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Smart Choices for Everyday Healthcare Annual Report 2019 Table of Contents

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Smart Choices for Everyday Healthcare Annual Report 2019 Table of Contents Annual Report 2019 Smart choices for everyday healthcare Annual Report 2019 Table of contents 28 Multi-Gyn: Management A natural treatment Financial review for vaginal discomfort statements 29 Locobase: The international skin care brand from Karo Pharma 06 Smart choices for 38 Statutory administration everyday healthcare 30 Power to our people report 07 Business model and 32 Operation Smile: 50 Five-year summary key categories Combatting cleft lip and palate 52 Corporate governance 08 Strongholds in the Nordics report and a global presence 34 Share and shareholders 56 Board 10 Letter from the CEO: A new Karo Pharma 58 Management with a new purpose "We’ve made it our 68 Notes 12 Letter from the Chairman purpose to develop 93 Audit report 14 Growing through reliable ways for smart choices people to treat their 97 Annual general meeting 16 Highlights 2019 everyday ailments, 18 A new group to help them live at the reins healthier lives. We 20 Market overview: call it smart choices Growth drivers and challenges for everyday health- care." 24 M&A: The vehicle of our growth – Christoffer Lorenzen, CEO, Karo Pharma 26 Our wide product portfolio 3 Karo Pharma Annual Report 2019 Management review 4 Management review 5 Management review Optimisation of portfolio and Business supply chain Smart model We own and We’re a virtual commercialise company and trusted, high quality, partner for access and key documented and to research and original brands Smart production choices for choices for categories everyday healthcare We occupy a space in the modern healthcare market based on three distinct choices: We focus on excellent, original brands across We’re close to Leadership and focus Continuous prescribed pharmaceuticals and consumer channel partners on six healthcare innovation of everyday products that address everyday healthcare and markets with categories offering needs; we are virtual and access research & direct presence development and production via a network when feasible of trusted partners; we invest in commercial differentiation and education, and go direct healthcare in the markets when scale is feasible. Our six categories and top-selling products (sales pro forma 2019) 01 / Intimate care Multi-Gyn® Asan® Multi-Mam® 02 / Dermatology Locobase® Decubal® Propyless® Smart / We base our decisions on Choice / We help people make the right 03 / Foot care user insights — to make sure that our choices about everyday healthcare – Nailner® products, services and channels by giving them options, knowledge Mabs® always match user needs and and easy access to medical products Wortie® create value. and services. 04 / Pain, cough & cold Everyday / We've dedicated ourselves Healthcare / We enable people to Paracet® to become experts in everyday health- take control of their everyday health- Ibux® care – providing medical pro ducts and care – so they can stay healthy and Mollipect® services that prevent and treat a wide live their life to the full. range of health issues and help users 05 / Wellness stay healthy – every day. Flux® Dailycare®/Lactocare® Allevo® 06 / Rx pharma care Selexid® Burinex® Kaleorid® 6 Management review 7 Management review Strongholds Total sales by product segment in the Nordics Hospital Rx Hospital Rx Supply 46% Supply 46% 6% 2019 8% 2018 and a global 1,901 1,615 presence SEK M SEK M OTC OTC 48% 46% Key indicators SEK m 2019 2018 2017 2016 2015 Net sales 1,901.2 1,615.1 657.6 347.3 69.1 Cost of goods sold -917.2 –676.3 –315.7 –198.5 –40.5 Operating expenses -492.2 –541.8 –262.0 –119.2 –103.5 EBITDA 491.9 632.2 169.3 51.7 41.2 Earnings per share (SEK) 0.05 4.63 0.17 1.59 –1.73 Cash flow from operating activities 106.8 318.0 33.5 –36.1 –52.2 Cash and cash equivalents and other 248.8 398.6 838.6 121.3 76.5 investments in securities Offices in eight countries Quick facts Net sales and EBITDA, Net sales 2015–2019 SEK m EBITDA Headquarters in Products sold in Stockholm, Sweden 60+ markets 69.1 2015 41.2 Approx. 