Biotechnology (Biotechnology (US)/Biotechnology

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®

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11 April 2014

Americas/United States

Equity Research

Biotechnology (Biotechnology (US)/Biotechnology & Biopharmaceuticals

(Europe)) / MARKET WEIGHT

Global Biotechnology INDUSTRY PRIMER

Biotechnology Information Toolkit - The BIT

Third edition of the “BIT” – Our bi-monthly database publication: This document acts as a “one stop shop” for all things data-driven. This will be an evolving product, and we very much welcome your “please include” suggestions: Please email [email protected] with ideas. New additions to this edition are highlighted below. We have 5 main sections within this document:

1. Share price performance: Includes large, mid, small and micro-cap biotech (Exhibit 2), biotech vs. other healthcare sub-sectors vs. other major industrial sectors (Exhibit 3-Exhibit 4), top 100 global biotech companies by mkt cap (Exhibit 5-Exhibit 8) and large cap biotech vs. other sectors on PEG basis (Exhibit 9-Exhibit 11).

2. Valuation tables: Includes large cap biotech vs. pharma/healthcare on PE and on Price/Revenue (Exhibit 12-Exhibit 13) and healthcare sub-sector P/E (Exhibit 15-Exhibit 16). NEW – "EV/EBITDA" table (Exhibit 14 & Exhibit 17)

3. Events calendar: Includes medical conferences (Exhibit 18), competitor conferences (Exhibit 19), and PDUFA/FDA/ EMA/CHMP meeting dates (Exhibit 20-Exhibit 23). NEW – Comprehensive Events Calendar for April-June including Q1 reporting dates (Exhibit 24-Exhibit 27)

4. IPO-related performance and valuation: Includes a list of class of 2013/2014 IPOs, pricing and lead product information (Exhibit 28-Exhibit 30) and stock performance (Exhibit 31).

5. “Other stuff”: A catch everything else that includes “Top 25” US and EU healthcare companies (over last 10 years) by mkt cap, net income and revenues (Exhibit 32-Exhibit 34), ETF fund flows of biotech vs. major other sectors (Exhibit 35), “Breakthrough Designation Drug” table –(Exhibit 36)

Exhibit 1: Healthcare Sub Sector 2014 and 2015 EV/EBITDA Multiples

11x

31x

12x

19x

11x

14x

11x

14x

0x

5x

10x

15x

20x

25x

30x

35x

Major Pharma Spec Pharma Generics Biotech

EV/2014 EBITDA EV/2015 EBITDA

Source: Credit Suisse Research

Research Analysts

Ravi Mehrotra PhD

212 325 3487

[email protected]

Koon Ching PhD

212 325 6286

[email protected]

Lee Kalowski

212 325 9683

[email protected]

Anuj Shah

212 325 6931

[email protected]

Jason Kantor, PhD

415 249 7942

[email protected]

Jeremiah Shepard, PhD

415 249 7933

[email protected]

mailto:[email protected]

11 April 2014

Global Biotechnology 2

Table of Exhibits (1) Share Price Performance

Exhibit 1: Healthcare Sub Sector 2014 and 2015 EV/EBITDA Multiples 1 Exhibit 2: Biotech 2013-2014YTD performance by Market-Cap 4 Exhibit 3: Healthcare Sub-sector Performance* 5 Exhibit 4: Biotech vs. Major Industrial Index Performance* 6 Exhibit 5: Top 100 Biotech Companies by Market Cap (1-50) 7 Exhibit 6: Top 100 Biotech Companies by Market Cap Continued (51-100) 8 Exhibit 7: Top 10 Biotech Companies (of Top 100) with the Least Short Interest 9 Exhibit 8: Top 10 Biotech Companies (of Top 100) with the Most Short Interest 9

(2) Valuation Tables

Exhibit 9: Biotech Valuation Relative to Other Major Industrial Sectors* 10 Exhibit 10: Biotech Valuation Relative to Pharma and the S&P500 on Long Term

Out Year Numbers 10 Exhibit 11: Granularity of Biotech Revenue and EPS growth rates Relative to

Other Major Industrial sectors* 11 Exhibit 12: PE Valuation of Top 25 Global Companies by Market Cap 12 Exhibit 13: PR (Price to Revenues) Valuation of Top 25 Global Companies by

Market Cap 13 Exhibit 14: EV/EBITDA Valuation of Top 25 Global Companies 14 Exhibit 15: PE Valuation of Healthcare Subsectors 15 Exhibit 16: PR (Price to Revenues) Valuation of Healthcare Subsectors 16 Exhibit 17: EV/EBITDA Valuation of Healthcare Subsectors 17

(3) Events Calendar

Exhibit 18: Rolling 12 month Calendar Of Medical/Industry Conferences

(Major Conferences Highlighted) 18 Exhibit 19: CS/Peer Conferences in 2014 20 Exhibit 20: PDUFA Dates for Biotech Companies 21 Exhibit 21: PDUFA Dates for Big Pharma 21 Exhibit 22: CHMP Opinions/Regulatory Filings and EMA Meetings/Decisions for

Biotech 22 Exhibit 23: CHMP Opinions/Regulatory Filings and EMA Meetings/Decisions

for Big Pharma 23 Exhibit 24: Comprehensive Calendar of Events in April (Earnings – Black, PDUFA

– Green, Conferences – Red) 24 Exhibit 25: Comprehensive Calendar of Events in May 1 - 9 (Earnings – Black,

PDUFA – Green, Conferences – Red) 25 Exhibit 26: Comprehensive Calendar of Events in May 12 - 31 (Earnings – Black,

PDUFA – Green, Conferences – Red) 26 Exhibit 27: Comprehensive Calendar of Events in June (Earnings – Black,

PDUFA – Green, Conferences – Red) 27

(4) IPO Related Valuation and Performance

Exhibit 28: List of Biotech IPOs in 2014 28 Exhibit 29: List of Biotech IPOs in 2013 29 Exhibit 30: List of Biotech IPOs in 2013 (continued) 30 Exhibit 31: Class of 2013/2014 Biotech IPO's, S&P 500, S&P500 Biotech Performance 30

(5) Additional Information/Appendix

Exhibit 32: Top Healthcare Companies Ordered By Revenues from 2003

to 2015E 31 Exhibit 33: Top 25 Healthcare Companies Ordered By Net Income from 2003

to 2015E 32 Exhibit 34: Top 25 Healthcare Companies Ordered By Market Cap from 2003

to 2014 (Current) 33 Exhibit 35: ETF Inflows on a YTD and Weekly Basis (April 3 – April 9) (as

11 April 2014


a % of AUM at the beginning of 2014) 34 Exhibit 36: Breakthrough Drug Designation Tracker 35 Exhibit 37: List of Companies Used to Prepare Exhibit 2 39 Exhibit 38: 48 Companies Under Coverage List 40

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(1) Share Price Performance

Exhibit 2: Biotech 2013-2014YTD performance by Market-Cap

100

150

200

250

300

350

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14

Re

lati

ve

YT

D P

erf

orm

an

ce

Large: $30Bn+ Mkt Cap Mid: $3 - $30 Bn Mkt Cap Small: $1 - $3 Bn Mkt Cap Micro: < $1 Bn Mkt Cap

Micro: < $1B Mkt Cap

Large: $30B+ MktCap

Small: $1B - $3 Mkt Cap

Mid: $3B - $30 Mkt Cap

Source: Company data, Credit Suisse estimates (companies broken down by mkt cap as of 1

st Jan 2014 with full list of companies shown in appendix)

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Exhibit 3: Healthcare Sub-sector Performance*

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD

Biotech Biotech Distributors Distributors Mgd Care Mgd Care Mgd Care Mgd Care S&P 500 Services Biotech Lifesci tools Lifesci tools Mgd Care Biotech Biotech Services

93% 130% 85% -1% 1% 41% 53% 43% 14% 57% 10% 57% 24% 33% 38% 74% 7%

Distributors S&P 500 Mgd Care Biotech Equip/Sup Equip/Sup Services Services Pharma Lifesci tools Services Distributors Distributors Biotech Lifesci tools Distributors Pharma

54% 20% 77% -4% -13% 31% 17% 32% 13% 23% -17% 44% 18% 22% 30% 62% 7%

Pharma Equip/Sup Equip/Sup Equip/Sup Distributors Biotech Equip/Sup Distributors Healthcare Mgd Care Pharma Services S&P 500 Pharma Services Lifesci tools Lifesci tools

47% -5% 43% -6% -14% 29% 12% 29% 6% 16% -21% 41% 13% 13% 20% 52% 6%

Equip/Sup Mgd Care Healthcare Mgd Care Healthcare S&P 500 S&P 500 Biotech Services Healthcare Healthcare Mgd Care Mgd Care Healthcare Healthcare Mgd Care Mgd Care

42% -9% 36% -8% -20% 26% 9% 18% 5% 5% -24% 28% 8% 10% 15% 46% 6%

Healthcare Healthcare Pharma Healthcare Biotech Healthcare Biotech Healthcare Equip/Sup Equip/Sup Equip/Sup Equip/Sup Services Distributors Equip/Sup Healthcare Equip/Sup

42% -12% 34% -13% -20% 13% 8% 5% 3% 5% -28% 27% 8% 8% 15% 39% 5%

S&P 500 Pharma Biotech S&P 500 Pharma Distributors Healthcare S&P 500 Distributors Distributors Distributors S&P 500 Biotech S&P 500 Distributors Pharma Healthcare

27% -13% -5% -13% -22% 8% 0% 3% -2% 4% -38% 23% 2% 0% 15% 31% 5%

Mgd Care Distributors S&P 500 Pharma S&P 500 Pharma Distributors Equip/Sup Biotech S&P 500 S&P 500 Healthcare Healthcare Equip/Sup S&P 500 S&P 500 Distributors

-10% -59% -10% -16% -23% 6% -3% 0% -3% 4% -38% 17% 1% -2% 13% 30% 3%

Lifesci tools Lifesci tools Lifesci tools Lifesci tools Lifesci tools Lifesci tools Pharma Pharma Mgd Care Pharma Lifesci tools Pharma Pharma Services Pharma Equip/Sup S&P 500

N/A N/A N/A N/A N/A N/A -9% -6% -7% 2% -39% 14% -3% -8% 11% 26% 1%

Services Services Services Services Services Services Lifesci tools Lifesci tools Lifesci tools Biotech Mgd Care Biotech Equip/Sup Lifesci tools Mgd Care Services Biotech

N/A N/A N/A N/A N/A N/A N/A N/A N/A -3% -55% -7% -4% -18% 5% 20% 0%

Source: Company data, Credit Suisse estimates *Sector Performance derived using S&P500 Sector Indices

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Exhibit 4: Biotech vs. Major Industrial Index Performance*

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD

Biotech Biotech Utilities Cons Disc Cons Stap IT Energy Energy Telecom Energy Biotech IT Cons Disc Biotech Biotech Biotech Utilities

93% 130% 52% 2% -6% 47% 29% 29% 32% 32% 10% 60% 26% 22% 38% 74% 10%

IT IT Healthcare Materials Materials Cons Disc Utilities Biotech Energy Materials Cons Stap Materials Industrials Utilities Financials Cons Disc Healthcare

