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Richter GroupM12 2015
Richter Group
Full Year Report, M12 2015 9 January 2016
Summary – M12 2015M12 2015
Summary M12 2015
Consolidated sales: +2.9% (EUR), +3.3% (HUF)+ good growth in EU15 countries in China and in Romania (W&R)+ good growth in EU15 countries, in China and in Romania (W&R)+ sales growth in Russia in RUB− significant sales decline in Ukraine
Profit for the period*: +116.1% (EUR), +116.7% (HUF)+ substantial one-off milestone payment from Allerganp y g+ significant decrease in operating expenses+ net financial loss
22
*Net income attributable to owners of the parent
Key events 2015M12 2015
Key events 2015
FDA approval of cariprazine 17 S t b 2015FDA approval of cariprazine – 17 September 2015
European Commission approval of Esmya® 5 mg for intermittent treatment in the long term management of Uterine Fibroids (myomas)– 28 May 2015
Marketing authorisation application for biosimilar products – EMApegfilgrastim – 8 December 2015
d bi i il t A ’ N l t− proposed biosimilar to Amgen’s Neulastateriparatide – 4 January 2016− proposed biosimilar to Eli Lilly’s Forteop p y
3
Consolidated financial highlightsM12 2015
Consolidated financial highlights
HUF Change % EUR Change % g g
Total revenues 365.2bn 3.3 1,179.4m 2.9
Profit from operations 67.4bn 78.5 217.6m 77.9
Profit for the period* 54 1bn 116 7 174 6m 116 1Profit for the period 54.1bn 116.7 174.6m 116.1
EPS (diluted) 291 115.6 0.94 113.6
*Net income attributable to owners of the parent
4
Geographical composition of Group salesM12 2015
Geographical composition of Group sales
Hungary HungaryRussia Poland Russia
Poland9%
6%24%10%
6%22%
FY2014 FY2015
Romania
Ukraine
Romania
Other CIS
Ukraine12%
5%
7%
14%
9%
2%
EU10
EU15
Other CISChina
EU10
LatAm
10%
13%
7%
5%4%
2%
3%
LatAm
4 %14%
7%
5%5%
2%
EU15USA RoW
EU15USARoW
T t l T t l
China5% 3% %
Total: HUF 353.7bn
EUR 1,145.7m
Total: HUF 365.2bn
EUR 1,179.4m
+ 3.3% (HUF) + 2.9% (EUR)
55
P&LM12 2015
P&L
HUFmM12 2015
Change %
EURmM12 2015
Change %
as % of total revenues
Total revenues 365,220 3.3 1,179.4 2.9
Gross profit 221,433 3.4 715.1 3.1 60.6
S&M expenses (97,216) -4.4 (313.9) -4.7 26.6
A&G expenses (20,387) 3.7 (65.8) 3.5 5.6
R&D expenses (34,824) -20.2 (112.5) -20.4 9.5
Other income and other expenses (1,634) -85.5 (5.3) -85.5 0.5
Profit from operations 67,372 78.5 217.6 77.9 18.4
Net financial income (8,315) -34.9 (26.9) -35.0 2.3
Profit for the period* 54,062 116.7 174.6 116.1 14.8
*Profit attributable to owners of the parent
6
Flat gross profit, gross marginM12 2015
Flat gross profit, gross margin
+ Increase of turnover in EU15+ Increase of turnover in EU15 countries and in China
+ Increase of turnover in RussiaHUFm
40%
50%
60%
200 000
250 000in RUB+ Improvement of the product
mix
HUFm60.6%60.5%
10%
20%
30%
40%
50 000
100 000
150 000mix + Appreciation of USD and CNY
against HUF and EUR
0%
10%
0
Gross profit Gross margin- Significant sales decline in
Ukraine Gross profit Gross marginUkraine- Weakening RUB exchange rate
against EUR and HUF (YoY)
7
EUR RUB → 31.5%
Increasing operating marginM12 2015
Increasing operating margin
Substantial one-off milestone
20%
25%
60 000
70 000
80 000
HUFm
18.4%
Substantial one off milestone payment from Allergan
Decreasing marketing costs
