PHARMSTANDARD – LEADING RUSSIAN PHARMACEUTICAL COMPANY
Conference Call 28/07/11: 1H 2011 Sales Results Presentation
Key events of the first half of 2011 Company Achievements 1H 2011: •
An offer to purchase 4.9% of OJSC Pharmstandard shares
•
Acquisition of 55% of shares of PJSC Biolek
•
Increase of the Equity Capital of NauchTechStroy Plus LLC (NTS+)
•
Creation of Pharmstandard-Medtechnika LLC
•
Decisions of the Annual General Meeting of Shareholders (AGM) of 30 June 2011
•
Change in the status of codeine containing preparations from OTC to Rx
Sales highlights for 1H 2011: • Total growth of Company's sales for 1H 2011 achieved 59.8% or RUR 6,906.8 million. • Organic growth of Company's sales for 1H 2011 achieved 14.6% or RUR 1,109 million. •TPP sales grew by 146.5% or RUR 5,797.7 million. •Medical equipment sales increase 7.7% or 19.3 million rubles. Sales highlights for 2Q 2011: •Total growth of Company's sales in 2Q 2011 achieved 18% or RUR 1,048.8 million. • Organic growth of Company's sales in 2Q 2011 grew by 6.2% or RUR 182 million. •TPP sales grew by 30% or RUR 866.4 million. •Medical equipment sales increase 3.2% or 5.1 million rubles.
1H2011 Trade Update/Conference Call: 28.07.11
2
1H2011 Sales Structure
OTC 36.5% of Pharma sales
Therapeutic focus: Analgesics Cough & cold Vitamins Anti-viral Anti-fungal
Pharmaceuticals
Medical Equipment
98.5% of 1H2011 sales
1.5% of 1H2011 sales 7.7% increase
Rx 9% of Pharma sales
TPP 53.7% of Pharma sales
Product portfolio includes: Coronary Therapy Acid pump inhibitors Nitrites & nitrates ACE inhibitors Alimentary tract metabolism 3.2% growth
17% growth
Product portfolio includes: Mabthera® Velcade ® Pulmozym® Others 146.5% growth
59.8% total revenue growth in 1H2011 14.6% organic revenue growth for 1H2011 1H2011 Trade Update/Conference Call: 28.07.11 * – excluding Velcade, Mildronate, IRS-19& Imudon, others products.
3
Revenue Analysis 1H 2011 Sales structure, mln RUR 20 000
18 450.2 18 000
16 000
59.8% Third parties products: + 146.5%
14 000
9 754
+ RUR 5 797.7 mln
11 543.4
12 000
10 000
3 956
+RUR 19.3 mln
72
8 000
ME: + 7.7%
144 271 1 639
252
+ RUR 50.7 mln
1 588
6 000
Rx: + 3.2%
OTC: +17.0%
4 000 6 642
5 675
+ RUR 967.0 mln
2 000
0 1H 2010 OTC
Rx
1H 2011 Medical Equipment
Others
Third parties products
Total sales grew by 59.8% Third Parties Products – 52.9% of Total Sales (1H 2010:34.3%) 1H2011 Trade Update/Conference Call: 28.07.11 Source: Company data, IFRS FS
4
Divisional Sales Breakdown 1H2011 SALES STRUCTURE
1H 2011, mln RUR
PHARMACEUTICAL PRODUCTS
% of Total sales
1H 2010, mln RUR
% of Total sales
Change 1H 2011/1H 2010, mln RUR
Change 1H 2011/1H2010, %
18,179.0
98.5%
11,291.6
97.8%
6,887.4
61.0%
PHS own OTC BRANDED NON-BRANDED PRESCRIPTION BRANDED NON-BRANDED 3rd parties products Mabtera® Velcade® Pulmozyme® IRS19® & Imudon ® Coagil VII Other 3rd parties OTHER PHARMACEUTICAL SALES MEDICAL EQUIPMENT & DISPOSABLES
8,280.7 6,641.9 5,714.7 927.2 1,638.8 1,443.3 195.5 9,754.0 4,176.8 1,650.7 819.5 623.2 623.1 1,860.7
44.9% 36.0% 31.0% 5.0% 8.9% 7.8% 1.1% 52.9% 22.6% 8.9% 4.4% 3.4% 3.4% 10.1%
7,263.0 5,674.9 4,665.0 1,009.9 1,588.1 1,351.3 236.9 3,956.3 0.0 1,649.6 610.2 122.7 790.6 783.2
62.9% 49.2% 40.4% 8.7% 13.8% 11.7% 2.1% 34.3% 0.0% 14.3% 5.3% 1.1% 6.8% 6.8%