78% 78% 36% 1% -8% 36% 20% 18% 22% 20% -18% 45% 24% 15% 26% 41% 5%

Telecom Cons Disc Financials Biotech Energy Materials Industrials Utilities Cons Disc Utilities Healthcare Cons Disc Materials Cons Stap Cons Disc Healthcare Materials

49% 24% 23% -4% -13% 35% 16% 13% 17% 16% -24% 39% 20% 11% 22% 39% 3%

Healthcare Materials Cons Stap Industrials Financials Industrials Telecom Healthcare Utilities IT Utilities S&P 500 Energy Healthcare Healthcare Industrials IT

42% 23% 14% -7% -16% 30% 16% 5% 17% 16% -32% 23% 18% 10% 15% 38% 2%

Cons Disc Industrials Energy Cons Stap Healthcare Biotech Cons Disc Financials Financials Cons Stap Telecom Industrials S&P 500 Cons Disc S&P 500 Financials S&P 500

40% 20% 13% -8% -20% 29% 12% 4% 16% 12% -34% 17% 13% 4% 13% 33% 1%

S&P 500 S&P 500 Industrials Financials Biotech Financials Materials S&P 500 Materials Industrials Cons Disc Healthcare Telecom Energy IT S&P 500 Energy

27% 20% 5% -11% -20% 28% 11% 3% 16% 10% -35% 17% 12% 3% 13% 30% 1%

Cons Stap Telecom Biotech Energy S&P 500 S&P 500 S&P 500 Materials S&P 500 Telecom Energy Financials Financials IT Telecom IT Financials

14% 17% -5% -12% -23% 26% 9% 2% 14% 8% -36% 15% 11% 1% 12% 26% 1%

Utilities Energy S&P 500 Healthcare Cons Disc Energy Financials Cons Stap Cons Stap Healthcare S&P 500 Energy Cons Stap Telecom Industrials Materials Cons Stap

10% 16% -10% -13% -24% 22% 8% 1% 12% 5% -38% 11% 11% 1% 12% 23% 1%

Financials Financials Materials S&P 500 Industrials Utilities Biotech IT Industrials S&P 500 Industrials Cons Stap IT S&P 500 Materials Cons Stap Industrials

10% 2% -18% -13% -28% 21% 8% 0% 11% 4% -42% 11% 9% 0% 12% 23% 0%

Industrials Healthcare Cons Disc Telecom Utilities Healthcare Cons Stap Industrials IT Biotech IT Utilities Biotech Industrials Cons Stap Energy Biotech

9% -12% -21% -14% -33% 13% 6% 0% 8% -3% -44% 7% 2% -3% 8% 22% 0%

Energy Utilities Telecom IT Telecom Cons Stap IT Cons Disc Healthcare Cons Disc Materials Telecom Utilities Materials Energy Utilities Telecom

-2% -13% -40% -26% -36% 9% 2% -7% 6% -14% -47% 3% 1% -12% 2% 9% 0%

Materials Cons Stap IT Utilities IT Telecom Healthcare Telecom Biotech Financials Financials Biotech Healthcare Financials Utilities Telecom Cons Disc

-8% -17% -41% -32% -38% 3% 0% -9% -3% -21% -57% -7% 1% -18% -3% 6% -3%

Source: Company data, Credit Suisse estimates, *Sector Performance derived using S&P500 Sector Indices

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Exhibit 5: Top 100 Biotech Companies by Market Cap (1-50)

Mkt

Cap

Rank

Mkt Cap in

$M Ticker Company name CS Rec.

Current

Price CS TP 1D Perf 1M Perf 3M Perf 12M Perf YTD Perf

Short Interest

(% of

Outstanding) Therapeutic Area Lead Asset

1 108,649 GILD GILEAD OUTPERFORM $71 $110 1% -12% -6% 42% -6% 6.0% HIV/HCV Diversified

2 90,778 AMGN AMGEN NEUTRAL $120 $125 2% -4% 2% 11% 5% 1.4% Diversified Diversified

3 71,079 BIIB BIOGEN IDEC OUTPERFORM $301 $400 5% -11% 0% 52% 8% 1.3% CNS Diversified

4 59,815 CELG CELGENE OUTPERFORM $147 $210 7% -7% -13% 22% -13% 1.4% Hem/Onc Diversified

5 30,834 ALXN ALEXION NEUTRAL $156 $171 6% -13% 15% 56% 17% 1.8% Rare Diseases Soliris

6 30,604 REGN REGENERON OUTPERFORM $306 $340 7% -7% 12% 52% 11% 3.9% Diversified Eylea

7 16,516 VRTX VERTEX NEUTRAL $70 $78 7% -12% -11% 28% -6% 2.6% HCV/Cystic Fibrosis Kalydeco, VX-809

8 11,771 ATLN-VX ACTELION OUTPERFORM CHF 86 CHF 90 2% -4% 8% 67% 14% PAH Macitentan, Tracleer

9 9,450 BMRN BIOMARIN NEUTRAL $66 $73 4% -15% -6% 2% -6% 4.6% Rare Diseases Base business and Vimizim

10 8,610 INCY INCYTE $52 6% -18% -13% 137% 3% 3.5% Oncology/Inflammatory Jakafi and Baricitinib

11 7,739 PCYC PHARMACYCLICS OUTPERFORM $103 $121 3% -22% -22% 33% -2% 3.4% Oncology Ibrutinib

12 6,022 ICPT INTERCEPT $299 3% -33% -33% 755% 338% 1.9% Liver disease Obeticholic acid

13 5,228 CBST CUBIST OUTPERFORM $70 $77 3% -9% 0% 55% 1% 5.1% Anti-infectives Cubicin

14 5,204 SGEN SEATTLE GENETICS OUTPERFORM $42 $51 3% -18% -2% 16% 6% 13.0% Oncology Adcetris

15 4,951 UTHR UNITED THERAPEUTICSNEUTRAL $98 $75 4% -2% -12% 60% -13% 13.3% PAH Remodulin, Adcirca and Tyvaso

16 4,771 MDVN MEDIVATION OUTPERFORM $63 $95 4% -10% -14% 22% -2% 4.6% Oncology Xtandi

17 4,632 ISIS ISIS $40 8% -20% -17% 116% -1% 10.7% Antisense technology Kynamro

18 4,212 ALNY ALNYLAM $66 5% -9% 0% 185% 2% 5.6% RNAi technology TTR-mediated amyloidosis

19 3,254 BTG-LN BTG PLC GBP 537 1% -4% -10% 50% -7% MS (RRMS) Lemtrada

20 3,018 ITMN INTERMUNE NEUTRAL $31 $33 4% -8% 74% 237% 111% 11.3% Pulmonology Esbriet

21 2,793 GEVA SYNAGEVA $85 8% -13% 5% 70% 31% 4.6% Rare Diseases Sebelipase alfa

22 2,749 NPSP NPS $27 2% -18% -27% 113% -12% 7.8% Rare Diseases Gattex/Revestive; Natpara

23 2,647 PBYI PUMA $88 9% -22% -25% 178% -15% 3.8% Oncology Neratinib

24 2,640 MNKD MANNKIND $7 7% 23% 18% 59% 35% 17.0% Diabetes Afrezza

25 2,568 PCRX PACIRA $73 11% -2% 11% 149% 27% 11.5% Postsurgical Analgaseia Exparel

26 2,337 XON INTREXON $24 1% -12% -20% 0% 6.8% NA UltraVector, RTS

27 2,262 CLVS CLOVIS OUTPERFORM $67 $100 2% -20% -10% 116% 11% 4.1% Oncology CO-1686 and Rucaparib

28 2,259 MOR-XE MORPHOSYS EUR 62 -2% -12% -2% 99% 11% MM, RA Anti-CD38 antibody MOR202; MOR103

29 2,216 GEN-KO GENMAB DKK 211 1% -14% -13% 42% 0% CLL, MM Arzerra, Chlorambucil, and Daratumumab

30 2,161 ACAD ACADIA $22 5% -22% -9% 175% -12% 11.6% CNS Pimavanserin

31 1,766 RARE ULTRAGENYX $59 11% -5% 0.8% XLH KRN23

32 1,695 MDCO THE MEDICINES COMPANYNEUTRAL $26 $28 5% -12% -35% -19% -32% 6.7% Critical care Marketed products, Cangrelor

33 1,590 ACOR ACORDA $38 4% 2% 32% 20% 32% 6.6% CNS Ampyra

34 1,540 AGIO AGIOS $48 3% 4% 77% 102% 5.0% Mutations in the enzymes IDH2/IDH1 AG-221

35 1,519 CLDX CELLDEX $17 9% -32% -30% 45% -30% 13.4% Cancer immunotherapy Rindopepimut

36 1,498 IRWD IRONWOOD OUTPERFORM $11 $18 3% -23% -16% -39% -6% 13.3% GI Linzess/Constella

37 1,491 NKTR NEKTAR $12 8% -13% -8% 8% 4% 6.9% Platform technology Etirinotecan pegol; NKTR-181

38 1,442 LGND LIGAND $70 6% 0% 18% 172% 33% 16.2% Royalties Royalty Revenues

39 1,438 ARNA ARENA UNDERPERFORM $7 $4 2% -6% 3% -19% 12% 24.2% Obesity Belviq

40 1,414 ARIA ARIAD NEUTRAL $8 $8 4% -2% 13% -58% 11% 21.3% Oncology Iclusig, AP26113

41 1,410 KERX KERYX $16 0% 3% 11% 87% 20% 18.7% Kidney disease Zerenex

42 1,321 PDLI PDL BIOPHARMA UNDERPERFORM $8 $6 1% -1% -7% 8% -2% 16.0% Antibody technology Royalty revenues

43 1,300 AEGR AEGERION $44 6% -16% -33% 11% -38% 16.6% Homozygous familial Lomitapide

44 1,279 ABC-LN ABCAM GBP 381 9% -11% -25% -12% -23% Antibodies Research antibodies

45 1,263 IMGN IMMUNOGEN NEUTRAL $15 $14 7% -9% -3% -13% 0% 10.0% Oncology Kadcyla

46 1,192 DYAX DYAX $9 6% -13% 5% 100% 17% 3.5% Oncology Kalbitor; Ramucirumab

47 1,177 XLRN ACCELERON $38 5% -25% -20% -4% 2.5% β-thalassemia Sotatercept

48 1,095 NBIX NEUROCRINE $15 3% -17% -24% 22% 56% 5.7% Diversified Elagolix; NBI-98854

49 1,095 KPTI KARYOPHARM $37 10% -14% 70% 61% 4.8% Relapsed/refractory hematological/solid tumor malignanciesKPT-330

50 1,088 SGMO SANGAMO $16 5% -28% -14% 61% 17% 14.3% HIV SB-728-T

Source: Company data, Credit Suisse estimates

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Exhibit 6: Top 100 Biotech Companies by Market Cap Continued (51-100)

Mkt

Cap

Rank

Mkt Cap in

$M Ticker Company name CS Rec.

