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Investor PresentationGalenica Group
September 2017
− © Galenica
Agenda
2Sept 2017
Page
History 3
Galenica at a glance 6
Business Sectors 11
Financial track record 16
Business Update H1 2017 18
Outlook 28
1
2
3
4
5
6
− © Galenica
Building the leading Swiss healthcare platform over 90 years
Listing on Swiss Stock Exchange
1994 1996 2000 2002 / 2004 2008 2009 2013 2014 20171999 2007
Expansion of distribution activities
Partnership with Alliance
UniChem
Organic and acquisition-led expansion of pharmacies
network
Acquisition of Anti-Brumm®
and Perskindol®
Acquisition of MediService
Acquisition of Sun Store
pharmacies
Acquisition of medifilm
Creation of business unit
Galenica Santé
1927
Foundation of Galenica as a
wholesaler
Opening of highly automated
distribution centre in Niederbipp
1995
Strategy to engage in the entire Swiss healthcare value chain
2015
Integration of Products &
Brands
2005
Creation of Amavita uniform
brand in Switzerland
Acquisition of Pharmapool
Corporate Services Retail Products & Brands Key events
Acquisition of Merfen® and Vita-Merfen®
IPO of Galenica
Santé
Name change to Galenica
3Sept 2017
1
− © Galenica
History of resilient growth and margin improvement
2006–16 CAGRsRetail market sales2 2.4%Galenica Santé net sales1 5.3%Galenica Santé EBIT1,3 25.2%
Source: Company information, Galenica Annual Reports, IMS Health Notes: The financial information presented with respect to the financial years ended 31 December 2006 through 2013 has been derived from the audited consolidated financial statements of Galenica AG (now renamed Vifor Pharma
AG) and represent its Logistics, Retail and Other (Healthcare Information) businesses, excluding the Pharma business. The Company, a former wholly-owned subsidiary of Galenica AG (now renamed Vifor Pharma AG), prepared combined financial statements for the financial years ended 31 December 2014, 2015 and 2016. Accordingly, the financial information derived from the combined financial statements of the Company and from the consolidated financials of Galenica AG (now Vifor Pharma AG) for its Logistics, Retail and Other (Healthcare Information) businesses, excluding the Pharma business, for prior periods may not be fully comparable.
1 Not including Vifor Consumer Health2 Retail market sales include direct and indirect pharmaceutical sales through pharmacies, self-dispensing doctors and drugstores3 2014-16 EBIT includes corporate costs, excludes IAS 19 expense4 2013 financials as per 2014 financial statements due to changed segment structure (Galenica Santé is reported as a separate segment since 2014). Financials not adjusted to include Products & Brands5 Calculated as (EBITDA-capex)/EBITDA. 2014-16 EBITDA excludes IAS 19 adjustment; capex includes investments in tangible and intangible assets
1'793
2'1292'270
2'467 2'526 2'603 2'661 2'766 2'826 2,915
0%
1%
2%
3%
4%
5%
2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A
Net sales (CHFm) EBIT margin (%)³
Logistics, HealthCare Information & Retail1 Galenica Santé
2006-16 sales CAGR1 5.3%
2006-16 EBIT CAGR1,3 25.2%
2006-16 EBIT margin
improvement1,3+367bps
2016 cash conversion5 80%
FTEs as of
31 December 2016c.4,600
3,009
4
44Sept 2017
1
− © Galenica
7 April 2017: Outstanding IPO of Galenica Santé
Largest IPO in Europe in H1 2017 and first sizeable 100% subsidiary IPO since years
Multiple oversubscription with pricing at the top end of the price range atCHF 39.00
Broadly diversified allocation
Today already over13’000 shareholders
Strong and stable trading after IPO
5
HF13%
LO57%
PB30%
48.75mShares1)
CH50%
UK23%
US12%
Other15%
48.75mShares1)
Sept 2017
1
1) Allocation of the shares at the IPO on 7 April 2017
− © Galenica
Galenica is the leading healthcare provider in Switzerland
6
2016 net sales CHF3,009m2016 EBIT1 CHF134m
Services
Leading provider of specialised pre-wholesale and wholesale distribution services
Specialised databases and solutions for clinical decision support
CHF2,329m CHF40m