10%
15%
20 000
30 000
40 000
50 000
60 000
10.7%
Decreasing marketing costs
Significantly decreasing R&D di
0%
5%
0
10 000
20 000expenditures
Profit from operation Operating margin
8
Pharmaceutical sales*M12 2015
Pharmaceutical sales
Key drivers of growth:
Women’s Healthcare
China and EU15 countries
Successful product launches
*89% of turnover originates from outside of Hungary
9
g g y
9
HungaryM12 2015
Hungary
Turnover *
Stable pharmaceutical marketHUFbn
30
40Sales increase: 6.5% in HUF
10
20Success of products launched in recent years
0
*Turnover of the pharmaceutical segment
10
EU – composition of sales*M12 2015
EU composition of sales
EU15− strengthening our position
49%g g p
in key Western-European markets
− own Women’s Healthcaresales and marketing network
51%
Poland, Romania, EU10− well established in the region for
decades− own specialized sales network*Turnover of the pharmaceutical segment p
11
EU15M12 2015
EU15
Turnover*
14.6% sales increase in EUR EURm
120140160180
Recently established S&M network
20406080
100
Women’s Healthcare products: Esmya®, Lisvy®, Richter OC
020y , y ,
portfolio, acquired OCs
*Turnover of the pharmaceutical segment
12
Poland, Romania, EU10M12 2015
Poland, Romania, EU10
I i i titi
Turnover*
Increasing generic competition
Price erosionEURm
150
200
Poland: 8 7% increase in PLN
EURm
0
50
100– 8.7% increase in PLN– strong flu epidemic –
Groprinosin sales increasel l l l i th b
Poland Romania EU10
– low sales levels in the base period
Romania:– flat sales levels
(-0.5% in RON)*Turnover of the pharmaceutical segment
( 0.5% in RON)
13
CISM12 2015
CIS
Turnover*Sales decline (-11.2% in EUR)
EURm
300
400
500
Russia− RUB devaluation (YoY)
l d f R i
0
100
200− slowdown of Russian economy
Ukraine
Russia Ukraine Other CIS
Ukraine− political uncertainty− UAH devaluation− strongly decreasing purchasing
power *Turnover of the pharmaceutical segment
14
RussiaM12 2015
Russia
Turnover*
Sales increase in RUB(23.7% in RUB; -5.9% in EUR)
EURm
300
400
Turnover
Price increase: 1 January 2015
Significant weakening of
EURm
100
200Significant weakening of EURRUB exchange rate in M12 2015: 31.5% (YoY)
0Decreasing purchasing power
*Turnover of the pharmaceutical segment
15
Ukraine, Other republicsM12 2015
Ukraine, Other republics
Turnover*
Ukraine− 59.8% decline (USD 29.5m)− political and economic
USD
150
200
Turnoverpturmoil
− UAH devaluationUSD UAH: 45 1% (YoY)
USDm
0
50
100USD UAH: 45.1% (YoY)
− significantly decreasing purchasing power
0
Ukraine Other CIS
Other republics− 1.5% increase (EUR)
(-17.8% in USD)− devaluation of Kazakh
Tenge*Turnover of the pharmaceutical segment
16
USAM12 2015
USA
Turnover*
Sales decline (-6.5% in USD)
USDm
160
200
Turnover
Significant proportion of Women’s Healthcare – 82%
USDm
40
80
120
Emergency contraceptive –significant contributor to
0
gachieved performance
*Turnover of the pharmaceutical segment
17
ChinaM12 2015
China
Sales in M12 2015: EUR 54.4m
Dynamically expanding pharmaceutical market
From 2016 GR Rxmidas 100% Richter ownedFrom 2016 GR Rxmidas 100% Richter owned
Sales network: 224 medical representatives
One-off preshipment
Appreciation of CNY* against EUR
18
* FOREX gains originating from the appreciation of CNY shown under Other income and other expenses.
