Diplomat Pharmacy provides concise summaries in 3 sentences or less that provide the high level and essential information from the document. The document discusses Diplomat Pharmacy's strengths in specialty pharmacy, growth opportunities, and competitive positioning. It highlights Diplomat's focus on growing specialty infusion and pursuing strategic acquisitions to expand in high margin businesses. Diplomat also gains share in core therapeutic areas like oncology and immunology through new limited distribution drug contracts.
Diplomat is a specialty pharmacy that provides medications and services to patients with complex chronic conditions. It has experienced strong revenue growth of 49% year-over-year through focused expansion in specialty infusion services and by winning contracts for new limited distribution drugs, which comprise 40% of its revenues. Diplomat has a national footprint and diversified revenue streams that make it well positioned for continued growth in the specialty pharmacy market.
Diplomat is a specialty pharmacy company that provides concierge services and clinical support to patients. It has experienced strong growth in recent years, with revenues increasing 49% from the second quarter of 2014 to 2015. Diplomat focuses on growing its higher margin specialty infusion and manufacturer services businesses. It also seeks to gain market share in core therapeutic areas like oncology and hepatitis C through new drug approvals and acquisitions of other specialty pharmacies. Diplomat's financial performance has been outstanding, with revenue and adjusted EBITDA growing significantly each year and margins expanding.
Dsp investor deck march 2016 raymond jamesDiplomatIR
Diplomat is a specialty pharmacy that provides medications to patients with complex and chronic conditions. It has experienced significant growth due to the expanding specialty drug market. Diplomat focuses on specialty areas like oncology and has access to many limited distribution drugs. It aims to continue growing organically and through strategic acquisitions to enhance its service offerings and leverage its competitive positioning in the specialty pharmacy industry.
Diplomat is a specialty pharmacy that provides concise summaries in 3 sentences or less that provide the high level and essential information from the document. The document discusses Diplomat's business, including:
- Diplomat is the largest independent specialty pharmacy in the U.S., with over $2 billion in revenue in 2014 and growing rapidly.
- Diplomat has a diversified business model including specialty pharmacy services, specialty infusion, and pharmaceutical manufacturer services.
- Limited distribution drugs, where Diplomat has exclusive or preferred distribution rights, make up about 40% of Diplomat's revenue and are a significant driver of future growth.
Dplo investor presentation credit suisse nov 14DiplomatIR
This document contains a 3-paragraph summary of Diplomat Pharmacy, Inc. presented at the Credit Suisse Healthcare Conference in November 2014:
1) Diplomat is the largest independent specialty pharmacy in the US, with $2 billion in revenue and a diversified customer base including Express Scripts, CVS Health, and Walgreens.
2) Diplomat has a highly experienced management team with extensive pharmacy experience and a proven track record of growing the business through strategic acquisitions and partnerships.
3) Specialty pharmacy is a high growth industry driven by new drug launches and treatments for rare diseases, and Diplomat is well-positioned for growth through exclusive drug distribution agreements and
Dplo investor presentation jp morgan 2015 finalDiplomatIR
This document summarizes Diplomat Pharmacy's business and growth opportunities:
- Diplomat is the largest independent specialty pharmacy with a national footprint and over $2 billion in revenue.
- It has a highly experienced management team and differentiated business model focused solely on specialty pharmacy.
- The specialty pharmacy industry is growing rapidly due to new drug launches and a shift to pharmacy benefits, and Diplomat is well-positioned to capitalize on this through its scale and relationships.
- Diplomat has multiple avenues for long-term growth including expanding in oncology/immunology, gaining more exclusive contracts, strategic acquisitions, and operational efficiencies.
Dsp investor deck june 2016 william blairDiplomatIR
Diplomat is a leading national specialty pharmacy focused on providing medications for complex and chronic conditions. It has experienced exceptional growth, with projected 2016 revenue of $4.7 billion, up from $2.2 billion in 2013. Diplomat has a unique position in the specialty pharmacy industry due to its focus, scale, and access to limited distribution drugs which comprise 45% of revenue. It has expanded its capabilities through strategic acquisitions and growing relationships with drug manufacturers.
The document discusses Diplomat Pharmacy as a specialty pharmacy company that has experienced significant growth through acquisitions and expanding its services across the specialty pharmacy ecosystem, noting its portfolio includes over 100 limited distribution drugs and it aims to take advantage of continued growth in the specialty pharmacy market through both organic growth and strategic acquisitions. Diplomat generates revenue from multiple sources including traditional specialty pharmacy, specialty infusion, pharmaceutical manufacturer services, and other services to minimize risks from payors and price inflation.
Diplomat is a specialty pharmacy that provides medications and services to patients with complex chronic conditions. It has experienced strong revenue growth of 49% year-over-year through focused expansion in specialty infusion services and by winning contracts for new limited distribution drugs, which comprise 40% of its revenues. Diplomat has a national footprint and diversified revenue streams that make it well positioned for continued growth in the specialty pharmacy market.
Diplomat is a specialty pharmacy company that provides concierge services and clinical support to patients. It has experienced strong growth in recent years, with revenues increasing 49% from the second quarter of 2014 to 2015. Diplomat focuses on growing its higher margin specialty infusion and manufacturer services businesses. It also seeks to gain market share in core therapeutic areas like oncology and hepatitis C through new drug approvals and acquisitions of other specialty pharmacies. Diplomat's financial performance has been outstanding, with revenue and adjusted EBITDA growing significantly each year and margins expanding.
Dsp investor deck march 2016 raymond jamesDiplomatIR
Diplomat is a specialty pharmacy that provides medications to patients with complex and chronic conditions. It has experienced significant growth due to the expanding specialty drug market. Diplomat focuses on specialty areas like oncology and has access to many limited distribution drugs. It aims to continue growing organically and through strategic acquisitions to enhance its service offerings and leverage its competitive positioning in the specialty pharmacy industry.
Diplomat is a specialty pharmacy that provides concise summaries in 3 sentences or less that provide the high level and essential information from the document. The document discusses Diplomat's business, including:
- Diplomat is the largest independent specialty pharmacy in the U.S., with over $2 billion in revenue in 2014 and growing rapidly.
- Diplomat has a diversified business model including specialty pharmacy services, specialty infusion, and pharmaceutical manufacturer services.
- Limited distribution drugs, where Diplomat has exclusive or preferred distribution rights, make up about 40% of Diplomat's revenue and are a significant driver of future growth.
Dplo investor presentation credit suisse nov 14DiplomatIR
This document contains a 3-paragraph summary of Diplomat Pharmacy, Inc. presented at the Credit Suisse Healthcare Conference in November 2014:
1) Diplomat is the largest independent specialty pharmacy in the US, with $2 billion in revenue and a diversified customer base including Express Scripts, CVS Health, and Walgreens.
2) Diplomat has a highly experienced management team with extensive pharmacy experience and a proven track record of growing the business through strategic acquisitions and partnerships.