1,017.7 967.0 1,049.7 -82.7 50.7 92.0 -41.3 5,797.7 4,176.8 1.1 209.3 500.6 -167.5 1,077.5
14.0% 17.0% 22.5% -8.2% 3.2% 6.8% -17.4% 146.5% 0.1% 34.3% 408.1% -21.2% 137.6%
144.3
0.8%
72.4
0.6%
71.9
99.4%
271.1
1.5%
251.8
2.2%
19.3
7.7%
TOTAL PHARMSTANDARD
18,450.2
100.0%
11,543.4
100.0%
6,906.8
59.8%
1H2011 Trade Update/Conference Call: 28.07.11
5
Divisional Organic Sales Breakdown 1H2011 (excluding TPP) SALES STRUCTURE
1H 2011, mln RUR
PHARMACEUTICAL PRODUCTS PHS own OTC BRANDED NON-BRANDED PRESCRIPTION BRANDED NON-BRANDED OTHER SALES MEDICAL EQUIPMENT & DISPOSABLES TOTAL PHARMSTANDARD
1H2011 Trade Update/Conference Call: 28.07.11
% of Total sales
1H 2010, mln RUR
% of Total sales
Change 1H 2011/1H 2010, mln RUR
Change 1H 2011/1H 2010, %
8,425.0
96.9%
7,335.3
96.7%
1,089.7
14.9%
8,280.7 6,641.9 5,714.7 927.2 1,638.8 1,443.3 195.5
95.2% 76.4% 65.7% 10.7% 18.8% 16.6% 2.2%
7,263.0 5,674.9 4,665.0 1,009.9 1,588.1 1,351.3 236.9
95.7% 74.8% 61.5% 13.3% 20.9% 17.8% 3.1%
1,017.7 967.0 1,049.7 -82.7 50.7 92.0 -41.3
14.0% 17.0% 22.5% -8.2% 3.2% 6.8% -17.4%
144.3
1.7%
72.4
1.0%
71.9
99.4%
271.1
3.1%
251.8
3.3%
19.3
7.7%
8,696.1
100.0%
7,587.1
100.0%
1,109.0
14.6%
6
Best Selling Brands 1H2011 (excluding TPP) 1H 2011 Volume Sales (mln № BRAND (mln packs) RUR) 1 Arbidol® 9.361 1,548 2 Pentalgin® 21.425 1,209 3 Complivit® 7.650 652 4 Therpincod® 3.353 518 5 Phosphogliv® 1.052 394 6 Codelac® 4.156 366 7 Afobazol® 2.211 342 8 Flucostat®* 2.515 312 9 Amixin®** 0.409 178 10 Biosulin® 0.324 177
1H 2010
Volume 11/10
% of total Volume (mln Sales (mln % of sales packs) RUR) total sales Change 18.7% 13.912 1,610 22.2% -4.551 14.6% 16.839 877 12.1% 4.587 7.9% 5.531 472 6.5% 2.119 6.3% 3.010 412 5.7% 0.343 4.8% 0.991 318 4.4% 0.061 4.4% 2.532 210 2.9% 1.624 4.1% 1.639 244 3.4% 0.572 3.8% 2.582 301 4.1% -0.067 2.1% 0.538 221 3.0% -0.129 2.1% 0.326 161 2.2% -0.002
Sales 11/10
% Change % -32.7% -62 -3.8% 27.2% 333 37.9% 38.3% 180 38.2% 11.4% 106 25.7% 6.2% 76 23.9% 64.1% 156 74.2% 34.9% 98 40.0% -2.6% 11 3.7% -24.0% -43 -19.6% -0.5% 16 10.2%
TOP 10 total
52.456
5,697
68.8%
47.899
4,826
66.5%
4.557
9.5%
871
18.0%
Other brands TOTAL SALES
223.191
2,583
31.2%
259.568
2,437
33.5%
-36.377
-14.0%
147
6.0%
275.647
8,281
100.0%
307.467
7,263
100.0%
-31.820
-10.3%
1,018
14.0%
Top 10 Best selling Brands demonstrated growth of 18% in value terms
1H2011 Trade Update/Conference Call: 28.07.11
7
Best Selling OTC Brands 1H 2011 (excluding TPP) 1H 2011
№
BRAND
1 Arbidol®
Volume (mln packs)
Sales (mln RUR)
1H 2010
% of total sales
Volume (mln packs)
Volume 11/10
Sales (mln RUR)
% of total sales
Change
%
Sales 11/10
Change
%
9.361
1,548
23.3%
13.912
1,610
28.4%
-4.551
-32.7%
-62
-3.8%
2 Pentalgin®
21.425
1,209
18.2%
16.839
877
15.5%
4.587
27.2%
333
37.9%
3 Complivit®
7.650
652
9.8%
5.531
472
8.3%
2.119
38.3%
180
38.2%
4 Therpincod®
3.353
518
7.8%
3.010
412
7.3%
0.343
11.4%
106
25.7%
5 Codelac® 6 Afobazol® 7 Flucosta®*
4.156 2.211 2.499
366 342 310
5.5% 5.1% 4.7%
2.532 1.639 2.582
210 244 301
3.7% 4.3% 5.3%
1.624 0.572 -0.083
64.1% 34.9% -3.2%
156 98 8
74.2% 40.0% 2.8%
8 Amixin®**
0.374
166
2.5%
0.449
193
3.4%
-0.075
-16.8%
-26
-13.6%
9 Acipol®
1.019
134
2.0%
0.104
12
0.2%
10 Corvalol®
19.259
119
1.8%
22.270
116
2.0%