2016 net sales 2016 EBIT
Market position2 #1
(pre eliminations of intercompany positions)
Leading domestic network of own, joint venture and independent partner pharmacies
Provision of health and beauty products, patient advice and new services
Broad range of own, exclusive and partner products for consumer health, beauty and well-being
Strong sales and marketing force in Switzerland
RetailConsumer Health market position2Market position2
Products & BrandsHealth & Beauty
2016 net sales 2016 EBIT
#3#1
CHF1,437m CHF93m(pre eliminations of intercompany positions)
1 Includes corporate costs, excludes IAS 19 expense2 Services based on sales reported at ex-manufacturer price level as of MAT June 2016. Source: IMS Market Prognosis 2016-2020; Retail based on number of pharmacies. Source: Interpharma, Pharma-Markt Schweiz 2017 and
company websites; Products & Brands based on IMS Health MAT June 2017 sales value for OTC, Patient Care, Personal Care and Nutritionals products
Sept 2017
2
− © Galenica
Operating in a stable and attractive Swiss healthcare market with favourable long-term fundamentals
Source: QuintilesIMS, Pharmamarkt Schweiz, YTD 2016
1 Medicines Swissmedic list A, B, C, D sold from suppliers and wholesalers to hospitals, physicians, pharmacies and drugstores2 Total market without hospitals3 IMS Market prognoses 2016-2020, published September 2016
65%22%
9%4%
51%25%
23%1%
Pharmacies Self-dispensing doctors Hospitals Drugstores
Pharmaceutical market in Switzerland (2016)1
By value−CHF5.6bn By volume−188 million packs
Pharmacists play a crucial role in the provision of medicines Indispensable role in one of the world's highest quality health
care systems, providing drugs, advice and services Continued efforts by government and health insurers to
make pharmacists the first point of contact Growing importance to meet consumer trends towards more
personalized healthcare and self-medication
7Sept 2017
2
3.4 3.6 3.8 3.9 3.8 3.9 3.9 3.9 3.9 4.1 4.3 4.4 4.5 4.5 4.6
0
1
2
3
4
5
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
E
2018
E
2019
E
2020
E
Resilient, stable Swiss healthcare retail sector2
Underlying healthcare sector growth drivers, including demographics, lifestyle and innovation
One of the highest life expectancy rates in the world Non-discretionary nature of products and services
CHFbn (based on ex-manufacturer price)
Mandatory price cuts
2006-16 CAGR 2.4%
Proposed mandatory price cuts
2016-20 CAGR 1.7%33
Financial crisis Unpegging of Swiss Franc by SNB
− © Galenica
Experienced management team with proven track record
Jean-Claude ClémençonCEO
Felix BurkhardChief Financial Officer
CFO since 2017 26 years industry experience of which 22 years at Galenica Joined Galenica in 1995 Previously, Head of Strategic Projects of Galenica Group and Head of Business Sector Retail
Daniele MadonnaHead of Business Sector Retail as of Q4 2017
Pharmacist 15 years industry experience of which 13 years at Galenica Previously Store Manager, Regional Sales Manager and CEO of the joint venture Coop Vitality
35 years industry experience of which 2 years at Galenica Joined Galenica 2015 Previously, responsible for international expansion at Walgreens Boots Alliance and Global Brand Director at Unilever
8
CEO since IPO Head of Business Sector Retail since 2015, 28 years industry experience of which 22 years at Galenica Group Joined Galenica Group in 1995 Previously, Head of Logistics and HCI at Galenica Group, Head of Manufacturing at Rheintub, Rheinsulz and CEO of Raintec
Sept 2017
Christoph AmstutzHead of Business Sector Services
29 years industry experience of which 10 years at Galenica Joined Globopharm in 2007 (led integration process into Galenica) Previously, Head of G-Pharma & Alloga and Business Unit Head at Bristol-Myers Squibb
Torvald de Coverly VealeHead of Business Sector Products & Brands
2
Head of Business Sector Retail until Q4 2017
− © Galenica
Our ambition and self-perception
Galenica:The first choice for health,
beauty and wellbeing.