3) Specialty pharmacy is a high growth industry driven by new drug launches and treatments for rare diseases, and Diplomat is well-positioned for growth through exclusive drug distribution agreements and
Dplo investor presentation jp morgan 2015 finalDiplomatIR
This document summarizes Diplomat Pharmacy's business and growth opportunities:
- Diplomat is the largest independent specialty pharmacy with a national footprint and over $2 billion in revenue.
- It has a highly experienced management team and differentiated business model focused solely on specialty pharmacy.
- The specialty pharmacy industry is growing rapidly due to new drug launches and a shift to pharmacy benefits, and Diplomat is well-positioned to capitalize on this through its scale and relationships.
- Diplomat has multiple avenues for long-term growth including expanding in oncology/immunology, gaining more exclusive contracts, strategic acquisitions, and operational efficiencies.
Dsp investor deck june 2016 william blairDiplomatIR
Diplomat is a leading national specialty pharmacy focused on providing medications for complex and chronic conditions. It has experienced exceptional growth, with projected 2016 revenue of $4.7 billion, up from $2.2 billion in 2013. Diplomat has a unique position in the specialty pharmacy industry due to its focus, scale, and access to limited distribution drugs which comprise 45% of revenue. It has expanded its capabilities through strategic acquisitions and growing relationships with drug manufacturers.
The document discusses Diplomat Pharmacy as a specialty pharmacy company that has experienced significant growth through acquisitions and expanding its services across the specialty pharmacy ecosystem, noting its portfolio includes over 100 limited distribution drugs and it aims to take advantage of continued growth in the specialty pharmacy market through both organic growth and strategic acquisitions. Diplomat generates revenue from multiple sources including traditional specialty pharmacy, specialty infusion, pharmaceutical manufacturer services, and other services to minimize risks from payors and price inflation.
This document discusses Diplomat Pharmacy's business and financial performance. It summarizes Diplomat's growth strategies, including expanding into high-margin businesses like specialty infusion, growing key therapeutic areas in oncology and immunology, and pursuing strategic partnerships and acquisitions. The document also outlines Diplomat's competitive advantages in the specialty pharmacy market and its multiple avenues for continued strong growth and financial performance.
Diplomat is a specialty pharmacy company that provides concierge services and access to limited distribution drugs. It has experienced exceptional revenue growth of 52% in 2015 and continues to gain market share through strategic acquisitions and partnerships that expand its services, therapeutic expertise and geographic footprint. Diplomat utilizes a unique business model that focuses on specialty drugs and generates higher margins through drug mix shifts toward higher cost therapies and revenue from pharmaceutical manufacturers.
Dsp investor deck march 2017 barclays 030917DiplomatIR
Diplomat is a specialty pharmacy company that provides medications and services to patients. It has a national footprint and focuses on specialty drugs, which are high-cost drugs that treat complex, chronic conditions like cancer. Diplomat controls the process of getting specialty drugs to patients and collects data for drug manufacturers. It has over 100 limited distribution drugs in its portfolio, which are specialty drugs that Diplomat has exclusive or preferred rights to distribute. Diplomat has experienced strong revenue and profit growth in recent years driven by the growing specialty drug market and its shifting portfolio toward higher-priced specialty drugs.
This document summarizes Diplomat Pharmacy's business and growth strategy. It discusses Diplomat's position as the largest independent specialty pharmacy in the U.S., with a focus on oncology and limited distribution drugs. It highlights Diplomat's diversified revenue streams including specialty pharmacy, infusion, and pharmaceutical manufacturer services. The document also outlines Diplomat's financial performance with strong revenue and adjusted EBITDA growth. Finally, it discusses Diplomat's M&A strategy and criteria for expanding into new therapies, geographies, and services.
Raymond James 38 th Annual Institutional Investors ConferenceDiplomatIR
Diplomat is a specialty pharmacy company that provides medications and services to patients. It has a national footprint and focuses on specialty medications, which are high-cost drugs that treat complex, chronic conditions like cancer. Diplomat has experienced exceptional revenue growth in recent years due to the expanding specialty drug market and its focus on specialty medications. It aims to continue growing organically and through strategic acquisitions.
Diplomat Investor day 2017 presentation 6.26.17DiplomatIR
1. The document outlines an agenda for an analyst and investor day presentation by Diplomat Pharmacy Inc.
2. It discusses key topics like drug lifecycle management, pharmaceutical launch strategies, and specialty pharmacy management services.
3. The presentation features several speakers from Diplomat who will cover these topics in more depth.
Dsp investor deck jp morgan january 2017 final2DiplomatIR
This document discusses Diplomat Pharmacy, a specialty pharmacy company. It provides an overview of the company, including its leadership, growth strategy through acquisitions, financial performance, and outlook. The specialty pharmacy industry is growing significantly due to increasing specialty drug utilization and limited distribution drugs. Diplomat aims to continue taking market share as the largest independent specialty pharmacy through its focus on specialty drugs and services.
The document recommends an overweight position in the healthcare biotechnology industry. Major companies are seeing double digit revenue growth and high profit margins due to limited competition from patents. However, government regulation poses a threat if it imposes price caps or reduces patent lives. Additionally, companies rely on a small number of "star drugs" whose expiration or replacement could significantly harm their value.
We are given a buy recommendation for Gilead Sciences. While Gilead has seen significant revenue growth in recent years due to two hepatitis C drugs, their future revenue growth is expected to slow. Speculation around future performance and new competition has led the market to undervalue Gilead. However, the company maintains a broad product portfolio and pipeline, and low costs provide strong margins. If Gilead can successfully manage competition through new drugs and pricing strategies, while pursuing M&A, they are positioned to outperform current market expectations.
Express Scripts is the largest pharmacy benefits management (PBM) company in the US. The analyst issues a hold recommendation due to limited growth opportunities, as industry consolidation has reduced potential M&A targets and prescription growth is forecast to slow. Further growth through acquisitions or increased profit margins is unlikely without changes such as major patent expirations or industry consolidation. The current stock price of $70 is considered fairly valued based on future growth prospects in the PBM industry.
Business Plan- TLG Resources International LLCnroopraj24
This document provides an overview of T.L.G. Resources International's business plan. T.L.G. facilitates the procurement of Active Pharmaceutical Ingredients for pharmaceutical companies in the United States. It aims to become a leading supply chain enabler for sourcing internationally produced APIs. The business plan outlines T.L.G.'s services, the growing US pharmaceutical market, trends in the API supply chain industry, potential customers in the therapeutic drug categories with the largest market share, and projected strong financial performance over the first three years of operations.
Pharmaceutical pricing and reimbursement usaNeha Kalal
This document provides an overview of pharmaceutical pricing and reimbursement in the United States. It discusses key demographics and economic factors, the major public and private healthcare programs, and how drug pricing and reimbursement works. The US healthcare system is complex, with prescription drugs constituting 12% of total spending. Major public programs include Medicare, Medicaid, and CHIP, while private sources include employer and individual insurance plans. Pharmaceutical companies set prices freely, while payers determine reimbursement levels and use formularies, tiers, and cost-sharing to manage drug costs.
