
P&L ‘Profitability’ possible from now on
FY12 operational cash burn ~€ 60-65m, YE12e cash of ~€ 165m
Alcon upfront entirely recognized in 1Q12, results in black numbers for FY12
€ 90m Alcon 2nd payment in 1H13 -> FY13 also black numbers
2014: ocriplasmin franchise could reach profitability
Tax rate: ocriplasmin most likely eligible for 7% Belgian tax rate
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~€ 100m of deferred tax assets
November 2012 z
Agenda Wat verstaan we onder biotechnologie? Investeren in biotechnologie Beleggen in biotech: aantrekkelijke returns, maar …? Europese sector Waardering via case study
Conclusie: vuistregels voor biotechbeleggingen
Beleggingsvuistregels Stock picking in biotech kan erg hoge returns opleveren
Vuistregels voor de selectie Fundamenteel nieuwe, innovatieve technologieën Maar niet te innovatief want de markt en de regulatoren zijn er mogelijk nog niet klaar voor.
Oplossing voor onvervulde medische behoeften met een groot marktpotentieel Toekomstige markt begrijpen en segmenteren. In grote markten is er plaats voor verschillende producten. Regulators, patiënten, maatschappij zijn bereid om meer te betalen voor echt levensreddende producten Nicheproductstrategie is OK, maar heeft misschien een beperkt marktpotentieel
Technologie gevalideerd door experts / experts in aandeelhouderschap en/of RvB Expert VCs als aandeelhouders in de ‘early stage’, industriële samenwerkingen met grote spelers
Gediversifieerde productportefeuille One-product bedrijven zijn risicovoller, bedrijven met ‘late stage’ producten dragen de voorkeur.
Financieel gezonde bedrijven Cashpositie: >18 maanden standhouden, back-up scenario voor alternatieve financiering bv. via outlicensing
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Beleggingsvuistregels Stock picking in biotech kan erg hoge returns opleveren
Vuistregels voor de selectie (vervolg) Professionneel management met duidelijke businessplannen en korte/middellange objectieven Tijdige en solide nieuwsberichten om de koers te ondersteunen
Timing van instap 6-9 maanden voor belangrijke gebeurtenis (essentiële resultaten klinische tests, goedkeuring door overheid)
Diversifieer belegging over verschillende bedrijven die op de voet gevolgd worden
Het meest veelbelovende product kan altijd falen, zelfs na goedkeuring Als het product faalt, verkoop zo snel mogelijk het aandeel (zelfs tijdelijk) om verlies te beperken Vaak zijn er vroegtijdige signalen van mislukking: uitstel van recrutering, negatieve reactie van de regulator, bijkomende tests, etc … z
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Thank you
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