Alcon (PDF 1.5 MB)

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Alcon (PDF 1.5 MB)

Alcon Division
Mike Ball – Division Head and CEO, Alcon
Meet Novartis Management | May 24-25, 2016
Disclaimer
This presentation contains forward-looking statements that can be identified by terminology such as such as “potential,” “expected,” “will,”
“planned,” or similar expressions, or by express or implied discussions regarding potential new products, potential new indications for existing
products, or regarding potential future revenues from any such products; potential shareholder returns or credit ratings; or regarding any potential
financial or other impact on Novartis or any of our divisions of the strategic actions announced in January 2016 to focus our divisions, integrate
certain functions and leverage our scale; or regarding any potential financial or other impact on Novartis as a result of the creation and operation
of NBS; or regarding the potential financial or other impact on Novartis of the transactions with GSK, Lilly or CSL; or regarding potential future
sales or earnings of the Novartis Group or any of its divisions; or by discussions of strategy, plans, expectations or intentions. You should not
place undue reliance on these statements. Such forward looking statements are based on the current beliefs and expectations of management
regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward
looking statements. There can be no guarantee that any new products will be approved for sale in any market, or that any new indications will be
approved for any existing products in any market, or that any approvals which are obtained will be obtained at any particular time, or that any
such products will achieve any particular revenue levels. Nor can there be any guarantee that Novartis will be able to realize any of the potential
strategic benefits, synergies or opportunities as a result of the strategic actions announced in January 2016, the creation and operation of NBS,
or the transactions with GSK, Lilly and CSL. Neither can there be any guarantee that Novartis or any of the businesses involved in the
transactions will achieve any particular financial results in the future. Neither can there be any guarantee that shareholders will achieve any
particular level of shareholder returns. Nor can there be any guarantee that the Group, or any of its divisions, will be commercially successful in
the future, or achieve any particular credit rating. In particular, management’s expectations could be affected by, among other things: unexpected
regulatory actions or delays or government regulation generally; the potential that the strategic benefits, synergies or opportunities expected from
the strategic actions announced in January 2016, the creation and operation of NBS, or the transactions with GSK, Lilly and CSL may not be
realized or may take longer to realize than expected; the inherent uncertainties involved in predicting shareholder returns or credit ratings; the
uncertainties inherent in research and development, including unexpected clinical trial results and additional analysis of existing clinical data; our
ability to obtain or maintain proprietary intellectual property protection, including the ultimate extent of the impact on Novartis of the loss of patent
protection and exclusivity on key products which commenced in prior years and continues this year; unexpected safety, quality or manufacturing
issues; global trends toward health care cost containment, including ongoing pricing pressures, in particular from increased publicity on
pharmaceuticals pricing; uncertainties regarding actual or potential legal proceedings, including, among others, actual or potential product liability
litigation, litigation and investigations regarding sales and marketing practices, government investigations and intellectual property disputes;
general economic and industry conditions, including uncertainties regarding the effects of the persistently weak economic and financial
environment in many countries; uncertainties regarding future global exchange rates, including the continued increases in value of the US dollar,
our reporting currency, against a number of currencies; uncertainties regarding future demand for our products; uncertainties involved in the
development of new healthcare products; uncertainties regarding potential significant breaches of data security or disruptions of our information
technology systems; and other risks and factors referred to in Novartis AG’s current Form 20-F on file with the US Securities and Exchange
Commission. Novartis is providing the information in this presentation as of this date and does not undertake any obligation to update any
forward-looking statements as a result of new information, future events or otherwise.