Current

Price CS TP 1D Perf 1M Perf 3M Perf 12M Perf YTD Perf

Short Interest

(% of

Outstanding) Therapeutic Area Lead Asset

51 1,053 OPHT OPHTHOTECH $32 1% -14% 1% -2% 6.8% Wet AMD Fovista

52 1,036 BSLN-EB BASILEA CHF 95 0% -17% -20% 61% -10% Antibiotics Isavuconazole, Ceftobiprole

53 1,011 HALO HALOZYME $8 -2% -41% -51% 45% -46% 10.5% Platform technology Hylenex

54 1,003 PTLA PORTOLA OUTPERFORM $24 $32 0% -9% -13% -5% 2.3% Cardiovascular Betrixiban, PRT4445

55 981 HZNP HORIZON $14 6% 5% 68% 475% 88% 23.8% Mild-to-moderate pain/arthritisMorning stiffness with RA Duexis, Lodotra

56 980 TSRO TESARO INC $27 6% -11% -6% 10% -4% 7.0% Chemotherapy induced nausea and vomiting Rolapitant

57 975 SRPT SAREPTA $26 4% -5% 33% -34% 27% 10.4% Rare/infectious diseases Eteplirsen

58 954 THR-BT THROMBOGENICS EUR 19 -4% -9% -3% -47% -5% Ophthalmology JETREA

59 943 RCPT RECEPTOS OUTPERFORM $43 $58 8% -9% 16% 47% 3.1% CNS RPC1063

60 941 ECYT ENDOCYTE OUTPERFORM $22.8 $44 8% 72% 62% 64% 113% 11.2% Oncology Vintafolide (PROC Ph III MAA Submitted EU); Etarfolatide (PROC PH III); Vintafolide (NSCLC Ph II 1H14);

61 916 EBS EMERGENT $25 1% -13% -2% 78% 7% 9.3% Immune-therapeutics BioThrax

62 915 IDIX IDENIX NEUTRAL $6 $4 4% -13% -7% 57% 2% 12.3% HCV IDX719

63 911 NVAX NOVAVAX $4 1% -26% -16% 62% -15% 10.7% Anti-Infectives RSV Vaccine and VLP Influenza Vaccine

64 884 LXRX LEXICON $2 4% -4% -14% -21% -4% 3.2% Diversified Telotristat etiprate; LX4211

65 848 OMED ONCOMED $29 11% -16% -23% -3% 6.9% Advanced solid tumorsPancreatic cancer / SCLC Demcizumab, OMP-59R5

66 828 FMI FOUNDATION MEDICINE $30 2% -20% 24% 26% 9.8% Cancer diagnostics test FOUNDATIONONE

67 828 GENTY-5 GENTIUM $55.0 -2% 10% -3% 588% -4% Hepatic veno-occlusive disease Defibrotide

68 801 RLYP RELYPSA $27 -1% -36% -1% 8% 1.4% Hyperkalemia, Polymer drug discovery technology Patiromer, RLY6002

69 794 ALGFT-FR GENFIT $27.0 5% -6% 123% 294% 206% Non-alcoholic steato hepatitis GFT505

70 783 KYTH KYTHERA $36 3% -20% -9% 78% -4% 14.9% Aesthetics ATX-101

71 764 ASPX AUSPEX $32 8% 8% 1.0% Chorea associated with Huntington's disease SD-809

72 763 EPZM EPIZYME $23 7% -15% -42% 12% 8.1% Oncology EPZM-5676

73 761 ANAC ANACOR $18 7% -10% -2% 168% 8% 6.3% Onychomycosis (fungal infection) AN2690

74 752 INO INOVIO $3 12% -11% 19% 449% 8% 11.8% Oncology, Anti-Infectives DNA-based SynCon Technology

75 743 PRTA-US PROTHENA OUTPERFORM $34 $53 13% -10% 26% 344% 28% 4.2% Neurological NEOD001, PRX002

76 740 EXEL EXELIXIS NEUTRAL $4 $5 2% -43% -49% -21% -38% 25.5% Oncology Cometriq

77 710 NLNK NEWLINK $25 5% -18% 3% 122% 16% 15.5% Oncology Algenpantucel-L, Tergenpumatucel-L

78 706 PTCT PTC THERAPEUTICS OUTPERFORM $23 $35 2% -24% 20% 38% 5.7% Orphan Diseases Ataluren

79 697 EVT-XE EVOTEC EUR 4 -1% -2% -6% 60% 5% Cardiovascular DiaPep277; EVT302, EVT 100

80 693 GLPG-AE GALAPAGOS EUR 17 0% 5% -1% -8% 10% Autoimmune GLPG0634

81 677 ALGFT-FR VERSARTIS $28.0 9% -2% 131% 309% 217% HGH Deficiency VRS-317

82 677 VSAR VERSARTIS $28.0 1% 0.4% Growth hormone deficiency VRS-317

83 673 ENTA ENANTA OUTPERFORM $37 $43 5% -7% 13% 34% 8.0% HCV ABT-450/r ) and EDP-239

84 667 OREX OREXIGEN OUTPERFORM $6 $10 5% -12% -6% 0% 6% 15.6% Obesity Contrave

85 664 MGNX MACROGENICS $24 4% -27% -35% -12% 2.6% HER2 metastic breast cancer MGAH22

86 658 TSRX TRIUS $14 0% 0% 0% 110% 0% Acute bacterial skin and skin structure infections Torezolid phosphate

87 652 INSM INSMED $17 1% -6% -19% 131% -2% 8.7% Anti-infectives Arikace

88 633 TNG-FR TRANSGENE EUR 12 -3% -4% 15% 43% 40% NSCLC TG4010; Pexa-Vec

89 629 MDXG MIMEDIX $6.0 4% -18% -27% 24% -32% 8.4% Chronic Wound Healing AmnioFix

90 626 PLI-T PROMETIC LIFE $1.3 4% -16% 43% 227% 39% Fibrosis PBI-4050

91 597 ABLX-BT ABLYNX EUR 9 -3% -9% 15% 31% 26% Inflammatory, Musculoskeletal Caplacizumab; ozoralizumab, ALX-0061

92 587 CMRX CHIMERIX $22 1% 12% 29% 45% 4.1% Anti-infectives CMX-001 (Anti dsDNA viruses in immunocompromised patients

93 586 BCRX BIOCRYST $9.8 3% -15% -3% 462% 29% 11.5% Novel Therapy Novel drugs

94 585 MNTA MOMENTA $11.1 1% -24% -44% -17% -37% 9.3% Deep Vein Thrombosis Enoxaprin Sodium Injection

95 563 ARRY ARRAY $4.5 6% -11% -15% -14% -10% 11.7% Oncology; Asthma ARRY-520; ARRY-502; MEK-162

96 559 RPTP RAPTOR $9 0% -43% -40% 56% -31% 22.5% Cystinosis Procysbi; RP103

97 552 RVNC REVANCE $30 2% -15% 2.0% Crow's feat lines RT001

98 549 BLUE BLUEBIRD EUR 23 4% -13% 4% 8% 6.1% Childhood cerebral ALD ALD-102

99 542 HPTX HYPERION $27 11% -4% 12% 11% 33% 3.5% Orphan Diseases Ravicti

100 532 MACK MERRIMACK $5 -1% -13% -15% -14% -3% 22.3% Oncology MM-398


11 April 2014


Exhibit 7: Top 10 Biotech Companies (of Top 100) with the Least Short Interest (as % shares outstanding)

0.4%

0.8%

1.0%

1.3%

1.4% 1.4% 1.4%

1.8%

1.9% 2.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

VERSARTIS ULTRAGENYX AUSPEX BIOGEN IDEC AMGEN RELYPSA CELGENE ALEXION INTERCEPT REVANCE


Exhibit 8: Top 10 Biotech Companies (of Top 100) with the Most Short Interest (as % shares outstanding)

25.5%

24.2% 23.8%

22.5% 22.3%21.3%

18.7%

17.0% 16.6% 16.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

EXELIXIS ARENA HORIZON RAPTOR MERRIMACK ARIAD KERYX MANNKIND AEGERION LIGAND


11 April 2014


Exhibit 9: Biotech Valuation Relative to Other Major Industrial Sectors* Sector Rev CAGR '13-'16 EPS CAGR '13-'16 2013 Net Margin 2016 P/E PEG

Biotech 18% 29% 26% 13.3x 0.5

Consumer Discretionary 10% 42% 8% 19.4x 0.5

IT 7% 10% 22% 11.8x 1.1

Materials 5% 18% 11% 12.2x 0.7

S&P 500 4% 6% 10% 14.3x 2.2

Industrials 5% 11% 11% 14.1x 1.3

Financials 3% 9% 21% 9.2x 1.0

Energy 2% 6% 11% 11.1x 1.8

Consumer Staples 2% 5% 12% 14.9x 2.8

Utilities 2% 5% 7% 16.0x 3.4

Telecom 1% 7% 17% 11.9x 1.7

Pharma 1% 5% 17% 16.7x 3.2

Source: Company data, Credit Suisse estimates, Thompson One *Top 4 Companies for Each Sector

Exhibit 10: Biotech Valuation Relative to Pharma and the S&P500 on Long Term Out-

Year Numbers Company 2014 P/E 2015 P/E 2016 P/E 2017 P/E Rev CAGR '14-'17

(%)

EPS CAGR '14-

'17 (%)

AMGN 14.5x 14.1x 13.8x 12.4x 0.8% 5.4%

BIIB 26.8x 21.8x 18.0x 15.4x 12.7% 20.3%

CELG 20.5x 15.3x 11.5x 9.3x 20.1% 30.0%

GILD 19.8x 12.5x 10.0x 8.9x 16.1% 30.4%

LC Biotech Average 20.4x 16.0x 13.3x 11.5x 12.4% 21.5%

US Pharma Average 18.9x 18.1x 15.7x 14.6x 3.1% 9.5%

EU Pharma Average 17.2x 15.7x 14.7x 14.4x 3.1% 6.8%

S&P 500 16.0x 14.6x 14.3x 13.6x 4.1% 5.5%


11 April 2014


Exhibit 11: Granularity of Biotech Revenue and EPS growth rates Relative to Other Major

Industrial sectors* Sector Revenues YoY Growth EPS YoY Growth

2013 2014 2015 2016 2013 2014 2015 2016

Biotech 16% 23% 17% 13% 17% 38% 29% 21%

Consumer Discretionary* 9% 10% 9% 10% 233% 52% 41% 33%

IT 14% 5% 5% 10% 4% 9% 12% 11%

Telecom 7% 6% 2% 2% -4% 35% 13% 8%

Materials 2% 5% 6% 5% 19% 19% 20% 15%

Industrials 4% 4% 4% 6% 8% 10% 11% 10%

S&P 500 3% 3% 4% 5% 7% 8% 10% 2%

Utilities 6% 3% 3% 1% 6% 6% 6% 3%

Energy -10% 1% 3% 4% -1% -1% 19% 3%

Consumer Staples 1% 0% 4% 4% 6% 1% 7% 8%

Financials 2% 0% 3% 4% 8% 13% 9% 6%

Pharma -5% -1% 0% 4% -3% 3% 2% 11%

Source: Company data, Credit Suisse estimates, Thompson One *Top 4 Companies for Each Sector, ** Distorted by Amazon

