GDHC001PLR-Generic Manufacturers Benchmark Report … · Generic Manufacturers Benchmark Report...

Generic Manufacturers Benchmark Report Financial Benchmarking & Competitive Analysis of the Leading Generic Players in 2013

GDHC001PLR / Published March 2013

Executive Summary

© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. GDHC001PLR / Published MAR 2013

A Challenging Landscape

Generic pharmaceutical manufacturing has become

increasingly crucial in the present economic climate due

to various factors that have necessitated the reduction of

healthcare expenditures. Financial austerity in Europe,

slowed economic growth in the US, a growing aging

population, and an associated increase in the demand for

healthcare, are some of the key drivers responsible for

governments’ initiatives aimed at drastically reducing

their healthcare spending. Pharmaceutical companies

are often the parties on the receiving end of these price

cuts, while generic manufacturers reap the benefits, as

their products enjoy improved sales as a result of these

initiatives.

Furthermore, the patent cliff is hindering the growth of

branded pharmaceutical companies, as many

blockbusters that were launched in the 1990s have either

lost or are expected to lose patent protection over the

next few years. Blockbusters like Lipitor (atorvastatin),

Plavix (clopidogrel), Singulair (montelukast sodium), and

Diovan (valsartan) have already lost patent protection

and have left revenue gaps in their respective

companies. This situation does not look like it will

improve in the short term, leading most companies to

seek alternative sources of revenue – including generic

pharmaceutical manufacturing – as they brace

themselves for the full impact of what has become a

crisis to some companies.

Generic Pharmaceutical Companies Step Up

Increase in ANDA filings and strategic deals by generics manufacturers snatch market share from branded pharmaceutical companies

Generic pharmaceutical manufacturers have been quick

to capitalize on the misfortunes of their branded

pharmaceutical counterparts by increasing their

Abbreviated New Drug Application (ANDA) filings in a bid

to capture market share in the highly competitive global

pharmaceuticals space. In 2012, the top 30 generic

pharmaceutical manufacturers covered in this report

collectively witnessed an 8.6% year-to-year (YTY)

growth, from $134.3 billion in 2011 to $145.9 billion in

2012. While many large branded pharmaceutical

companies, including Novartis, Eli Lilly, and Pfizer,

recorded declines in FY2012 sales, most generics

manufacturers witnessed surges in their revenues during

the year. The Indian-based trio of Glenmark, Sun

Pharmaceuticals, and Ranbaxy led the pack in terms of

YTY revenue growth in 2012, posting increases of

71.6%, 47.6%, and 32.9%, respectively, from 2011 sales.

Executive Summary


The figure below presents an illustration of the

competitive landscape of generic manufacturing in 2012,

based on corporate revenue growth versus operating

margin.

Generics Manufacturing Landscape Assessment – FY2012 Corporate Revenue Growth vs. Operating Margin

Actavis

Hospira

Valeant

Ranbaxy

Sun

Wockhardt

Sanofi

Teva

Covidien

Sandoz

Mylan

Fresenius

Perrigo

Stada

Dr Reddy'sHypermacas

Aspen

Lupin

Gedeon

Krka

Cipla

Pharmstandard

Zydus

Nichi-Iko

Hikma

Aurobindo

Glenmark

Adcock

Simcere

Fuji

-20%

-10%

0%

10%

20%

30%

40%

50%

-20% -10% 0% 10% 20% 30% 40% 50% 60% 70%

Operating Margin

Cor

pora

te R

even

ue G

row

th

Average Operating Margin = 15.5%

Average Revenue Growth = 18.4%

Source: Company Data Note: Sphere size depicts size of revenue

Executive Summary


Furthermore, most of the companies are actively getting

involved in strategic acquisitions, licensing, and other

business collaborations as they seek to increase their

scale and presence in certain markets. Valeant’s

completion of a $2.6 billion acquisition of Medicis in

December 2012 is an example of how far companies are

ready to go to boost their performance, considering the

low-margin nature of the generics business. The

company, which made over 15 acquisitions in 2012,

including Natur Produkt, Probiotica Laboratórios, and

OralPharma in Russia, Brazil, and the US, respectively,

aims to achieve cost synergies through scale and scope

economies through its acquisition of Medicis.

GlobalData’s Generic Manufacturers Benchmark Report Leader: Sun Pharmaceuticals

The market leader in GlobalData’s Generic

Manufacturers Benchmark Report is Sun

Pharmaceuticals, with a score of 6.97. The company led

the pack due to an impressive performance across the

Financial Management (FM) and Capital Management

(CM) metrics utilized in this report. The company’s

aggregated CM composite score was 7.93, significantly

greater than the peer group average of 5.27.