200 employees spread Revenue of SEK 1.9bn 347.3 2016 over 8+ countries 51.7 657.6 2017 About 100 brands spanning Quoted on NASDAQ Stockholm 169.3 6 different categories Exchange’s Mid Cap list 1,615.1 2018 632.2 1,901.2 2019 491.9 8 Management review 9 Management review Letter from the CEO "We want to expand our geographical reach in Europe, and we want to A new Karo Pharma strengthen and build distinctive positions in the categories with a new purpose we operate in." – Christoffer Lorenzen, CEO, Karo Pharma Over the past few years Karo Pharma has under- reviewing strategic alternatives for Hospital Supply to gone substantial change and transformed into one find the best possible path forward for this business. of the leading companies within everyday health- We’ve put a new leadership team in place to drive care in the Nordics. and execute this strategy. It combines people from We believe there’s a distinct space in the health- Karo Pharma and Trimb with a few recruited from the care market for Karo Pharma. Focusing on trusted, outside (myself included). This fall, we established original brands, we cover a range of everyday cate- direct operations in Germany and the UK, which means gories, including intimate care; dermatology; foot that Karo Pharma now has teams on the ground in care; pain, cough and cold; wellness; and Rx pharma eight European markets. care. In each of these categories, we own a range of We’ve also seen a new majority shareholder, EQT differentiated brands. We’ve made it our purpose to (via Karo Intressenter), join us as an investor. This develop reliable ways for people to treat their every- allows us to make the most of EQT’s close connections day ailments, to help them live healthier lives. We call to industry advisors and experts, and it gives us a it ‘smart choices for everyday healthcare’. strong partner to support the company financially. Realising new opportunities First impressions and future ambitions This last fall, we completed the acquisition of Trimb. I joined Karo Pharma on July 1 and have since enjoyed This not only gives us extra scale in our core Nordic an exciting time holding the reins. From day one, markets; it also gives us access to an exciting port- I’ve been impressed by the energy and commitment folio of trusted brands and lays out stepping-stones of our company. And I’m delighted to see how our for our geographical expansion. The integrated com- employees have united around the new Karo Pharma pany – which we often refer to as ‘the new Karo’ – is organisation, our purpose of providing ‘smart choices stronger than ever, and we have a solid foundation for everyday healthcare’, and our newly minted and organisation in place for more growth in the values: Challenge, Act, Connect and Care. years to come. These values reflect who we are and the way we We have a clear strategy to grow both organically do business. Though we’ve grown, we must keep and and through M&A. We want to expand our geographi- cultivate our entrepreneurial approach and start-up cal reach in Europe, and we want to strengthen mentality. We must continue to nurture new ideas and build distinctive positions in the categories we – and to identify and develop opportunities that our operate in. Essentially, this means that we will develop competitors don’t see or choose not to pursue. strong presence and deep expertise in these cate- We’ve set our sights on becoming a leader in gories, which we can make available to our business everyday healthcare in Europe. We know there and to our healthcare partners. Ultimately, this will will be challenges along the way. But we’re also let us build even stronger brand portfolios, services confident we can overcome them and realise our and commercial capabilities to meet the needs of the ambitions. • modern patient and consumer. In line with this strategy, late last year we announced the acquisition of another product port- Christoffer Lorenzen, folio from the Danish pharmaceutical company LEO CEO, Karo Pharma Pharma, which will further strengthen Karo Pharma’s geographical footprint and our intimate care and dermatology categories. Although we’re growing and acquiring products, Christoffer Lorenzen, CEO and we’ll also evaluate whether Karo Pharma is the right Dr. Bo Jesper Hansen, Chairman owner of our existing business units. We’re currently 10 Management review 1111 Management review Letter from the Chairman Broader scope, bolder ambition Karo Pharma specialises in in everyday now have teams on the ground in eight healthcare which means that we’re European countries, after establishing active both prescription drugs (Rx) and direct operations in the UK and Germany over the counter (OTC) consumer health- in 2019. And we have a new leadership care products in specific categories. team who embody the entrepreneurial There’s a compelling dynamic in how the culture of the combined company. These two co-exist for us, and it lies at the heart elements combine to give us a first-rate of our ambition. The Rx portfolio gives us platform to expand and scale up in the steady cash flows, which we can invest coming years. in sales and marketing, and our OTC "We go into products to help us fuel organic growth. Extending our reach Meanwhile, we can share the skills and the new de cade In the coming year, we’ll carry on de- competence we develop in OTC through with strong veloping Karo Pharma by streamlining the whole business, inclu ding Rx, which brands in our our operations, taking out complexity again supports our growth.
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