Innovative Business Models in Global Healthcare - David SpellbergDavid Spellberg
The document discusses the potential for pharmaceutical reference pricing in the US Medicare system. It provides an overview of reference pricing models used in other countries and notes mixed results. While the CMS has proposed reforms to incentivize lower-cost drug options, the document estimates less than a 25% likelihood of broad reference pricing in the near future due to political and industry opposition. However, it identifies rheumatoid arthritis and macular degeneration drug spaces as areas CMS may target first due to evidence of equivalent efficacy among high-cost options.
Pharmaceutical Industry Financial Analysisjpotts89
This is a presentation that was completed for my Corporate Finance class my senior year with a team of three other students. I did my valuation of Eli Lilly.
Bellus corporate presentation fall finalBellusHealth
- Bellini Health is focused on developing drugs for rare diseases, starting with conditions affecting the kidneys. Its lead product, KIACTA, is in Phase III trials for AA amyloidosis, a rare and deadly kidney disease.
- The company has partnered with Auven Therapeutics to fund the Phase III confirmatory study of KIACTA in exchange for future profits.
- Bellini Health is also developing Shigamabs for hemolytic uremic syndrome, a rare kidney disease primarily affecting children. It aims to progress this program towards a partnership within 18-24 months.
This document provides a business plan for a new pharmaceutical company called NEWTech Advant. The plan includes a situation analysis of the pharmaceutical market, noting trends like an aging population and increased regulation. It outlines NEWTech Advant's goals of improving existing drugs and discovering new ones. The marketing strategy discusses targeting physicians and patients aged 45+, and increasing market share through advertising. Financial objectives include achieving profitability in three years. The plan also analyzes strengths, weaknesses, opportunities and threats for the new company.
2019 Election| National Pharmacare (Drugs) - Canada and the Provinces - July ...paul young cpa, cga
The document discusses issues around implementing a national pharmacare program in Canada. It notes that while some groups like National Pharmacists support helping the 10% of Canadians without drug coverage, a universal program could be very expensive to implement according to the Parliamentary Budget Officer. The document also points out that Ontario's drug program has faced issues of fraud and overspending according to the Ontario Auditor General, suggesting the government needs to address costs and oversight before expanding a national program.
The global pharmaceutical drugs market was valued around $935 billion in 2017. North America was the largest region in the pharmaceutical drugs market in 2017, accounting for around 37% of the total market.
Read Report
https://www.thebusinessresearchcompany.com/report/pharmaceutical-drugs-global-market-report-2018
2018/01 IR call – Acquisition of Bioverativ Sanofi
Sanofi has agreed to acquire Bioverativ for approximately $11.6 billion. The acquisition of Bioverativ, a biotechnology company focused on treating rare blood disorders, will strengthen Sanofi's leadership in rare diseases. Bioverativ's two marketed products Eloctate and Alprolix for treating hemophilia are expected to drive growth. The acquisition also provides a platform for expansion into other rare blood disorders. The deal is expected to be immediately accretive to Sanofi's earnings per share and achieve a return on invested capital exceeding Sanofi's cost of capital within three years.
• Created an operating model, comparable company analysis, and DCF analysis to determine valuation
• Collaborated as a team of three freshman to propose our valuation range via PowerPoint
Miami University 2015 William Blair I-Banking Competition WinnerMichael T. Loffredo
Armstrong Foods is a leading food and beverage distributor seeking a potential sale. Valuation analyses value the company between $450-480 million based on comparable company and precedent transaction multiples of 8-10x EBITDA. A sale to a financial sponsor is recommended due to potential synergies, though a strategic buyer could work if they retain management. Key considerations include the fragmented distribution industry and Armstrong's diversified customer and product base.
This document discusses Diplomat Pharmacy's business and financial performance. It summarizes Diplomat's growth strategies, including expanding into high-margin businesses like specialty infusion, growing key therapeutic areas in oncology and immunology, and pursuing strategic partnerships and acquisitions. The document also outlines Diplomat's competitive advantages in the specialty pharmacy market and its multiple avenues for continued strong growth and financial performance.
Diplomat is a specialty pharmacy company that provides concierge services and access to limited distribution drugs. It has experienced exceptional revenue growth of 52% in 2015 and continues to gain market share through strategic acquisitions and partnerships that expand its services, therapeutic expertise and geographic footprint. Diplomat utilizes a unique business model that focuses on specialty drugs and generates higher margins through drug mix shifts toward higher cost therapies and revenue from pharmaceutical manufacturers.
Dsp investor deck march 2017 barclays 030917DiplomatIR
Diplomat is a specialty pharmacy company that provides medications and services to patients. It has a national footprint and focuses on specialty drugs, which are high-cost drugs that treat complex, chronic conditions like cancer. Diplomat controls the process of getting specialty drugs to patients and collects data for drug manufacturers. It has over 100 limited distribution drugs in its portfolio, which are specialty drugs that Diplomat has exclusive or preferred rights to distribute. Diplomat has experienced strong revenue and profit growth in recent years driven by the growing specialty drug market and its shifting portfolio toward higher-priced specialty drugs.
This document summarizes Diplomat Pharmacy's business and growth strategy. It discusses Diplomat's position as the largest independent specialty pharmacy in the U.S., with a focus on oncology and limited distribution drugs. It highlights Diplomat's diversified revenue streams including specialty pharmacy, infusion, and pharmaceutical manufacturer services. The document also outlines Diplomat's financial performance with strong revenue and adjusted EBITDA growth. Finally, it discusses Diplomat's M&A strategy and criteria for expanding into new therapies, geographies, and services.
Raymond James 38 th Annual Institutional Investors ConferenceDiplomatIR
Diplomat is a specialty pharmacy company that provides medications and services to patients. It has a national footprint and focuses on specialty medications, which are high-cost drugs that treat complex, chronic conditions like cancer. Diplomat has experienced exceptional revenue growth in recent years due to the expanding specialty drug market and its focus on specialty medications. It aims to continue growing organically and through strategic acquisitions.
Diplomat Investor day 2017 presentation 6.26.17DiplomatIR
1. The document outlines an agenda for an analyst and investor day presentation by Diplomat Pharmacy Inc.
2. It discusses key topics like drug lifecycle management, pharmaceutical launch strategies, and specialty pharmacy management services.
3. The presentation features several speakers from Diplomat who will cover these topics in more depth.
Dsp investor deck jp morgan january 2017 final2DiplomatIR
This document discusses Diplomat Pharmacy, a specialty pharmacy company. It provides an overview of the company, including its leadership, growth strategy through acquisitions, financial performance, and outlook. The specialty pharmacy industry is growing significantly due to increasing specialty drug utilization and limited distribution drugs. Diplomat aims to continue taking market share as the largest independent specialty pharmacy through its focus on specialty drugs and services.