Executive summary
Alcon
• Alcon is the global market leader in eye care, with #1 or #2 positions in Surgical and Vision Care in
every region around the world
• We are accelerating innovation, and starting to see results from our increased focus on devices
-
Launched PanOptix® and UltraSertTM; ClareonTM on track for planned launches
-
Closed 3 business development deals in 60 days, including Transcend to penetrate surgical glaucoma category
• We are investing behind key growth drivers as well as foundational systems and capabilities
-
Investing in customer training and education to help shift market to more advanced technologies (e.g., toric
IOLs)
-
Executing promotional programs for key Vision Care brands
-
Actions underway to improve customer experience and address operational issues
• With innovation and investment, together with improved operations, Alcon expected to return to
sustainable growth
2
| Meet Novartis Management | May 24-25, 2016 | Investor Presentation
Agenda
Alcon overview and initial impressions
Surgical
Vision Care
3
Alcon is the global market leader in eye care, with
#1 position in Surgical and #2 in Vision Care
Ophthalmology revenue by eye care segment
FY 2015, USD billion
Surgical
Vision Care
3.7
2.6
1.0
2.3
0.9
1
0.6
1 Based
on 2014 financials, as Valeant has not yet released FY 2015 results
Source: Company filings and Alcon internal estimates
4
1.5
1
1.3
Within the USD 6 billion division, each franchise includes
large, profitable businesses
Net sales
FY 2015, USD billion
Surgical
Cataract
IOLs
Contact
Lenses
1.1
1.7
0.3
Cataract
Equipment
Contact 0.6
1.4
Lens Care
0.3
Cataract
0.6
0.1
Refractive &
Consumables
Other Surgery
Vitreo- Other Cataract
retinal
5
Strong equipment base drives pull-through of
high margin IOLs and consumables
• Further growth expected through executing
commercial launches and enhancing physician
training
Vision care
Strong position in contact lenses, which has
synergies with lens care business
• Further growth expected through DTC investment
behind key contact lens brands
Alcon has key strengths, but areas for improvement have
been identified
Key strengths
Improvement areas
• Clear device focus
• Investment in promotional activities
• Strong market shares and premium
products
• Deep customer relationships from
70 year heritage in eye care
• Experienced Surgical sales force
• Accelerating innovation across
Surgical and Vision Care
• Growth acceleration plan underway
• Passion to win
6
to protect and grow market share
• Mindset of customer delight
• Surgical supply chain and quality
• Systems and processes (especially with
customers)
• Focus on product pipeline
• Prioritization
New division structure improves focus in areas that are key
to sustainable growth
Innovation
• High frequency, iterative development
7
Customer relationships
• Deep relationships with physicians
• Enhanced customer experience from
end-to-end (e.g. purchase, installation)
• Focused R&D investment
• Partnership in innovation
• Open to innovation from all sources
• Education and training
Alcon growth acceleration plan is underway
Accelerate innovation and sales
• UltraSertTM and PanOptix® launched in EU and UltraSertTM in US
• Transcend Medical agreement
• Executing promotional programs in Vision Care
Strengthen the customer relationship
• Hiring underway for additional customer service roles
• Actions underway to improve customer experience
• Extensive physician discussions to define future state
Improve basic operations
• Projects underway to improve Surgical manufacturing agility
• Deployed global pricing initiatives across all regions
• Further engaging and building confidence with associates
8
Alcon is progressing against 2016 delivery milestones
Milestones
From January 27, 2016 investor presentation
Focus
Full operational transfer of Ophtha Pharma by end Q2 2016
Accelerate innovation and growth:
Innovation
& Growth
• Return IOLs to growth by H2 2016
• Grow consumables throughout the year
• Launch ClareonTM IOL platform by 2017
Deliver short-term, incremental innovation milestones
Incremental investment in our innovation and growth priorities:
Investment
• Incremental M&S behind UltraSertTM and PanOptix® launches
• DTC behind key Vision Care brands in H1
• Provide training, education and improved services for eye care professionals
Financial
9
Alcon (ex. Ophtha Pharma):
• Expect difficult H1; exiting Q4 with low to mid-single digit sales growth
Alcon 2016 top priorities
Re-invigorate our external and internal customer experience
Establish and bring to life the “new Alcon” device culture
Accelerate near-term product flow
Think big: Expand markets by placing “bold bets”
Successfully execute the Alcon growth acceleration plan
10
Agenda
Surgical
Vision Care
11
