title arial 31 pt - investors.fagron.com rabobank milan.pdf · 1 pharmaceutical compounding 1,479...
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Presentation
© 2013. Arseus. All rights reserved.
Marieke Palstra, IR Milan, 23 May 2014
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1
Pharmaceutical compounding 1,479 FTE € 335 million
Medical ICT solutions 331 FTE € 43 million
Developer and producer of innovative healthcare devices 83 FTE € 8 million
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Our markets
2
Founded 2007
Headquarters Rotterdam (NL)
Waregem (BE)
CEO Ger van Jeveren
CFO Jan Peeters
Turnover 2013 € 386 million
Countries 30
FTE 1,986
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A strong market with high growth potential
3
Arseus benefits from key market drivers …
… that provide significant potential for long term organic growth
Professional healthcare
market
Non-cyclical industry
Growing healthcare expenditure
Technological innovation
Ageing population
Focus on aesthetics
Increasing public healthcare awareness
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4
Arseus House of Success
Operational Excellence
Continuous Strengthening
of Positions
Own Brands/ Innovations
Buy-and-Build Strategy
Added-Value Solutions
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Buy-and-build strategy
5
• Julie/Owandy (France)
• Tamda (Czech)
• Unikem (Denmark)
2008
• Gallipot (USA) • DEG (Brazil) • Devroe Instruments
(Belgium)
2010
• Duo-Med (Belgium)
2009
• Pharma Nostra (Brazil)
• Pharma-Cosmetic (Poland)
• Pharma Assist (Netherlands)
• CMS (Belgium)
2011
• Florien (Brazil) • Four compounding pharmacies
(Colombia) • Orbus Pharma (Colombia) • Galfarm (Poland) • ApodanNordic
PharmaPackaging (Denmark) • B&B Pharmaceuticals (USA)
2012
• Freedom Pharmaceuticals (USA)
• HealthConnect (Belgium)
Alternate (Brazil)
2013
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Focus on own brands and
innovations
6
2007
45% 55%
Distributions
Arseus brands
90%
10%
Distributions
Arseus brands
2013
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Fagron
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FAGRON
R&D SCIENTIFIC
PHARMACEUTICAL
COMPOUNDING COMPANY
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Fagron
• Founded in 1990 by Ger van Jeveren
• Started in 1 country with 1 employee and 1 product
• Currently global market leader and active in 30
countries worldwide
• 1,446 employees, including more than 160
pharmacists
• Turnover of € 335 million in 2013
Ger van Jeveren
Founder & CEO
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Specialty
• Muscle relaxant
• API: Baclofen (patent holder Novartis)
• Medication: Lioresal
Generic
• Baclofen out of patent
• Numerous suppliers
Pharmaceutical Compounding
• Baclofen 1mg/ml solution for pediatric use
developed by Fagron or compounding
pharmacist
• No solutions commercially available
When you go the Pharmacy?
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What is pharmaceutical compounding?
• Formulations developed by Fagron and/or compounding pharmacists
based on APIs which are out of patent
• Tailor-made medication
• Alternative dosage forms
• Alternative dosage strength
• Combination therapy
• Compounded in community and hospital pharmacies or by Fagron,
based on a pharmaceutical formulation
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Key drivers of pharmaceutical compounding
More individualised
approach
Tailor-made
Less side effects
Drug shortages
Discontinued drugs
High-quality and cost
effective alternative
Unique selling point of
the pharmacist
Increased awareness
through internet
New and unavailable
therapeutic needs
Pharmacist
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Compounding markets
Brazil
• 120,000 pharmacists
• 32,000 pharmacies
• 7,200 compounding facilities
• US$ 4 billion market (est.)
Compounding:
• Way of life, part of Brazilian culture
• Pharmaceutical specialisation at
University level
• Regulatory: standardised and
implemented
• Innovative (transdermal application)
• Growing market
United States
• 274,000 pharmacists
• 67,000 pharmacies
• 4,500 compounding facilities
• US$ 4 billion market (est.)
Compounding:
• Embedded in society and culture
• Pharmaceutical specialisation at
University level
• Regulatory: standardised and
implemented, but in transition
• Innovative (vehicles)
• Growing market
Europe
• 400,000 pharmacists
• 155,000 pharmacies
• 10,000 compounding facilities
• US$ 2 billion market (est.)