Furthermore, Sun Pharmaceuticals’ FM composite score

was 7.95, higher than the peer average of 5.06.

Executive Summary


GlobalData Benchmark Rankings, 2012

Rank Company Financial Management Expense Management

Capital Management Overall Score

1 Sun Pharmaceuticals 7.95 5.04 7.93 6.97

2 Sandoz 5.07 5.74 8.48 6.43

3 Pharmstandard 6.15 6.15 6.95 6.41

4 Wockhardt 6.15 6.04 5.24 5.81

5 Cipla 5.90 5.28 5.89 5.69

6 Aspen Pharmacare 5.00 5.67 6.35 5.67

7 Adcock Ingram 4.15 5.65 7.09 5.63

8 Perrigo 5.05 6.27 5.33 5.55

9 Glenmark 6.42 5.37 4.54 5.44

10 Sanofi 7.64 2.85 5.65 5.38

11 Lupin Pharmaceuticals 5.28 5.26 5.54 5.36

12 Fresenius Kabi 4.46 6.87 4.51 5.28

13 Covidien 5.13 4.86 5.72 5.24

14 Zydus Cadila 4.88 5.83 4.86 5.19

15 Gedeon Richter 4.27 4.35 6.86 5.16

16 Fuji Pharma 3.81 5.73 5.75 5.10

17 Hypermacas 5.46 4.36 5.10 4.97

18 Dr Reddy's 5.03 4.87 4.95 4.95

19 Krka Pharmaceuticals 4.37 4.69 5.47 4.85

20 Mylan 5.46 5.50 3.50 4.82

21 Aurobindo Pharma 4.42 5.59 4.35 4.78

22 Ranbaxy Labs 6.12 2.39 5.69 4.73

23 Hospira 3.65 6.00 4.37 4.68

24 Actavis 4.82 4.85 4.14 4.61

25 Teva Pharmaceuticals 5.65 3.87 4.15 4.56

26 Nichi-Iko 4.36 3.30 5.71 4.45

27 Stada Arzneimittel 5.23 4.79 3.10 4.37

28 Hikma 3.93 5.19 3.70 4.28

29 Simcere 3.44 2.80 4.96 3.73

30 Valeant Pharmaceuticals 3.93 4.84 2.33 3.70

Source: GlobalData

Executive Summary


However, Valeant Pharmaceuticals rounded up the list of

top 30 companies with a score of 3.70, which was

attributable to the company’s relatively poor financial

performance, particularly its capital management, when

benchmarked against its peers.

Table below displays GlobalData’s benchmark rankings

of the top 30 generic pharmaceutical companies in 2012

and their overall scores.

GlobalData, Benchmark Rankings, Top 30 Generic Pharmaceutical Companies, FY2012 Rank Company Score Rank Company Score

1 Sun Pharmaceuticals 6.97 16 Fuji Pharma 5.10

2 Sandoz 6.43 17 Hypermacas 4.97

3 Pharmstandard 6.41 18 Dr. Reddy's 4.95

4 Wockhardt 5.81 19 Krka Pharmaceuticals 4.85

5 Cipla 5.69 20 Mylan 4.82

6 Aspen Pharmacare 5.67 21 Aurobindo Pharma 4.78

7 Adcock Ingram 5.63 22 Ranbaxy Labs 4.73

8 Perrigo 5.55 23 Hospira 4.68

9 Glenmark 5.44 24 Actavis 4.61

10 Sanofi 5.38 25 Teva Pharmaceuticals 4.56

11 Lupin Pharmaceuticals 5.36 26 Nichi-Iko 4.45

12 Fresenius Kabi 5.28 27 Stada Arzneimittel 4.37

13 Covidien 5.24 28 Hikma 4.28

14 Zydus Cadila 5.19 29 Simcere 3.73

15 Gedeon Richter 5.16 30 Valeant Pharmaceuticals 3.70 Source: GlobalData Note: Scale = 1.00–10.00, Average Score = 5.00

Table of Contents


1 Table of Contents

1 Table of Contents ............................................................................................................... 7

1.1 List of Tables ............................................................................................................. 10

1.2 List of Figures ........................................................................................................... 12

2 Introduction ....................................................................................................................... 14

2.1 Report Scope ............................................................................................................ 14

