Pharmanutra (PHN) Investor Day 2023 presentation summary

Business model and differentiation

• Portfolio spans proprietary bioactive ingredients, adult and pediatric medical products, supplements, and bioimpedance devices and software.

• Four differentiation pillars: 18 proprietary raw materials, 19 patents, 39 registered brands, and 151 research studies.

• Integrated development from ingredient discovery through product sales; stated time to market is 1–3 years versus an industry average of 5–15 years.

Financial performance

• 2022 net revenues were €82.7M, up 21% YoY; 2022 figures were unaudited.

• Italy revenue was €59.2M, up 24% YoY; rest-of-world revenue was €23.5M, up 16% YoY.

• Net revenues grew at a 15.4% CAGR from 2018 to 2022.

• €17.5M cash generated from operating activities; positive cash position cited as supporting investment capacity.

• Stock performance was +391% over 2018–2022 versus +26% for FTSE IT STAR.

Growth priorities

• Akern plans domestic and international expansion, a new e-commerce site, a wider sales network, and growth in clinical and sports markets.

• Cetilar Nutrition plans tailored marketing, premium proprietary products, a dedicated B2B network, e-commerce, and a Luna Rossa Prada Pirelli partnership.

• Spain strategy centers on Cetilar portfolio distribution, Akern synergies, cultural affinities, and limited setup investment.

• US entry targets SiderAL, Cetilar, and ApportAL, using B2B medical detailing and B2C marketing and e-commerce.

• China strategy targets online iron sales through Tmall Global, with flexible marketing and a lean operating structure.