The document recommends an overweight position in the healthcare biotechnology industry. Major companies are seeing double digit revenue growth and high profit margins due to limited competition from patents. However, government regulation poses a threat if it imposes price caps or reduces patent lives. Additionally, companies rely on a small number of "star drugs" whose expiration or replacement could significantly harm their value.
We are given a buy recommendation for Gilead Sciences. While Gilead has seen significant revenue growth in recent years due to two hepatitis C drugs, their future revenue growth is expected to slow. Speculation around future performance and new competition has led the market to undervalue Gilead. However, the company maintains a broad product portfolio and pipeline, and low costs provide strong margins. If Gilead can successfully manage competition through new drugs and pricing strategies, while pursuing M&A, they are positioned to outperform current market expectations.
Express Scripts is the largest pharmacy benefits management (PBM) company in the US. The analyst issues a hold recommendation due to limited growth opportunities, as industry consolidation has reduced potential M&A targets and prescription growth is forecast to slow. Further growth through acquisitions or increased profit margins is unlikely without changes such as major patent expirations or industry consolidation. The current stock price of $70 is considered fairly valued based on future growth prospects in the PBM industry.
Business Plan- TLG Resources International LLCnroopraj24
This document provides an overview of T.L.G. Resources International's business plan. T.L.G. facilitates the procurement of Active Pharmaceutical Ingredients for pharmaceutical companies in the United States. It aims to become a leading supply chain enabler for sourcing internationally produced APIs. The business plan outlines T.L.G.'s services, the growing US pharmaceutical market, trends in the API supply chain industry, potential customers in the therapeutic drug categories with the largest market share, and projected strong financial performance over the first three years of operations.
Pharmaceutical pricing and reimbursement usaNeha Kalal
This document provides an overview of pharmaceutical pricing and reimbursement in the United States. It discusses key demographics and economic factors, the major public and private healthcare programs, and how drug pricing and reimbursement works. The US healthcare system is complex, with prescription drugs constituting 12% of total spending. Major public programs include Medicare, Medicaid, and CHIP, while private sources include employer and individual insurance plans. Pharmaceutical companies set prices freely, while payers determine reimbursement levels and use formularies, tiers, and cost-sharing to manage drug costs.
Innovative Business Models in Global Healthcare - David SpellbergDavid Spellberg
The document discusses the potential for pharmaceutical reference pricing in the US Medicare system. It provides an overview of reference pricing models used in other countries and notes mixed results. While the CMS has proposed reforms to incentivize lower-cost drug options, the document estimates less than a 25% likelihood of broad reference pricing in the near future due to political and industry opposition. However, it identifies rheumatoid arthritis and macular degeneration drug spaces as areas CMS may target first due to evidence of equivalent efficacy among high-cost options.
Pharmaceutical Industry Financial Analysisjpotts89
This is a presentation that was completed for my Corporate Finance class my senior year with a team of three other students. I did my valuation of Eli Lilly.
Bellus corporate presentation fall finalBellusHealth
- Bellini Health is focused on developing drugs for rare diseases, starting with conditions affecting the kidneys. Its lead product, KIACTA, is in Phase III trials for AA amyloidosis, a rare and deadly kidney disease.
- The company has partnered with Auven Therapeutics to fund the Phase III confirmatory study of KIACTA in exchange for future profits.
- Bellini Health is also developing Shigamabs for hemolytic uremic syndrome, a rare kidney disease primarily affecting children. It aims to progress this program towards a partnership within 18-24 months.
This document provides a business plan for a new pharmaceutical company called NEWTech Advant. The plan includes a situation analysis of the pharmaceutical market, noting trends like an aging population and increased regulation. It outlines NEWTech Advant's goals of improving existing drugs and discovering new ones. The marketing strategy discusses targeting physicians and patients aged 45+, and increasing market share through advertising. Financial objectives include achieving profitability in three years. The plan also analyzes strengths, weaknesses, opportunities and threats for the new company.
2019 Election| National Pharmacare (Drugs) - Canada and the Provinces - July ...paul young cpa, cga
The document discusses issues around implementing a national pharmacare program in Canada. It notes that while some groups like National Pharmacists support helping the 10% of Canadians without drug coverage, a universal program could be very expensive to implement according to the Parliamentary Budget Officer. The document also points out that Ontario's drug program has faced issues of fraud and overspending according to the Ontario Auditor General, suggesting the government needs to address costs and oversight before expanding a national program.
The global pharmaceutical drugs market was valued around $935 billion in 2017. North America was the largest region in the pharmaceutical drugs market in 2017, accounting for around 37% of the total market.
Read Report
https://www.thebusinessresearchcompany.com/report/pharmaceutical-drugs-global-market-report-2018
2018/01 IR call – Acquisition of Bioverativ Sanofi
Sanofi has agreed to acquire Bioverativ for approximately $11.6 billion. The acquisition of Bioverativ, a biotechnology company focused on treating rare blood disorders, will strengthen Sanofi's leadership in rare diseases. Bioverativ's two marketed products Eloctate and Alprolix for treating hemophilia are expected to drive growth. The acquisition also provides a platform for expansion into other rare blood disorders. The deal is expected to be immediately accretive to Sanofi's earnings per share and achieve a return on invested capital exceeding Sanofi's cost of capital within three years.
• Created an operating model, comparable company analysis, and DCF analysis to determine valuation
• Collaborated as a team of three freshman to propose our valuation range via PowerPoint
Miami University 2015 William Blair I-Banking Competition WinnerMichael T. Loffredo
Armstrong Foods is a leading food and beverage distributor seeking a potential sale. Valuation analyses value the company between $450-480 million based on comparable company and precedent transaction multiples of 8-10x EBITDA. A sale to a financial sponsor is recommended due to potential synergies, though a strategic buyer could work if they retain management. Key considerations include the fragmented distribution industry and Armstrong's diversified customer and product base.
Capital Markets Day 2011 Anton Kudryashov Introduction and Investment HighlightsCTC Media, Inc.
The document summarizes the agenda and speakers for Capital Markets Day 2011 hosted by CTC Media. The event will include presentations on the Russian economy, advertising market trends, CTC Media's growth drivers, new initiatives in TV audience measurement and digital media, and delivering shareholder value. CTC Media's CEO Anton Kudryashov will open and close the day, with presentations also given by senior executives of CTC Media and its partners. A networking reception is scheduled after the event.
This document provides an overview and analysis of Skipper's Sporting Goods for potential transaction options. It summarizes the company's position in the sporting goods industry, growth opportunities, and financial projections. Valuation methods, including leveraged buyout, IPO, and precedent transactions, imply an enterprise value range of $1,400-$1,600 million. The recommendation will evaluate strategic acquisition, sponsor buyout, IPO, and maintaining the status quo based on maximizing shareholder value and management goals.
