Merrill Lynch Global Pharmaceutical, Biotechnology ... - Altana AG

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Merrill Lynch Global
Pharmaceutical, Biotechnology &
Medical Device Conference
New York, February 8-9, 2005
2
Disclaimer
This presentation contains forward-looking statements, i.e. current es
timates or expectations of future
events or future results. The forward-looking statements appearing in this presentation include market
sales projections for Pantoprazole, revenue and earnings projections for the ALTAN
A group,
estimates for the achievement of certain milestones in the development of ALTANA’s
pharmaceuticals
Ciclesonide
and Roflumilast
under development and an outlook regarding the strategic objectives for
the pharmaceutical and chemical branch. These statements are based on beliefs of ALTANA’s
management as well as assumptions made by and information current
ly available to ALTANA
. Many
factors that ALTANA is unable to predict with accuracy could cause ALTANA’s
actual results,
performance or achievements to be materially different from those that may be expre
ssed or implied
by such forward-looking statements. These factors include the future development
of currency
exchange rates as well as ALTANA’s
ability to develop and launch new and innovative pharmaceutical
and chemical products, price regulations for pharmaceuticals and
budgeting decisions of local
governments and health care providers, the level of ALTANA’s
investment in pharmaceuticals related
R&D, the sales and marketing methods used by ALTANA to distribute its pharmaceuticals, the
composition of ALT
ANA’s
pharmaceuticals portfolio, ALTANA’s
ability to m
aintain close ties with its
chemicals customers, the business cycles experienced by ALTANA’s
chemicals customers and the
prices of the raw materials used in ALTANA’s
chemicals business.
Forward-looking statements speak only as of the date they are made. ALTANA does not intend,
and does not assume any obligation, to update forward-looking statements to reflect facts,
circumstances or events that have occurred or changed after such
statements
have been made.
No information given in this presentation should be interpreted as a promotion or solicitation for any
product that is not authorized by the laws and regulations of the country where you are located.
3
ALTANA Group
Key Figures 2004
(
€ m)
2004
2003
∆ %
∆ % in
l.c
.
Sa
les
2,
963
2,
735
8
11
Ca
pita
l ex
pen
di
t
u
r
e1
226
237
-
5
R&D expen
di
t
u
r
e
445
412
8
Employees 10,
783
10,
402
4
Germany:
17%
USA:
28%
Long-term growth trend continues
2004: Provisional data, unaudited
1)
Capital expenditure on property, plant, equipment and
intangible assets
4
ALTANA Group
Outlook
FY 2004: Growth in earnings and dividend increase

Earnings volume (EBT) ~€620 m, EBT margin ~21%

Double-digit increase in net profits

Significant dividend increase targeted: 9th in succession
2005: Growth trend to continue

Investments to ensure future profitability to be
maintained at high level
5
ALTANA
ALTANA AG
Bad Homburg
ALTANA AG
Bad Homburg
ALTANA
Chemie AG
Wesel
ALTANA
Pharma AG
Konstanz
ALTANA
Pharma AG
Konstanz
ALTANA
Chemie AG
Wesel
6
ALTANA Pharma
Key Figures 2004
(€ m
)
2004
2003
∆ %
∆ % in l.c
.
Sa
l
es
2,
109
1,980
7
9
Ca
pi
t
a
l
ex
pen
ditu
r
e1
165
141
18
R&
D
ex
pen
ditu
re
407
376
8
Em
pl
oy
ees 8,
200
7,702
6
Germany:
17%
USA:
28%
2004: Provisional data, unaudited
1)
Capital expenditure on property, plant, equipment and
intangible assets
7
ALTANA Pharma
US concept

Step 1:
Straight licensing
Protonix®
(Pantoprazole)/Wyeth

Step 2:
Co-development and co-promotion
Alvesco®/Sanofi-aventis

Step 3:
Co-development and booking the sales
Daxas®/Pfizer
Full-fledged US company with all relevant functions
8
ALTANA Pharma
R&D Investment
(€ m)
407
CAGR
2000-2004
+21%
500
400
300
200
100
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
~ 20% of relevant sales
9
Pantoprazole
Market Sales
(€ m)
2,481
CAGR
2000-2004
+ 40%
2,500
2,000
1,500
1,000
500
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Sustained growth dynamics
Pantoprazole
WW
Market Sales by
Region 2004
Total market
sales:
2004: € 2,481 m
2003: € 2,350 m
36%
12%
52%

