VIFOR PHARMA INVESTOR PRESENTATION
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VIFOR PHARMA INVESTOR PRESENTATION April 2020
VIFOR PHARMA
OUR VISION
Global leader
in iron deficiency, nephrology
and cardio-renal therapies.
© Vifor Pharma April 2020 2
EXPERIENCED LEADERSHIP TEAM
PROVEN TRACK RECORD
ETIENNE JORNOD STEFAN SCHULZE COLIN BOND
EXECUTIVE CHAIRMAN PRESIDENT OF THE EXECUTIVE CHIEF FINANCIAL OFFICER
OF THE BOARD OF DIRECTORS COMMITTEE & COO
© Vifor Pharma April 2020 3
PROVEN TRACK RECORD
CORPORATE TIMELINE AND STRATEGY
2020
2015
2010
2000 BECOMING GLOBAL LEADER
IN NEPHROLOGY AND ENTERING
BECOMING GLOBAL LEADER
CARDIO-RENAL DISEASE AREA
BUILDING IRON PORTFOLIO IN IRON DEFICIENCY AND
AND INTERNATIONAL EXPANSION ENTERING INTO NEPHROLOGY • 2015: Mircera® license
• 2000: Venofer® US FDA approval • 2015: Veltassa® license
• 2010: Creation of VFMCRP • 2016: Four in-licensing deals
• 2007: Launch of Ferinject®
• 2013: Injectafer® – FDA approval • 2016: Relypsa acquisition
• 2008: Acquisition Aspreva
• 2013: Launch of Velphoro® • 2017: Galenica Santé IPO
• 2008: Creation of EU affiliates
• 2009: Acquisition OM Pharma • 2017: Vadadustat1) license
• 2018: CR8451) license
• 2019: Invokana® co-promotion
• 2019: Joint venture with Evotec
1) Pre-commercial products
© Vifor Pharma April 2020 4LEADING PORTFOLIO IN TARGET THERAPY AREAS
Iron
Nephrology Cardio-renal
deficiency
Own
products
In-licensed
products Rayaldee®1) CR8451)
Vadadustat1) Avacopan1) CCX1401)
1) Pre-commercial products
© Vifor Pharma April 2020 5THREE STRATEGIC GROWTH DRIVERS
Ferinject®
Exploit the potential through market awareness
Nephrology (VFMCRP1))
Expand leadership position
Veltassa®
Build a blockbuster
1) Vifor Fresenius Medical Care Renal Pharma
© Vifor Pharma April 2020 6FERINJECT®
GLOBAL LEADER IN THE I.V. IRON MARKET
[T
1996 2019
22%
28%
99 2’131
CHFm CHFm
50%
Source: quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, MAT Q4-2019, historical data at constant exchange rate (average 2019)
© Vifor Pharma April 2020 7FERINJECT®
BLOCKBUSTER STATUS ACHIEVED ONE YEAR EARLIER
IN-MARKET SALES1)
CHF MILLION 1’060
890
693
538
377
242
123 163
58 81
16 38
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Launch in FAIR-HF FERGI-COR PREFER study FIND-CKD CONFIRM- New EU New ESC Intensifying
CH, UK, study study (fatigue) study (ND- HF study onco guidelines promotional
Spain (cardio) (gastro) CKD) (cardio) guidelines (cardio) effort by
New EU
Daiichi
guidelines: Injectafer® EFFECT-HF
Sankyo
nephro, cardio, approved study
gastro, onco in the USA (cardio)
Europe US RoW
1) Based on quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, historical data at constant exchange rate (average 2019)
© Vifor Pharma April 2020 8FERINJECT®
SIGNIFICANT MARKET OPPORTUNITY REMAINS 1)
Ferinject® in-market volume growth Ferinject® volume per capita2)
2% Switzerland 253
18% Australia 127
31% Spain 46
12% Sweden 41
42% Italy 39
23% UK 29
23% France 29
19% U.S. 17
0% Japan 0
0% China 0
1) Based on quarterly IQVIATM MIDAS® panel, GERS, Insight Health, moving annual total (MAT) Q4 2018-19, historical data at constant exchange rate (average 2019)
2) 100 mg eq./1’000 population
© Vifor Pharma April 2020 9FERINJECT®
EXPLOIT THE POTENTIAL
2020 2021 2022 2023 2024 2025
Geographic Japan launch1) China approval
expansion 2020 2021 > CHF 2
billion
in-market