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(2) Valuation Tables

Exhibit 12: PE Valuation of Top 25 Global Companies by Market Cap

No. Company Name Ticker Currency Current

Price (LC)

Current

Price ($)

Market Cap

(LC Bn)

Market Cap

($Bn)

2014 PE 2015 PE 2016 PE 2017 PE 14-17 Sales

CAGR

14-17 EPS

CAGR

PEG (14 PE/14-

17 Growth)

PEG (17 PE/14-

17 Growth)

1 Johnson & Johnson JNJ-US USD 99 99 280 280 17x 16x 15x 14x 4% 7% 2.5 2.0

2 Roche ROG-VX CHF 256 290 217 247 18x 17x 15x 14x 4% 8% 2.2 1.7

3 Novartis NOVN-VX CHF 74 84 201 228 16x 14x 12x 11x 5% 12% 1.3 0.9

4 Pfizer PFE-US USD 31 31 200 200 14x 13x 13x 12x 1% 4% 3.8 3.4

5 Merck MRK-US USD 57 57 168 168 17x 15x 14x 14x 1% 5% 3.3 2.9

6 Sanofi SAN-FR EUR 76 105 100 138 14x 12x 12x 12x 3% 7% 2.1 1.7

7 Glaxo-smithkline GSK-LN GBP 16 27 77 129 17x 15x 14x 13x 3% 9% 1.9 1.4

8 Gilead GILD-US USD 71 71 109 109 20x 12x 10x 9x 16% 30% 0.7 0.3

9 Bayer BAYN-XE EUR 95 131 78 108 15x 13x 12x 11x 4% 12% 1.3 0.9

10 Novo Nordisk NOVO'B-KO DKK 236 44 521 97 23x 20x 19x 18x 8% 8% 2.8 2.2

11 Amgen AMGN-US USD 120 120 91 91 14x 14x 14x 12x 1% 5% 2.7 2.3

12 Bristol-Myer Sqb BMY-US USD 51 51 84 84 28x 31x 25x 21x 4% 10% 2.7 2.0

13 Astrazeneca AZN-LN GBP 38 64 48 81 16x 17x 17x 20x -3% -7% NA NA

14 Abbvie ABBV-US USD 51 51 81 81 16x 14x 12x 11x 7% 14% 1.1 0.8

15 Biogen Idec BIIB-US USD 301 301 71 71 27x 22x 18x 15x 13% 20% 1.3 0.8

16 Eli Lilly LLY-US USD 60 60 68 68 22x 19x 16x 15x 3% 14% 1.5 1.0

17 Celgene CELG-US USD 147 147 60 60 20x 15x 12x 9x 20% 30% 0.7 0.3

18 Abbott ABT-US USD 38 38 58 58 17x 15x 14x 12x 6% 11% 1.5 1.1

19 Teva TEVA-TV ILS 181 52 172 50 11x 11x 11x 11x 0% 1% NA NA

20 Valeant VRX-US USD 129 129 43 43 15x 12x 11x 10x 7% 14% 1.1 0.7

21 Allergan AGN-US USD 121 121 36 36 22x 19x 17x 15x 7% 14% 1.6 1.1

22 Actavis ACT-US USD 202 202 35 35 16x 14x 13x 12x 3% 10% 1.5 1.1

23 Merck Kgaa MRK-XE EUR 116 161 25 35 13x 12x 12x 11x 3% 4% 3.4 3.1

24 Takeda 4502-TO JPY 4,492 44 3,546 35 32x 34x 26x 25x 3% 8% 4.2 3.4

25 Alexion ALXN-US USD 156 156 31 31 33x 27x 23x 18x 24% 23% 1.4 0.8

Biotech Average 23x 18x 15x 13x 15% 22% 1.4 0.9

Pharma Average 18x 17x 15x 14x 4% 8% 2.2 1.8

S&P 500 .SPX-UT 16x 15x 14x 14x 4% 6% 2.9 2.4

Source: Company data, Credit Suisse estimates, Thompson One

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Exhibit 13: PR (Price to Revenues) Valuation of Top 25 Global Companies by Market Cap


Price (LC)

Current

Price ($)

Market Cap

(LC Bn)

Market Cap

($Bn)

2014 PR 2015 PR 2016 PR 2017 PR 14-17 Sales

CAGR

14-17 EPS

CAGR

PEG (14 PE/14-

17 Growth)

PEG (17 PE/14-

17 Growth)

1 Johnson & Johnson JNJ-US USD 99 99 280 280 3.8x 3.6x 3.5x 3.3x 4% 7% 2.5 2.0

2 Roche ROG-VX CHF 256 290 217 247 4.6x 4.4x 4.3x 4.1x 4% 8% 2.2 1.7

3 Novartis NOVN-VX CHF 74 84 201 228 3.7x 3.5x 3.3x 3.2x 5% 12% 1.3 0.9

4 Pfizer PFE-US USD 31 31 200 200 4.0x 3.9x 4.0x 3.9x 1% 4% 3.8 3.4

5 Merck MRK-US USD 57 57 168 168 3.9x 3.9x 3.8x 3.8x 1% 5% 3.3 2.9

6 Sanofi SAN-FR EUR 76 105 100 138 2.8x 2.7x 2.6x 2.6x 3% 7% 2.1 1.7

7 Glaxo-smithkline GSK-LN GBP 16 27 77 129 3.0x 2.9x 2.8x 2.7x 3% 9% 1.9 1.4

8 Gilead GILD-US USD 71 71 109 109 6.8x 5.3x 4.6x 4.4x 16% 30% 0.7 0.3

9 Bayer BAYN-XE EUR 95 131 78 108 1.9x 1.8x 1.7x 1.6x 4% 12% 1.3 0.9

10 Novo Nordisk NOVO'B-KO DKK 236 44 521 97 5.8x 5.2x 4.9x 4.6x 8% 8% 2.8 2.2

11 Amgen AMGN-US USD 120 120 91 91 4.6x 4.5x 4.5x 4.5x 1% 5% 2.7 2.3

12 Bristol-Myer Sqb BMY-US USD 51 51 84 84 5.3x 5.5x 5.1x 4.8x 4% 10% 2.7 2.0

13 Astrazeneca AZN-LN GBP 38 64 48 81 3.1x 3.0x 3.1x 3.3x -3% -7% NA NA

14 Abbvie ABBV-US USD 51 51 81 81 4.2x 3.9x 3.6x 3.4x 7% 14% 1.1 0.8

15 Biogen Idec BIIB-US USD 301 301 71 71 8.4x 7.3x 6.4x 5.8x 13% 20% 1.3 0.8

16 Eli Lilly LLY-US USD 60 60 68 68 3.5x 3.4x 3.2x 3.2x 3% 14% 1.5 1.0

17 Celgene CELG-US USD 147 147 60 60 7.9x 6.5x 5.3x 4.6x 20% 30% 0.7 0.3

18 Abbott ABT-US USD 38 38 58 58 2.6x 2.4x 2.3x 2.2x 6% 11% 1.5 1.1

19 Teva TEVA-TV ILS 181 52 172 50 2.5x 2.5x 2.5x 2.5x 0% 1% NA NA

20 Valeant VRX-US USD 129 129 43 43 5.1x 4.7x 4.5x 4.1x 7% 14% 1.1 0.7

21 Allergan AGN-US USD 121 121 36 36 5.2x 4.8x 4.5x 4.2x 7% 14% 1.6 1.1

22 Actavis ACT-US USD 202 202 35 35 3.4x 3.3x 3.2x 3.1x 3% 10% 1.5 1.1

23 Merck Kgaa MRK-XE EUR 116 161 25 35 2.2x 2.1x 2.1x 2.0x 3% 4% 3.4 3.1

24 Takeda 4502-TO JPY 4,492 44 3,546 35 2.1x 2.1x 2.0x 1.9x 3% 8% 4.2 3.4

25 Alexion ALXN-US USD 156 156 31 31 13.9x 11.0x 9.0x 7.3x 24% 23% 1.4 0.8

Biotech Average 8.3x 6.9x 5.9x 5.3x 15% 22% 1.4 0.9

Pharma Average 3.6x 3.5x 3.3x 3.2x 4% 8% 2.2 1.8

S&P 500 .SPX-UT 4% 6% 2.9 2.4


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Exhibit 14: EV/EBITDA Valuation of Top 25 Global Companies


Price (LC)

Current

Price ($)

Market Cap

(LC Bn)

Market Cap

($Bn)

Enterprise

Value (LC Bn)

Enterprise

Value ($Bn)

EV/2014

EBITDA

EV/2015

EBITDA

EV/2016

EBITDA

EV/2017

EBITDA

14-17 Sales

CAGR

14-17 EPS

CAGR

14-17 EBITDA

CAGR

1 Johnson & Johnson JNJ-US USD 99 99 280 280 266 266 11x 10x 9x 9x 4% 7% 6%

2 Roche ROG-VX CHF 256 290 217 247 223 253 12x 11x 11x 10x 4% 8% 6%

3 Novartis NOVN-VX CHF 74 84 201 228 208 237 12x 11x 10x 10x 5% 12% 8%

4 Pfizer PFE-US USD 31 31 200 200 186 186 8x 8x 8x 8x 1% 4% 2%

5 Merck MRK-US USD 57 57 168 168 166 166 11x 10x 9x 10x 1% 5% 2%

6 Sanofi SAN-FR EUR 76 105 100 138 107 148 8x 7x 7x 7x 3% 7% 3%

7 Glaxo-smithkline GSK-LN GBP 16 27 77 129 90 151 11x 11x 10x 10x 3% 9% 5%

8 Gilead GILD-US USD 71 71 109 109 112 112 14x 9x 8x 7x 16% 30% 23%

9 Bayer BAYN-XE EUR 95 131 78 108 86 119 10x 9x 8x 8x 4% 12% 9%

10 Novo Nordisk NOVO'B-KO DKK 236 44 521 97 538 100 14x 12x 12x 11x 8% 8% 7%

11 Amgen AMGN-US USD 120 120 91 91 107 107 11x 11x 11x 10x 1% 5% 4%

12 Bristol-Myer Sqb BMY-US USD 51 51 84 84 85 85 18x 20x 17x 15x 4% 10% 7%

13 Astrazeneca AZN-LN GBP 38 64 48 81 49 82 7x 7x 7x 8x -3% -7% -5%

14 Abbvie ABBV-US USD 51 51 81 81 87 87 12x 10x 9x 9x 7% 14% 10%

15 Biogen Idec BIIB-US USD 301 301 71 71 70 70 17x 14x 13x 11x 13% 20% 14%

16 Eli Lilly LLY-US USD 60 60 68 68 59 59 12x 10x 9x 9x 3% 14% 9%

17 Celgene CELG-US USD 147 147 60 60 56 56 14x 11x 8x 7x 20% 30% 25%

18 Abbott ABT-US USD 38 38 58 58 62 62 10x 10x 9x 9x 6% 11% 6%

19 Teva TEVA-TV ILS 181 52 172 50 172 50 8x 8x 9x 9x 0% 1% -4%

20 Valeant VRX-US USD 129 129 43 43 43 43 10x 9x 8x 9x 7% 14% 6%

21 Allergan AGN-US USD 121 121 36 36 34 34 13x 12x 11x 10x 7% 14% 10%

22 Actavis ACT-US USD 202 202 35 35 35 35 11x 10x 9x 9x 3% 10% 8%

23 Merck Kgaa MRK-XE EUR 116 161 25 35 26 36 6x 18x 6x 6x 3% 4% 3%

24 Takeda 4502-TO JPY 4,492 44 3,546 35 3,495 34 9x 8x 7x 7x 3% 8% 7%

25 Alexion ALXN-US USD 156 156 31 31 29 29 26x 20x 16x 13x 24% 23% 28%

Biotech Average 16x 13x 11x 10x 15% 22% 19%

Pharma Average 11x 11x 9x 9x 4% 8% 5%

S&P 500 .SPX-UT 4% 6%


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Exhibit 15: PE Valuation of Healthcare Subsectors