Surgical franchise overview
FY 2015 net sales
USD billion
3.7
Key products
Refractive / Other
0.3
Wavelight® LASIK and refractive correction equipment
Vitreoretinal
0.6
Constellation® platform, numerous
devices and instrumentation
Intraocular Lenses
(IOLs)
1.1
AcrySof® IQ IOLs, UltraSertTM, PanOptix®
Cataract
Consumables1
Cataract Equipment
1 Includes
12
Visco-elastics, cutting instruments, custom paks
1.5
0.3
“Other Cataract”
Centurion®, Infiniti® phaco platforms, LenSx®
femtosecond laser
Surgical market expected to grow 4% CAGR 2015-20
2015 industry sales1
Market growth drivers
USD billion
Cataract
6.5
Projected
industry
CAGR1
2015-20
2015 net
sales
USD bn
Position
3%
2.9
#1
•
Strong demographic trends with aging of global
population as well as rise of millennials
•
Higher AT-IOL3 penetration
•
Improved diagnostics and visualization
•
Growing access in emerging markets
Planned Alcon growth drivers
Vitreoretinal
1.3
5%
0.6
#1
Refractive
0.4
2%
0.3
#2
Glaucoma
0.1
28%
n/m
n/m
Total
4%2
1
Source: Alcon internal estimates, Market Scope. CAGR: Compound annual growth rate
Includes additional categories (e.g., diagnostics, service)
3 AT-IOL: Advanced technology intraocular lenses, e.g., toric, multifocal
2
13
•
Strong consumables pull-through on installed
base of Centurion® phaco platform
•
New and planned IOL offerings (pre-loaded,
trifocal, new materials)
•
Higher toric AT-IOL penetration driven by
VerionTM and ORA® launches
•
Vitreoretinal expansion in emerging markets
•
Market expansion in refractive surgery and
surgical glaucoma
Alcon’s Cataract Refractive Suite covers every stage of
surgical workflow and drives improved outcomes
Clinical Plan
Surgical
Planning
14
Cataract Treatment
Femtosecond
Laser
Operate
Intra-operative
Aberrometry
Strong installed base of equipment drives pull-through of
high margin IOLs and consumables
Quality and breadth of Alcon portfolio drives “one-stop shopping” and is a key differentiator
Strong equipment base
15
IOLs and consumables pull-through
Alcon is advancing and strengthening its IOL pipeline
Recent launches
UltraSertTM
(pre-loaded IOL delivery)
Short-term pipeline
Next-generation pre-loaded
IOL system
Long-term pipeline
Next-generation IOL platform
Accommodating IOL
PanOptix®
(trifocal IOL)
16
TM
Clareon
(new material IOL platform)
Significant progress in innovation with UltraSertTM and
PanOptix® launches in multiple regions
UltraSertTM pre-loaded IOL
PanOptix® trifocal IOL
Launched in Europe and US 14 months after project
initiation
Launched in Europe 11 months after project
initiation; no trifocal IOL yet approved in US
In some European markets, majority of cataract
surgeries are performed with pre-loaded IOLs
First hydrophobic acrylic trifocal IOL, providing near,
intermediate, and distance vision (best-in-class
intermediate vision at 60 cm)
Simple to use for surgeon and staff; TensionGlideTM
provides smooth lens delivery
Future product extension launches:
17
•
AcrySof® IQ Toric with UltraSertTM
•
PanOptix® with UltraSertTM
•
PanOptix® Toric with UltraSertTM
Future product extension launches:
•
PanOptix® with UltraSertTM
•
PanOptix® Toric with UltraSertTM
Beyond ClareonTM, Alcon is developing a next-generation IOL
platform with advanced optical properties
Working toward best-in-class material, optics and
mechanics
Targeting consistent and controlled
micro-incision delivery of a full-sized optic in an
automated, pre-loaded system for ease of use
Targeting fully automated IOL manufacturing for
better consistency, yield and costs, and for rapid
launch of multifocal and toric follow-on products
18
Collaboration with PowerVision to develop an
accommodating IOL
Utilizes the body’s natural ciliary muscle movement
Targeting full accommodation for all distances
(which would eliminate the need for glasses)
Targeting contrast sensitivity/visual quality
comparable to monofocal IOLs
Targeting minimal visual disturbances comparable
to monofocal IOLs
19
New state-of-the-art diagnostic equipment has potential to
drive uptake of toric IOLs
Significant hurdle to toric IOL uptake is the need for precise placement –
ORATM System with VerifEyeTM Lynk provides that precision
AnalyzORTM
VerionTM enables development
of pre-operative image-guided
surgical plan
20
Patient’s surgical plan is
transferred to ORATM Cloud
Surgical plan is synchronized with
VerifEyeTM Lynk, which helps
refine IOL selection and position
to drive AT-IOL penetration
Alcon is the market leader in vitreoretinal surgery
Global premium segment vitrectomy packs
Segment share (%)
100%
All other 29%
competitors
Accurus®
(Alcon)
Constellation®
(Alcon)
30%
41%
2012
32%
19%
49%
2013
31%
30%
13%
9%
57%
2014
61%
Constellation® procedures drive pullthrough of high margin sterile single-use
consumable packs and devices