AFFIRM-AHF FAIR-HF2 HEART-FID U.S. label sales
Life cycle completion* completion*2) completion*3) (> CHF 1
update
management Post-approval Post-approval U.S. Post- billion
study study approval study
reported
sales)
Indications
with high Focus on heart failure, patient blood management and nephrology
unmet need
*Targeted guidelines:
1) Subject to reimbursement 2) Investigator initiated study, University of Hamburg 3) Study conducted by our US partner Daiichi Sankyo
© Vifor Pharma April 2020 10NEPHROLOGY
HIGHLY DIVERSIFIED PORTFOLIO
ANAEMIA MINERAL & BONE KIDNEY CKD-ASSOCIATED
MANAGEMENT MANAGEMENT PROTECTION COMPLICATIONS
Rayaldee®1) Avacopan1) CR8451)
CCX1401)
Vadadustat1)
1) Pre-commercial products
© Vifor Pharma April 2020 11NEPHROLOGY
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
55% Stake
STRONG IRON AND PHARMA EXPERTISE
Rayaldee®1)
CCX1401)
Avacopan1)
CR8451) Vadadustat1)
GLOBAL LEADER IN DIALYSIS
45% Stake
1) Pre-commercial products
© Vifor Pharma April 2020 12NEPHROLOGY
DELIVERING INNOVATION TO NEPRHOLOGY PATIENTS
2020 2020 2021 2022 2023 2024 2025
Rayaldee® Avacopan & CCX140 > CHF 1bn
launch CR845 launch launch reported sales
CR845 Vadadustat
Additional launches in nephrology
Ph. III data launch
Vadadustat CCX140
Ph. III data Ph. II data
Early stage development through NephThera, the joint venture with Evotec
© Vifor Pharma April 2020 13NEPHROLOGY
NUMEROUS OPPORTUNITIES REMAIN
CURRENT INDICATIONS PIPELINE INDICATIONS POTENTIAL INDICATIONS
Hypernatremia
FSGS Vascular calcification
Iron deficiency
Polycystic kidney disease
Anaemia ANCA associated vasculitis
Kidney stones Kidney fibrosis
Diabetic kidney disease Secondary hyperparathyroidism
Hyperphosphatemia β-Thalassemia renal disease
Uremic pruritus
Hyperkalemia Metabolic acidosis aHUS
C3G
Acute kidney injury
Fabry
© Vifor Pharma April 2020 14NEPHROLOGY
LEADERSHIP OF THE WHOLE NEPHROLOGY CHAIN
PRE-CLINICAL CLINICAL / PRE-COMMERCIAL
PARTNERSHIP IN-LICENSING DEALS AND PARTNERSHIPS
Avacopan Rayaldee®
DATA GENERATION
CCX140
NephThera
CR845 Vadadustat
COMMERCIAL
PRE-DIALYSIS DIALYSIS TRANSPLANTATION
© Vifor Pharma April 2020 15NEPHROLOGY
LEVERAGING US COMMERCIAL ORGANISATION
Invokana®
• First new treatment of diabetic kidney
disease in more than 20 years
+ • Royalties received on net sales
• Targeted population of 1.2 million
• Accretive latest end of 2020
US nephrologists
© Vifor Pharma April 2020 16NEPHROLOGY
AVACOPAN POSITIVE PHASE-III TRIAL RESULTS
Avacopan
Improve renal function
• Week 26: BVAS1) remission
• Week 52: statistically superior
• Improved quality of life
Standard of care
• Increased risk of mortality
• High risk of infections
• Irreversible kidney damage
Reduce glucocorticoid toxicity
1) Birmingham Vasculitis Activity Score
© Vifor Pharma April 2020 17NEPHROLOGY
STAGED, SUCCESS DEPENDENT PARTNERSHIP
[]
NephThera
Generate target candidates Pre-clinical up to phase II Phase III to commercialisation
• World class discovery • Combines respective expertise • Global commercial network
• Unique kidney biobank • Joint scientific committee • Unique access to nephrology patients
© Vifor Pharma April 2020 18VELTASSA®
BUILDING THE HYPERKALAEMIA MARKET
[]
2015 2019
• Calcium-based, non-absorbed
• Limited undesirable effects
• 52-weeks data available
179 340 46%
CHFm • RAASi enabling feature included in
54% CHFm
SmPC1) in Europe
• Acute & chronic usage