2.2 Upcoming Related Reports ........................................................................................ 16

2.3 Recently Published Reports ...................................................................................... 16

2.4 GlobalData’s Benchmarking Methodology ................................................................. 17

3 GlobalData Benchmark Rankings ..................................................................................... 18

3.1 Sun Pharmaceuticals Emerges as Generics Leader .................................................. 18

4 Financial Management ...................................................................................................... 20

4.1 Competitive Framework ............................................................................................. 20

4.2 Overview ................................................................................................................... 20

4.3 Financial Management: Heat Map ............................................................................. 23

4.4 Financial Metrics ....................................................................................................... 25

4.4.1 Revenue Leaders ................................................................................................ 25

4.4.2 Revenue Laggards .............................................................................................. 27

4.4.3 Revenue Growth Leaders ................................................................................... 29

4.4.4 Revenue Growth Laggards.................................................................................. 31

4.4.5 Operating Income Leaders .................................................................................. 33

4.4.6 Operating Income Laggards ................................................................................ 34

4.4.7 Operating Income YTY Growth Leaders .............................................................. 36

4.4.8 Operating Income YTY Growth Laggards ............................................................ 37

4.4.9 Operating Margin Leaders ................................................................................... 40

4.4.10 Operating Margin Laggards ................................................................................. 41

5 Expense Management ...................................................................................................... 44


Table of Contents


5.2 Overview ................................................................................................................... 44

5.3 Expense Management: Heat Map.............................................................................. 47

5.4 Expense Metrics ........................................................................................................ 49

5.4.1 SG&A Spending Leaders .................................................................................... 49

5.4.2 SG&A Spending Laggards .................................................................................. 50

5.4.3 SG&A YTY Change Leaders ............................................................................... 52

5.4.4 SG&A YTY Change Laggards ............................................................................. 53

5.4.5 Operating Expense Leaders ................................................................................ 55

5.4.6 Operating Expense Laggards .............................................................................. 56

6 Capital Management ......................................................................................................... 59


6.2 Overview ................................................................................................................... 59

6.3 Competitive Framework: Heat Map ............................................................................ 61

6.4 Capital Management Metrics ..................................................................................... 62

6.4.1 Debt-to-Assets Leaders....................................................................................... 62

6.4.2 Debt-to-Assets Laggards ..................................................................................... 64

6.4.3 Cash Ratio Leaders ............................................................................................ 66

6.4.4 Cash Ratio Laggards .......................................................................................... 68

6.4.5 ROI Leaders ....................................................................................................... 70

6.4.6 ROI Laggards ..................................................................................................... 71

7 Key Players ...................................................................................................................... 73

7.1 Strategic Analysis of Leading Generics Players ......................................................... 73

7.1.1 Sun Pharmaceuticals: The Benchmark Leader .................................................... 73

7.1.2 Sandoz ............................................................................................................... 77

7.1.3 Pharmstandard ................................................................................................... 80

7.1.4 Teva Pharmaceuticals ......................................................................................... 82

7.1.5 Actavis ................................................................................................................ 87

7.1.6 Mylan .................................................................................................................. 91

Table of Contents


7.1.7 Ranbaxy ............................................................................................................. 94

7.1.8 Dr. Reddy’s ......................................................................................................... 95

7.1.9 Covidien.............................................................................................................. 96

7.1.10 Hospira ............................................................................................................... 97

8 Outlook ............................................................................................................................. 98

8.1 Leverage Improvement will Significantly Alter 2013 Benchmark Rankings.................. 98

8.2 Generic Manufacturers in Emerging Markets will continue to Challenge for Top Spots ...

........................................................................................................................... 98

9 Appendix ........................................................................................................................ 100

9.1 Bibliography ............................................................................................................ 100

9.2 Abbreviations .......................................................................................................... 101

9.3 Research Methodology ............................................................................................ 103

9.3.1 Coverage .......................................................................................................... 103

9.3.2 Secondary Research ......................................................................................... 104

9.3.3 Expert Panel Validation ..................................................................................... 104

9.4 About the Authors ................................................................................................... 105

9.4.1 Analyst .............................................................................................................. 105

9.4.2 Director of Healthcare Industry Dynamics .......................................................... 105

9.4.3 Global Head of Healthcare Research and Consulting ........................................ 106

9.5 About the Industry Dynamics Team ......................................................................... 107

9.6 About GlobalData .................................................................................................... 108

9.7 Contact Us .............................................................................................................. 108

9.8 Disclosure Information ............................................................................................. 108

