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1 ANNUAL GENERAL MEETING CHIEF EXECUTIVE OFFICER S ADDRESS THURSDAY 27 OCTOBER 2011 Ladies and gentlemen, welcome to the Sirtex Annual General Meeting for Thank you for your continued interest and support and for taking time to come along today. We will start today with a brief recap of the FY2011 numbers before taking a closer look at what we are doing around the world to build value and secure our long term success. By any measure, our current business is in excellent shape with average annual dose sales growth of 30 per cent over the past five years and 29 consecutive quarters of growth. This is an impressive result and one which we are proud to report. The Board and management are confident this trend will continue. Over the past few years, Sirtex has established a highly successful and profitable international business by providing medical professionals with an innovative and highly effective solution that helps them significantly improve the length and quality of life for liver cancer patients. Page 1

2 Since the Company listed in August 2000, we have supplied over 20,000 doses of SIR- Spheres microspheres (seen here) to treat patients with inoperable liver cancer around the world. Each week, over 100 people are treated with SIR-Spheres microspheres through over 500 hospitals and treatment centres in over 25 countries. These are impressive numbers by any measure and we have a solid and stable business with a strong balance sheet and significant potential for long term growth. However our business is still at the early stage of our long term growth and has enormous potential. In many respects we are still very much a start-up Company but without the uncertainties and risks that come with that label. Today we will give you an update on our progress over the past 12 months. The FY 2011 was another year of strong growth in dose sales. Total dose sales for the year were up 19 per cent year on year with average growth over the past five years of 30 per cent. Revenue of $70.3 million for the year was up 9 per cent where as Dose sales growth was 19 per cent. With over 95% of Sirtex s revenue denominated in US Dollars and Euro s, the appreciation of the Australian Dollar had a negative impact on revenue. This was partially offset by the implementation of a price increase in our US market. Profit after tax was down 29 per cent to $11.5 million. The two key factors negatively impacting the profit result were Foreign Exchange and in FY2010 we benefited from the $5.5 million cost and damages received as a result of the UWA proceedings. Page 2

3 Earnings per share were 20.6 cents and Net tangible assets per share were 93.9 cents. Cash from operating activities was $15.3 million with cash on hand at the end of the year of $42.9 million. Again, for the third consecutive year, the underlying financial performance of our business has enabled the Board to pay a fully franked dividend of 7 cents per share. These results are a direct reflection of growing interest and acceptance of our product. At each Annual General Meeting we summarise growth over the past five years. Again this year you can clearly see a sustained pattern of solid progress and growth. These numbers are after significant investments in clinical support, sales and marketing, research into new technology and the SIR-Spheres Evolution program. As we look at our business around the world we see a steady pattern of robust growth. Looking at the global split for FY 2011, our team has done a great job. In the US, dose sales were up 19 per cent to 2,969 delivering revenue of $45.1 million. A key development in the US was the 2010 appointment of Michael Mangano as President of Sirtex Medical Inc. Mike is a highly experienced industry executive and his focus since joining has been to transform our US operations and create a scalable organisation that is able to grow significantly over the coming years. This year Mike has made a number of key staff sales and marketing appointments and applied a highly structured and focused approach towards growing market share. Page 3

4 The good results we see in the US are a direct reflection of this strategy. In Europe, dose sales were up 25 per cent to 1,603 with revenue of $22 million. The European market, with its different countries, languages and reimbursement bodies is more complicated than the US. Our experienced and dedicated team in Europe, led by Nigel Lange, has also been focused on creating a scalable business structure prepared for growth over the coming years. Closer to home, sales in the Asia Pacific region for the full year grew 4 per cent to 405 doses and revenue of $3 million. The Asia Pacific region is even more complicated than Europe with multiple regulatory and reimbursement bodies plus the cultural environment. A key development in the Asia Pacific was the appointment of our new head of Asia Pacific operations, Dr Burwood Chew. Like our other regional managers, Burwood is a highly experienced industry executive. His focus this year has been to re-calibrate our business in Asia Pacific and also ensure we have a scalable organisational structure based in our Singapore regional head office. We believe it will take a few more years before dose sales in Asia Pacific begins to equal the rates we experience in our more established markets. Looking at the first quarter results for FY2012 and comparing them to the previous corresponding period (pcp), global doses sales are up an average of 11 per cent. The first quarter in Europe is always traditionally flat and sales there were down seven per cent. This drop is largely due to the long European summer holidays and extended leave taken by key clinicians. Page 4

