Company IN VITRO DIAGNOSTIC MARKET € 33 BLN Profile In vitro diagnostics consist in detecting the presence of some molecules (that are indicative of a particular disease) in patient’s
biological fluids, such as blood, urine, cerebrospinal fluid. To that end,
Diasorin is an Italian company listed on the stock market in the FTSE MIB Index. It is a global leader in the field of biotechnologies: for over 40 years the company has been developing, producing and commercializing reagent kits for the in vitro diagnostics worldwide, in particular in the immunodiagnostics and molecular diagnostics segments. To run reagents, Diasorin provides specific instruments to clients for both immunodiagnostics and molecular diagnostics
patient’s biological fluids are put in a test tube (hence the term in vitro) with some chemical substances to create a reaction. The chemical
23.0%
21.0%
IMMUNODIAGNOSTIC
CLINICAL CHEMISTRY
reaction shows the presence of a particular molecule in the patient’s body, indicating a specific disease. The Diasorin Group is active in the area of in vitro diagnostics, especially
8.5%
in the fields of immunodiagnostics and molecular diagnostics. These
MOLECULAR DIAGNOSTIC
21.0%
SELF-MONITORING BLOOD GLUCOSE
two diagnostic techniques use different reagents to detect specific molecules of great diagnostic importance, in patients’ biological fluids. Immunodiagnostic tests use antibodies as key reagents, while molecular diagnostic tests use nucleic acids.
8.5% 6.0% 6.0%
OTHER
MICROBIOLOGY POINT OF CARE
6.0%
HEMATOLOGY
IMMUNODIAGNOSTICS € 7 BLN 9.3%
BONE & MINERAL
12.1% INFECTIOUS DISEASES
12.9% Cardiac markers
6.4% AUTOIMMUNITY 5.7% ALLERGY 3.6%
Immunodiagnostics is the technology used for the
detection and, in some
cases, quantification of particular molecules in patients’ biological fluids (blood,
DRUG MONITORING & OTHERS
4.3%
GI STOOL TESTING
for example) by the use of antibodies. The antibody is a protein molecule that nowadays can be generated in laboratories. This molecule has the property of specifically recognizing (that is to physically bind to) a target molecule (known as antigen) whose presence means that a particular disease is present.
25.7% ONCOLOGY & ENDOCRINOLOGY
20.0%
hepatitis & RETROVIRUS
MOLECULAR DIAGNOSTICS € 3 BLN While immunodiagnostic tests can detect small molecules (for example sex hormones, such as estradiol, progesterone, testosterone) or protein molecules (such as antigens made by infectious agents) in patients’ biological fluids, molecular diagnostic tests can detect nucleic acids (DNA and RNA) that are specific to certain diseases, through the analysis of patients’ biological fluids.
TecHnology
The assay technologies used reflect the immunoassay technological evolution tracked as from preliminary commercial testing onset at the end of the Sixties, from RIA (Radio Immuno Assay), ELISA (Enzyme Linked ImmunoSorbent Assay) to CLIA (ChemiLuminescent Immuno Assay). Customer testing is supported by a comprehensive range of automated and compatible analyzer platforms having the capability to automate analysis in the research and clinical reference laboratories.