-3.011
-13.5%
3
3.0%
TOP 10 total
71.308
5,364
80.8%
68.868
4,446
78.3%
2.440
3.5%
918
20.6%
Other brands
179.966
1,278
19.2%
212.923
1,229
21.7%
-32.957 -15.5%
49
4.0%
TOTAL SALES
251.275
6,642
100.0%
281.791
5,675 100.0%
-30.517 -10.8%
967
17.0%
1H2011 Trade Update/Conference Call: 28.07.11
0.915 880.5%
122 1034.4%
8
Products containing codeine 1H 2011 1,600
1,400
Total sales 1 209.5 1,200
17.2%
207.6 1,000
800
600
400
Total sales 517.8
42.7 200
1,001.8
Total sales 366.1 11.7%
517.8 323.4
0
Codelac®
Pentalgin® Therpincod® Containing codeine Codeine free Revenue from sales of preparations (codeine free) in 1H2011 amounted to RUR 250.3 million or 12% of the total sales of codeine containing preparations. Sales of Pentalgin®No.12 (codeine free) amounted to RUR 207.6 million which represented 17.2% of the total revenue from Pentalgin®. Revenue from sales of Codelac® Broncho (codeine free) amounted to RUR 42.7 million representing 11.7% of the total revenue from sales of Codelac®. 2011 1H Trade Update Source: Company data, IFRS FS
9
Best Selling Rx Brands 1H 2011 (excluding TPP) 1H 2011
№
BRAND
Volume (mln packs)
Sales (mln RUR)
1H 2010
% of total sales
Volume (mln packs)
Sales (mln RUR)
Volume 11/10 % of total sales
Change
%
Sales 11/10
Change
%
1 Phosphogliv®
1.052
394
24.1%
0.991
318
20.0%
0.061
6.2%
76
23.9%
2 Biosulin®
0.324
177
10.8%
0.326
161
10.1%
-0.002
-0.5%
16
10.2%
3 Combilipen®
1.664
168
10.3%
1.228
117
7.4%
0.436
35.5%
51
43.8%
4 Rastan®
0.088
113
6.9%
0.221
301
19.0%
-0.133
-60.0%
5 Picamilon
1.821
78
4.7%
1.697
65
4.1%
0.124
7.3%
6 Аzitrox®
0.426
73
4.4%
0.187
30
1.9%
0.239
127.3%
7 Octolipen®
0.353
72
4.4%
0.192
36
2.3%
0.160
83.3%
8 Cyclodol
1.175
54
3.3%
1.367
61
3.8%
-0.191
-14.0%
-7 -11.1%
9 Cocarboxylase
1.022
49
3.0%
2.396
111
7.0%
-1.374
-57.3%
-62 -56.1%
1.087
47
2.9%
1.157
45
2.8%
-0.069
-6.0%
2
4.0%
78.3%
-0.748
-7.7%
-19
-1.6%
21.7%
-0.554
-3.5%
70
20.4%
100.0%
-1.303
-5.1%
51
3.2%
10 Sulphocamfocain TOP 10 total
9.014
1,225
74.7%
Other brands
15.359
414
25.3%
15.914
TOTAL SALES
24.373
100.0%
25.676
1,639
9.762 1,244 344 1,588
-188 -62.5% 13
20.1%
43 146.4% 36
99.3%
Рост рецептурных препаратов (за исключением Растана®) составил 18,6% в сравнении с первым полугодием 2010 года. По препарату Растан® в первом полугодии 2011 года государственные закупки не проводились, планируются во втором полугодии. 1H2011 Trade Update/Conference Call: 28.07.11
10
Collaboration projects – TPP (3rd parties products) Third parties products Mabthera® Velcade® Pulmozym® IRS®-19, Imudon® Coagil VII Prezista® Midronate® Intelence® Others TPP Total
Status RX RX RX OTC RX RX RX RX OTC\RX
1H 2011 % of total RUR mln sales 4,176.8 42.8% 1,650.7 16.9% 819.5 8.4% 623.2 6.4% 623.1 6.4% 612.8 6.3% 455.9 4.7% 183.3 1.9% 608.7 6.2% 9,754.0 100.0%
1H 2010 % of total RUR mln sales 0.0 0.0% 1,649.6 41.7% 610.2 15.4% 122.7 3.1% 790.6 20.0% 0.0 0.0% 554.7 14.0% 0.0 0.0% 228.4 5.8% 3,956.3 100.0%
Change RUR mln 4,176.8 1.1 209.3 500.6 -167.5 612.8 -98.9 183.3 380.3 5,797.7
% 0.1% 34.3% 408.1% -21.2% -17.8% 166.5% 146.5%
The sales of third party products have grown by 146.5% or RUR 5.797 million and reached RUR 9.754 million. The share of TPP in the overall structure of the Company's sales in 1H2011 was 52.9%.