1,281 m
-3
%

891 m
+ 19%

309 m
+ 13%
Europe
USA
RoW
(
€ m)
2004
2003
∆ %
∆ % in
l.c
.
Eu
rope
891
751
19
ther
eof
G
erm
any
210
193
9
Eur
ope w/o Ger
m
any
681
558
22
U
SA
1,
281
1,325
-
3
7
Ca
n
ada
147
131
13
15
La
t
i
n
Ameri
ca
48
46
3
Oth
er Region
s
114
97
17
+ 6%
10
2004: Provisional
data, unaudited
11
Respiratory Franchise
Two innovative drugs will change
the face of the company:

Alvesco® (Ciclesonide)
Patent protection:
-
2011 in EU
-
2013 in USA

Daxas® (Roflumilast)
Patent protection:
-
2014 in EU/Japan
-
2015 in USA
Opening new pathways
12
Daxas®
Daxas®
(Roflumilast) is an oral PDE4 inhibitor
in development for the treatment of COPD and asthma

Roflumilast
is the first PDE4-inhibitor to show significant increase
in lung function in both COPD and asthma studies.

Based on clinical trials with more than 4,400 patients
Roflumilast
shows a favorable side effect profile.
Most advanced PDE4-inhibitor likely to be first in class
13
Daxas®
Daxas®
(Roflumilast) is an oral PDE4 inhibitor
in development for the treatment of COPD and asthma

Project status

EU:
Submission to the EMEA (February 2004)

U.S.:
Phase III for COPD and asthma

JPN:
Phase II/III for COPD and asthma
Opening new pathways
14
Ciclesonide
Platform
Ciclesonide
is a new generation corticosteroid and the
platform for a whole product family

Status of projects

Ciclesonide
MDI (Alvesco®) –
approved in > 10 countries

Ciclesonide
nasal spray –
Phase III (USA and Canada)

Ciclesonide
fixed combination with long acting beta-agonist formoterol
Dry powder inhaler formulation (Ultrahaler®)
Phase II started (November 2004)
Opening new pathways in asthma
and allergic rhinitis
15
Alvesco®
Alvesco®
(Ciclesonide) is a potent new
generation inhaled corticosteroid
with unique properties
1.
Alvesco®
provides effective and convenient asthma control
for patients with persistent mild and moderate asthma
-
equivalent to current “gold standards”
-
in accordance to GINA recommendations
2.
Alvesco®
delivers improved safety and tolerability
-
placebo-like local side effects and systemically safe
3.
Alvesco®
is suitable for once daily dosing
4.
Alvesco®
may contribute to increased adherence
in patients receiving ICS therapy
Opening new pathways in asthma
16
Alvesco®
Approval Process

Europe

Marketing approval in UK for the MDI by the MHRA (April 2004),
(Daily dosage: 160 µg, 80 µg)

UK reference member
st
ate in the Mutual Recognition Procedure
MRP successfully completed (December 2004)

First launches in UK (January 2005), Germany (February 2005)

Other Regions

U.S.:
Filing submitted by Sanofi-aventis
(December 2003)
Approvable Letter (October 2004)


JPN:
Filing submitted by Teijin (January 2004)

AUS:
Marketing approval (February 2004), price negotiations

LA:
Marketing approval in Brazil and Mexico (August 2004)
Marketing approval in Chile and Colombia (December 2004)
Opening new pathways in asthma
17
ALTANA Pharma
Outlook

Pantoprazole: Strong performance to continue

Alvesco®
strategically broadens ALTANA Pharma’s
product portfolio

Progress in the development of Daxas®
Future growth through innovation and internationalization
18
ALTANA
Financial Calendar
2005

January 27:
Report on sales 2004

March 17:
Report on FY 2004
Press conference
Analyst meeting

April 28:
Report on Q1 2005
Conference call

May 04:
Annual General Meeting

August 03:
Report on Q2 2005
Conference call

October 12:
R&D Day

November 02:
Report on Q3 2005
Press conference
Analyst meeting
Kindly note that the above mentioned dates might be subject to change.
19
ALTANA Contact
ALTANA AG Investor Relations
Dr. Thomas Gauly
Sandra Fabian / Dr. Harald
F. Schäfer
Herbert-Quandt-Haus
Am Pilgerrain
15
61352 Bad Homburg v.d. H.
Germany
P
+49 (0) 6172 17 12-185
F
+49 (0) 6172 17 12-158
IR@altana.de
www.altana.com
IR-Contact U.S.:
Claudia Diller
(IR-Assistant)
Corporate Office New York
712 Fifth Avenue
New York, NY 10019
USA
P
+1 212 974 6192
F
+1 212 974 6190