Management Presentation: Biosimilar Pipeline and Margin Improvement Strategy
Attractive market fundamentals | Leadership and scale | Multiple growth drivers Margin improvement | Attractive financial outlook Compelling sustainability story
Core EBITDA margin expansion driving
strong free cash flow uptake
Free cash flow
2021 2028 (illustrative), in USD bn
1.0
0.8
~2.5x
2021
2022
2028
% of EBITDA
53%
48%
-70%
Note: 2021 and 2022 based on unaudited carve-out financials extract. For additional information regarding core results and free cash flow, which are non-IFRS
measures, see "Appendix" starting on slide 31
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Management Presentation
Attractive cash flow profile
and strong balance sheet
Increasing EBITDA to cash conversion
Working capital optimization
Prudent capital structure
Capital allocation priorities
1 Investment in organic business
2 Return capital to shareholders
3 Deployment into value generating
bolt-on M&A and BD&L
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