- Strong financial performance in H1 2018
- Three medium-term strategic growth drivers fully on track
- #Strategic in-licensing deal concluded with Cara Therapeutics Inc
- Net sales and EBITDA guidance for 2018 raised and positive outlook confirmed
IN H1 2018, VIFOR PHARMA RECORDED A STRONG FINANCIAL PERFORMANCE DRIVEN BY ITS THREE STRATEGIC GROWTH DRIVERS. AS A RESULT OF THE STRONG H1 2018 FINANCIAL PERFORMANCE, THE COMPANY IS RAISING ITS NET SALES AND EBITDA GUIDANCE FOR 2018 AND CONFIRMING THE POSITIVE OUTLOOK.
Corrected with updated link: For the full version of the press release in English, please click here.
FINANCIAL PERFORMANCE: STRONG GROWTH TREND CONTINUES
- Significant revenue growth with net sales of CHF 747.4 million, up 23.4%
- EBITDA increased to CHF 192.0 million, up 44.5%
- Strong balance sheet with equity ratio of 80.0%
THREE STRATEGIC GROWTH DRIVERS FULLY ON TRACK
- Strong growth reported in each of the three strategic growth drivers - Ferinject®, Vifor Fresenius Medical Care Renal Pharma (VFMCRP) and Veltassa®
- Implementation of Milestone 2020 strategic plan in-line with all objectives
FERINJECT®
Net sales up 29.3% in H1; on track for growth in excess of 20% for the FY 2018
Increase in overall i.v. iron market share to 45.7% compared to 39.8% the prior year.
VIFOR FRESENIUS MEDICAL CARE RENAL PHARMA
- Mircera® growth strong at CHF 214.0 million, up 38.1% from H1 2017.
- Conditional Marketing Application accepted (phase-II data basis) and in review for avacopan for the treatment of ANCA-associated vasculitis in Europe
- Agreement signed with Cara Therapeutics to develop and commercialise CR845/difelikefalin injection for haemodialysis patients with pruritus worldwide outside US, Japan, South Korea
VELTASSA®
- Strong momentum, with net sales of CHF 36.8 million for H1 2018 (up 51.8% from CHF 24.3 million in H1 2017)
- Launches in Germany, the UK, and Switzerland
- First successful ex-US reimbursement approval in Sweden and Denmark
- US Food & Drug Administration (US FDA) approves label change enabling Veltassa® to be taken with or without food
- Exclusive development and marketing licence signed with Zeria in Japan
NET SALES AND EBITDA GUIDANCE RAISED, POSITIVE OUTLOOK CONFIRMED
- Net sales expected to grow by more than 15%
- EBITDA expected to increase by more than 25%
- All other elements of financial guidance as of 15 March 2018 and positive outlook confirmed
Commenting on the first-half results, Etienne Jornod, Executive Chairman of Vifor Pharma Group, said: "In the first half of 2018, we continued to build on our achievements in 2017, executing against our strategy to become a global leader in iron deficiency, nephrology and cardio-renal therapies. Our three strategic growth drivers all performed strongly. Ferinject®/Injectafer® continued to build on its position as the market-leading intravenous iron therapy worldwide, with growth of more than 29%, and is on track to grow at least 20% this year. Our joint company VFMCRP further strengthened its position in the nephrology market, helped by key products including Mircera®, which was up more than 38%. Hyperkalaemia therapy Veltassa® is performing in accordance with our expectations, strengthening our strategic position in cardio-renal therapies and our overall position in the key US market.
"Based on these results, we are increasing our full-year guidance, with net sales now expected to grow by more than 15% in 2018 at constant exchange rates and EBITDA expected to increase by more than 25%."
FINANCIAL PERFORMANCE
| In million CHF | H1 2018 | H1 2017 | Change in % |
| Net sales | 747.4 | 605.9 | 23.4% |
| EBITDA | 192.0 | 132.9 | 44.5% |
| Net profit after minorities (from continuing operations) | 118.0 | -9.6 | -- |
| Core earnings per share | 2.66 | 0.61 | 336.1% |
For further details, please see the Vifor Pharma Group 2018 Half-year Report (PDF) at www.viforpharma.com.
Live conference call and webcast
Vifor Pharma will host a live conference call (see phone numbers below) and webcast ((https://edge.media-server.com/m6/p/9bx3fhce) on 8 August 2018 at 2:00 p.m. (CET). The pin code for the live conference call is 8528258.
| Phone numbers for the live conference call | Local | Free |
| Switzerland: | +41 22 567 5750 | 0800 222 801 |
| France | +33 1 76 77 2257 | 0805 101 278 |
| Germany: | +49 69 2222 2018 | 0800 101 1732 |
| United Kingdom: | +44 330 336 9411 | 0800 279 7204 |
| United States of America: | +1 323 794 2588 | 888-394-8218 |
| Other countries: | +44 330 336 9411 |
Replay
A webcast replay ((https://edge.media-server.com/m6/p/9bx3fhce) will be available from 8 August 2018 at approximately 5:00 p.m. (CET).
FURTHER INFORMATION
Media Relations
Heide Hauer
Head of Corporate Communications
Tel. +41 58 851 80 87
E-mail: media@viforpharma.com
Investor Relations
Julien Vignot
Head of Investor Relations
Tel: +41 58 851 66 90
E-mail: investors@viforpharma.com
Vifor Pharma Group is a global pharmaceuticals company. It aims to become the global leader in iron deficiency, nephrology and cardio-renal therapies. The company is the partner of choice for pharmaceuticals and innovative patient-focused solutions. Vifor Pharma Group strives to help patients around the world with severe and chronic diseases lead better, healthier lives. The company develops, manufactures and markets pharmaceutical products for precision patient care. Vifor Pharma Group holds a leading position in all its core business activities and consists of the following companies: Vifor Pharma; Vifor Fresenius Medical Care Renal Pharma, a joint company with Fresenius Medical Care; Relypsa; and OM Pharma. Vifor Pharma Group is headquartered in Switzerland, and listed on the Swiss Stock Exchange (SIX Swiss Exchange, VIFN, ISIN: CH0364749348). For more information, please visit www.viforpharma.com.