1H2011 Trade Update/Conference Call: 28.07.11
11
Collaboration projects – TPP (3rd parties products) Third parties products Mabthera®
F.Hoffmann-La Roche
Velcade® Pulmozym®
Johnson & Johnson Hoffmann-La Roche
IRS®-19, Imudon® Abbott Products Coagil VII
Generium\Lekko
Prezista®
Johnson & Johnson
Midronate®
Grindex
Intelence®
Johnson & Johnson
Others TPP
around 10 products
Description Manufacturing & Open auctions
Status of the supply 1H2011
RUR mln
Next supply 2H2011
RUR mln
100%completed
4176.8
x
x
100%completed 100%completed
1650.7 819.5
x x
x x
100%completed
623.2
x
x
Open auctions 100%completed Manufacturing & Open auctions 50%completed
623.1
x
x
612.8
2H2011
612.8
100%completed
455.9
x
x
50%completed
183.3
2H2011
195.6
100%completed
608.7
x
x
Manufacturing Open auctions Manufacturing & Sales
Manufacturing & Distribution Manufacturing & Open auctions Manufacturing & Open auctions Distribution & Sales
Total:
9754.0
1H2011 Trade Update/Conference Call: 28.07.11
12
Sales results 2Q2011
1H2011 Trade Update/Conference Call: 28.07.11
13
2Q 2011 Sales Structure
OTC 31.4% of Pharma sales
Pharmaceuticals
Medical Equipment
97.6% of 2Q2011 sales
2.4% of 2Q2011 sales 3.2% increase
Rx 10.5% of Pharma sales
Therapeutic focus: Analgesics Cough & cold Vitamins Anti-viral Anti-fungal
Product portfolio includes: Coronary Therapy Acid pump inhibitors Nitrites & nitrates ACE inhibitors Alimentary tract metabolism - 6.6% growth
11.1% growth
TPP 54.6% of Pharma sales
Product portfolio includes: Mabthera® Velcade ® Pulmozym® Others 30% growth
18% total revenue growth in 2Q2011 6.2% organic revenue growth for 2Q2011 1H2011 Trade Update/Conference Call: 28.07.11 * – excluding Velcade, Mildronate, IRS-19& Imudon, others products.