LIAISON/XL INSTALLED BASE 3,641
4,206
4,740
COMPANY SALES BY TECH
4,874 INSTRUMENTs
749
5000
11.2%
605 128
4,000
RIA
3.6%
MOLECULAR
0.4%
0
ELISa
17.8%
3,000
3,641
4,078
4,135
4,125
2,000
CLIA
1,000
67.0% Data at 31 December ‘12
0 31 December 2010
31 December 2011
31 December 2012
31 March 2013
Immunodiagnostics instruments clia
Elisa
Molecular diagnostics instruments elisa
EXTRACTION
bullet pro®
AMPLIFICATION
FINANCIALS HIGHLIGHTS
0.0 20
20
13
13
13
2M
ar
-0
0 bFe
0 n-
2-
2-
20
20
12
12 20
2Ja
-0 ay M
A
pr
-0
2-
2-
20
20
12
12
Data at 31 March ‘13 -0
90,418
2-
99,607
ec
87,684
net profit
20.0
d
(54,514)
12
144,932
(58,649)
-0
158,256
(49,722)
20
137,406
Tax
ov
EBT
40.0
n
(585)
12
(5,051)
2-
(2,853)
Interest
60.0
-0
145,517
20
163,307
ct
140,259
o
EBIT
80.0
12
167,112
2-
(8,366)
190,020
0
(5,140)
169,558
20
(3,433)
EbitDA
100.0
p-
(41,702)
2-
(19,332)
(45,938)
se
(21,481)
(48,181)
12
(23,393)
G&A
-0
R&D
FTSE MIB
120.0
20
(69,818)
ug
119,812
(77,992)
A
313,858
(82,077)
12
297,343
S&M
Diasorin
140.0
2-
Gross profit
160.0
20
(284,735)
0
404,547
(126,145)
l-
440,000
(136,420)
2-
433,763
Cost of sales
The Diasorin stock was up 23% in 2012, compared with a decline of 4% for the FTSE MIB reference Stock Market Index.
Ju
Revenues
Other opex
2010
0
2011
n-
2012
Ju
€ mLn
STOCK PERFORMANCE
Data at 31 December ‘12
SHAREHOLDERS’ BASIS Board of Directors
8.5%
TOP MANAGEMENT
ROSA CARLO*
4.5% President
Gustavo Denegri
Chief Executive Officer
Carlo Rosa
Vice President
Michele Denegri
Giuseppe Alessandria Enrico Mario Amo Antonio Boniolo Eva Desana Chen Even Ezio Garibaldi Maria Paola Landini Franco Moscetti Gian Alberto Saporiti Roberta Somati
Chief Executive Officer Carlo Rosa
EVEN CHEN MENACHEM*
43.9%
market
Chief Financial Officer Luigi De Angelis
Oppenheimerfunds
Senior Corporate VP Chen Even Commercial Operations
31.5%
Senior Corporate VP Stefano Ronchi Human Resources Sonior Corporate VP Francesco Colotta Research & Development and Chief Medical Officer
Threadneedle Asset Management Holdings Diasorin
5.0% 3.7%
Finde *Current Management of Diasorin
2.8% Data at 15 June ‘13
GEOGRAPHIC EXPANSION Industrial Sites
6
USA
IRELAND
stillwater*
DUBLIN*
• BON & MINERAL • ENDOCRINOLOGY * R&D facilities
• MOLECULAR * R&D facility
SALES BY GEOGRAPHY
NORWAY
7.4%
Oslo* • MOLECULAR * R&D facility
companies Worldwide
28
GERMANY
employees
11.9%
31.7%
Dietzenbach*
1,553
• TUMOR MARKERS • HORMONOLOGY * R&D facilities
independent distributors
80
SOUTH AFRICA
R&D facilities
Kyalami
6
49.0%
• HEPATITIS C ELISA
countries Group presence
UK
60
dartford • MUREX ELISA
2005
ITALY saluggia, Gerenzano • INFECTIOUS DISEASE * R&D facilities
Sorin Mexico became Diasorin Mexico. In 2005 and 2006 Diasorin Israel and Diasorin China were established. The Group signed distribution agreements with local dealers in Oceania and Japan
NORTH AMERICA
APAC
EUROPE AND AFRICA
LATAM
2008
2010
Diasorin completes its direct settling in the Iberian Peninsula opening its Portuguese branch
Diasorin completes its expansion plan, opening new customer service and sales branches in Australia and China
2004
2005-2007
2009
competitive edge in the immunodiagnostic market and extending its commercial presence
through both direct and indirect presence in the main international markets
in Europe and in North America, with a branch in Canada
Diasorin began its growth by consolidating its
the Group consolidated its commercial presence
Data at Q1’13
The Group further strengthens its presence