9Sept 2017
2
− © Galenica
Leverage scale advantages to develop new, value-added services
Healthbank / e-healthGDP-qualified fleetmedifilm
2017
2015
P&G brands
2016
Develop and launch own and partner brands and products for pharmacies
Click & Collect Loyalty cards
Leverage leading positions to promote higher margin and exclusive products
Drive efficiency through one single process for all three pharmacy formats
Further expand and optimise retail network
Continue to drive synergies across the entire organisation
Products & Brands
Support
Leve
rage
ServicesR
etai
l
Our Strategy - the power of 3 drives sustained value creation
10
/
Sept 2017
2
− © Galenica
33219% 91
58
1619%
No. 2 No. 3
Own Independent
The largest pharmacy retailer in SwitzerlandCompetitive positioning—#1 market position4
Largest pharmacy network, including online presence Offers broad product range, including well-known own brands, as well as
health services and tests Built organically and through targeted acquisitions since 2000 Including attractive, high customer traffic locations across Switzerland
Average sales per pharmacy of CHF4.3m > 1.4x Swiss market average6
By number of pharmacies5
Network of chains (# of pharmacies as of 30 June 2017) Webshop
Total # of pharmacies as of 2016 1,7921631
Largest branded pharmacy network by number of pharmacies in Switzerland
The first Swiss pharmacy chain298
Joint venture (49:51) with Coop, the 2nd largest retail group in Switzerland 70
Service provider for independent pharmacies under Feelgood's brand1613
1 Specialty pharmacy focused on home healthcare
for patients with chronic illnesses
Net sales performance (CHFm)
1'251 1'308
2014 2015 2016
~5.4x more pharmacies than next competitor
Health & Beauty7
Sales 1,335EBIT margin 6.0%
1,3936.4%
Highlights
1,349
CAGR 3.8%
1,4376.5%
1 Amavita figures include 10 majority and minority holdings in other pharmacies2 Based on 1976 Federal Court law permitting non-pharmacists to own a pharmacy for the first time 3 Includes 8 Amavita partners4 Based on number of pharmacies. Source: Interpharma, Pharma-Markt Schweiz 2017 and company websites
5 Own includes 70 pharmacies through joint venture with Coop; independent includes 8 Amavita partners6 Retail pharmacy sales for GaleniCare on a like-for-like basis, including Amavita and Sun Store pharmacies only. Swiss
market average based on Pharmasuisse, Roka 20157 H&B post-inter-segmental eliminations
Retail
11Sept 2017
3
− © Galenica
Ongoing pharmacy network consolidation and optimisation
1 Includes the impact of acquisitions with concurrent mergers, new openings and closings
2012 2013 2014 2015 2016 H1 2017
10 20 5 2 13 4
11 12 6 0 11 3
300 312 318 318 329 332
Retail
Pharmacies acquired
Net pharmacies added1
Marketing
PurchasingIT and
Processes
12
Proven track record of delivering synergies through streamlining of business processes and creating value through acquisitions and network optimisation
Demonstrated M&A track record with an average of 10 pharmacies aquired and 8 net pharmacies added per year over the last 5 years
Sept 2017
3
Total own Pharmacies
Widely spread pharmacy network covers everyRegion in Switzerland
− © Galenica
Diversified product portfolio for health, beauty and wellbeing
GaleniCare’sretail product offering in % of sales1
1 Sales YTD June 2017, includes Amavita and SunStore pharmacies, without Mediservice,Winconcept and Coop Vitality
OTC medicinesNutrition, Personaland Patient Care
Beauty
13Sept 2017
3 Retail
37%
10%4%17%
20%
12%
51%
Prescription medicinesof which originalsof which genericsof which service fees
− © Galenica
Leading role in Consumer Health with broad and innovative product portfolio
Portfolio
OTC retail own brands
(Exclusive) partner healthand beauty brands
804 844 89
2014 2015 2016Growth on a comparable basis
