the cfo role in turnarounds

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THE CFO ROLE IN TURNAROUNDS
Anders Götzsche, Executive Vice President & CFO, H. Lundbeck A/S
September 2016
Agenda
My journey
Lundbeck´s rollercoaster ride
The new Lundbeck has started a successful journey
2
From individual performance to team performance
3
From sales with no limits to tight cost control
4
From daily adrenalin rush to a super tanker
5
6
Lundbeck has come a long way since the mid 1990s
(bDKK)
Lundbeck global revenue
split on regions (%)
Lundbeck global revenue
100%
15
Japan
Canada
Rest of World
80%
10
60%
China
ALMA
Rest of EU
EU
40%
5
Other Nordic
20%
US
Denmark
0
0%
1994
7
2015
1994
2015
Building a global platform with multiple products
Year 2007
Year 2015
“One product” company to multiple product company
Cipralex®/Lexapro ®
21%
22%
New products
Azilect®
39%
Xenazine®
61%
13%
12%
Sabril®
Onfi®
7%
10%
Other pharmaceuticals
15%
“European” company to global growth platform
21%
27%
28%
Europe
USA
54%
International Markets
25%
45%
8
Urgent decisions needed to drive a turnaround
Analyst’s view on Lundbeck
expected performance
Lundbeck actual
performance since 1994
DKm
EBIT
8.000
6.000
4.000
2.000
0
-2.000
-4.000
-6.000
-6.816
-8.000
1994
9
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016e
2018e
2020e
2022e
2024e
Lundbeck aims to reach the long-term financial targets
within 3-5 year
EBIT margin
ROIC
Cash-to-earnings
25%
25%
>90%
EBIT divided by revenue
*Peer group range (Midsize specialty pharma 2016-2020)
10
EBIT after tax as a percentage
of average invested capital
Free cash flow as a
percentage of net profits
Number of FTEs lower than 2007 level
FTE development 2017-2016
FTE´s
6.000
5.811
5.800
5.733
5.736
5.644
5.600
5.541
5.400
5.518
5.318
5.259
5.200
5.134
5.022
5.000
0
2007
2008
Business development
Product launches
11
2009
Ovation
Xenazine
2010
Merck
Sabril
2011
Xian- Cephalon Mochida
Janssen
Sycrest Lexapro,
Japan
2012
Otsuka
2013
2014
Chelsea
Onfi Treanda Abilify Selincro Brintellix
Maintena
2015
Q2 2016
Navigating in a world of kingdoms
12
Decision Now – is it real or will it disappear?
13
Five major restructuring projects in seven years
14
Finance was not in the driver’s seat of the bus
15
From specialist to business partner
16
From local to global support organization
17
Aiming for excellence
18
Three CEO´s in nine years and two Chairmen with
extended operational responsibilities
19
After nine years at Lundbeck…
20
The new Lundbeck has started a successful journey
addressing
patient
needs
21
achieving
business
objectives
Q&A’S
22

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