Price (LC)

Current

Price ($)

Market Cap

(LC Bn)

Market Cap

($Bn)

2014 PE 2015 PE 2016 PE 2017 PE 14-17 Sales

CAGR

14-17 EPS

CAGR

PEG (14 PE/14-

17 EPS Growth)

PEG (17 PE/14-

17 EPS Growth)

Major Pharma

1 Johnson & Johnson JNJ-US USD 99 99 280 280 17x 16x 15x 15x 3% 5% 3.2 2.7

2 Novartis NOVN-VX CHF 74 84 201 228 16x 14x 12x 11x 5% 12% 1.3 0.9

3 Roche ROG-VX CHF 256 290 217 247 18x 17x 15x 14x 4% 8% 2.2 1.7

4 Pfizer PFE-US USD 31 31 200 200 14x 13x 13x 12x 1% 4% 3.8 3.4

5 Merck MRK-US USD 57 57 168 168 17x 15x 14x 14x 1% 5% 3.3 2.9

6 Sanofi SAN-FR EUR 76 105 100 138 14x 12x 12x 12x 3% 7% 2.1 1.7

7 Glaxo-smithkline GSK-LN GBP 16 27 77 129 17x 15x 14x 13x 3% 9% 1.9 1.4

8 Bayer BAYN-XE EUR 95 131 78 108 15x 13x 12x 11x 4% 12% 1.3 0.9

9 Novo Nordisk NOVO'B-KO DKK 236 44 521 97 23x 20x 19x 18x 8% 8% 2.8 2.2

10 Bristol-Myer Sqb BMY-US USD 51 51 84 84 28x 31x 25x 21x 4% 10% 2.7 2.0

11 AbbVie ABBV-US USD 51 51 81 81 16x 14x 12x 11x 7% 14% 1.1 0.8

12 Astrazeneca AZN-LN GBP 38 64 48 81 16x 17x 17x 20x -3% -7% NA NA

13 Eli Lilly LLY-US USD 60 60 68 68 22x 19x 16x 15x 3% 14% 1.5 1.0

Major Pharma Average 18x 17x 15x 14x 3% 8% 2.3 1.8

Spec Pharma

1 Allergan AGN-US USD 121 121 36 36 22x 19x 17x 15x 7% 14% 1.6 1.1

2 Merck Kgaa MRK-XE EUR 116 161 25 35 13x 12x 12x 11x 3% 4% 3.4 3.1

3 Shire SHP-LN GBP 29 49 17 29 15x 14x 13x 11x 6% 10% 1.5 1.1

4 Forest FRX-US USD 91 91 25 25 67x 20x 17x 15x 15% 63% 1.1 0.2

5 UCB UCB-BT EUR 56 77 11 15 28x 23x 19x 15x 7% 25% 1.1 0.6

6 Alkermes ALKS-US USD 45 45 7 7 90x 60x 29x 21x 18% 62% 1.4 0.3

7 Lundbeck LUN-KO DKK 156 29 31 6 33x 26x 14x 11x 3% 45% 0.7 0.2

8 Lonza LONN-VX CHF 87 99 5 5 15x 12x 11x 10x 5% 13% 1.2 0.8

9 Meda MEDA'A-SK SEK 108 17 33 5 11x 9x 8x 7x 7% 14% 0.8 0.5

10 Recordati REC-MI EUR 13 17 3 4 15x 14x 14x 13x 4% 5% 2.8 2.4

11 Ipsen IPN-FR EUR 29 40 2 3 15x 14x 12x 11x 6% 12% 1.3 0.9

12 Orion ORNBV-HE EUR 22 30 2 3 20x 19x 19x 18x 3% 3% 6.3 5.7

13 Almirall ALM-MC EUR 11 15 2 3 23x 11x 8x 7x 8% 50% 0.5 0.1

Spec Pharma Average 28x 20x 15x 13x 7% 25% 1.8 1.3

Generics

1 Teva TEVA-TV ILS 181 52 172 50 11x 11x 11x 11x 0% 1% NA NA

2 Actavis ACT-US USD 202 202 35 35 16x 14x 13x 12x 3% 10% 1.5 1.1

3 Mylan MYL-US USD 49 49 18 18 14x 12x 11x 11x 5% 9% 1.5 1.1

4 Dr Reddy's DRREDDY-IS INR 2,549 42 434 7 21x 19x 16x 14% 14% 1.5 0.0

5 Hikma HIK-LN GBP 16 26 3 5 23x 20x 18x 18x 9% 8% 2.7 2.1

6 Ranbaxy RANBAXY-IN INR 462 8 196 3 35x 23x 22x 30x 3% 5% 7.3 6.4

Generics Average 20x 17x 15x 16x 6% 8% 2.9 2.2

Biotech

1 Gilead GILD-US USD 71 71 109 109 20x 12x 10x 9x 16% 30% 0.7 0.3

2 Amgen AMGN-US USD 120 120 91 91 14x 14x 14x 12x 1% 5% 2.7 2.3

3 Biogen BIIB-US USD 301 301 71 71 27x 22x 18x 15x 13% 20% 1.3 0.8

4 Celgene CELG-US USD 147 147 60 60 20x 15x 12x 9x 20% 30% 0.7 0.3

5 Regeneron REGN-US USD 306 306 31 31 79x 44x 36x 28x 19% 40% 1.9 0.7

6 Alexion ALXN-US USD 156 156 31 31 33x 27x 23x 18x 24% 23% 1.4 0.8

Biotech Average 32x 22x 19x 15x 15% 25% 1.5 0.9 Source: Company data, Credit Suisse estimates *14-16 CAGR used when 14-17 CAGR data unavailable

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Exhibit 16: PR (Price to Revenues) Valuation of Healthcare Subsectors*


Price (LC)

Current

Price ($)

Market Cap

(LC Bn)

Market Cap

($Bn)

2014 PR 2015 PR 2016 PR 2017 PR 14-17 Sales

CAGR

14-17 EPS

CAGR

PEG (14 PE/14-

17 EPS Growth)

PEG (17 PE/14-

17 EPS Growth)

Major Pharma

1 Johnson & Johnson JNJ-US USD 99 99 280 280 3.8x 3.6x 3.5x 3.4x 3% 5% 3.2 2.7

2 Novartis NOVN-VX CHF 74 84 201 228 3.7x 3.5x 3.3x 3.2x 5% 12% 1.3 0.9

3 Roche ROG-VX CHF 256 290 217 247 4.6x 4.4x 4.3x 4.1x 4% 8% 2.2 1.7

4 Pfizer PFE-US USD 31 31 200 200 4.0x 3.9x 4.0x 3.9x 1% 4% 3.8 3.4

5 Merck MRK-US USD 57 57 168 168 3.9x 3.9x 3.8x 3.8x 1% 5% 3.3 2.9

6 Sanofi SAN-FR EUR 76 105 100 138 2.8x 2.7x 2.6x 2.6x 3% 7% 2.1 1.7

7 Glaxo-smithkline GSK-LN GBP 16 27 77 129 3.0x 2.9x 2.8x 2.7x 3% 9% 1.9 1.4

8 Bayer BAYN-XE EUR 95 131 78 108 1.9x 1.8x 1.7x 1.6x 4% 12% 1.3 0.9

9 Novo Nordisk NOVO'B-KO DKK 236 44 521 97 5.8x 5.2x 4.9x 4.6x 8% 8% 2.8 2.2

10 Bristol-Myer Sqb BMY-US USD 51 51 84 84 5.3x 5.5x 5.1x 4.8x 4% 10% 2.7 2.0

11 AbbVie ABBV-US USD 51 51 81 81 4.2x 3.9x 3.6x 3.4x 7% 14% 1.1 0.8

12 Astrazeneca AZN-LN GBP 38 64 48 81 3.1x 3.0x 3.1x 3.3x -3% -7% NA NA

13 Eli Lilly LLY-US USD 60 60 68 68 3.5x 3.4x 3.2x 3.2x 3% 14% 1.5 1.0

Major Pharma Average 3.8x 3.7x 3.5x 3.4x 3% 8% 2.3 1.8

Spec Pharma

1 Allergan AGN-US USD 121 121 36 36 5.2x 4.8x 4.5x 4.2x 7% 14% 1.6 1.1

2 Merck Kgaa MRK-XE EUR 116 161 25 35 2.2x 2.1x 2.1x 2.0x 3% 4% 3.4 3.1

3 Shire SHP-LN GBP 29 49 17 29 4.8x 4.6x 4.3x 4.0x 6% 10% 1.5 1.1

4 Forest FRX-US USD 91 91 25 25 7.0x 5.2x 5.0x 4.7x 15% 63% 1.1 0.2

5 UCB UCB-BT EUR 56 77 11 15 3.0x 2.9x 2.7x 2.5x 7% 25% 1.1 0.6

6 Alkermes ALKS-US USD 45 45 7 7 11.0x 9.7x 8.1x 6.6x 18% 62% 1.4 0.3

7 Lundbeck LUN-KO DKK 156 29 31 6 2.3x 2.4x 2.2x 2.1x 3% 45% 0.7 0.2

8 Lonza LONN-VX CHF 87 99 5 5 1.2x 1.1x 1.1x 1.1x 5% 13% 1.2 0.8

9 Meda MEDA'A-SK SEK 108 17 33 5 2.3x 2.2x 2.0x 1.9x 7% 14% 0.8 0.5

10 Recordati REC-MI EUR 13 17 3 4 2.6x 2.5x 2.4x 2.3x 4% 5% 2.8 2.4

11 Ipsen IPN-FR EUR 29 40 2 3 1.9x 1.8x 1.7x 1.6x 6% 12% 1.3 0.9

12 Orion ORNBV-HE EUR 22 30 2 3 2.2x 2.1x 2.1x 2.0x 3% 3% 6.3 5.7

13 Almirall ALM-MC EUR 11 15 2 3 2.4x 2.2x 2.0x 1.9x 8% 50% 0.5 0.1

Spec Pharma Average 3.7x 3.3x 3.1x 2.8x 7% 25% 1.8 1.3

Generics

1 Teva TEVA-TV ILS 181 52 172 50 2.5x 2.5x 2.5x 2.5x 0% 1% NA NA

2 Actavis ACT-US USD 202 202 35 35 3.4x 3.3x 3.2x 3.1x 3% 10% 1.5 1.1

3 Mylan MYL-US USD 49 49 18 18 2.3x 2.1x 2.0x 2.0x 5% 9% 1.5 1.1

4 Dr Reddy's DRREDDY-IS INR 2,549 42 434 7 3.3x 2.8x 2.5x 14% 14% 1.5 0.0

5 Hikma HIK-LN GBP 16 26 3 5 3.6x 3.3x 3.0x 2.8x 9% 8% 2.7 2.1

6 Ranbaxy RANBAXY-IN INR 462 8 196 3 1.7x 1.5x 1.4x 1.6x 3% 5% 7.3 6.4

Generics Average 2.8x 2.6x 2.4x 2.4x 6% 8% 2.9 2.2

Biotech

1 Gilead GILD-US USD 71 71 109 109 6.8x 5.3x 4.6x 4.4x 16% 30% 0.7 0.3

2 Amgen AMGN-US USD 120 120 91 91 4.6x 4.5x 4.5x 4.5x 1% 5% 2.7 2.3

3 Biogen BIIB-US USD 301 301 71 71 8.4x 7.3x 6.4x 5.8x 13% 20% 1.3 0.8

4 Celgene CELG-US USD 147 147 60 60 7.9x 6.5x 5.3x 4.6x 20% 30% 0.7 0.3

5 Regeneron REGN-US USD 306 306 31 31 11.7x 9.4x 8.2x 7.0x 19% 40% 1.9 0.7

6 Alexion ALXN-US USD 156 156 31 31 13.9x 11.0x 9.0x 7.3x 24% 23% 1.4 0.8

Biotech Average 8.9x 7.3x 6.3x 5.6x 15% 25% 1.5 0.9 Source: Company data, Credit Suisse estimates *14-16 CAGR used when 14-17 CAGR data unavailable