• Room temperature storage
Source: quarterly IQVIATM MIDAS® panel, GERS, Insight Health, DLI, MAT Q2-2019, historical data at constant exchange rate (average 2019) 1) SmPC = summary of product characteristics
© Vifor Pharma April 2020 19VELTASSA®
ASSESSMENT OF LONG TERM POTENTIAL UNCHANGED
US MARKET OPPORTUNITY
3 million x USD 820 x 6 months = > USD 10 billion
Estimated Monthly gross price Targeted duration Potential market size
hyperkalaemia patients of treatment (net sales)
© Vifor Pharma April 2020 20VELTASSA®
DRIVE TO BLOCKBUSTER STATUS
2020 2020 2021 2022 2023 2024 2025
European rollout Japan launch Blockbuster
Zeria status
Guideline* DIAMOND Guideline*
updates based on completion updates based on
AMBER results Post-approval study DIAMOND results
Label updates based on
DIAMOND results
*Targeted guidelines:
© Vifor Pharma April 2020 21R&D INVESTMENTS
FOCUS IS ON KEY PRODUCTS AND CLINICAL PIPELINE
PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3 LIFE CYCLE MANAGEMENT
AFFIRM-AHF
(2020)
Own NephThera Oral ferroportin HEART FID
Products inhibitor1) (2022)2)
DIAMOND
(2022)
CR845
(Q2 2020)
In-licensed
Products CCX140
(Q2 & H2 2020)
Vadadustat
(Q2 2020)
1) Iron overload; leveraging iron metabolism expertise 2) Study conducted by our US partner Daiichi Sankyo
© Vifor Pharma April 2020 22P&L OVERVIEW (IN CHF MILLION)
FY FY Change
• EBITDA growth exceeding raised
2018 2019 vs. 2018
full-year guidance
Net sales 1’584.6 1’877.2 +18.5%
Other income 64.6 38.4 -40.4% • Depreciation and amortisation
Cost of sales (648.7) (761.5) +17.4% increase driven by the Mircera®
Gross profit 1’000.5 1’154.2 +15.4% commercialisation rights extension
outside of FKC4) clinics and the new
EBITDA 391.5 540.0 +37.9% leasing standard IFRS 16
Depreciation and amortisation (164.1) (215.0) -31.0%
• Core earnings per share increase by
EBIT 227.4 325.0 +42.9% 23.2% when adjusted for FX gain in
2018 and IAS 19 impact in 2019
Core earnings 1) per share2) 4.16 4.67 +12.2%
• Low FTE3) increase despite
investments in pipeline and clinical
Average number of FTE3) 2’671 2’792 +4.5%
1) Profit after minorities adjusted for amortisation of intangible assets (CHF 143.9 million in 2019) 2) Share amount of 64.9 million
3) Full-time employees 4) Fresenius Kidney Care (FKC): Fresenius Medical Care North America dialysis provider organization
© Vifor Pharma April 2020 23NET SALES OVERVIEW (IN CHF MILLION)
GROWTH EXCEEDING GUIDANCE IN 2019
FY FY Growth
2018 2019 in 2019
Ferinject®/Injectafer® 485.1 561.0 75.9 +15.6%
Mircera®/RetacritTM 461.3 539.8 78.5 +17.0%
Velphoro® 95.7 181.7 86.0 +89.9%
Venofer® 118.2 132.4 14.2 +12.0%
Veltassa® 90.5 132.3 41.8 +46.2%
Anti-infectives 112.1 119.2 7.1 +6.4
Others 221.7 210.8 -4.9% -10.9
Net sales 1’584.6 1’877.2 292.6 +18.5%
© Vifor Pharma April 2020 24BALANCE SHEET OVERVIEW (IN CHF MILLION)
STRONG EQUITY RATIO OF 75.7%
31 Dec 31 Dec Change
2018 2019 vs. 2018
Cash & cash equivalents 400.3 544.9 144.6
Trade & other receivables 509.0 471.9 (37.0) • Trade & other receivables
Inventories 281.7 348.6 66.9 reduction despite strong top line
Financial investments & other assets 354.5 633.4 279.0 growth
PPE1) & RoU2) assets 274.0 351.0 77.0
• Financial investments increase
Intangible assets 2’676.0 2’584.5 (91.5) driven by the gain on the 18.3%
Assets 4’495.5 4’934.4 438.9 equity stake in ChemoCentryx