Kona Adventures is a leading provider of travel and entertainment services that maintains its market position through organic and inorganic growth. Valuation analyses place Kona's enterprise value between $560-600 million based on 2016E revenue of $206.2 million and EBITDA of $52.6 million. Comparable analyses and precedent M&A transactions support a valuation range of $552.1-604.7 million. It is recommended that Kona pursue a near-term sale to a strategic buyer given compelling financials and historically strong market conditions.
This document provides an overview of different valuation methodologies, including comparable public companies analysis, precedent transactions analysis, and discounted cash flow (DCF) analysis. It discusses key valuation concepts such as total enterprise value (TEV), treatment of cash, debt, and minority interests. It also covers calculating fully diluted shares outstanding and selecting appropriate trading multiples from comparable public companies to derive an implied valuation range.
Miami University 2016 Harvard Financial Analyst Symposium Competition FinalistMichael T. Loffredo
This document provides an analysis of Expeditors International of Washington, Inc. It begins with an investment thesis that Expeditors faces challenges including inflated earnings estimates, decreasing global trade, margin compression, and a loss of management. It then provides an overview of the company and industry dynamics. Performance headwinds for Expeditors are discussed, including unsustainable margins from port strikes. A valuation analysis is presented using comparable companies and a discounted cash flow model, arriving at a target price of $40. The document concludes with a recommendation to sell Expeditors.
Dsp Investor deck jan 2016 JP Morgan finalDiplomatIR
Diplomat is a leading independent specialty pharmacy focused on providing exceptional patient care and clinical services. It has experienced strong growth, with revenues increasing over 120% since its IPO and EBITDA growing nearly 400% over the same period. Diplomat has a unique position in the specialty pharmacy industry as it continues to gain exclusive access to limited distribution drugs and expand into complementary service areas, while large PBMs are increasingly excluded from such opportunities. It has strengthened its leadership team through strategic hires and acquisitions to support its diversification and national expansion.
Diplomat is a specialty pharmacy company that has experienced strong growth through expansion into new therapeutic areas and services. It focuses on specialty drugs like oncology that require complex care management. Diplomat has a unique limited distribution model that gives it exclusive access to certain specialty drugs, fueling its ability to gain market share. The company plans to continue its growth strategy through organic growth, acquisitions, and expanding relationships with drug manufacturers and payors.
Diplomat Pharmacy Inc - November 2016 Investors PresentationDiplomatIR
Diplomat is a specialty pharmacy focused on oncology and other complex chronic conditions. It has grown revenue at a 42% CAGR from 2010-2015 through both organic growth and acquisitions. Diplomat provides specialty pharmacy services and additional services like hub services and infusion. It has over 100 limited distribution drugs in its portfolio. Recent performance has been strong with 52% revenue growth in 2015 and adjusted EBITDA growth, however DIR fees are a new challenge being addressed through legislation, discussions with CMS, and business strategies.
This document summarizes Cardinal Health's investor and analyst meeting that took place on November 19, 2015. The agenda included an overview of healthcare strategy and financials, a discussion of the pharmaceutical and medical outlook, and a specialist physician panel. Cardinal Health's CEO discussed how the company is changing healthcare. Other presentations provided insights into healthcare trends, the consumer of 2020, value-based care, and Cardinal Health's financial performance and long-term growth aspirations.
The document discusses Sanofi and Regeneron's Phase 3 clinical trial program for sarilumab, an investigational IL-6 receptor monoclonal antibody for the treatment of rheumatoid arthritis. The program includes several trials involving over 5,000 patients total to evaluate sarilumab both as monotherapy and in combination with methotrexate or other disease-modifying anti-rheumatic drugs. The two largest trials, MOBILITY and TARGET, enrolled over 1,700 patients and evaluated sarilumab versus placebo for improving signs and symptoms of rheumatoid arthritis and physical function when added to background therapy. Results from these trials demonstrated statistically significant improvements for sarilumab compared to placebo.
The document discusses trends in the specialty pharmacy industry and Diplomat Pharmacy's position to capitalize on these trends. It notes that specialty drugs are expected to grow from 25% to 50% of pharmacy industry revenues from 2011 to 2021. It also outlines how Diplomat has decades of experience in high-growth specialty categories, a growing portfolio of limited-distribution drugs, and is creating efficiencies to address increasing healthcare costs. The document positions Diplomat to benefit from industry trends through its multiple service lines and recent acquisitions.
- Sanofi reported strong Q3 2018 results, with company sales increasing 6.3% at CER to €9.4 billion, driven by performance in Specialty Care, Vaccines, and Consumer Healthcare.
- Specialty Care sales grew 16.4% at CER to €2.2 billion due to solid contributions from Eloctate, Dupixent, oncology, and multiple sclerosis franchises.
- Vaccines sales increased 8.2% at CER to €2.1 billion as supply constraints on Pentaxim in China were resolved and flu vaccine sales grew.
- Consumer Healthcare sales rose 4.1% at CER to €1.1 billion on
Virios Therapeutics is a clinical-stage biotechnology company focused on advancing novel, dual mechanism antiviral therapies to treat conditions associated with virally triggered or maintained immune responses, such as Fibromyalgia (“FM”). Immune responses related to the activation of tissue resident Herpes Simplex Virus-1 (“HSV-1”) have been postulated as a potential root cause triggering and/or sustaining chronic illnesses such as FM, irritable bowel disease (“IBS”), and chronic fatigue syndrome, all of which can be characterized by waxing and waning symptom flare-ups with no obvious etiology. Virios’ lead development candidate (“IMC-1”) is a novel, proprietary, fixed dose combination of famciclovir and celecoxib designed to synergistically suppress HSV-1 replication, with the end goal of reducing virally promoted disease symptoms.
- Sanofi is building a leading rare blood disorder franchise through the acquisitions of Bioverativ and Ablynx which expand their portfolio of therapies for rare diseases like hemophilia and acquired thrombotic thrombocytopenic purpura (aTTP).
- Bioverativ strengthens Sanofi's position in hemophilia with therapies like Eloctate and Alprolix and the investigational fitusiran. Caplacizumab shows strong results for aTTP and was filed for approval in the EU and U.S.
- The global hemophilia market is approximately $10 billion and growing at 7% annually, driven by reliable extended half-life factor therapies and broader
Astrazeneca Full year and_q4_2016_results_presentationThe ScientifiK
The document provides an overview of AstraZeneca's full-year and Q4 2016 results presentation. It notes that total revenue was primarily impacted by generic competition for Crestor and the tail-end of Nexium's loss of exclusivity in the US. The "New AstraZeneca" grew by 6% in FY 2016 and Q4, led by growth in Emerging Markets, Symbicort, and Farxiga. EPS was supported by cost management. 2017 guidance forecasts low-to-mid single digit revenue decline and low-to-mid teens decline in core EPS. The presentation highlights pipeline progress including regulatory filings for Tagrisso, Durvalumab and Faslodex.