2015
Market expansion is being pursued
through the development of a low-cost
vitreoretinal surgical system tailored for
emerging markets
Source: Alcon internal estimates, Market Scope 2015
21
State-of-the-art equipment (Constellation®)
with ~75% share in developed markets
First major advance for vitreoretinal surgeons since Alcon
introduced Constellation®
Breakthrough platform in development for
ophthalmic surgical visualization, expected to
enhance the surgeon’s ability to perform complex
procedures in the back of the eye
Expands digital visualization and diagnostic
capabilities beyond traditional optical microscope
Improves surgeon ergonomics
Excellent teaching tool for new surgeons
22
Alcon introduced a more “personalized” LASIK treatment with
ContouraTM Vision
FDA approved for topography-guided LASIK
treatment for near-sightedness and astigmatism
Clinical studies demonstrate 93% of all study eyes
achieved UCVA1 of 20/20 or better one year after
surgery
High patient satisfaction
Improved symptoms typically associated with
LASIK (e.g., light sensitivity, difficulty driving at
night, reading difficulty, glare)
Launched in November 2015 in the US
1
UCVA: uncorrected visual acuity
23
CyPass® micro-stent to establish Alcon’s presence in
surgical glaucoma therapy
CyPass® micro-stent – surgical glaucoma device
designed to be implanted during cataract surgery
Designed to provide continuous control of
intraocular pressure
May reduce or eliminate the need for glaucoma
medications
Designed to preserve conjunctival and scleral tissue
24
Agenda
Surgical
Vision Care
25
Vision Care overview
FY 2015 net sales
USD billion
Key brands
2.3
Contact lens care
0.6
Contact Lenses
1.7
26
Vision Care market expected to grow 3% CAGR 2015-20
2015 industry sales1
Market growth drivers
USD billion
• Continued trade-up to daily disposable lenses
and premium SiHy2 materials
• Uptake of toric and multifocal specialty lenses
Contact
Lenses
Lens
Care
Total
8.3
1.6
• Unmet need in health, vision and comfort
Projected
industry
CAGR1
2015-20
2015 net
sales
USD bn
Position
4%
1.7
#2
-2%
0.6
#1
• Increasing emerging markets penetration
Planned Alcon growth drivers
• Increased promotion behind best-in-class
innovation portfolio
– Dailies Total1® water gradient SiHy
– Dailies Total1® specialty lenses (multifocal
launch planned in 2016)
3%
– DACP3 toric and multifocal
– AirOptix® Colors
• Continued focus on core products performance
1
Source: Alcon internal estimates, Market Scope. CAGR: Compound annual growth rate
Silicone hydrogel
3 DACP: Dailies Aqua Comfort Plus®
2
27
Alcon has a broad contact lens offering
Tier
TIER
1
TIER
2
TIER
3
28
Daily disposable contact lenses
Premium water
gradient technology
Weekly / monthly contact lenses
SmartShieldTM
technology; also
with color options
Blink-activated
moisture technology
Entry-level daily
disposable lens
Entry-level daily
silicon hydrogel lens
Dailies Total1® continues to generate strong sales growth
Dailies Total1® sales growth
%
+48%
Ramped production to address previous supply
constraints
Launched in China, Korea, Taiwan, and
Singapore in H2 2015; completing global rollout
FY 2014
FY 2015
Launching expanded parameters1 in North
America, Europe, and Australia
Multifocal launch in 2016
1 Expanded
29
parameters (plus powers) include +0.5 to +6.0 diopters
Dailies Total1® Multifocal on track for H2 2016 launch
Core
Lower surface silicone
content than any daily
disposable silicone
hydrogel lens
Breakthrough combination of industry-leading multifocal design and
state-of-the-art water gradient technology
Address top unmet needs of presbyopic wearers
• Dryness – over 80% water at surface
• Discomfort – first and only water gradient multifocal contact lens
• Acuity – industry-leading Precision Profile multifocal design
30
Surface
An ultra soft surface
gel composed of a
hydrophilic polymer
network
Strong synergies between Contact Lens and Contact Lens
Care businesses
1
#1 ranked global power brands
#1
#1
#1
1
$0.6bn
CLC 2015 FY
net sales
2
Synergy opportunities
Cross-marketing and cross-development
1
The Clear Care® brand is sold in the US, Canada and Japan; the same product is sold under the AOSept brand in other territories.
31
Alcon is exploring additional opportunities for market
expansion
Penetration of
presbyopia
market
Contact lens
market
expansion
32
“Smart lens” technology has potential to transform eye care
TM
Strengthens Alcon’s leadership in the development
of contact lenses and intraocular lenses, with
inclusion of electroactive optics technology
“Smart lens” partnership is focused on presbyopia
Aimed at seamless switching between distance
and near powers, mimicking natural
accommodation
33

Alcon (PDF 1.5 MB)

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