Latin AmericaM12 2015
Latin America
S l * i M12 2015 USD 21 5Sales* in M12 2015: USD 21.5m
Regional presence:Regional presence:− Brazil− Mexico− Colombia− Ecuador− Bolivia 22 October 2015 – Richter completed− Peru− Chile
22 October 2015 Richter completed the acquisition of Mediplus N.V.
Women’s Healthcare products in focus
19
*Turnover of the pharmaceutical segment
Pharmaceutical sales by therapeutic areasM12 2015
Pharmaceutical sales by therapeutic areas
13%17%
Other Central nervous system
22%4%
6%Muscle relaxants
Gastrointestinal Cardiovascular2015 22%4%Gastrointestinal 2015
38%
Women’s Healthcare
Total: EUR 997.5m
20
Women’s Healthcare sales by regionM12 2015
Women s Healthcare sales by region
4004%
11%CEE
Hungary
CIS EURm
200
250
300
35023%
3%
Ex-Grünenthalportfolio
Chi
50
100
150
200
37%
13%
4%3%
EU15
China
LatAm
0
Gynaecological sales Non‐gynaecological sales
5%USA
RoW
y g gy g
Total: HUF 118.4bnEUR 382.3m
2121
Sales of Ex-Grünenthal portfolio and ESMYA®
M12 2015
Sales of Ex Grünenthal portfolio and ESMYA
Ex-Grünenthal sales: EUR 49.7m
ESMYA® sales: EUR 49.8m
Women’s Healthcare sales
13%Subtotal: EUR 99.5m
13%GrünenthalWH Total: EUR 382.3m
22ESMYA®
Sales networkM12 2015
Sales network
staff
1 600
1 800
1 200
1 400
1 600
800
1 000
200
400
600
0
200
2008 2009 2010 2011 2012 2013 2014 2015
CIS CEE Hungary EU15 China
23
Wholesale and retailM12 2015
Wholesale and retail
W&R sales contribution is 17% of total sales
73% of the W&R turnover originates in Romania
18.2% sales increase in EUR in Romania
2424
Ownership structureM12 2015
Ownership structure
31 December 2015
Domestic
68.00%
6.75%investors International investors
25.25%
Hungarian State Holding g gCompany
2525
M12 2015
Thank you for your attention!y y
26
AppendixM12 2015
Appendix
Exchange rates
27
Evolution of currency exchange ratesM12 2015
Evolution of currency exchange rates
HUFHUF
320
340
300
320
280EUR HUFUSD HUF
260
240
28
Evolution of currency exchange ratesM12 2015
Evolution of currency exchange rates
EUR
85
90
70
75
80
60
65
70
EUR RUB
50
55
45
29
Exchange ratesM12 2015
Exchange rates At period end
31.12.2015 30.09.2015 30.06.2015 31.03.2015 31.12.201431.12.2015 30.09.2015 30.06.2015 31.03.2015 31.12.2014
EURHUF 313.12 313.32 315.04 299.14 314.89
USDHUF 286.63 279.05 282.75 278.94 259.13
RUBHUF 3.88 4.26 5.07 4.83 4.45
EURRUB 80.70 73.55 62.14 61.93 70.76
AverageEURUSD 1.09 1.12 1.11 1.07 1.22
M12 2015 M9 2015 H1 2015 Q1 2015 M12 2014
EURHUF 309.67 308.82 307.03 308.58 308. 74
279 16 277 39USDHUF 279.16 277.39 275.73 274.37 231.98
RUBHUF 4.70 4.78 4.91 4.39 6.16
EURRUB 65.89 64.61 62.53 70.29 50.12
EURUSD 1.11 1.11 1.11 1.12 1.3330
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