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Exhibit 17: EV/EBITDA Valuation of Healthcare Subsectors


Price (LC)

Current

Price ($)

Market Cap

(LC Bn)

Market Cap

($Bn)

Enterprise

Value (LC Bn)

Enterprise

Value ($Bn)

EV/2014

EBITDA

EV/2015

EBITDA

EV/2016

EBITDA

EV/2017

EBITDA

14-17 Sales

CAGR

14-17 EPS

CAGR

14-17 EBITDA

CAGR

Major Pharma

1 Johnson & Johnson JNJ-US USD 99 99 280 280 266 266 11x 10x 9x 9x 3% 5% 6%

2 Novartis NOVN-VX CHF 74 84 201 228 208 237 12x 11x 10x 10x 5% 12% 8%

3 Roche ROG-VX CHF 256 290 217 247 223 253 12x 11x 11x 10x 4% 8% 6%

4 Pfizer PFE-US USD 31 31 200 200 186 186 8x 8x 8x 8x 1% 4% 2%

5 Merck MRK-US USD 57 57 168 168 166 166 11x 10x 9x 10x 1% 5% 2%

6 Sanofi SAN-FR EUR 76 105 100 138 107 148 8x 7x 7x 7x 3% 7% 3%

7 Glaxo-smithkline GSK-LN GBP 16 27 77 129 90 151 11x 11x 10x 10x 3% 9% 5%

8 Bayer BAYN-XE EUR 95 131 78 108 86 119 10x 9x 8x 8x 4% 12% 9%

9 Novo Nordisk NOVO'B-KO DKK 236 44 521 97 538 100 14x 12x 12x 11x 8% 8% 7%

10 Bristol-Myer Sqb BMY-US USD 51 51 84 84 85 85 18x 20x 17x 15x 4% 10% 7%

11 AbbVie ABBV-US USD 51 51 81 81 87 87 12x 10x 9x 9x 7% 14% 10%

12 Astrazeneca AZN-LN GBP 38 64 48 81 49 82 7x 7x 7x 8x -3% -7% -5%

13 Eli Lilly LLY-US USD 60 60 68 68 59 59 12x 10x 9x 9x 3% 14% 9%

Major Pharma Average 11x 11x 10x 9x 3% 8% 5%

Spec Pharma

1 Allergan AGN-US USD 121 121 36 36 34 34 13x 12x 11x 10x 7% 14% 10%

2 Merck Kgaa MRK-XE EUR 116 161 25 35 26 36 6x 18x 6x 6x 3% 4% 3%

3 Shire SHP-LN GBP 29 49 17 29 17 29 10x 10x 9x 8x 6% 10% 9%

4 Forest FRX-US USD 91 91 25 25 24 24 39x 13x 11x 10x 15% 63% 57%

5 UCB UCB-BT EUR 56 77 11 15 13 18 17x 15x 13x 10x 7% 25% 19%

6 Alkermes ALKS-US USD 45 45 7 7 7 7 235x 48x 29x 15x 18% 62% 151%

7 Lundbeck LUN-KO DKK 156 29 31 6 27 5 16x 11x 7x 6x 3% 45% 36%

8 Lonza LONN-VX CHF 87 99 5 5 7 8 9x 8x 8x 7x 5% 13% 7%

9 Meda MEDA'A-SK SEK 108 17 33 5 45 7 11x 9x 9x 8x 7% 14% 12%

10 Recordati REC-MI EUR 13 17 3 4 3 4 11x 10x 10x 10x 4% 5% 5%

11 Ipsen IPN-FR EUR 29 40 2 3 2 3 10x 9x 8x 7x 6% 12% 11%

12 Orion ORNBV-HE EUR 22 30 2 3 2 3 9x 9x 9x 9x 3% 3% 2%

13 Almirall ALM-MC EUR 11 15 2 3 2 3 13x 8x 6x 5x 8% 50% 39%

Spec Pharma Average 31x 14x 10x 9x 7% 25% 28%

Generics

1 Teva TEVA-TV ILS 181 52 172 50 172 50 8x 8x 9x 9x 0% 1% -4%

2 Actavis ACT-US USD 202 202 35 35 35 35 11x 10x 9x 9x 3% 10% 8%

3 Mylan MYL-US USD 49 49 18 18 18 18 8x 7x 7x 9x 5% 9% -5%

4 Dr Reddy's DRREDDY-IS INR 2,549 42 434 7 436 7 14x 12x 11x 14% 14% 12%

5 Hikma HIK-LN GBP 16 26 3 5 3 5 12x 12x 11x 10x 9% 8% 6%

6 Ranbaxy RANBAXY-IN INR 462 8 196 3 239 4 21x 16x 13x 17x 3% 5% 8%

Generics Average 12x 11x 10x 11x 6% 8% 4%

Biotech

1 Gilead GILD-US USD 71 71 109 109 112 112 14x 9x 8x 7x 16% 30% 23%

2 Amgen AMGN-US USD 120 120 91 91 107 107 11x 11x 11x 10x 1% 5% 4%

3 Biogen BIIB-US USD 301 301 71 71 70 70 17x 14x 13x 11x 13% 20% 14%

4 Celgene CELG-US USD 147 147 60 60 56 56 14x 11x 8x 7x 20% 30% 25%

5 Regeneron REGN-US USD 306 306 31 31 30 30 32x 21x 17x 19% 40% 39%

6 Alexion ALXN-US USD 156 156 31 31 29 29 26x 20x 16x 13x 24% 23% 28%

Biotech Average 19x 14x 12x 10x 15% 25% 22% Source: Company data, Credit Suisse estimates *14-16 CAGR used when 14-17 CAGR data unavailable

11 April 2014


(3) Events Calendar

Exhibit 18: Rolling 12 month Calendar Of Medical/Industry Conferences (Major Conferences Highlighted)

Event Date Location

EASL - European Association for the Study of the Liver - International Liver Congress April 9, 2014 - April 13, 2014 London, UK

ISHLT - Int'l. Society for Heart & Lung Transplantation - Annual Meeting April 10, 2014 - April 13, 2014 San Diego, CA, USA

NKF - National Kidney Foundation - Spring Clinical Meetings April 22, 2014 - April 26, 2014 Las Vegas, NV, USA

CHI - Cambridge Healthtech Institute's Annual Drug Discovery Chemistry Conference April 23, 2014 - April 25, 2014 San Diego, CA, USA

GTC's 7th Diabetes Summit April 23, 2014 - April 25, 2014 Boston, MA, USA

NIO - Neurotechnology Industry Organization Conference April 23, 2014 - April 24, 2014 Boston, MA, USA

World Orphan Drug Congress USA 2014 April 23, 2014 - April 25, 2014 Washington D.C., USA

ACR - American College of Radiology - Annual Meeting and Leadership Conference April 26, 2014 - April 30, 2014 Washington D.C., USA

ACOG - American College of Obstetricians and Gynecologists - Annual Meeting April 26, 2014 - April 30, 2014 Chicago, IL, USA

NACDS - National Association of Chain Drug Stores Annual Meeting April 26, 2014 - April 29, 2014 Scottsdale, AZ, USA

AAN - American Academy of Neurology® - Annual Meeting April 26, 2014 - May 3, 2014 Philadelphia, PA, USA

ACOEM - American College of Occupational and Environmental Medicine Health Conference April 27, 2014 - April 30, 2014 San Antonio , TX, USA

Clinical Virology Symposium April 27, 2014 - April 30, 2014 Daytona Beach, FL, USA

Bio-IT World Conference & Expo April 29, 2014 - May 1, 2014 Boston, PA, USA

Biomarker World Congress April 30, 2014 - May 2, 2014 Philadelphia, PA, USA

APS - American Pain Society - Annual Scientific Meeting April 30, 2014 - May 3, 2014 Tampa, FL, USA

NLA - National Lipid Association Annual Scientific Sessions May 1, 2014 - May 4, 2014 Orlando, FL, USA

DDW - Digestive Disease Week - AASLD, AGA, ASGE, SSAT May 3, 2014 - May 6, 2014 Chicago, IL, USA

APA - American Psychiatric Association - Annual Meeting May 3, 2014 - May 7, 2014 New York, NY, USA

ARVO - Association for Research in Vision and Ophthalmology - Annual Meeting May 4, 2014 - May 8, 2014 Orlando, FL, USA

HRS - Heart Rhythm Society's Annual Scientific Sessions May 7, 2014 - May 10, 2014 San Francisco, CA, USA

ACR National Conference on Breast Cancer May 8, 2014 - May 10, 2014 Phoenix, AZ, USA

Genomics Research Conference May 9, 2014 - May 10, 2014 Boston, MA, USA

ECCMID - European Congress of Clinical Microbiology and Infectious Diseases May 10, 2014 - May 13, 2014 Barcelona, Spain

ICAR - International Conference on Antiviral Research May 12, 2014 - May 16, 2014 Raleigh, NC, USA

AGS - The American Geriatrics Society Annual Meeting May 15, 2014 - May 17, 2014 Orlando, FL, USA

ASH - American Society of Hypertension Annual Scientific Meeting & Exposition May 16, 2014 - May 20, 2014 New York, NY, USA

AUA - American Urological Association - Annual Meeting May 16, 2014 - May 21, 2014 Orlando, FL, USA

ATS - American Thoracic Society - International Conference May 16, 2014 - May 21, 2014 San Diego, CA, USA

ASM - American Society for Microbiology - General Meeting May 17, 2014 - May 20, 2014 Boston, MA, USA

ASNR - American Society of Neuroradiology 52nd Annual Meeting May 17, 2014 - May 22, 2014 Montreal