Current financial & lease liabilities 116.2 16.8 (99.3)
Other current liabilities 478.3 524.5 46.3 • Right-of-use assets mostly related
Non-current financial & lease liabilities 492.4 626.5 134.1 to the adoption of the new leasing
Other non-current liabilities 44.1 31.3 (12.8) standard IFRS 16
Shareholders' equity 3’364.6 3’735.3 370.7
Liabilities & shareholders' equity 4’495.5 4’934.4 438.9
1) Property, plant & equipment 2) Right-of-use
© Vifor Pharma April 2020 25CASH FLOW OVERVIEW (IN CHF MILLION)
NET CASH POSITION OF CHF 5.7 MILLION
2019
Opening cash, 1 January 400.3
Operating activities 534.3
• Milestone and BD&L investments
Net working capital 18.9
mainly due to the extension of the
Income tax paid (28.3)
Mircera® commercialisation rights
Cash flow from operating activities 524.8
outside of FKC3) clinics for 2020
Net investments in milestones & BD&L 1) (86.0) • Dividend payments of CHF 129.7
Capex & others (46.5) million to Vifor Pharma shareholders
Cash flow from investing activities (132.5) and CHF 45.0 million to Fresenius
Dividends paid (174.7) Medical Care
Financing & others (63.7)
• BBB- investment grade rating
Cash flow from financing activities (238.5)
assigned by S&P in September 2019
Exchange rate effects (9.3) and Fitch Ratings in March 2020
-
Ending cash and cash equivalents, 31 December 544.9
Financial liabilities 2) 539.2
Net cash 5.7
1) Business development & licensing 2) Excluding non-interest bearing financial liabilities and lease liabilities 3) Fresenius Kidney Care (FKC): Fresenius Medical Care North America dialysis provider organization
© Vifor Pharma April 2020 26GUIDANCE 20201)
In 2020 at constant exchange rates, Vifor Pharma net sales are expected
to grow in the range of 10%, reported EBITDA is expected to grow
by more than 25%.
1) Including OM Pharma and excluding any potential impact of COVID-19
© Vifor Pharma April 2020 27OUTLOOK 2020
Ferinject® launch in Japan, subject to reimbursement
MARKET ACCESS Go-to-market strategy and filing in China for Ferinject®
Filing of Avacopan in Europe
Ferinject® phase-IV AFFIRM-AHF study readout (H2 2020)
CR-845 phase-III KALM-2 study readout (Q2 2020)
CLINICAL TRIALS
Vadadustat phase-III INNO2VATE studies readout (Q2 2020)
CCX140: LUMINA-1 and LUMINA-2 phase-II studies readout (Q2 and H2 2020)
BUSINESS
At least one in-licensing, product acquisition or corporate transaction
DEVELOPMENT
© Vifor Pharma April 2020 28CONTACT INFORMATION
Colin Bond – CFO
Phone: +41 58 851 83 53
Email: colin.bond@viforpharma.com
INVESTOR RELATIONS
Julien Vignot – Head of Investor Relations
Phone: +41 58 851 66 90
Email: julien.vignot@viforpharma.com
Laurent de Weck – Investor Relations Manager
Phone: +41 58 851 80 95
Email: laurent.deweck@viforpharma.com
© Vifor Pharma April 2020 29DISCLAIMER Certain statements, beliefs and opinions in this presentation are forward-looking, which reflect the Company’s or, as appropriate, the Company’s directors’ current expectations and projections about future events. By their nature, forward- looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its of their parent or subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. You should not place undue reliance on forward- looking statements, which speak only as of the date of this presentation. © Vifor Pharma April 2020 30
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