9.9 Disclaimer ............................................................................................................... 109

Table of Contents


1.1 List of Tables

Table 1: GlobalData Benchmark Rankings, FY2012 ............................................................. 19

Table 2: Top 15 Companies FM Composite Scores and Overall FM Score, 2012 .................. 23

Table 3: Bottom 15 Companies’ FM Composite Scores and Overall FM Score, 2012 ............ 24

Table 4: FY2012 Top Three Revenue Leaders ..................................................................... 25

Table 5: FY2012 Top Three Revenue Laggards ................................................................... 27

Table 6: FY2012 Top Three Revenue Growth Leaders ......................................................... 29

Table 7: FY2012 Top Three Revenue Growth Laggards ....................................................... 31

Table 8: FY2012 Top Three Operating Income Leaders........................................................ 33

Table 9: FY2012 Top Three Operating Income Laggards ...................................................... 34

Table 10: FY2012 Top Three YTY Operating Income Growth Leaders .................................... 36

Table 11: FY2012 Top Three YTY Operating Income Growth Laggards .................................. 37

Table 12: FY2012 Top Three Operating Margin Leaders ........................................................ 40

Table 13: FY2012 Top Three Operating Margin Laggards ...................................................... 41

Table 14: Top 15 Companies’ EM Composite Scores and Overall EM Score, 2012 ................. 47

Table 15: Bottom 15 Companies’ EM Composite Scores and Overall EM Score, 2012............ 48

Table 16: FY2012 Top SG&A Spending Leaders as a Percentage of Revenue ....................... 49

Table 17: FY2012 Top R&D Spending Laggards as a Percentage of Revenue ....................... 50

Table 18: FY2012 Top SG&A YTY Change Leaders ............................................................... 52

Table 19: FY2012 Top SG&A YTY Change Laggards ............................................................. 53

Table 20: FY2012 Top Operating Expense Leaders as a Percentage of Revenue................... 55

Table 21: FY2012 Top Operating Expense Laggards as a Percentage of Revenue................. 56

Table 22: Top 15 Companies’ CM Composite Scores and Overall CM Score, 2012 ................ 61

Table 23: Bottom 15 Companies’ CM Composite Scores and Overall CM Score, 2012 ........... 62

Table 24: FY2012 Top Debt-to-Assets Leaders ...................................................................... 62

Table 25: FY2012 Debt-to-Assets Laggards ........................................................................... 64

Table 26: FY2012 Cash Ratio Leaders ................................................................................... 66

Table 27: FY2012 Cash Ratio Laggards ................................................................................. 68

Table of Contents


Table 28: FY2012 ROI Leaders .............................................................................................. 70

Table 29: FY2012 ROI Laggards ............................................................................................ 71

Table of Contents


1.2 List of Figures

Figure 1: Generics Manufacturing Landscape Assessment – FY2012 Corporate Revenue

Growth vs. Operating Margin .................................................................................. 21

Figure 2: Generics Manufacturing Landscape Assessment – FY2012 Generics Sales Growth

vs. Operating Margin............................................................................................... 22

Figure 3: FY2011 and FY2012 Leading Generic Pharmaceutical Companies by Revenue ..... 28

Figure 4: FY2012 Leading Generic Pharmaceutical Companies by YTY Revenue Growth ..... 32

Figure 5: FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by Operating

Income ($m) ........................................................................................................... 36

Figure 6: FY2012 Leading Generic Pharmaceutical Companies by YTY Operating Income

Growth .................................................................................................................... 39

Figure 7: FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by Operating

Margin .................................................................................................................... 43

Figure 8: Top 30 Generic Pharmaceutical Landscape Assessment – FY2012 SG&A Expense

vs. Operating Expense as a Percentage of Revenue ............................................... 45

Figure 9: FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by SG&A

Spending ($m) ........................................................................................................ 46

Figure 10:FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by SG&A

Spending as a Percentage of Revenue ................................................................... 51

Figure 11:FY2012 Leading Generic Pharmaceutical Companies by SG&A Spending as a

Percentage of Revenue, YTY Change..................................................................... 54

Figure 12:FY2011 and FY2012 Leading Generic Pharmaceutical Companies by Operating

Expense as a Percentage of Revenue .................................................................... 58

Figure 13:FY2011 and FY2012 Leading Generic Pharmaceutical Companies by Debt-to-Assets

Ratio ....................................................................................................................... 66

Figure 14:FY 2011 and FY2012, Leading Generic Pharmaceutical Companies by Cash Ratio 69