1 Includes OTC, Patient Care, Personal Care and Nutritionals products2 Based on IMS Health MAT June 2017 gross sales value; IMS not including rebates, refunds or any sales deductions3 2014-16 net sales on a comparable basis including 12 month Vifor Consumer Health sales and G-Pharma adjustment 4 Adjusted for disposal of Equazen® in November 2015
Products & Brands
Net sales performance (CHFm)3Highlights
CAGR 5.8% Ability to leverage retail platform to distribute own brands
Preferred OTC partner for Swiss pharmacists
Large OTC sales force-distribution partner of choice
Expanding portfolio of own and exclusive products
Competitive position: #3 Consumer Health1 market position
Mar
ket s
hare
2(%
)
ORAL PAIN REMEDIES
No. 129% market share2
COUGH & COLD REMEDIES
No. 212% market share2
TOPICAL PAIN REMEDIES
No. 314% market share2
5.9 5.4 5.1
3.4
1.7
No.1 No.2 No.4 No.5
OTC consumer health brands
14
New
Sept 2017
3
− © Galenica
No. 2 No. 3
Leader in pre-wholesale and wholesale distribution, supported by an innovative healthcare information business
Competitive positioning - #1 market position1
Pre-wholesale market share %
Services
1 Based on market share. Source: QuintilesIMS Dec 20162 Prescription products3 Good Distribution Practice
Wholesale market share % (pharmacy)
Net sales performance (CHFm)
CAGR 3.6%
Pre-wholesale outsourced storage and distribution Logistics services to pharmaceutical and various healthcare clients
Wholesale distribution with three modern sites; main site at Niederbipp operates at c.70% automation
Supplies to pharmacies, self-dispensing doctors' practices, drugstores, nursing homes and hospitals
Highlights
Product master data and scientific databases IT platforms relating to electronic medication process Software solutions and services for pharmacies
>8,500 customers 100,000 products (c.9,000 Rx2) >1,100 suppliers
Access to nearly all dispensers Present in all three language regions GDP3-compliant services
Systemically relevant information and databases Solutions for safe and cost-effective provision and application
of medicines
2'171 2,245
1.7 1.6 1.7
2014 2015 2016EBIT margin (%)
No. 2 No. 3
2.5x larger than next competitor
2.0x larger than next competitor
Temperature zones: (i) -80⁰C, (ii) 2-8⁰C, (iii) 15-25⁰C
75 customers 10,000 products
One-stop shop Prepared medication in blisters
2,329
15
Services
Sept 2017
3
− © Galenica
1'793 2'129 2'270 2'467 2'526 2'603 2'661 2'766 2'826 2'915 3'009
2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A
Source: Company information, Galenica Annual Reports, IMS HealthNotes: The financial information presented with respect to the financial years ended 31 December 2006 through 2013 has been derived from the audited consolidated financial statements of Galenica AG and represent its Logistics, Retail
and Other (Healthcare Information) businesses, excluding the Pharma business (please refer to the footnote on page 4)1 Not including Vifor Consumer Health2 Retail market includes direct and indirect pharmaceutical sales through retail pharmacies, self-dispensing doctors and mail-order services3 2014-16 EBIT includes corporate costs, excludes IAS 19 expense4 2013 financials as per 2014 financial statements due to changed segment structure (Galenica Santé is reported as a separate segment since 2014). Financials not adjusted to include Products & Brands 5 Calculated as (EBITDA-capex)/EBITDA. 2014-16 EBITDA excludes IAS 19 adjustment; capex includes investments in tangible and intangible assets6 Cash conversion impacted by high Capex due to construction of Niederbipp logistic centre
Net
sal
es (C
HFm
)R
epor
ted
EBIT
(CH
Fm)3
History of margin improvement
2006-16 CAGRsRetail market sales2 2.4%Galenica Santé net sales 5.3%Galenica Santé EBIT3 25.2%
Attractive cash flow generation
Logistics, HealthCare Information & Retail1 Galenica Santé
Well-invested infrastructure
Above market growth
14
39 39 5673 73
93 99117 126 134
0%
1%
2%
3%
4%
5%
2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A
63% 70% 70% 78% 78% 74% 74% 80%
% Cash conversion5
25%6(40%)612%6
