1
Eckert & Ziegler
at a Glance
German Equity Forum
Frankfurt
26 November 2019
Dr. Andreas Eckert
CEO
2
Berlin
Globally Positioned for 25 Years
Niche Player in Isotope Market
Geräte
Rohstoffe/ API
Rohstoffe/ API
LDR
LDR
HDR
Raw materials
API
Projects/
API
Pharmaceuticals
(RADIOPHARMA)
Synthesis
Devices
EUR 80 Mio.
59%
EUR 20 Mio.
16%
EUR 33 Mio.
25%
Strong 3rd Half Year 2019 with Revenues of € 133 Mio. (FY 2018: € 169 Mio.)
Industrial Components
(ISOTOPE PRODUCTS)
Production
Services
Trading
Disposal
Cancer Radiation(RADIATION THERAPY)
Implants
Applicators
Devices
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3
From January 1st 2020:
Medical Segment Pool
Geräte
Rohstoffe/ API
Rohstoffe/ API
LDR
LDR
HDR
Raw materials
API
Projects/
API
Pharmaceuticals
(RADIOPHARMA)
Synthesis
Devices
Industrial Components
(ISOTOPE PRODUCTS)
Production
Services
Trading
Disposal
Cancer Radiation(RADIATION THERAPY)
Implants
Applicators
Devices
From 1.1.2020: MEDICAL
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Engineering
800 Employees (Headcounts)
19 Sites Worldwide
4
Result
Q3-2019(Mio. EUR)
Revenues 133,2
Net Income 18,8
2%
2
44%
41%
9%
6%
EUROPE AMERICA ASIA MIDDLE EAST & AFRICA
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Revenues of About
€ 170 Mio. in 2018
in M
io. E
UR
5
Incl. discontinued and continued operations
18% organic growth in 2018
0,13 1 2 4 6 6 8 10
24
33 31 29
36
42
5054
71
101
111116
120117
127
140 138
145
169
0
20
40
60
80
100
120
140
160
180
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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Revenues per SegmentQ3-2019 vs. Q3-2018, Mio. Euro
6
Total Revenues of 133,2 Mio. EUR in Q3-2019 (Q3-2018: Euro 123,8 Mio.)
+ 8% in Q3-2019
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Net Income Q3-2019 vs. Q3-2018 in Mio. EUR
7
Net Income of 18,8 Mio. EUR in Q3-2019 (Q3-2018 :13,0 Mio. EUR)
+ 45% in Q3-2019
Folie nur zur Illustration – es gilt das gesprochene Wort
Balance Sheet as of 30.09.2019, in Mio. EUR
8
• Cash and cash equivalents at period end of 71 Mio. EUR
• Debt Free (except accounted leasing according to IFRS 16)
• Equity Ratio of 53%
Cash 71 Equity 131
Recievables 25 Minority Interests 6
Inventory 31 Loans 18
Intangible Assets 70 Accruals/Provisions 66
Fixed Assets 38 Other Short Term Payables 31
Others 25 Other Long Term Payables 6
Total Activ 259 Total Passiv 259
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Cashflow in Q3-2019,
in Mio. EUR
9
EBITDA of 36,6 Mio. EUR
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Net Liquidity in Q3-2019,in Mio. EUR
10
+10 mm EUR for
treasury shares
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2014 2015 2016 2017 2018 Q3-2019
Liquidity 22 31 37 58 54 71
Debt 19 16 12 2 0 0
Net Liquidity 3 15 25 56 54 71
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
In M
io. E
UR
Share Performance and
Dividend in EUR/Share
11
0,60 0,60 0,600,66
0,8
1,2
0,50
0,60
0,70
0,80
0,90
1,00
1,10
1,20
0
20
40
60
80
100
120
140
160
180
2014 2015 2016 2017 2018 2019
Dividende in EUR / Aktie EUR/Aktie
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Poor Man‘s PET: Capital Expen-
ditures Become Consumables
• A vision comes true
• Eckert & Ziegler pionieers first pharmaceutically approved
gallium generator worldwide
• No need for CAPEX an expensive cyclotron
• Transfer of an investment into consumables15
Purchase costs incl. Radiopharmacy
6 bis 8 Mio. EUR plus staff
Complex Supply Chains