Figure 15:FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by ROI............ 72

Figure 16:Sun Pharmaceuticals: SWOT Analysis ................................................................... 74

Figure 17:Sandoz: SWOT Analysis ........................................................................................ 77

Figure 18:Pharmstandard: SWOT Analysis ............................................................................ 80

Figure 19:Teva Pharmaceuticals: SWOT Analysis.................................................................. 83

Table of Contents


Figure 20:Teva Generics Sales in US vs. Rest-of-World (ROW)1, 2009–2012 ........................ 86

Figure 21:Actavis: SWOT Analysis ......................................................................................... 88

Figure 22:Mylan: SWOT Analysis ........................................................................................... 91

Figure 23:Ranbaxy: SWOT Analysis ...................................................................................... 94

Figure 24:Dr. Reddy’s: SWOT Analysis .................................................................................. 95

Figure 25:Covidien: SWOT Analysis ...................................................................................... 96

Figure 26:Hospira: SWOT Analysis ........................................................................................ 97

Introduction


2 Introduction

2.1 Report Scope

This report is an essential source of information and analysis on global generic pharmaceutical

manufacturing. Using detailed company data, financial analysis, corporate strategy, and market

trends analysis, GlobalData has highlighted 30 companies in the generic pharmaceuticals space,

forming a basis for in-depth analysis of the current and future growth drivers of the generic

pharmaceuticals market in certain markets. The report discusses the key factors shaping and

driving the generic pharmaceutical industry, and provides insight on the competitive landscape and

emerging strategies expected to significantly alter the market position of industry leaders.

GlobalData’s Generic Manufacturers Benchmark Report – Financial Benchmarking & Competitive

Analysis of the leading generic players in 2013 Report applies GlobalData’s proprietary ranking

methodology to compare the competitive position of 30 generic pharmaceutical companies across

various markets on 12 financial metrics. The performances of these companies are analyzed based

on financial performance, cost-containment, capital structure, and efficiency to illustrate the

different strategies these companies are using to increase shareholder value and capture market

share from branded pharmaceuticals manufacturers. In addition to the financial metrics, this report

presents SWOT analyses of the major players, and describes the operations strategy of these

companies.

Throughout the report, GlobalData’s analysts provide you with expert insight, expanding on each

strategy and factor discussed, with the aim of providing you with the tools needed for making

informed business decisions.

Key Questions Answered

What are the drivers of generic pharmaceutical manufacturing?

What specific strategies are generic pharmaceutical companies employing to gain market

share from branded and other generic pharmaceutical companies?

How are these companies dealing with cost containment to increase their margin?

How does my assets utilization and overall manufacturing efficiency match up with theirs?

How are these generic pharmaceutical companies maximizing their capital spending to attain a

competitive advantage?

Introduction


Key Benefits

This report will enable you to:

Benchmark your company’s performance against other generic pharmaceutical companies to

identify strengths that can be leveraged and/or areas of possible improvement

Analyze and track the strategies that successful generic pharmaceutical companies are using

to gain share in the increasingly competitive market

Understand the underlying financial metrics that differentiate certain companies from the pack

in terms of growth and profitability, spending, asset structure, and efficiency

Use this information as an independent source for your due diligence and transaction strategy

GlobalData Selection Criteria

After extensive exploratory research and client feedback, GlobalData identified 30 generic

pharmaceutical manufacturing companies based on their revenue size and/or growth and

leadership positions in certain markets. GlobalData believes these 30 companies comprise a

representative cross-section of generic pharmaceutical drug makers that vary by market focus and

corporate strategy, providing a foundation for strategic discussion and analysis. GlobalData’s

coverage examines these drug makers from a unique company-centric lens – combining financial

performance, leverage, and efficiency with M&A activity to assess a company’s overall strategy.

This type of coverage is unlike any other analysis currently available and will deliver a consistent

view into the evolution of these companies’ corporate growth. Moving forward, GlobalData plans to

update this list of 30 generic pharmaceutical companies based on market dynamics and customer

feedback in order to provide our clients with the most current information and analysis on major

players in the generic manufacturing space and guide their corporate decision-making.

Companies covered: Actavis, Adcock Ingram, Aspen Pharmacare, Aurobindo, Cipla, Covidien, Dr.

Reddy’s, Fresenius Kabi, Fuji Pharma, Gedeon Ritcher, Glenmark, Hikma, Hospira, Hypermacas,

Krka, Nichi-Iko, Perrigo, Pharmstandard, Ranbaxy, Sandoz, Sanofi (generics business only), Stada

Arzneimittel, Sun, Teva, Valeant, Wockhardt, and Zydus Cadila.