EBIT margin (%)3
4
4
Long-term track record of sustainable growth and attractive cash generation …
16Sept 2017
4
− © Galenica
Source: Company information, Galenica Annual ReportsNote: The financial information presented with respect to the financial years ended 31 December 2006 through 2013 has been derived from the audited consolidated financial statements of Galenica AG and represent its Logistics,
Retail and Other (Healthcare Information) businesses, excluding the Pharma business (please refer to the footnote on page 4)
Net
sal
es (C
HFm
)EB
IT (C
HFm
)
Retail Health & Beauty
Health & Beauty
13
6380 89
93
0%
3%
6%
9%
2006A 2013A 2014A 2015A 2016A
19.5%
24.9%
…EBIT margin (%) CAGRs
3.8%
8.3%
Services
Logistics and HCI Services
5
35 36 36 40
0%
3%
6%
9%
2006A 2013A 2014A 2015A 2016A
3.4%
31.6%
3.6%
5.4%
6.5%
1.7%
… demonstrating strong performance in both segments
17
Health & Beauty Health & Beauty
1'703 2'158 2'171 2,245 2,329
2006A … 2013A 2014A 2015A 2016A
358
1'246 1'335 1'393 1,437
2006A … 2013A 2014A 2015A 2016A
Sept 2017
4
……
− © Galenica
First half year 2017 - We are on track Pleasing development and very solid results
18
1. Very solid results Net sales increased (+6.8%) EBIT increased (+14.1%)1)
2. ROS increased (up to 4.8%)1)
3. Strong net profit growth
All activities of the Group made further progress
Sept 2017
5
1) Including CHF 7.0 million positive one-off EBIT effects
− © Galenica
RetailFurther reinforcement
of the pharmacy network
Own pharmacies: 332Total network: ~ 500
EXPANSION of activities
19
Products & BrandsAcquisition of Merfen®
and Vita-Merfen®
New beauty brands:Lierac, Phyto
New partner brands:Adler’s Schüssler salts
ServicesAcquisition of
Pharmapool,Wholesaler for selfdispensing Doctors
Sept 2017
5
− © Galenica
INNOVATION: new products and services
20
Click&Collect:the pharmacy goes online
MedCenter: on-line supported drug purchase, pilot project
Aprioris: The walk-in-clinic, pilot project
Sept 2017
5
− © Galenica
EFFICIENCY: new products and services
21
1. ERP project Modulo(Pre-Wholesale & Wholesale)
2. TriaPharm® at Coop Vitality(including direct invoicing)
3. Process alignment in Retail
Synergies
Healthcare Information
Sept 2017
5
− © Galenica
-0.3%
3.6%
2.9%
-1.8%
0.0%
-1.0%
-5.0%
1.8%
5.4%
7.6%
3.9%
-6.9%
-0.8%
-0.4%
-3.8%
-1.2%
Swiss Pharmaceutical market − continuous value growth (YTD June 2017)
22
Value (at ex-factory prices)
Volume (sold packages)
Source: QuintilesIMS, Pharmamarkt Schweiz, YTD June 20171 Medicines Swissmedic list A, B, C, D sold from suppliers and wholesalers to hospitals, physicians, pharmacies and drugstores2 Total market without hospitals3 Medicines Swissmedic list A, B4 Medicines Swissmedic list C, D5 QuintilesIMS, PharmaTrend, YTD June 2017; personal care, patient care and nutrition products sold in pharmacies and drugstores to street prices
Hospitals: 670.8 23.6%
Physicians: 718.8 25.2%
Pharmacies: 1’425.5 50.1%
Drugstores: 30.6 1.1%
OTC4: 365.3 16.8%
RX3: 1’809.6 83.2%
Total: 2’845.7 100% Retail2: 2’174.9 100%
Market1 Value CHFm Share Change Market1 Value CHFm Share Change
Market development highlights: Growth of high-priced special medications Growth in hospitals and specialist doctor
channels Declining volumes Declining beauty and personal care market
(~ -2.1%5)
Sept 2017
5
− © Galenica
134.2
67.2 76.6
2016 HY2016 HY2017
3'009
1'487 1'587
2016 HY2016 HY2017
Galenica Group − Pleasing development
23
Net sales (in million CHF) EBIT adjusted1 (in million CHF)
EBIT Margin (ROS)1 excluding the effects of IAS19
+6.8%+14.1%
4.5% 4.5% 4.8%49.4%
50.1%
Highlights: Strong growth thanks to:
- Acquisition of Pharmapool (about +5% impact on Group sales growth)- Growth of high-priced special medications mainly through MediService- Launch of new products and partner brands
CHF 7.0 million positive one-off EBIT effects 3.6% EBIT growth without one-off effects
Sept 2017
5
− © Galenica
1'437
709 730
2016 HY2016 HY2017