Compounding:
• Not embedded
• Less important at University and
pharmacy education
• Regulatory: not-standardised and not
implemented
• Traditional
• Growing market
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Strategy
Optimise
and Innovate
Compounding
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Mission
• We are a R&D Scientific Pharmaceutical
Compounding Company that wants to optimise
and innovate compounding in order to widen the
therapeutic scope of the prescriber, to enable tailor-
made pharmaceutical care
• By doing so, we are supporting the unique selling
point of the pharmacist and improve
the quality of life of the patient
Compounding
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Result driven
Values
Customer is
number 1
Behave as a global
market leader
Speed of execution Innovative
Entrepreneurial
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Win-Win-Win Strategy
(Hospital)
Pharmacists
Patients
Prescribers
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Fagron Organisation
Executive Committee
Fagron Group
Constantijn van Rietschoten (43) Marketing Innovation & Global Business
Development
Michaël Hillaert (35) Area Manager Germany, Poland, Nordic, France
and Belgium
Rafael Padilla (34) Area Manager South America, Italy and Iberica
Jake Jackson (32) President North America
Ger van Jeveren (52) Chairman
Jan Peeters (46) Finance
Karin de Jong (35) Controlling
Erik Hoppenbrouwer (48) Operations
René Clavaux (45) Information Management
Fagron
Iberica
Fagron
Italy
Fagron
Czech
Republic
Fagron
Germany
Fagron
UK
Fagron
Colombia
Fagron
France
Fagron
Nordic
Fagron
Nether-
lands
Fagron
Poland
Fagron
Argentina
Fagron
USA
Fagron
Belgium
Fagron
Brazil
Fagron
China
Fagron
Australia
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Sales Fagron
137 151
179
243
290
335
2008 2009 2010 2011 2012 2013
145%
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Organic and total turnover growth at constant exchange rates
9,4%
5,9% 7,2% 6,5%
10,9%
13,7%
24,2%
10,5%
18,3%
35,8%
21,8% 20,3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2008 2009 2010 2011 2012 2013
Total growth
Organic growth
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Geographical Split
72,4%
31,6%
Sales 2011
Europe Americas
60,3%
39,7%
Sales 2013
67,0%
33,0%
Sales 2012
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REBITDA Fagron
21,0 24,4
28,1
36,0
49,5
64,4
85,0
2007 2008 2009 2010 2011 2012 2013
19.1%
18,6%
20,1%
20.4%
22,2%
25,4%
17.8%
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Business Model
FCS
Concepts
Equipment & Supplies
Pharmaceutical Raw Materials
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Pharmaceutical Raw Materials
Business Model
Pharmaceutical Raw Materials
• Amino acids
• Antibiotics
• Cortico steroids
• Excipients
• Extracts
• Hormones
• Nutraceuticals
• Opiates
• Vitamins
• Alcohol and flammable products
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Equipment & Supplies
Business Model
Equipment & Supplies
• Ointment mills
• Printed Matters
• Packaging
• Capsule fillers
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Concepts
Business Model
Concepts
• Fagron Advanced Derma
• SyrSpend® SF Superior Suspension
Technology
• Fagron CapsiCards® System
• Fagron Trademark
• Fagron PharmaWhite
• KID concept
• Semi-finished products
• Formulations for compounding
• Selective digestive decontamination
• Bio-identical hormone replacement
therapy
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FCS
Business Model
Fagron Compounding Services
• Parenteralia
• Sterile
• Oncology
• Intravitreal injections
• CADD medication cassettes
• Orals with hazardous drugs
• Prefilled syringes
• Irrigations with medication
• Easypumps
• Methotrexate formulations
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Fagron University
Fagron Academy
Fagron Bookstore
Fagron Compounding Articles
Pharmaceutical Compounding Science
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Fagron Personalisation
Fagron Development
Fagron Quality & Documentation
R&D
Fagron Realisation
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Fagron Innovations
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Selective Digestive tract Decontamination
A suspension, mouth pasta and suppositories containing:
• Tobramycin
• Colistin
• Amphotericin
Applied in ICU-patients with an expected duration of intubation >48
hours
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Why SDD?
SDD is the most extensively
investigated intervention on the ICU
Fagron is the only supplier of a GMP
produced, ready-to-use, analysed
product containing a guaranteed
content of all three antibiotics
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What are the benefits?
• Lower airway infections occur in 10-
50% of critically ill patients requiring
mechanical ventilation
SDD reduces the number of
infections by 65%
• The attributable mortality of the
infections is estimated between
20-30%
SDD reduces mortality by 13-20%
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Photo dynamic therapy with 5-ALA
• Amino Levulinic Acid
• 3 gram/tube
• € 223,04 each tube
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How does it work?
Actinic Keratosis
Morbus Bowen
BCC Light with sufficient energy and wavelength matching
absorption spectrum of the photosensitizer can activate
a photochemical reaction in the treatment of skin
cancer
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What are the benefits?
• Treatment is more efficient and more
patient friendly:
Photo dynamic therapy with 5-ALA
enables polyclinic treatment
instead of 2-3 days hospitalization
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Unique collaboration with hospitals
• Adapted in current treatment protocols
• Object for dermatological research
• New Insights into Photodynamic Therapy Using Porphyrin Precursors
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Fagron the global number 1 in pharmaceutical compounding
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© 2013. Arseus. All rights reserved.