Art 923 rev-c-updating investor presentation on valeritas website_final_12.05.16valeritasir
V-Go is a single-use, fully disposable insulin delivery device that provides basal and bolus insulin. It addresses the needs of the 4.6 million Type 2 diabetes patients in the US who require insulin but are not achieving treatment goals. Extensive clinical data shows V-Go lowers A1C levels and total daily insulin dose. It has established reimbursement through pharmacy benefits, making it cost-neutral for payors and patients compared to insulin pens. Valeritas sees significant growth opportunities by expanding its sales force to reach more prescribers.
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Final dplo q1 2018 operating results ir deckDiplomatIR
This document summarizes Diplomat Pharmacy's growth strategy and financial outlook. It discusses how specialty drugs are an increasing portion of healthcare spending and how Diplomat is positioned as the largest independent specialty pharmacy. The summary also mentions Diplomat's expansion into PBM services, specialty infusion, and focus on managing costs and patient care. Financially, Diplomat expects continued revenue growth and for adjusted EBITDA to reach $164-170 million in 2018.
Dplo q1 2018 operating results ir deck (1)DiplomatIR
This document summarizes Diplomat Pharmacy's growth strategy and financial outlook. It discusses how specialty drugs are an increasing portion of healthcare spending and how Diplomat is positioned as the largest independent specialty pharmacy. The summary also notes Diplomat's expansion into PBM services, specialty infusion, and focus on managing costs and delivering personalized care to patients. Financially, Diplomat expects continued revenue growth between $5.5-5.9 billion in 2018 and adjusted EBITDA between $164-170 million, reflecting investments to capitalize on specialty drug market opportunities.
Diplomat Pharmacy Inc. is a specialty pharmacy company that is well-positioned for growth in specialty pharmacy services. Specialty drug spending is increasing significantly and projected to account for over 50% of total drug spending by 2021. Diplomat aims to capitalize on this growth by expanding its specialty, infusion, and pharmacy benefit management services. The company expects double-digit revenue growth across all business segments in 2018 and revenue to reach $5.3-$5.6 billion.
Diplomat investor presentation january 2018DiplomatIR
Diplomat Pharmacy Inc. is transitioning to a broader healthcare company by acquiring PBMs that expand its services. It acquired NPS and LDI, two full-service PBMs, to address unmet market needs across specialty pharmacy. Specialty drugs are growing much faster than traditional drugs, and Diplomat has extensive access to limited distribution drugs. The acquisitions provide a robust PBM platform and complementary products, services, and solutions to accelerate growth.
Diplomats acquisition of ldi integrated pharmacy servicesDiplomatIR
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Diplomat’s acquisition of ldi integrated pharmacy servicesDiplomatIR
1. Diplomat Pharmacy is acquiring LDI Integrated Pharmacy Services, a full-service PBM, for $595 million.
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Diplomat Pharmacy acquired Pharmaceutical Technologies, Inc., which does business as National Pharmaceutical Services, for $47 million. NPS is a full-service pharmacy benefit manager with access to 475,000 member lives based in Omaha, Nebraska that generated $32 million in revenue and $5.4 million in adjusted EBITDA in 2017. The acquisition was paid for with $31 million in cash and $16 million in Diplomat common stock, and is expected to close within 30 days and be accretive to Diplomat's adjusted earnings per share in 2018.
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UnityNet World Environment Day Abraham Project 2024 Press Release
Dsp investor deck william blair june 2015
1. August 2014
These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse AG or its Affiliates (hereafter “Credit Suisse”).
Confidential
Diplomat Pharmacy, Inc. William Blair Growth Stock Conference
June 10, 2015
STRENGTH
I am a mother.
I am a long distance swimmer.
I have Multiple Sclerosis.
I am not defined by my illness.
I know The Diplomat Difference.
Vicki
Bellingham, Washington
2. Confidential
1
This presentation may contain “forward-looking” statements that involve risks, uncertainties and assumptions. If the risks or uncertainties
ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-
looking statements. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to,
any projections of financial information; any statements about historical results that may suggest trends for our business and results of
operations; any statements of the plans, strategies and objectives of management for future operations; any statements of expectation or
belief regarding future events, health care developments, or specialty pharmaceutical industry market sizes, shares, trends or growth; and
any statements of assumptions underlying any of the foregoing.
Any forward-looking statements contained in this presentation are based on management's good-faith belief and reasonable judgment
based on current information, and these statements are qualified by important factors, many of which are beyond our control, that could
cause our actual results to differ materially from those in the forward-looking statements, including changes in global, regional or local
economic, business, competitive, market, regulatory and other factors, many of which are beyond our control, including but not limited to
the following risks related to our business: our ability to adapt to changes or trends within the specialty pharmacy industry; significant and
increasing pricing pressure from third-party payors, our relationships with key pharmaceutical manufacturers; our limited history with
integrating acquisitions; and the effects of competition. These and other risks and uncertainties associated with our business are described
in the prospectus for our proposed follow-on offering, including under the heading “Risk Factors.” We assume no obligation and do not
intend to update these forward-looking statements.
In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These historical and forward-looking
non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with
GAAP. A reconciliation between GAAP and non-GAAP measures is included in the appendix to this presentation.
Diplomat is a registered trademark of Diplomat Pharmacy, Inc. This presentation also contains additional trademarks and service marks of
ours and of other companies. We do not intend our use or display of other companies’ trademarks or service marks to imply a relationship
with, or endorsement or sponsorship of us by, these other companies.
Important note
3. Confidential
Diplomat continues to deliver on key growth drivers
30bps margin
expansion y-o-y
Focused on growing
our specialty
infusion
platform
34% y-o-y
revenue growth
relative to industry
growth in the ~25%
area
4 new limited
distribution drug
contracts in 1Q’15
2
(1) Based on $466mm revenues in Q1 2014 and $625mm revenues in Q1 2015.
(2) Based on 6.3% gross margin in Q1 2014 and 6.6% gross margin in Q1 2015.
(1)
(2)
5 incremental limited
distribution drugs
Strong financial
position to pursue
strategic acquisitions
Continue
to Gain Share
in Core Therapeutic Areas
Grow
High Margin
Businesses
Selectively
Pursue Strategic
Acquisitions
4. Confidential
3
Diplomat’s base business continues to gain momentum…
Specialty pharmacy market grew 24%
from $63bn in 2013 to $78bn in 2014
Specialty drug approvals comprised
~50%+ of all FDA drug approvals in
2014
3,000+ oncology and immunology drugs
in global drug development
Increased prevalence of limited
distribution panels
Biosimilars launch in U.S.