Health & Beauty segment − Increasing EBIT margin
24
93.5
46.5 49.5
2016 HY2016 HY2017
+2.9%
EBIT Margin (ROS)
6.5% 6.6% 6.8%
+6.5%
8948 51
1,349
662 679
Retail
P&B
49.1%
53.6%49.8%
+2.5%
+6.8%
Highlights: 1.3% Retail growth thanks to the expansion of the pharmacy network Growing more than 10%, the mail order sales contribute more than 10% to the total Retail
sales, mainly with high-priced special medications Like-for-like sales growth of generics in our pharmacies by about 5% Successful launch of Lierac, Phyto and Adler’s Schüssler salts EBIT margin increase (+20 basis points) thanks to strong growth of Products & Brands
Net sales (in million CHF) EBIT (in million CHF)
Sept 2017
5
− © Galenica
39.9
20.228.7
2016 HY2016 HY2017
2'329
1'148 1'234
2016 HY2016 HY2017
Services segment − expanded offering with Pharmapool
25
+7.4%
EBIT Margin (ROS)
1.7% 1.8%2.3%
+41.9%
49.3%50.7%
Highlights:Successful integration of Pharmapool from day one
(about +6.5% impact on sales growth of the Services segment) CHF 7.0 million positive one-off EBIT effectsEBIT margin without one-off effects stable at 1.8%
(additional costs for ERP project compensated by further efficiency improvements)
Net sales (in million CHF) EBIT (in million CHF)
Sept 2017
5
− © Galenica
Galenica Group −Favourable financial and tax costs support strong net profit
26
20.0% 22.0%18.0%
2016 HY2016 HY2017
Highlights: Long-term financing at attractive conditionsTax rate profit from positive one-off effects of 0.9%CHF 6.3 million positive one-off effects included in the net profit
Tax rate
1HY 2017
EBIT adjusted1 76.6Financial result adjusted1 (0.8)
Income tax adjusted1 (13.7)
Net profit adjusted1 62.1
1 excluding the effects of IAS19
Net profit (in million CHF)
Sept 2017
5
− © Galenica
745 790
350 309
1.1.17 HY2017
31.415.3 14.1
3.6
1.719.4
35.0
17.0
33.5
2016 HY2016 HY2017
Galenica Group − Strong balance sheet
27
% of Total liabilities and shareholders' equity
65%81%80%
1 shareholders’ equity and net debt of pro-forma balance sheet as of 1 January 20172 calculated as net debt / EBITDA adjusted, excluding the effects of IAS 193 calculated as (EBITDA-capex)/EBITDA, EBITDA excluding the effects of IAS 19, capex includes investments in tangible and intangible assets
Investments in tangible assetsInvestments in intangible assets
% of sales 2.1%1.1%1.2%
45% 43%
17%21%
2.0xDebt coverage2
Equity Net debt
1.7x
1
Investments in million CHF Net debt / Equity in million CHF
Highlights: Without the acquisition of Merfen® and Vita Merfen®,
capex at 1.2% of net sales and cash conversion at 81% Strong free cash flow of CHF 48 million including business combinations Net debt reduced to CHF 309 million 1.06 million treasury shares (2.1% of total shares) for CHF 41.2 million; cash impact in HY2 2017
Cash conversion3
Business combinations
30.3 11.4 31.2
Sept 2017
5
− © Galenica
Guidance 2017
28
Sales growth in line with the first half of 2017Sales
Sept 2017
6
Intention to pay out a dividend of 80 million in 2018, out of the Capital Contribution Reserve1)
(exempt from withholding tax and for Swiss resident individuals exempt from income tax).Dividends
1 amounts to CHF 560 million as of 1 January 2017
Growth of EBIT adjusted (excluding the effects of IAS 19) between +7% and + 12%, including positive one-off effects of CHF 7.0 millionEBIT
− © Galenica
Galenica GroupContact information
Investor Relations Media
Felix Burkhard Christina HertigCFO Galenica Head Corporate Communication Tel.: +41 58 852 85 29 Tel.: +41 58 852 85 17Mail: investors@galenica.com Mail: media@galenica.com
29Sept 2017
− © Galenica
Certain statements, beliefs and opinions in this presentation are forward-looking, which reflect the Company’s or, as appropriate, the Company’s directors’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its of their parent or subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.
30
Disclaimer
Sept 2017
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