AAPS - American Association of Pharmaceutical Scientists - National Biotech Conf May 19, 2014 - May 21, 2014 San Diego, CA, USA

World Stem Cells & Regenerative Medicine Congress 2014 May 20, 2014 - May 22, 2014 London, UK

ASGCT - American Society Of Gene & Cell Therapy - Annual Meeting May 21, 2014 - May 24, 2014 Washington D.C., USA

Joint International Oncology Congress 2014 May 27, 2014 - May 29, 2014 San Francisco

Americas Committee For Treatment & Research in Multiple Sclerosis May 28, 2014 - May 31, 2014 Dallas, TX, USA

ASCO - American Society of Clinical Oncology - Annual Meeting May 30, 2014 - Jun 3, 2014 Chicago, IL, USA

ENS - European Neurological Society - Annual Meeting May 31, 2014 - Jun 3, 2014 Istanbul, Turkey

Boston Biotech CEO Conference (BBC) Jun 4, 2014 - Jun 5, 2014 Boston, MA, USA

AusBiotech: Asia Biotech Invest Conference June 4, 2014 - June 6, 2014 Hong Kong, China

ILTS - The International Liver Transplantation Society - Annual Congress Jun 4, 2014 - Jun 7, 2014 London, UK

SNM - Society of Nuclear Medicine - Annual Meeting Jun 7, 2014 - Jun 11, 2014 St. Louis, MO, USA

EULAR - European League Against Rheumatism - Annual Congress Jun 11, 2014 - Jun 14, 2014 Paris, France

EHA - European Hematology Association -Annual Congress Jun 12, 2014 - Jun 15, 2014 Milan, Italy

ADA - American Diabetes Association -Scientific Sessions Jun 13, 2014 - Jun 17, 2014 San Francisco, CA, USA

DIA - Drug Information Association - Annual Meeting Jun 15, 2014 - Jun 19, 2014 San Diego, CA, USA

11 April 2014


ISSCR - International Society for Stem Cell Research - Annual Meeting Jun 18, 2014 - Jun 21, 2014 Boston, MA, USA

RSA - Research Society on Alcoholism -Annual Scientific Meeting Jun 21, 2014 - Jun 25, 2014 Bellevue, WA ,USA

ENDO - The Endocrine Society - Annual Meeting Jun 21, 2014 - Jun 24, 2014 Chicago, Il, USA

BIO International Convention Jun 23, 2014 - Jun 26, 2014 San Diego, CA, USA

FOCIS - Federation of Clinical Immunology Societies Annual Meeting 2014 Jun 25, 2014 - Jun 28, 2014 Chicago, IL, USA

AAIC - The Alzheimer's Association International Conference Jul 12, 2014 - Jul 17, 2014 Copenhagen , Denmark

International AIDS Society Conference Jul 20, 2014 - Jul 25, 2014 Melbourne , Australia

AACC - The American Association for Clinical Chemistry - Annual Meeting Jul 27, 2014 - Jul 31, 2014 Chicago , IL, USA

TEDMED Conference (Health and Medicine) Sep 10, 2014 - Sep 12, 2014 Washington D.C. USA

ECTRIMS - Multiple Sclerosis Congress Sep 10, 2014 - Sep 13, 2014 Boston , MA, USA

EASD Diabetes Conference Sep 15, 2014 - Sep 19, 2014 Vienna, Austria

ESMO - European Society of Medical Oncology Sep 26, 2014 - Sep 30, 2014 Madrid, Spain

BIO Investor Forum Oct 7, 2014 - Oct 8, 2014 San Francisco, CA, USA

ANA - American Neurological Association -Annual Meeting Oct 12, 2014 - Oct 14, 2014 Baltimore , MD, USA

AusBiotech: Australia's Biotech Conference Oct 28, 2014 - Oct 31, 2014 Queensland, Australia

AASLD - The Liver Meeting Nov 7, 2014 - Nov 11 2014 Boston, MA, USA

ACR/ARHP - American College of Rheumatology Annual Scientific Meeting Nov 14, 2014 - Nov 18, 2014 Boston, MA, USA

AHA - American Heart Association Scientific Sessions Nov 15, 2014 - Nov 19, 2014 Chicago, IL, USA

ASH - American Society of Hematology Annual Meeting and Exposition Dec 6, 2014 - Dec 9, 2014 San Francisco, CA, USA

SABCS - San Antonio Breast Cancer Symposium Dec 9, 2014 - Dec 13, 2014 San Antonio , TX, USA

Gastrointestinal Cancers Symposium Jan 15, 2015 - Jan 17, 2015 San Francisco, CA, USA

Boston Biotech Business Development Conference Feb 9, 2015 - Feb 10, 2015 Boston, MA, USA

ASBMT - American Society for Blood and Marrow Transplantation - BMT Tandem Meetings Feb 11, 2015 - Feb 15, 2015 San Diego, CA, USA

AAAS - American Association for the Advancement of Science - Annual Meeting Feb 12, 2015 - Feb 16, 2015 San Jose. CA, USA

AAAAI - American Academy of Allergy Asthma & Immunology- Annual Meeting Feb 20, 2015 - Feb 24, 2015 Houston, TX, USA

CROI - Conference on Retroviruses and Opportunistic Infections Feb 23, 2015 - Feb 26, 2015 Seattle, WA, USA

SIR - Society of Interventional Radiology -Annual Scientific Meeting Feb 28, 2015 - Mar 05, 2015 Atlanta, GA, USA

TAT - International Congress on Targeted Anticancer Therapies Mar 2, 2015 - Mar 4, 2015 Paris, France

APASL - Asian Pacific Association for the Study of the Liver Mar 12, 2015 - Mar 15, 2015 Istanbul, Turkey

NCCN - National Comprehensive Cancer Network - Annual Conference Mar 13, 2015 - Mar 15, 2015 Hollywood, FL, USA

ASA - American Stroke Association -International Stroke Conference Mar 14, 2015 - Mar 17, 2015 San Diego, CA, USA

AAPM - American Academy of Pain Medicine- Annual Meeting Mar 19, 2015 - Mar 22, 2015 Washington D.C., USA

AAD - American Academy of Dermatology -Annual Meeting Mar 20, 2015 - Mar 24, 2015 San Francisco, CA, USA

ACS - American Chemical Society - Spring National Meeting & Exposition Mar 22, 2015 - Mar 26, 2015 Denver, CO, USA

SSO - Society of Surgical Oncology - Annual Cancer Symposium Mar 25, 2015 - Mar 28, 2015 Houston, TX, USA

EPA - European Psychiatric Association Congress Mar 28, 2015 - Mar 31, 2015 Vienna, Austria

SGO - Society of Gynecologic Oncology -Annual Meeting on Women's Cancer Mar 28, 2015 - Mar 31, 2015 Chicago, IL, USA

SMI - Superbugs & Superdrugs March, 2015 London, UK

CALBIO (BayBio, BIOCOM) March, 2015 San Francisco, CA, USA

ELCC - Annual European Lung Cancer Conference Apr 15, 2015 - Apr 18, 2015 Geneva, Switzerland

ASA - American Society of Andrology Annual Conference April 15, 2015 - April 21, 2015 Salt Lake City, UT, USA

AACR - American Association for Cancer Research - Annual Meeting April 18, 2015 - April 22, 2015 Philadelphia, PA, USA

ASLMS - American Society for Laser Medicine and Surgery Annual Conference April 22, 2015 - April 26, 2015 Kissimmee, FL, USA

World Health Care Congress April, 2015 National Harbor, MD, USA

AANS - American Association of Neurological Surgeons Annual Meeting May 2, 2015 - May 6, 2015 Washington D.C., USA

AusMedtech Conference May 11, 2015 - May 12, 2015 Melbourne, Australia


11 April 2014


Exhibit 19: CS/Peer Conferences in 2014 Event Date Location

Credit Suisse Annual Payer/Provider Day Apr 15, 2014 New York, NY, USA

Imperial Capital 3rdAnnual Healthcare Investor Forum Date TBA New York, NY, USA

Baird Growth Stock Conference May 6, 2014 - May 8, 2014 Go, IL, USA

Deutsche Bank Annual Healthcare Conference May 7, 2014 - May 8, 2014 Boston, MA, USA

Credit Suisse Therapeutics Day May 9, 2014 New York, NY, USA

Bank of America Merrill Lynch Healthcare Conference May 13, 2014 - May 15, 2014 Las Vegas, NV, USA

UBS Global Life Science Conference May 19, 2014 - May 21, 2014 New York, NY, USA

BioEquity Europe (BIO, BioCentury, EBD Group) May 21, 2014 - May 22, 2014 Amsterdam, Netherlands

Jefferies 2014 Global Healthcare Conference Jun 2, 2014 - Jun 5, 2014 New York , New York ,

AusBiotech: Asia Biotech Invest Conference Jun 4, 2014 - Jun 6, 2014 Hong Kong, China

Goldman Sachs Healthcare Conference Jun 9, 2014 - Jun 12, 2014 Palos Verdes, CA, USA

William Blair Annual Growth StockConference Jun 10, 2014 - Jun 12, 2014 Chicago, IL, USA

Wells Fargo Securities Healthcare Conference Jun 17, 2014 - Jun 18, 2014 Boston, MA, USA

Piper JaffrayCatalyst Symposium: Emerging Talent in Biopharma Date TBA Boston, MA, USA

Leerink Swann Inaugural Therapeutics Conference Date TBA Boston, MA, USA

JMP Securities Research Conference Date TBA New York, NY, USA

Citi European Health Care Conference Date TBA London, UK

Bank of America Merrill Lynch's Mid CapConference Date TBA Boston, MA, USA

Wedbush Life Sciences Management Access Conference Aug 13, 2014 - Aug 14, 2014 New York, NY, USA

Canaccord Genuity Annual Growth Conference Date TBA Boston, MA, USA

Piper Jaffray Heartland Summit Date TBA Minneapolis, MN, USA

Baird Healthcare Conference Sep 3, 2014 - Sep 4, 2014 New York, NY, USA

Goldman Sachs Medtech/Services 1x1Conference Sep 3, 2014 - Sep 4, 2014 London, UK

Rodman & Renshaw Annual Global Investment Conference Sep 7, 2014 - Sep 9, 2014 New York , New York

Morgan Stanley Global Healthcare Unplugged Conference Date TBA New York, NY, USA

Berenberg Bank and Goldman Sachs 2ndGerman Corporate Conference Sep 22, 2014 - Sep 24, 2014 Munich, Germany

Leerink Swann Bay Area Biopharma Bus Tour Date TBA San Francisco, CA, USA

Aegis Healthcare Conference Date TBA Las Vegas, NV, USA

Maxim Group Annual Growth Conference Date TBA New York, NY, USA

AusBiotech- Australian Life Science Investment Showcase Date TBA Melbourne , NY, Australia

Citi Biotech Day Date TBA Boston, MA, USA

Bank of America Merrill Lynch Global Healthcare Conference Date TBA London, UK

Leerink Swann Orphan Disease Management Day Date TBA New York, NY, USA

Cowen Annual Therapeutics Conference Oct 7, 2014 - Oct 8, 2014 Boston, MA, USA

Biotech in Europe Investor Forum (Sachs) Oct 7, 2014 - Oct 8, 2014 Zurich, Switzerland

