兽药企业财务分析

Alpharma:NewPlatformforGrowth,March21,2006FourSeasonsHotel57East57thStreetNewYork,NY10022,Welcome,KathyMakrakisVicePresidentInvestorRelations,ForwardLookingStatement,Statementsmadeinthispresentationincludeforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Thesestatements,includingthoserelatingtofuturefinancialexpectations,involvecertainrisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthoseintheforwardlookingstatements.InformationonothersignificantpotentialrisksanduncertaintiesnotdiscussedhereinmaybefoundintheCompanysfilingswiththeSecuritiesandExchangeCommissionincludingitsForm10KfortheyearendedDecember31,2005.,WebcastInformationandPresentationAssumptions,Thispresentationisavailableinalistenonlymodeviatheinternetat,oruntilMarch24,2006.ThesematerialsaremeantforuseonlyinconnectionwiththeoralpresentationbeingmadebythecompanyatitsanalystmeetingonMarch21,2006asmanyassumptions,risksandotherfactsmaterialtotheunderstandingoftheseslideswillbepresentedattheconference.SincethesematerialswerepreparedspecificallyfortheMarch21,2006conference,thecompanydoesnotundertaketoupdatethismaterialfordevelopments,risksorcircumstancesafterthatdate.Thepotentialrevenueopportunityrelatedtogrowthinitiativesinthispresentationarebasedonassumptionswhichthecompanybelievestobereasonable,butbecausetheycoverseveralyearsand,inmanycasesrepresenttheestimatedtargetsfornewstrategies,ortheintroductionofnewproducts,theyaresubjecttoinherentrisks,includingrisksdisclosedinthecompanysmostrecent10Kfiling,thatcouldcauseactualresultstovarymaterially.,Agenda,EachBusinessSegmentSessionWillIncludeTimeforQAmericanPainSociety(May2006),Normalizedbyprescriptionvolume,QuantitativeInternetSurveillance:ContentAnalysisAndMonitoringOfInternetPrescriptionOpioidAbuse-RelatedPostingsStephenF.Butlera*,SynneWingVenutia,ChristineBenoita,RichardL.Beaulaurierb,BrianHoulea,NathanielKatzacaInflexxion,Inc.,Newton,MA02464USA,bFloridaInternationalUniversity,Miami,FL33199USA,cTuftsUniversitySchoolofMedicine,STUDYHIGHLIGHTS:Firststudythatsystematicallyconductspost-marketinginternetsurveillanceofprescriptionopioidanalgesicsOvera6-monthperiodin2005,48,293individualpostswerecaptured:1,813postsofOxycontin,940postsofVicodin,and27postsofKADIAN.Thesevaluesweresignificantlydifferent(p.001).ThepercentageofKADIAN-relatedpostscodedaspositive(endorsesrecreationaluseandabuseofthedrug)was45.5%,comparedto68.4%forOxycontin(p=0.036),and57.6%forVicodin(p=0.29),NormalizedDataShowsSignificantlyLessKADIANRelatedAbusePostingsthanOxycontin,Quantitativemarketresearchstudytodeterminesize:Abuse-deterrentlong-actingmarketAlpharmaslongactingopioidagonist/antagonistcombinationDeterminebaselinepreferenceshareandhowitwouldchangewithintroductionofthreenewabuse-deterrentlong-actingopioids.Approximately300physiciansofmixedspecialties,Abuse-DeterrentLong-ActingOpioidMarketQuantitativeConjointAnalysisStudy,Abuse-DeterrentLong-ActingOpioidMarketQuantitativeConjointAnalysisStudy,Resultsindicatethatabuse-deterrentproductscouldtakeover50%ofthemarketfromtheexistingLAopioidproductsAlpharmasopioidagonist/antagonistcombinationproductwouldgarnersignificantshareofthelong-actingopioidmarketeveniflaunchedsecondTypeofopioidanddeterrenttechnologyareviewedasmostimportantforprescribingAnopioidantagonist(pharmacologicdeterrent)wasmostoftenmentionedpositivelyasareasonforusingabuse-deterrentopioid,whiletherewasskepticismregardingphysicaldeterrentabuse-resistanttechnologyManyrespondentsindicatedthattheywouldtryseveralproductsandpicktheonethatwasbestfortheirpatientsandpractice,AbuseDeterrenceMatters,AbuseDeterrentOpportunity,Long-ActingOpioidMarket2005(Actual),Long-ActingOpioidMarket2010(Projected),OxyContin/Gx42%,Avinza5%,Duragesic/Gx32%,KADIAN4%,MSContin/Gx17%,AbuseDeterrentLongActingOpioidsareProjectedtoCapture50%oftheLong-ActingOpioidMarket,AbuseDeterrentProducts50%,Non-AbuseDeterrentProducts50%,KADIAN,KadianVersusAbuse-deterrentLong-actingOpioid(NT),Cole/AddictionResearchCenterInventory(ARCI)StimulationEuphoria(n=18)(0:False,1:Morefalsethantrue,2:Moretruethanfalse,3:True;Maxscore:45),ClinicalProofofConcept:AntagonistAgonistIn-VivoRatioStudy,ThingsaroundmeseemmorepleasingthanusualIfearthatIwilllosethecontentmentthatIhavenowIfeelincompleteharmonywiththeworldandthoseaboutmeIwouldbehappyallthetimeifIfeltasIfeelnowIfeelsogoodthatIknowotherpeoplecantellitIfeelasifIwouldbemorepopularwithpeopletodayMythoughtscomemoreeasilythanusualIfeellessdiscouragedthanusualIaminthemoodtotalkaboutthefeelingIhaveMymemoryseemssharpertomethanusualAthrillhasgonethroughmeoneormoretimessinceIstartedthetestIfeellikejokingwithsomeoneIhaveasentimentalfeelingIseemtobeverymuchawareofthelittlethingsthatpeopledoIfeelnowasIhavefeltafteraveryexcitingexperience,PharmacodynamicMeasure,StudyDesign18opioidexperiencedsubjectsEachsubjecttookoneofeachdoseof:PlaceboAgonistAntagonist-AgonistRatioAAntagonist-AgonistRatioBAntagonist-AgonistRatioC,AntagonistAgonistRatioResultsofIn-VivoStudy,AGONISTANTAGONIST/AGONISTPLACEBO,ClinicalProofofConceptAchieved,ANTAGONIST/AGONISTANTAGONIST/AGONIST,Result,VisualAnalogScales(VAS)DrugLiking(n=18)(0=StrongDisliking,50=Neutral,100=StrongLiking),AntagonistAgonistRatioResultsofIn-VivoStudy,ClinicalProofofConceptAchieved,AGONISTANTAGONIST/AGONISTPLACEBO,ANTAGONIST/AGONISTANTAGONIST/AGONIST,AlpharmaAbuse-Deterrent(NT)ClinicalDevelopmentProgram,PHASEI5FormulationoptimizationstudiesCompletedPHASEIIAntagonist:AgonistRatioStudyIn-Vivo(EuphoriaAbatementStudy)CompletedEfficacyStudyinChronicPainPatientsInitiated1Q06,completiontarget2H06PHASEIIIPivotalEfficacyStudy,SpecialProtocolAssessment(SPA)NegotiationswithFDAInProgressStudyinitiationtargetearly07,MovingForwardAggressivelywithAbuse-DeterrentDevelopmentProgram,PreClinical,IND,PhaseI,PhaseII,PhaseIII,Sources:FDA,C,NDA,*LastupdatedFeb.72006,Abuse-deterrentProductDevelopmentTimelines,ALOhasOneoftheMostViableApproachesandisAmongtheFrontRunners,SummarySignificantGrowthOpportunities,ExpandthecurrentbusinessLineextensionsrepresen