Become Obsolete
Own Cyclotrons
•Berlin-Adlershof
•Bonn
•Vienna (Seibersdorf)
•new: Warsaw
Exklusive Distribution
•Karlsruhe
•Bad Berka
16
Folie nur zur Illustration – es gilt das gesprochene Wort
Global Market Entrance
of the Generator
• Opens up precision oncology for the bulk of hospitals
• Makes the treatment of niche indications in smaller
clinics more attractive
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Precision Oncology
Still at the Beginning
Advantage
• Therapy only for patientswho respond to thediagnostic
– saves unnecessaryexpenses
– saves unnecessary
patient stress
• Strengthens nuclear physicians as a distribution channel
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Neuroendocrine tumors
Prostate,
Renal cancer
Non-Hodgkin-Lymphoma
Gastro
THERAPY (Lu-177)DIAGNOSIS (Ge-68)
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But: Expansion of Indication
is Likely to Come
19 https://clinicaltrials.gov/ct2/results?term=lutetium&age_v=&gndr=&type=&rslt=&phase=1&phase=2&Search=Apply
Clinical studies with Lu-177 acc. to FDA,
Phase II or higher, as of May 2019
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Number of Diagnoses Could
Suddenly Increase
• Diagnosis is key to therapy details
• Retreatment likely
– Diagnosis and therapy control may add up to ø 2 scans/ patient?
20
https://www.itnonline.com/content/theragnostics-reports-positive-clinical-trial-results-prostate-cancer-study
INTERVENTIONAL
RADIOLOGY
Dying decently
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Principle of Inverted Tree
Pellets/spheres are proprietary
Radioactive loading done by Eckert & Ziegler
Huge Number of Cases in China
Attractive Reimbursement
23
Age-standardized incidence rates of hepatocellular carcinoma per 100,000 populations at
risk, in different regions of world (Source: GLOBOCAN 2002).
China
280,000 men
100,000 women
~380,000 cases
per year (!)
Reimbursement China
~ 11,000 US$/ patient
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Numerous Medical Device Companies
Start their own Programs
and much more….
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Fitting Well into the Picture
• Bayer/ ALGETA– (2014)
• IPSEN/ OPS– 2015
• NOVARTIS/ AAA– (2017)
• NOVARTIS/ Endocyte– 2017
• GCP/ SIRTEX– June 2018
• Boston Scientific/ BTG– November 2018
• Bracco/ Blue Earth – April 2019
2,1 Mrd. USD
2,1 Mrd. USD
4,0 Mrd. USD
0,1 Mrd. USD
Ra-223
Lu-177
1,4 Mrd. USD
Ge-68
Y-90
Ge-68
Y-90 4,2 Mrd. USD
0,5 Mrd. EURF-18
Isotop
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M&A Activities
Full Speed Ahead in 2019 as Well
• Bayer/ ALGETA– (2014)
• IPSEN/ OPS– 2015
• NOVARTIS/ AAA– (2017)
• NOVARTIS/ Endocyte– 2017
• GCP/ SIRTEX– Juni 2018
• Boston Scientific/ BTG– November 2018
• Bracco/ Blue Earth – April 2019
2,1 Mrd. USD
2,1 Mrd. USD
4,0 Mrd. USD
0,1 Mrd. USD
Ra-223
Lu-177
1,4 Mrd. USD
Ge-68
Y-90
Ge-68
Y-90 4,2 Mrd. USD
0,5 Mrd. EURF-18
Isotop
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Financial Calendar / IR-Contact
ISIN DE0005659700
Reuters EUZ.DE
28
31.03.2020 Publication FY2019
12.05.2020 Quarterly Report I
May 2020 Spring Conference in Frankfurt
17.06.2020 Annual General Meeting in Berlin
13.08.2020 Quarterly Report II
10.11.2020 Quarterly Report III
Eckert & Ziegler AG
Karolin Riehle
Investor Relations & PR
Robert-Rössle-Str. 10
D-13125 Berlin
Tel. +49 30 94 10 84-138
Fax +49 30 94 10 84-112
www.ezag.com
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