Corilus
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Corilus
Focus on total ICT-solutions for medical professionals
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42
GP’s
Care teams Family care
Tele-
monitoring
Hospitals Specialists Dentists
GP guard
centers
Pharmacies
Patients
customers
Elderly homes
GPs and pharmacies
Ambulant care providers
32,700 customers
Good interaction with medical care providers
& government
110 developers
Quick response & deployment
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43
Corilus
Company
• CEO: Dirk van Lerberghe
• FTE: 302 (incl. 96 software developers, excl. 25 off-shore developers)
• Own brands (as % of sales): 80%
• Eight locations in Belgium, Netherlands and France
Products
• Total ICT-solutions, developed in-house, for a wide range of medical and
paramedical professionals
Strategy
• Further strengthening the leading market position in Belgium, the
Netherlands and France through organic growth and acquisitions
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Sales
26,7 26,2 28,8
31,1 34,3
38,0
43,4
2007 2008 2009 2010 2011 2012 2013
44
62,5%
REBITDA
margin
29,7% 29.6% 29.4% 29.5% 28.1% 25.1% 27.5%
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Geographical Split
83,5%
0,4% 11,1%
Sales 2011
BelgiumNetherlandsFrance
92,2%
5,5% 2,3%
Sales 2013
90,8%
6,8%
2,4%
Sales 2012
45
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Customer growth
46
12.000 12.000 12.000 12.000 14.000 14.900
19.365
460 420
7.582 8.723
10.117 11.503
13.374
2007 2008 2009 2010 2011 2012 2013
International
Corilus BE
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Business model
47
Software
Training
Premium maintenance services
Hardware & Consumables
Healthcare Consulting
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Ambulant care providers
1
5600
Ambulant
nurses
Number 1 or 2 in each segment
48
GP’s
Care teams Family care
Tele-
monitoring
Hospitals Specialists Dentists
GP guard
centers
Pharmacies
Patients
customers
Elderly homes
2
2600
Physio’s
1
+ 3000
GP’s
1
+ 60
Hospitals
1
+ 500
Specialists
1
+ 2300
Pharmacies
1
16 GP
guards
1
1200
Elderly
homes
1
+ 2500
Connections with Ebox
1
+ 2000
Dentists
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Ambulant care providers
Elderly homes
GP’s
Creating value by data integration
49
Care teams Family care
Tele-
monitoring
Hospitals Specialists Dentists
Patients
customers
Pharmacies
GPs and pharmacies
GP guard
centers
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Financial highlights 2013
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Sales
51
304
355 391
424
492
547
338 386
0
100
200
300
400
500
600
2007 2008 2009 2010 2011 2012 2012 2013
80% 14%
1) The income statement of 2012 is resetated for the application of IFRS 5 and IAS 19 Revised.
Revised 1)
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Gross Margin
52
143 166
186 202
241 272
189
231
0
50
100
150
200
250
300
350
400
450
2007 2008 2009 2010 2011 2012 2012 2013
90%
47.0% 46.7% 47.5% 47.6% 49.2% 49.6%
22%
2) The income statement of 2012 is resetated for the application of IFRS 5 and IAS 19 Revised.
Revised 2)
56.0% 59.7%
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REBITDA
53
41,4 47,6
52,7 60,4
72,9
87,4
75,8
98,0
0
10
20
30
40
50
60
70
80
90
100
110
2007 2008 2009 2010 2011 2012 2012 2013
111% 29%
3) The income statement of 2012 is resetated for the application of IFRS 5 and IAS 19 Revised.
Revised 3)
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EBIT
54
26,4 30,0 30,5
36,0
46,3
58,1 53,8
73,9
0
10
20
30
40
50
60
70
80
2007 2008 2009 2010 2011 2012 2012 2013
120% 37%
4) The income statement of 2012 is resetated for the application of IFRS 5 and IAS 19 Revised.
Revised 4)
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Net Financial Debt
55
51
104 114
166 189
233
289
51
98 106
152 178
223
265
0
50
100
150
200
250
300
350
2007 2008 2009 2010 2011 2012 2013
Net financial debt
Adj. net financial debt
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Net Financial Debt – S1 en S2
56
107 91
124 141
193
237
327
51
104 114
166 189
233
289
0
50
100
150
200
250
300
350
2007 2008 2009 2010 2011 2012 2013
S1
S2
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Financial Covenant
57
1,99
2,58 2,47
2,96 3,06 3,14
1,33
2,25 2,19
2,49 2,48
2,64 2,61
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
2007 2008 2009 2010 2011 2012 2013
S1
S2
3.25
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59,3 47,5
417,9 400,6
32,3 28,3
1,9 15,8
51,3 33,0 40,3
0
100
200
300
400
500
600
Dec 2012 Dec 2013
Assets/Liabilitiesheld for sale
OWC
Other fixed assets
Deferred tax assets
Intangible assets
Tangibles
58
Balance sheet: Assets
58
5) Excluding net debt for discontinued operations.
5)
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245,4
155,2
8,3
13,5
2,5
4,5
233,1
289,2
3,7 2,5
69,6 100,7
0
100
200
300
400
500
600
Dec 2012 Dec 2013
Other WC
Financial instruments
Net financial debt
Deferred tax
Provisions
Equity
59
Balance sheet: Liabilities
59
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Outlook 2014
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Outlook 2014
61
Arseus expects a turnover from continuing operations of
at least € 480 million with an REBITDA margin from
continuing operations of 26% in 2014
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Thank You