Improving trends across specialty
pharmacy…
…driving key milestones and
achievements at Diplomat
Diplomat grew revenues by 34% from
1Q’14 to 1Q’15
Recent new drug contracts
The majority of which are
limited distribution drugs
Oncology
Hepatitis C
Dermatology and
Respiratory
5. Confidential
4
…with strong financial performance
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
Revenue
EBITDA
margin
1.8%
Adjusted EBITDAGross Profit /Script
($ in millions) ($ in millions)
1.8%6.6%6.3%
(1)
Gross
margin
(2)
7. Confidential
6
Diplomat: Largest independent specialty pharmacy
Founded: 1975; Headquarters: Flint, MI
Employees: ~1,500
FY 2014 revenue: ~$2.2 billion
Diversified base of marquee partners
Diplomat at a glance
CVS Health/
Omnicare
33%
Express Scripts
25%
Walgreens
10%
3%
OptumRx/
Catamaran
8%
Avella 1%
Others
20%
Market share ($78 billion total market size) (1)
Exceptional above market revenue growth
Scaled business: National footprint
($ in millions)
(1) Source: 2014 – 2015 Economic Report on Retail, Mail and Specialty Pharmacies, Drug
Channel Institute and Morgan Stanley Research
(2) Based on mid-point of management’s estimate range for FY 2015
National Distribution Center
Diplomat locations
Corporate Office
Ft. Lauderdale, FL
GLDC
Flint, MI
Carlsbad, CA
Chicago, IL
Springfield, MA
Raleigh, NC
Ontario, CA
Scottsdale, AZ
BioRx locations
Savage, MN
Urbandale, IA
Greensboro, NC
Cincinnati, OH
Woburn, MA
Enfield, CT
(2)
8. Confidential
Journey of a specialty patient
7
Patient
Physician
Payor
Patient
Patient visits
physician
Payor approves script
Diplomat monitors adherence and
collects data for manufacturers
Diplomat
dispenses drug
Diplomat provides:
Benefit verification
Prior authorization
Clinical intervention
Physician
writes script
Patient
receives
drugs
9. Confidential
8
Specialty spend under pharmacy benefit to more than
double(2)
Specialty pharmacy industry continues to show
exceptional growth
Specialty share of spend growing dramatically(1)
Specialty continues to dominate top 10 drug spend(3)
Source:
(1) Specialty Drug Trend Across the Pharmacy and Medical Benefit – Artemetrx 2013.
(2) 2013-2014 Economic Report on Retail, Mail and Specialty Pharmacies.
(3) Pembroke Consulting analysis of World Preview 2014, Outlook to 2020, EvaluatePharma.
6 out of top 10 9 out of top 10
2013A 2020E
70%
30%
42%58% 50%50% Traditional
58%
Diplomat 2%
$51 million
$118 billion
2012A 2018E
Traditional
2012A 2015E 2018E
$51 billion
Specialty
10. Confidential
Limited distribution a central and growing theme in Specialty
9
Benefits to DiplomatBenefits to biotech / pharma
Completely eliminate or reduce
reliance on wholesaler
Real-time clinical data
Commercialization assistance
Improves appropriate utilization
Barrier to entry
Deeper, and earlier, partnerships with
pharma / biotech
Increased value proposition to payors
Market share opportunity
Portfolio of over 80 limited distribution drugs, comprising approximately 40% of revenue in 2014,
and well positioned for disproportionate growth from future drug approvals
Recent unique oncology limited panels…Diplomat exclusive or semi-exclusive
What is limited distribution?
Targeted channel strategy
Provides certain specialty pharmacies
with exclusive or preferred
dispensing rights to certain drugs
Fast-growing trend
(2013) (2014)(2012) (2014)
Diplomat is an opportunity to invest in pharma / biotech drug pipeline, without the binary risk
Traditional:
Limited:
Manufacturer Multiple Wholesalers 65,000 Pharmacies Patient
Manufacturer One/few pharmacies Patient
DPLO EXCLUSIVE DPLO LARGEST OF 5 DPLO LARGEST OF 4 DPLO EXCLUSIVE
11. Confidential
10
Unique competitive position
LARGE PBM / RETAIL
PHARMACY
SMALLER SPECIALTY
PHARMACIES
Diversification
distracts from
specialty pharmacy
Less flexible / less
nimble
Limited scale
Most focused on one
or a few disease
states
Fragmented market
Consolidation
opportunity for
Diplomat
Singularly focused
on specialty
High-touch model
Flexible and nimble
Entrepreneurial
culture
National reach
Scalable
infrastructure
12. Confidential
11
Over 3,000 oncology and immunology
drugs in global drug development
Oncology / Immunology drugs accounted
for ~70% of Diplomat’s revenues in 2014
Addition of 7 new limited distribution
drugs across these areas since the IPO
Rapidly growing Hepatitis C franchise –
additions of Viekira Pak and Harvoni
since the IPO
Continue to gain share in core therapeutic areas
Source: EvaluatePharma and company presentations.
(1) Includes all indications as defined by EvaluatePharma under Immunology excluding
Multiple Sclerosis.
($ in billions)
US Oncology revenue
US Immunology revenue(1)
Diplomat ’11-’14 CAGR
45%
27%
Large and high growth Oncology and Immunology
are Diplomat's power alley
Significant growth expected to continue in
the future
13. Confidential
12
Grow high margin businesses
Continued expansion into specialty infusion market
Recently announced acquisition of BioRx has
significantly higher margins
− 29% gross margin and ~10% EBITDA margin
New generics finally coming to specialty
− Temodar and Xeloda have come to market
− Copaxone is coming off patent soon
Emerging biosimilars opportunity expands
addressable market for Diplomat
Grow high margin
specialty infusion
business
Specialty generics and
biosimilars
New drug launches
creating product
preferencing
Competition in specialty space expected to create
discount and rebate opportunities
Creates new data and service fees with pharma for
high margin revenue
Hepatitis C
Oncology
14. Confidential
Unique strategic partnerships with leading retailers and
health systems
13
Benefits to Diplomat
Needs / benefits for retail /
health systems
Diplomat’s retail and health system partners
Traditional drug trend low to mid
single digit growth
Participate in high growth
specialty without having to build
expensive infrastructure
internally
One stop shop for patients /
consumers
Improve portfolio of wellness
solutions
High margin business
Leverage infrastructure
Improved value proposition
with pharma
Pharmacy of choice for limited
distribution drugs
How does Diplomat support retail
and health system partners?
Fee-for-service offering
− Clinical and administrative
support services
− Patient engagement
− Adherence programs
− Integrated with retailers’
dispensing platforms
− Private label programs
Recent wins
Strong pipeline of future opportunities
15. Confidential
14
Selectively pursue strategic acquisitions
Near-term focus on integrating BioRx
− Build upon recent experience of two strategically important acquisitions
(MedPro and AHF)
Enhance our competitive position through disciplined strategic acquisitions
− Focus on higher margin opportunities
− New therapeutic / geographic expansion opportunities
− Services / technology businesses
17. Confidential
Traditional Drug Specialty Drug A Specialty Drug B Specialty Drug C Specialty Drug C
(10% price incr.)