Please note that our list of companies includes generics businesses of branded pharmaceutical

companies with revenues of over $1 billion.

If there is a specific company you would like GlobalData to cover and include in our next report,

kindly contact GlobalData’s Industry Dynamics Team directly and we will make every attempt to

add it to our coverage.

Introduction


2.2 Upcoming Related Reports

Report titles are subject to change:

GlobalData (2013). Academic Tech Transfer Deals and Strategy Analyses, March 2013

GlobalData (2013). Contract Research Organizations Benchmark Report, April 2013

GlobalData (2013). Biosimilars Strategy 2013: Global Manufacturing Trends and Key Drivers,

May 2013

Benchmarking Top 10 Domestic Players in China, June 2013

Benchmarking Top 10 Domestic Players in India, July 2013

GlobalData (2013). Early-Stage Biotech Funding and Strategy, August 2013

2.3 Recently Published Reports

GlobalData (2013). PharmaSphere: Global Generics Strategy – Key Drivers, Markets and

Trends in 2013, March 2013, GDHC001PSR

GlobalData (2013). PharmaLeaders: Innovative Mid-Cap Biotechnology Benchmark Report –

Financial Benchmarking, Pipeline Assessment & Competitive Analysis of Innovative Biotechs’

Biotech Strategy 2012 – Licensing, Collaboration, and M&A Trends, January 2013,

GDHC001SAC.

GlobalData (2012). Biotech Strategy 2012 – Licensing, Collaboration, and M&A Trends,

November 2012, GDHC0001MAL.

GlobalData (2012). Pharmaceutical Leaders 2012 – Key Trends, Emerging Strategies and

Financial Analysis of Top Performers, July 2012, GDHC0001BR.

GlobalData (2012). Rare and Niche Disease Catalyst Monitor – Key Events Analysis 1H12,

May 2012, GDHC487PRT.

Introduction


2.4 GlobalData’s Benchmarking Methodology

GlobalData’s Generic Manufacturers Benchmark Report ranks 30 generic companies on 12

financial metrics. These metrics include company-specific data such as revenues, margins,

expenses and balance sheet ratios that are weighted and combined into an aggregate

composite score that leads to a rank of each company’s overall financial performance. The

ranking scale ranges from 1.00–10.00, with the average being 5.00, and higher rankings

representing better overall performance. Please note that GlobalData placed more emphasis

on company growth and efficiency. Consequently, revenue size – one of the financial metrics

utilized in this report – was weighted less than revenue growth, thereby rewarding companies

that are more efficient in their operations and growing faster than their peers in the industry.

GlobalData believes one of the many strengths of our proprietary ranking methodology is that

company rankings are data-driven and empirical, not subjective or whimsical. It is important to

note that these rankings are retrospective and are intended to help illustrate the strategies that

companies are using to succeed financially, and should not be considered as an endorsement

by GlobalData, or a recommendation to purchase any securities. It is essential to recognize

that there are many factors that determine the success of any company, not just financial

performance, such as clinical pipeline, leadership of management and organizational structure,

which are not accounted for directly in our methodology. The rankings are primarily intended to

serve as an impetus for analytical discussion, and for examining a company’s relative

competitive position in a very dynamic industry.

Appendix

© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 108 GDHC001PLR / Published MAR 2013

9.6 About GlobalData

GlobalData is a leading global provider of business intelligence in the Healthcare industry.

GlobalData provides its clients with up-to-date information and analysis on the latest developments

in drug research, disease analysis, and clinical research and development. Our integrated business

intelligence solutions include a range of interactive online databases, analytical tools, reports and

forecasts. Our analysis is supported by a 24/7 client support and analyst team.

GlobalData has offices in New York, Boston, London, India, and Singapore.

9.8 Disclosure Information

GlobalData is a product of GlobalData Ltd, a UK-registered company. GlobalData Ltd has no

current or intended investment banking or corporate finance relationships or operations. The

material presented in this report is provided for information purposes only and is not to be used or

considered as a recommendation to buy, hold, or sell any securities or other financial instruments.

No GlobalData Ltd directors, officers or employees are on the Board of Directors of a covered

company, and no one at a covered company is on the Board of Directors of GlobalData Ltd.

Appendix

© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 109 GDHC001PLR / Published MAR 2013

9.9 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any

form by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior

permission of the publisher, GlobalData.

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