5 We believe this is a hiccup and not a trend and we are confident we will see a significant pick up in the second quarter and beyond. There are a number of positives ahead for our business in Europe. The decision in August by the UK regulator, the National Institute for Health and Clinical Excellence (NICE) to endorse and recommend the use of targeted radioactive treatments like SIR-Spheres microspheres for liver cancer is very positive. The decision comes after years of debate and lobbying. We expect it will help drive additional use and demand in Europe over the coming years. The US continues to go from strength to strength, delivering 19 per cent growth for the quarter compared to 12.5 per cent for the last year. We expect this trend to continue with growth in the US and our entry into new markets like Canada and Latin America. Clearly the stand out for the first quarter was the improvement in Asia Pacific which recorded dose sales growth of 19 per cent. We are confident this trend will continue. The new regional base in Singapore and the team is beginning to make a real difference. As our capabilities in Asia expand, we expect sales throughout the region to grow steadily as more hospitals and medical professionals in Asia respond to a steady flow of positive clinical data emerging from our clinical studies program. This flow of positive data from our clinical program brings and extra urgency to our work, knowing there are many people who desperately need the product we make. One particular case that stood out this year was that of British grandfather Brian Brooks. Page 5

6 In August last year, Brian s doctors gave him less than a year to live. Early this year he was enrolled in our FOXFIRE study in the UK and treated with SIR-Spheres microspheres. Latest reports are that he is in remission and enjoying life to the full with his grandchildren. Stories like this are a powerful reminder of the importance and promise of our work. There are many more inspiring cases like this around the world. They help re-confirm our significant investment in clinical studies to drive wider acceptance and use of SIR-Spheres microspheres is the right decision and a prudent long term investment. Sirtex is confident this investment will deliver much larger returns over time by providing compelling clinical evidence that will drive wider use SIR-Spheres microspheres. Our 13 studies four of them major studies -- have one collective goal --- to provide the clinical data the medical community requires in order to gain wider acceptance of SIR- Spheres microspheres as a treatment option for liver cancer patients. A small example of the early returns on this investment was the publication in July this year of data from a six-year retrospective analysis of over 300 patients treated with SIR-Spheres microspheres for inoperable primary liver cancer. The study, called ENRY, re-confirmed the efficacy of the therapy in a wide range of patients with early to advanced stages of the disease. Several independent researchers at eight European treatment centres reported robust evidence of the survival achieved using SIR-Spheres microspheres, including patients with advanced disease and few treatment options. Researchers concluded that their results supported expanding use of SIR-Spheres microspheres in a wider patient population. Page 6

7 It is the good data from studies like ENRY combined with the hard work of our clinical staff, helped along by inspiring stories like those of Brian Brooks, that has seen a significant spike in patient recruitment numbers across our clinical programs worldwide. Clinical study patient recruitment for the full year was up 140 per cent and a further 130 per cent in the first quarter of FY2012. Clearly more support staff on the ground and a steady flow of positive data are delivering real results. We are confident two of our major studies, SIRFLOX and SIRveNIB will complete full recruitment in 2013 and 2014 respectively with the results due to be published approximately two years later. While these clinical efforts are focused on expanding the use of SIR-Spheres microspheres, we are also actively working on ways to try and further improve the current product. Our SIR-Spheres Evolution program is working on developments such as an improved delivery system to administer SIR-Spheres microspheres and a new computer-based patient treatment planning system. We are also developing promising new radiographically imageable spheres that will greatly improve patient work up and treatment. These enhancements will further help us drive sales over many years to come. With regards to our new technology developments, our active multi-disciplinary research collaborations with leading academic institutions keep us at the cutting edge of novel targeted treatment technologies. In 2012 we expect to be able to announce the start of the first clinical studies for some promising new technologies following successful completion of pre-clinical studies. Page 7