Revenue $100 $3,000 $12,000 $30,000 $33,000
Gross Profit ($) $10 $150 $480 $900 $990
Gross Margin (%) 10% 5% 4% 3% 3%
16
Revenue
Payors
Distributors /
pharmaceutical
manufacturers
Patient
Diplomat
COGS
Physical drug movement
$ flows
How we make money and grow profitability
(Illustrative example)
How we make money
Drug mix and positive pricing trends are tremendous profit tailwinds for Diplomat
Positive pricing trends
Diplomat mix shift movement over time
Our core
focus
$205
Diplomat’s 1Q’15 Average
18. Confidential
17
Strong financial performance…
Adjusted EBITDA
2010 –
First Three Months of 2015
Total Revenue
2010 –
First Three Months of 2015
$8
$15
$11
$19
$35
96% (28%) 75% 86%
1.3% 2.0% 1.0% 1.3% 1.8%
2010A 2011A 2012A 2013A 2014A
% margin
% growth
($ in millions)
$578
$772
$1,127
$1,515
$2,215
34% 46% 34% 46%
2010A 2011A 2012A 2013A 2014A
% growth
($ in millions)
$625
1.8% 1.8%
Infrastructure investments including IT,
facilities and personnel
Volume, price and mix all driving superior revenue growth
Natural operating leverage and acquisitions driving EBITDA growth and
margin expansion
53%
27%
Note: Historical financials are not pro forma for any acquisitions.
19. Confidential
18
… with continued growth in profitability
Gross Profit / Script (1)
2010 –
First Three Months of 2015
Note: Financials are not pro forma for BioRx acquisition.
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
$71
$93 $97
$116
$167
2010A 2011A 2012A 2013A 2014A
% growth 12% 20%31% 4%
% margin 7.1% 5.9%7.3% 6.2%
Several factors drive growth in our Gross Profit / Script(1):
Continued mix shift towards higher price, higher profit drugs (including acquisitions)
Favorable pricing trends
(2)
Gross margin expansion opportunities:
Recent acquisitions with higher gross margins (%)
Fee-for-service opportunities with pharmaceutical manufacturers
Specialty generics and biosimilars
44%
6.3% 6.3% 6.6%
$205
$153
20. Confidential
19
Capitalization summary (as of March 31, 2015)
Pro forma for BioRx
acquisition(1) and
amended credit
facility(2)($ in millions)
Cash $65
Total debt $120
Shareholders’ equity $451
Actual
$162
-
$325
(1) Acquired BioRx on April 1, 2015 for an acquisition price of $384mm ($217mm in cash, $126mm equity
issuance and contingent consideration fair valued at $41mm).
(2) Amended existing credit facility on April 1, 2015, inclusive of a five-year, $120mm term loan.
21. Confidential
20
Key investment highlights
Unique competitive position with differentiated business
model
Outstanding financial profile
Highly experienced and incentivized management team
Taking share in high growth specialty pharmacy sector
Multiple avenues to drive strong long term growth
24. Confidential
Calendar year ending December 31,
($ in millions) 1Q'15 1Q'14 2014A 2013A 2012A 2011A 2010A
Net income (loss) $2.9 $1.7 $4.8 ($26.1) ($2.6) $9.2 ($7.8)
Depreciation & Amortization $2.8 $1.3 $8.1 $3.9 $3.8 $3.1 $2.2
Interest Expense $0.3 $0.5 $2.5 $2.0 $1.1 $0.6 $0.5
Income tax expense $2.0 $3.8 $4.7 - - - -
EBITDA $7.9 $7.3 $20.1 ($20.2) $2.3 $12.8 ($5.2)
Share-based compensations expense $0.6 $0.3 $2.9 $0.9 $0.9 $1.4 $0.8
Change in fair value of redeemable common shares ($9.1) $34.3 $6.6 $10.7
Termination of existing stock redemption agreement $4.8
Employer payroll taxes - option repurchases $0.6 -
Restructuring and impairment charges $0.2 - - $1.0 $0.4 $0.4 $1.5
Equity loss of non-consolidated entity - $0.4 $6.2 $1.1 $0.3 $0.1 -
Severance and related fees $0.2 $0.2 $0.4 $0.2 $0.4 $0.7 -
Merger and acquisition related expenses $1.4 $0.1 $7.2 $0.7 - - -
Private company expenses - $0.1 $0.2 $0.2
Tax credits and other - ($0.5) $1.0 - ($0.1) ($0.6) -
Other items $0.4 $0.3 $1.4 $0.7 $0.1 $0.2 ($0.0)
Adjusted EBITDA $11.2 $8.2 $35.2 $19.0 $10.9 $15.1 $7.7
Reconciliation of Net income (loss) and Adjusted EBITDA
23
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Note: Financials are not pro forma for BioRx acquisition.
Detailed footnotes on the following page.
25. Confidential
Reconciliation of Net income (loss) and Adjusted EBITDA
24
1) Share-based compensation expense relates to director and employee share-based awards.
(2) Restructuring and impairment charges reflect decreases in the fair market value of non-core property and assets, or actual losses on disposal of
such assets. 2013 charges primarily relate to the $932 write-down of our former Swartz Creek, Michigan headquarters facility to its fair value, after
we vacated it in favor of our present Flint, Michigan facility. 2012 charges primarily relate to our write-down of an externally purchased software
package we no longer utilize, as well as sales of Company-owned vehicles. 2011 charges include expense associated with the closure of our former
Cleveland, Ohio facility, the move of our Chicago, Illinois area facility, and sales of Company-owned vehicles.
(3) During the fourth quarter of 2014, we reassessed the recoverability of our investment in our non-consolidated entity, Ageology. Based upon this
assessment, we determined that a full impairment of $4,869 was warranted, primarily due to updated projections of continuing losses into the
foreseeable future. The remaining amounts in 2014, 2013 and 2012 represents our share of losses recognized by Ageology, using the equity method
of accounting. We first invested in Ageology, an anti-aging physician network dedicated to nutrition, fitness and hormones, in October 2011, in
connection with its formation.
(4) Employee severance and related fees primarily relates to severance for former management.
(5) Fees and expenses directly related to merger and acquisition activities, including our acquisitions of AHF and MedPro and the impact of changes
in the fair value of related contingent consideration liabilities.
(6) Primarily includes philanthropic activities performed at the direction of our majority shareholder.
(7) Represents (a) various tax credits received from the state of Michigan for facility improvement and employee hiring initiatives, (b) the one-time
costs associated with converting from an S-Corporation to a C-Corporation, and (c) a 2014 charge of $1,825 related to non-income tax obligations.
(8) Includes other expenses, predominantly IT operating leases. These operating leases were initiated, in lieu of purchases or capital leases for a
subset of our IT spend, for a short period of time in 2013 and 2014 for liquidity purposes. We have since discontinued the practice of leasing IT
equipment. The cost of purchased IT equipment is reflected in depreciation and amortization.