兽药企业财务分析

ANEWPLATFORMFORGROWTHAlpharma:NewPlatformforGrowthMarch21,2006FourSeasonsHotel57East57thStreetNewYork,NY10022ANEWPLATFORMFORGROWTHWelcomeKathyMakrakisVicePresidentInvestorRelations2ANEWPLATFORMFORGROWTHForwardLookingStatementStatementsmadeinthispresentationincludeforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Thesestatements,includingthoserelatingtofuturefinancialexpectations,involvecertainrisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthoseintheforwardlookingstatements.InformationonothersignificantpotentialrisksanduncertaintiesnotdiscussedhereinmaybefoundintheCompany’sfilingswiththeSecuritiesandExchangeCommissionincludingitsForm10KfortheyearendedDecember31,2005.3ANEWPLATFORMFORGROWTHWebcastInformationandPresentationAssumptionsThispresentationisavailableinalistenonlymodeviatheinternetat://://’smostrecent10Kfiling,thatcouldcauseactualresultstovarymaterially.4ANEWPLATFORMFORGROWTHAgendaTOPICPRESENTERSWelcomeandAgendaKathleenMakrakisVicePresidentInvestorRelationsCompanyOverviewIngridWiikViceChairman,PresidentandCEOFinancialOverviewMatthewFarrellExecutiveVicePresidentandCFOAnimalHealthCarolWrennPresident,AnimalHealthDivisionActivePharmaceuticalIngredientsCarl-ÅkeCarlssonPresident,ActivePharmaceuticalIngredientsBreak(10:15AM–10:45AM)BrandedPharmaceuticalsRonaldWarnerPresident,BrandedProductsJosephStaufferVicePresident,ClinicalResearch&MedicalAffairsWrapUpIngridWiikViceChairman,PresidentandCEOLunch(12:00PM)EachBusinessSegmentSessionWillIncludeTimeforQ&AANEWPLATFORMFORGROWTHCompanyOverviewIngridWiikViceChairmanPresidentandCEO6ANEWPLATFORMFORGROWTHHighMarginBusinesseswithGrowthOpportunitiesSpecialtyPharmaceuticalBusinessesBrandedKadian®:extendedreleasemorphineproductGrowingKadian®prescriptionsandmarketshareActivePharmaceuticalIngredientsFermentationandpurificationexpertiseAnimalHealthAworldwideleaderinthetreatmentandpreventionofdiseasesinfoodproducinganimals2005Revenues$554MAH58%API24%Branded18%2005OperatingIncome$95MAH46%Branded17%API37%7ANEWPLATFORMFORGROWTHBrandedBuildpainfranchise–investinproductstoleveragesalesforceDevelopnextgenerationabusedeterrentproductsandexpanddrugdeliverytechnologyAPILaunchadditionalhighpurityfermentation-basedactiveingredientsandexpandintospecialty-injectablesThroughAsianalliances,developandproducenewproductsandexpandexistingcapacityanddriveworldclasscostAHLeveragemarketreputationtodelivernewMFA’svialicensingandacquisitionofproductsOfferexistingmoleculeswithdifferentdeliverysystemsandwithnewindicationsNewFocus+InvestmentstoDriveGrowthGrowthStrategy8ANEWPLATFORMFORGROWTHGrowthPotential2001–2005growthofourcurrentSpecialtyPharmabusinessesRevenue:CAGR8%Operatingincome:CAGR29%WenowhavethefinancialresourcestoaccelerateourgrowthopportunitiesTargetedOrganicGrowthOpportunitiesRepresentRevenuesof$700M+ANEWPLATFORMFORGROWTHFinancialOverviewMatthewFarrellExecutiveVicePresidentandCFO10ANEWPLATFORMFORGROWTHRevenuesFromContinuingOperations$404$443$479$513$55420012002200320042005OperatingIncomeFromContinuingOperations*$34$44$69$749520012002200320042005ALOFinancialHistory$inmillions*ExcludingassetandgoodwillimpairmentsEstablishedGrowth11ANEWPLATFORMFORGROWTH2005YearEndBalance$800DebtPay-offinJanuary2006:TotalDebt@December31,2005Premium/Interest(417)(24)ParMedsalepending(netafter-taxproceeds)~+352006FreeCashFlow:ContinuingOperations~+70DiscontinuedOperations–Accruedexpensesrelatedtogenerics,primarilytax(60)~$400Estimated$400MillionCashAvailableforInvestmentCashAvailableforInvestment$inmillions12ANEWPLATFORMFORGROWTH2006OutlookFullYear2006EPS$1.25-$1.35BrandContinuedKADIAN®prescriptiongrowthPhaseIIClinicalTrialsforabuse-deterrentproduct-$15-$20millionincrementalR&DIncreasedKADIAN®SG&AinfrastructuretosupporthighgrowthbusinessAPILaunchfluticasoneinQ32006Launching1-2morenewmoleculesbyQ42006AnimalHealth5newproductlaunchesin2006Corporate/Unallocated2006outlookincludes$12million($0.14EPS)ofpredominantlyone-time2006expenses$3million($0.04EPS)ofstockoptionexpensealsoincludedin2006outlookOutlookadjustedforone-timeexpenseEPS:$1.39-$1.49;EBITDA$154million-$162millionANEWPLATFORMFORGROWTHAnimalHealthCarolWrennPresidentAnim