8 Radioprotector technology will protect healthy tissue from the harmful effects of radiation and our small particle technologies will enable the detection and targeted treatment of a wide range of cancers. The outlook for Sirtex is positive. We continue to grow year on year and achieve strong financial results. This will continue over the coming years. What is even more pleasing is that the company still has enormous up side potential to grow even more significantly following the publication of positive clinical study data. Our continued investment in sales and marketing, clinical, research and development will ensure the long term growth potential of the company is realised. The internal capabilities necessary to support our expected growth are being developed and we believe the business is in a sound position. As we have noted previously, the passion and commitment of the 100 plus employees and contractors of Sirtex remain a key success factor for Sirtex. On behalf of the Board and shareholders, I would like to thank all our staff for their dedication and contribution during the year. Their dedication, passion and commitment is matched by the thousands of healthcare professionals around the world who use SIR-Spheres microspheres to improve the lives of their patients and families. Together we are transforming the way liver cancer is treated, bringing hope and improved quality of life to thousands of people worldwide. Page 8

9 The continued good results achieved through this inspiring collaboration between Sirtex and the medical community will underpin the creation of significant value for shareholders over many years. Thank you Gilman E Wong Chief Executive Officer Sirtex Medical Limited 27 October 2011 Page 9

10 Sirtex Medical Ltd 2011 Annual General Meeting Thursday 27 October 2011 Sydney Australia SIR-Spheres is a registered trademark of Sirtex SIR-Spheres Pty Ltd.

11 Sirtex Medical Limited 2011 Annual General Meeting CEO Address SIR-Spheres is a registered trademark of Sirtex SIR-Spheres Pty Ltd.

12 Transforming the way inoperable liver cancer is treated 8

13 FY2011 by the numbers... Product dose sales Number of units 4,171 4, % Product revenue $ millions 64,333 70,286 +9% Profit before tax* $ millions % Net profit after tax $ millions % Cash on hand $ millions Full franked dividend Cents per share 7c 7c * Excluding FX and UWA

14 A pattern of solid progress and growth... Sales revenues $ thousands Dose sales Number of units FY06 FY07 FY08 FY09 FY10 FY11 FY06 FY07 FY08 FY09 FY10 FY11 22,559 33,334 38,125 65,559 64,333 70,290 1,329 2,108 2,581 3,658 4,171 4,977 For personal use only 10

15 Geographic breakdown of sales for FY hospitals and treatment centres in 50 countries Dose sales US 19% Europe 25% Asia Pacific 3% Treatment centres US 265 Europe, Africa, Middle East 167 Asia Pacific 78 11

16 First quarter FY2012 dose sales Dose sales are up an average of 11 % Dose sales US 19% Europe - 7% Asia Pacific 19% 12

17 New slide here

18 Summary... Very positive outlook Sirtex continues to perform with 29 consecutive quarters of growth The long term strategy put in place over the past years to provide the foundations for substantial growth is progressing as planned Significant improvement in clinical study patient recruitment with two of our major clinical studies set to complete recruitment (2013/2014) Solid financial performance and position Ongoing commitment to evolving current product and innovation with new technology We are confident growth will continue and then accelerate with the release of positive results from our major clinical studies 14

19 Thank you 15

20 Sirtex Medical Ltd 2011 Annual General Meeting Thursday 27 October 2011 Sydney Australia SIR-Spheres is a registered trademark of Sirtex SIR-Spheres Pty Ltd.