14
Revenue Analysis 2Q 2011 Sales structure, mln RUR 8 000
6 865.1
7 000
18.0% 5 816.3
6 000
Third parties products: + 30.0% 5 000
3 751
+ RUR 866.4 mln
2 884 4 000
3 000
ME: + 3.2%
71
58
+RUR 5.1 mln
165
159
720
771
- RUR 50.6 mln
2 000
1 000
Rx: - 6.6%
2 158
1 943
OTC: + 11.1% + RUR 214.8 mln
0 2Q 2010 OTC
Rx
2Q 2011 Medical Equipment
Others
Third parties products
Total sales grew by 18.0% Third Parties Products – 54.6% of Total Sales (2Q 2010: 49.6%) 1H2011 Trade Update/Conference Call: 28.07.11 Source: Company data, IFRS FS
15
Divisional Sales Breakdown 2Q 2011 SALES STRUCTURE
2Q 2011, mln RUR
% of Total sales
2Q 2010, mln RUR
% of Total sales
Change 2Q 2011/2Q 2010, mln RUR
Change 2Q 2011/2Q 2010, %
PHARMACEUTICAL PRODUCTS
6,700.5
97.6%
5,656.9
97.3%
1,043.7
18.4%
PHS own OTC BRANDED NON-BRANDED PRESCRIPTION BRANDED NON-BRANDED 3rd parties products Velcade® Prezista® IRS19® & Imudon ® Mabtera® Mildronate® Other 3rd parties OTHER PHARMACEUTICAL SALES MEDICAL EQUIPMENT & DISPOSABLES
2,878.4 2,158.0 1,786.8 371.2 720.4 616.9 103.4 3,750.8 1,650.7 612.8 365.4 324.6 192.5 604.8
41.9% 31.4% 26.0% 5.4% 10.5% 9.0% 1.5% 54.6% 24.0% 8.9% 5.3% 4.7% 2.8% 8.8%
2,714.2 1,943.2 1,509.8 433.5 770.9 643.0 127.9 2,884.4 1,649.6 0.0 0.0 0.0 191.6 1,043.1
46.7% 33.4% 26.0% 7.5% 13.3% 11.1% 2.2% 49.6% 28.4% 0.0% 0.0% 0.0% 3.3% 17.9%
164.2 214.8 277.1 -62.3 -50.6 -26.1 -24.5 866.4 1.1 612.8 365.4 324.6 0.8 -438.4
6.0% 11.1% 18.4% -14.4% -6.6% -4.1% -19.1% 30.0% 0.1% 0.4% -42.0%
71.4
1.0%
58.3
1.0%
13.1
22.4%
164.6
2.4%
159.4
2.7%
5.1
3.2%
TOTAL PHARMSTANDARD
6,865.1
100.0%
5,816.3
100.0%
1,048.8
18.0%
1H2011 Trade Update/Conference Call: 28.07.11
16
Divisional Organic Sales Breakdown 2Q2011 (excluding TPP) SALES STRUCTURE
2Q 2011, mln RUR
PHARMACEUTICAL PRODUCTS PHS own OTC BRANDED NON-BRANDED PRESCRIPTION BRANDED NON-BRANDED OTHER SALES MEDICAL EQUIPMENT & DISPOSABLES TOTAL PHARMSTANDARD
1H2011 Trade Update/Conference Call: 28.07.11
% of Total sales
2Q 2010, mln RUR
% of Total sales
Change 2Q 2011/2Q 2010, mln RUR
Change 2Q 2011/2Q 2010, %
2,949.8
94.7%
2,772.5
94.6%
177.3
6.4%
2,878.4 2,158.0 1,786.8 371.2 720.4 616.9 103.4
92.4% 69.3% 57.4% 11.9% 23.1% 19.8% 3.3%
2,714.2 1,943.2 1,509.8 433.5 770.9 643.0 127.9
92.6% 66.3% 51.5% 14.8% 26.3% 21.9% 4.4%
164.2 214.8 277.1 -62.3 -50.6 -26.1 -24.5
6.0% 11.1% 18.4% -14.4% -6.6% -4.1% -19.1%
71.4
2.3%
58.3
2.0%
13.1
22.4%
164.6
5.3%
159.4
5.4%
5.1
3.2%
3,114.3
100.0%
2,931.9
100.0%
182.4
6.2%
17
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The Company has not registered and does not intend to register any portion of the Offering in the United States or to conduct a public offering of any securities in the United States. This presentation is made to and directed only at (i) persons outside the United Kingdom, (ii) qualified investors or investment professionals falling within Article 19(5) and Article 49(2) (a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (such persons collectively being referred to as "Relevant Persons"). This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person, whether or not such person is a Relevant Person. Failure to comply with this restriction may constitute a violation of applicable securities laws. If you have received this presentation and you are not a Relevant Person you must return it immediately to the Company. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation is not a public offer or advertisement of Securities in the Russian Federation and is not an invitation to make offers to purchase any Securities in the Russian Federation, and must not be passed on to third parties or otherwise be made publicly available in Russia. The GDRs have not been and will not be registered in Russia and are not intended for “placement” or “circulation” in Russia. This presentation includes 'forward-looking statements'. These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's projects and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. Each of the Company and the Selling Shareholder and their respective agents, employees and advisers, expressly disclaims any obligation or undertaking to update any forward-looking statements contained herein. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. All information not separately sourced is from Company data.
1H2011 Trade Update/Conference Call: 28.07.11
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Contacts JSC Pharmstandard Likhachevsky drive, 5 «B» Moscow region, Dolgoprudny, Russia, 141700. Tel/Fax: (495) 970-0030/32 Ilya Krylov IR manager ex.2416 IR@pharmstd.ru www.pharmstd.ru
1H2011 Trade Update/Conference Call: 28.07.11
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