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Presentation at Stockholm Corporate Finance Life Science Day
March 5, 2014
Peter Wolpert, VD
Moberg Pharma AB A DIFFERENT KIND OF PHARMA COMPANY
Disclaimer
1
Statements included herein that are not historical
facts are forward-looking statements. Such forward-
looking statements involve a number of risks and
uncertainties and are subject to change at any time.
In the event such risks or uncertainties materialize,
Moberg Pharma’s results could be materially
affected.
The risks and uncertainties include, but are not
limited to, risks associated with the inherent
uncertainty of pharmaceutical research and product
development, manufacturing and commercialization,
the impact of competitive products, patents, legal
challenges, government regulation and approval,
Moberg Pharma’s ability to secure new products for
commercialization and/or development and other
risks and uncertainties detailed from time to time in
Moberg Pharma’s interim or annual reports,
prospectuses or press releases.
2
Founded 2006, 30 empl, Stockholm & NJ
U.S. OTC Sales operations in NJ, USA
Products sold in 40+ countries
Focus in OTC/Dermatology/Topicals
- Leading U.S. OTC SKU in Nail Fungus
- Superior interrim PII data for MOB015
(topical terbinafine)
NasdaqOMX, market cap $60m
M&A history
- Nov 2012, Alterna LLC
- Dec 2013, OTC brands from Bayer
Moberg Pharma BUILDING A DIFFERENT KIND OF PHARMA COMPANY
3
Strategic plan
Growth strategy
- Organic growth
- M&A
- Internal development
Build value through Brand Equity
(U.S. focus) and IP Equity
Strong focus on shareholder value
and achieving EBITDA target
Vision
Build a mid-size Pharma and
Consumer Health company with
Sales in:
- U.S. and select countries
- OTC and select specialty areas
Financial goal
25% EBITDA margin with healthy
growth from 2016
Moberg Pharma BUILDING A DIFFERENT KIND OF PHARMA COMPANY
Strong progress Q4 2013
5
Milestone in key development project
– MOB-015 – interim results after 6 months show
40% mycological cure – a superior outcome
Acquisition of OTC products in the U.S.
– Three brands acquired from Bayer Healthcare at
1.6x Net Sales
– Contributes directly to cash-flow and earnings
Continued strong growth in the U.S
– Kerasal Nail™ reaches milestone in the U.S. – 20%
market share. Distribution expanded to major
retailers – Safeway and Target added
– Kerasal NeuroCream off to a good start
Increased distribution in key RoW markets
– New agreements for South East Asia (Menarini)
and MENA (Leosons)
Fourth quarter highlights
Sales increase owing to successful acquisition and strong
organic growth
6
61% GROWTH IN
PRODUCT SALES
Q4 2012 Q4 2013
*
Net Sales, MSEK
*
Product Sales
Milestones
15 consecutive quarters of sales growth
Product Sales TTM, MSEK
7
0
25
50
75
100
125
150
175
Q12010
Q22010
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q12013
Q22013
Q32013
Q42013
Continued growth and positive EBITDA in Q4
8
Oct-Dec Oct-Dec Jan-Dec Jan-Dec
(MSEK) 2013 2012 2013 2012
Revenues
- Product sales
- Milestones
36.8
32.0
4.8
30.2
19.9
10.3
157.4
152.6
4.8
112.5
82.7
29.8
EBITDA 2.4 -0.2 -7.9 13.3
Majority of revenue from direct sales
9
Sales via distributors
40%
Direct OTC Sales 60%
JointFlex 21%
Nalox/ Kerasal Nail
62%
Kerasal 17%
RoW 12%
Europe 28% America
61%
Channels Products Geography
Distribution of revenue, Jan - Dec 2013
Commercial Operations
CONFIDENTIAL
Building a profitable growth portfolio of Brands, Products and
Projects through M&A and internal development
Current portfolio Future portfolio
Brands
Products sold
through partners
15 partners incl
Meda, Menarini &
Paladin
Pipeline
® ®
®
11
MOB-015
X Y Z +
X Y +
Acquisition of three cash-generating brands from Bayer
Healthcare
CONFIDENTIAL
12
• Noncore to Bayer Healthcare – no marketing in over
10 years
• Leverages U.S. OTC platform
• Domeboro is a astringent solution that provides fast,
soothing itch relief for skin irritations
• Vanquish provides strong headcache relief with lower
safety risk profile vs. competitors
• Fergon is a high potency iron supplement
• High loyalty brands on market 50+ years
• Opportunity
• Targeted niche marketing to increase sales
• Improve gross margin
• Expand distribution
Platform for building Brand Equity - U.S OTC operations
Retailers/
Wholesalers Sales Force
Contract
Manufacturers
Logistics
Sales and marketing/Brand Management
13
A large aging population, steady to increased incidences of conditions and diseases, self
care & Rx to OTC switches fuel OTC market growth
U.S. OTC market is expanding
Source: Nielsen Scantrack Total US xAOC 52 weeks ending CY2012. Projected estimate for 2013/2014 based on current growth rate.
