Transcript Document

IEX Beleggen in Biotech Dag
Leonard Kruimer
May 20, 2006
Disclaimer
The presentation contains or may contain forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. It is important to note that the
company’s actual results could differ materially from the
statements, based on a number of important factors. Crucell’s
filings with the U.S. SEC contain cautionary statements
identifying important factors affecting such forward-looking
statements, including certain risks and uncertainties, that could
cause actual results to differ materially from projections
contained in any forward-looking statements made by the
company.
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Key data Crucell
Based in
The Netherlands
Listing
Euronext, NASDAQ and SWX
Employees
~ 900
Technology
Proprietary PER.C6® cell culture
production technology
Products
Vaccines and antibodies for
infectious diseases
Facilities
Switzerland, Korea, Spain, Netherlands
Partners
45 Licensees; global distributor network
Holding
10 % Galapagos Genomics N.V.
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Crucell Core Technologies
EXPRESSION
• Antibodies
• Proteins
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PER.C6®
REPLICATION
• Vaccines
STARTM
CHO, NS/0
VERO, MDCK
Market $ 35 bill
Market $ 9 bill
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Crucell Strategy
“Growing & optimizing vaccines”
Vaccines
Technology Research
Proteins &
Antibodies
Technology Research
Develop- ManuMarketing
ment
facturing & Sales
“Leveraging technology”
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Growth Vaccine market 13%/year
Sales World Vaccine Market (US$ b)
7,6
2004
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8,9
2005
10,2
2006
11,6
2007
12,9
2008
14,4
2009
15,8
2010
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Crucell Major Independent Player
Market shares (2004 sales)
Sanofi-Aventis
27%
Solvay
18%
CSL
19%
Chiron
(Novartis?)
6%
Wyeth
14%
Other
12%
Crucell/Berna Crucell/Berna
22%
22%
Acambis
19%
Merck & Co
14%
GSK
27%
Big Pharma
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Bavarian
3%
Baxter
19%
Independent vaccine companies
7
R&D Leiden, the Netherlands
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Facilities Bern, Switzerland
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Facilities GCVC, Korea
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Marketed products
Influenza
Hepatitis A
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Typhoid
Hepatitis B
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Late-stage pipeline
Projects
Filing
Expected Launch
Yellow fever
Done
H1 2007
Aerugen
2006
2007
DTPw-HepB
Done
2006
Quinvaxem
Done
KFDA approved
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Preclinical
I
II
III
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Growing and optimizing vaccines
•
•
•
•
Increase sales existing products
Increase margins existing products
Gain approval for new products
Optimize capacity utilization
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Early-Stage Pipeline
Projects
Influenza
Preclinical
I
‘06
West Nile
II
III
Potential
Peak
Sales
(US$m)
1,500
Partner
sanofi aventis
400
in house
Ebola
‘06
100
NIH
Malaria
‘06
200
GSK/WRAIR
Rabies
‘06
100
in house
TB
‘06
100
Aeras
Factor V
‘06
1000+
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in house
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PER.C6® - Roll out across markets
Gene Therapy
From 1997
• GSK
• Merck & Co.
• Wyeth
• Transgene
• GenVec
• Edwards
• Cell Genesys
• Molecular Med
• ML Laboratories
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Vaccines
From 2001
• sanofi Pasteur
• Merck & Co.
• GSK
• Chiron/Novartis
• NIH
• WRAIR
• IAVI
• AERAS
• Vaxin
• Kimron
• Merial
MAbs & Proteins
From 2002
• Roche
• J & J / Centocor
• Eli Lilly/ AME
• Biogen Idec
• DSM
• Ferring
• Merck & Co.
• Mitsubishi
• Morphosys
• Chiron
• JCR
• GSK
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Crucell Strategy
“growing & optimizing vaccines”
Vaccines
Technology Research
Proteins &
Antibodies
Technology
Develop- ManuMarketing
ment
facturing & Sales
Research
“Leveraging technology”
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MAb and Protein markets
Large and growing at 15% + per year
US$ billion
160
140
120
MAbs
Glycoproteins (mammalian)
100
80
Source: Puilaetco
60
40
20
0
2003
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2006
2009
2012
2015
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Proteins : Licensing Business
Yield
Position PER.C6® as
next generation
platform
CHO, NS/0:
Production platforms for most proteins today
Most optimization already achieved
Time
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2006: Focus on product development,
registration and integration
 Approval by KFDA of Quinvaxem™ (DTP-HepB-Hib)
• Start of Phase I clinical trials: endemic/pandemic influenza,
Ebola, malaria, TB and rabies antibody
• Continuing licensing business (PER.C6®, STARTM)
• First protein licensing agreement to be expected
• Significant cash position to fund development programs
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Share ownership
58.8 million shares outstanding
NASDAQ: 12.8 million shares
Euronext: 28.6 million shares
1%
13%
27%
72%
87%
SWX: 16.7 million shares
Institutional
Private & Unidentified
Insider
Unknown
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Major shareholders
Institutional investors
Europe
•
•
•
•
Van Herk
GO Capital
Holland Beleggingsgroep
Delta Lloyd/Aviva
Institutional investors US
•
•
•
•
Fidelity
David M. Knott
Mc Cullough
Oracle
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Share price performance since IPO
Price
October 27, 2000
30
25
20
15
10
5
0
October 27, 2000
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Trading data CRXL
• 58.8 mill shares; 13 mill ADS
• Market cap ~ € 1.25 b
• 52 week € 14.55 - € 25.40
• Avg. daily volume (shares):
 NASDAQ ~ 170.000
 Euronext ~ 450.000
 SWX as from February 22, 2006
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For more information:
www.crucell.com