$37,2 $38,4
$40,1
$42,1
$44,3
12/25/10 12/24/11 12/22/12 est. 2013 est. 2014
Total US Sales (billions)
+4.5% +3.2%
+4.9% +5.2%
14
Ten largest retailers account for almost 70% of sales
U.S. OTC market is highly consolidated
Source: IRI. 52 weeks as of May 2013
+4.5% +3.2%
+4.9% +5.2%
15
Available at 30 000 points of sale
Distribution added through Safeway,
Target, Harris Teeter, Meijer and
Hannaford
16
15% 20% market share increase last 12 months
Kerasal Nail™ – Best selling SKU in its category
Kerasal Nail - From 0 to 20% market share in 2,5 years
Source, IRI: Nail fungus OTC category – Retail Dollar Sales Multi-Outlet, 4 week periods in 2012-13
Kerasal Nail Retail Sales, USD and Market share, %
17
0%
6%
12%
18%
24%
$0
$200 000
$400 000
$600 000
$800 000
$1 000 000
$1 200 000
$1 400 000
Kerasal Nail $ Sales Kerasal Nail % of Category Linjär (Kerasal Nail % of Category)
18
Positive initial response on advertising and
the product from consumers and retailers
Walgreens increases distribution
21,000 stores at Walmart, CVS,
Walgreens, and Rite Aid
Ca 30 million Americans experience
frequent foot pain1. Many simultaneously
suffer from cold feet and dry skin.
Associated with diabetes, fibromyalgia,
arthritis, joint pain, muscle strain or trauma.
Triple action formula that relieves foot pain,
warms cold feet, and moisturizes dry skin.
Active ingredients: capsaicin and camphor,
Fusome® - skin delivery system
Kerasal® NeuroCream rapidly gains market share in a niche
category with growth potential
1 The population prevalence of foot and ankle pain in middle and old age: a systematic review. Thomas et al, Pain 2011 Dec
Innovation Engine
CONFIDENTIAL
20
Organic growth
Current products growing, line extensions
- Kerasal NeuroCream™ launch started
New markets through distributors
8 patent families enable additional products
- MOB-015
>100 BD OPPORTUNITIES EVALUATED IN 2013
2 ACQUISITIONS LAST 13 MONTHS
Acquisitions/inlicensing
Brands - Focus on US OTC market
Pipeline assets
Completed OTC Acquisitions
Alterna LLC, Nov 2012, 20 m$ (1.8x Sales)
Bayer brands, Dec 2013, 4.8 m$ (1.6x Sales)
MOB-015 generates high terbinfine concentrations in nail
Phase ll trial ongoing (final data H2 2014)
21
Target profile for MOB-015
Low Medium High
High
Medium
Low
Efficacy
Existing
tablets MOB-015
Nalox™
Existing
topicals
Safety
Source: Hui, Maibach et al, Drug Development and Industrial Pharmacy, 2012; Franz cell experiments with human nail;
Amount TBF in the deeper part of the nail plate
** Schatz F, et al; Clin Exp Dermatol, 1995 Sep;20(5):377-83
Terbinafine concentration in human nail, µg/g nail
0,5
> 613
Oral terbinafine therapy** MOB-015*
22
40% MYCOLOGICAL CURE AFTER 6 MONTHS MOB-015, n=25, Final data H214
MOB-015 – Superior
results after 6 months
Source: 1)Moberg Pharma data on file from ongoing phase II study
MOB015 efficacy results are superior to topical drugs on the
market and on par with oral terbinafine therapy – but without
the safety issues of oral therapy
23
Mycological cure
Active Product Company Form at 6 months at 12 months
Terbinafine MOB-015 Moberg Pharma Topical 40%1)
Available H2
2014
Ciclopirox Penlac Sanofi Topical - 29-36%2)
Amorolfin Loceryl Galderma Topical - n/a3)
Terbinafine Lamisil Novartis Oral 40%4) 75%4)
Itraconazole Sporanox J&J Oral 25-30%4) 40-50%4)
Source: 1)Moberg Pharma data on file from ongoing phase II study; 2) Gupta AK, Fleckman P, Baran R. Ciclopirox nail
lacquer topical solution 8% in the treatment of toenail onychomycosis. J Am Acad Dermatol 43(4 Suppl):S70-80 (2000
Oct); 3) Mycological cure rates have not been published for Loceryl using the standard definition, which is the
combination of negative fungal culture and KOH microscopy; 4) Double blind, randomized study of continous
terbinafine compared with intermittent itraconazole in the treatment of toenail Onychomycosis, BMJ 1999;
24 Source: Double blind, randomized study of continous terbinafine compared with intermittent itraconazole in the
treatment of toenail Onychomycosis, BMJ 1999
Today’s golden standard is oral terbinafine. LION study
demonstrated 40% mycological cure after 6 months
Share development – from IPO May 2011 to Feb 28, 2014
25
Analysts
Klas Palin, Redeye
Christian Lee, Remium
26
Focus next 12 months BUILDING A DIFFERENT KIND OF PHARMA COMPANY
Improving EBITDA!
Fuel strong U.S growth
- K-Nail and Neurocream launch
- Integrate Bayer brands
Grow Distributor Sales
- Support current distributors
- China registration, SE Asia, Mena
BD focus
- US OTC products
- Strengthen pipeline
MOB-015 final PII data, PIII preparations &
regional licensing process
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