Credit Suisse Healthcare Conference Nov 10, 2014 - Nov 13, 2014 Phoenix, AZ, USA

STIFEL Healthcare Conference 2014 Nov 18, 2014 - Nov 19, 2014 New York, NY, USA

Jefferies Global Healthcare Conference Date TBA London, UK

Deutsches Eigenkapital forum Nov 24, 2014 - Nov 26, 2014 Frankfurt, Germany

RBC Capital Markets’ Healthcare Investor Day Date TBA Denver, CO, USA

Canaccord Genuity's Medical Technology &Diagnostics Forum Date TBA New York, NY, USA

William Blair Healthcare Conference Date TBA New York, NY, USA

Brean Capital Life Sciences Summit Date TBA New York, NY, USA

Piper Jaffray Annual Healthcare Conference Dec 2, 2014 - Dec 3, 2014 New York, NY, USA

Oppenheimer 25th Annual Healthcare Conference Dec 10, 2014 - Dec 11, 2014 New York, NY, USA

Deutsche Bank dbAccess BioFEST Date TBA Boston, MA, USA

Source: Company data, Credit Suisse estimate, Trout Group, Bloomberg

11 April 2014


Exhibit 20: PDUFA Dates for Biotech Companies

Company Event Drug/Compound Indication Catalyst

PHARM PDUFA Ruconest Acute treatment of hereditary angioedema (HAE) Apr 16,2014

MDCO PDUFA Cangrelor injection Thrombotic CV events in CAD patients undergoing PCI Apr 30,2014

QRX PDUFA Moxduo Acute pain May 25,2014

DRTX PDUFA Dalbavancin Acute bacterial skin and skin structure infections (ABSSSI) May 26,2014

KERX PDUFA Zerenex (ferric citrate) Hyperphosphatemia in CKD patients on dialysis Jun 7,2014

OREX PDUFA Contrave Treatment of obesity and weight management Jun 10,2014

CBST PDUFA tedizolid Acute bacterial skin and skin structure infections (ABSSSI) Jun 20,2014

NPSP PDUFA Gattex Label update with long-term data from STEPS 2 trial Jun 28,2014

MNKD PDUFA Afrezza (inhaled insulin) Type I and type II diabetes Jul 15,2014

MDCO PDUFA Oritavancin ABSSSI Aug 6,2014

GILD PDUFA Idelalisib Relapsed/refractory chronic lymphocytic leukemia (CLL) Aug 6,2014

TOPO PDUFA Belinostat Peripheral T-cell lymphoma (PTCL) Aug 9,2014

REGN PDUFA Eylea Diabetic macular edema (DME) Aug 18,2014

GILD PDUFA Idelalisib Non-Hodgkin's lymphoma (NHL) Sep 11,2014

VVUS PDUFA for sNDA Stendra Update of Prescribing Information for STENDRA (avanafil) Sep 20,2014

CELG PDUFA Apremilast Psoriasis Sep 23,2014

NPSP PDUFA Natpara Hypoparathyroidism Oct 24,2014

AEZ PDUFA Macimorelin Diagnostic in adult growth hormone deficiency Nov 5,2014


Exhibit 21: PDUFA Dates for Big Pharma


GSK PDUFA Albiglutide Type II diabetes Apr 15,2014

GSK PDUFA Arzerra Front-line chronic lymphocytic leukemia (CLL) Apr 19,2014

SAN PDUFA PA32540/PA8140 Sec. prevent. CV disease in pts at risk for ulcers Apr 25,2014

PFE PDUFA Eliquis Treatment of venous thromboembolism & prevention of recurrent VTE Aug 25,2014

BMY PDUFA Eliquis Treatment of venous thromboembolism & prevention of recurrent VTE

Aug 25,2014


11 April 2014


Exhibit 22: CHMP Opinions/Regulatory Filings and EMA Meetings/Decisions for Biotech


CELG Regulatory Filing Revlimid Newly diagnosed MM patients 1Q 2014

PTCT Ruling on Appeal Ataluren Nonsense mutation cystic fibrosis (CF) 2Q 2014

ARIA EMA Iclusig Blood clot risk and benefit/risk May-14

BMRN EMA Vimizim Morquio A Syndrome accelerated assessment 2Q 2014

ENTA Regulatory Filing ABT-450-r/ABT-267 /ABT-333 HCV GT1 Early 2Q 2014

MDCO Regulatory Filing lonsys Short term management of acute post-operative pain 2Q 2014

CBST Regulatory Filing tedizolid phosphate ABSSSI caused by gram positive bacteria 1H 2014

ALXN Regulatory Filing ENB- 0040 Pediatric-onset hypophosphatemia (HPP) Mid-2014

GILD CHMP Opinion Idelalisib Double refractory indolent NHL and for combination with Rituxan in relapsed or refractory CLL

Mid-2014/3Q 2014

BIIB EMA GA 101 Front line treatment for chronic lymphocytic leukemia (CLL) 3Q 2014

UTHR EMA Ch14.18 mAb neuroblastoma 4Q 2014

MDCO EMA Fibrocaps Surgical hemostasis 4Q 2014

REGN EMA Eylea Diabetic macular edema (DME) 4Q 2014

PCYC EMA Ibrutinib Relapsed or refractory MCL/CLL/SLL monotherapy 4Q 2014

LLY EMA Dulaglutide Type II diabetes 4Q 2014

CORT EMA Korlym Endogenous Cushing's syndrome 4Q 2014

LLY EMA Insulin lispro U-200 Type I and Type II diabetes 4Q 2014

BIIB EMA Peginterferon Relapsing-remitting multiple sclerosis (MS) 2H 2014

AMGN EMA Carfilzomib Relapsed and refractory multiple myeloma 2H 2014

CBST Regulatory Filing CXA-201 Complicated urinary tract and complicated intra-abdominal infections 2H 2014

LLY Regulatory Filing Ramucirumab Metastatic gastric cancer (2nd line in combination with pacitaxel) 2H 2014

VRTX Regulatory Filing Ivacaftor/Lumacaftor CF patients ages 12 and older with homozygous F508del 2H 2014

GILD EMA Idelalisib Relapsed and refractory CLL (in combination with Rituxan) 2H 2014

OREX EMA Contrave Obesity and weight management Late-2014

MVIRB Regulatory Filing Simprevir Hepatitis C GT1 treatment-naïve and experienced patients 2014

BIIB Regulatory Filing Factor VIII Fc Hemophilia A 2014/2015

BIIB Regulatory Filing Factor IX Fc Hemophilia B 2014/2015

REGN Regulatory Filing Alirocumab LDL cholesterol reduction 1Q 2015

CELG Regulatory Filing Revlimid Newly diagnosed MM patients 1Q 2014


11 April 2014


Exhibit 23: CHMP Opinions/Regulatory Filings and EMA Meetings/Decisions for Big Pharma


AZN/BMY/Otsuka Regulatory Filing Onglyza Type II diabetes adult patients with CV risk factors 1Q 2014

GSK/Japan Tobacco EMA Trametinib Metastatic melanoma 1Q 2014

PFE CHMP Opinion Vfend Invasive fungal infections 1Q 2014

ROG/CHUGAI CHMP Opinion Actemra Early rheumatoid arthritis 1Q/2Q 2014

INCY/NOVN Regulatory Filing Jakafi Polycythemia vera Jun 2014

JNJ CHMP Opinion Siltuximab Multi centric Castleman's disease >=Jun 2014

SAN Regulatory Filing Lantus Type I and Type II diabetes 2Q-2014

CBST/BAYN Regulatory Filing Tedizolid phosphate ABSSSI caused by gram positive bacteria 1H 2014

BMY Regulatory Filing Asunaprevir dual-drug therapy with daclatasvir in HCV GT1b 1H 2014

JNJ/MRK EMA Simponi Aria IV formulation for rheumatoid arihritis Mid 2014

AZN/NKTR EMA Naloxegol Opoid-induced constipation in the chronic pain setting Sept/ 4Q 2014

BIIB/ROG/Chugai EMA GA 101 Front line treatment for CLL 3Q 2014

GSK EMA Votrient Maintenance treatment for Ovarian cancer 3Q 2014

BMY EMA Daclatasvir Combination therapy for various HCV genotypes 3Q 2014

AZN/BMY/ALSK/LLY EMA Bydureon pen Diabetes 4Q 2014

REGN/BAYN EMA Eylea Diabetic macular edema (DME) 4Q 2014

LLY EMA Dulaglutide Type II diabetes 4Q 2014

GILD/JNJ EMA Prezista HIV 4Q 2014

GSK/PFE/Shionogi EMA 572-Trii & Kivexa HIV/AIDS 4Q 2014

SAN EMA Eliglustat tartrate Gaucher's disease 4Q 2014

FRX/AZN Regulatory Filing Ceftazidime/avibactam Complicated intra-abdominal & urinary tract infections 4Q 2014

LLY EMA Insulin lispro U-200 Type I and Type II diabetes 4Q 2014

BMY/PFE EMA Eliquis Initial and long-term treatment & extended prevention of

recurrent VTE

2H 2014

LLY/DYAX Regulatory Filing Ramucirumab Metastatic gastric cancer (2nd line in combination with

paclitaxel)

2H14

JNJ/GSK Regulatory Filing Sirukumab Rheumatoid arthritis 2014/2017

GEN/JNJ Regulatory Filing Saratumunab Refractory multiple myeloma 2014/2017

VLA/NOVN Regulatory Filing Pseudomonas aeruqinosa

vaccine

Mechanically ventilated intensive care patients 2014/2015

PCYC/JNJ Regulatory Filing Ibrutinib Monotherapy in CLL/SLL patients who have deletion 17p 2014-2017

JNJ Regulatory Filing Esketamine Treatment resistant depression 2014-2017

MVIRB/JNJ Regulatory Filing GSK2336805/TMC435/TM

C647055/r

Hepatitis C GT1 treatment-naïve and experienced

patients

2014-2017


11 April 2014


Exhibit 24: Comprehensive Calendar of Events in April (Earnings – Black/Blue, PDUFA – Green, Conferences/Analyst

Days – Red, Annual General/Shareholder Meetings - Purple)

Monday Tuesday Wednesday Thursday Friday

14 15 16 17 18

Ticker

Time / Telephone

(PIN)

Roche

08:00/631-570-5613

(RSVP Reqd.)

GSK (Albiglutide)

PDUFA

Credit Suisse Annual

Payer Provider Day,

New York, NY

PHARM (Ruconest)

PDUFA

Lonza - Annual

Shareholder Meeting

(04:00)

Actelion

8:00/866 9075 924

Recordati - Annual

Shareholder Meeting

(04:00)

GEN/GSK (Arzerra)

PDUFA - April 19

21 22 23 24 25

Gilead

TBA

Amgen

17:15/TBA

Cubist

17:00/855-319-7654

(12504774)

Illumina

17:30/888-679-8033

(81417326)

NKF Spring Clinical

Meetings - April 22 -

26, San Diego

Biogen

08:00/877-650-1145

CHI Drug Discovery

Conference - April 23 -

25, Las Vegas

GTC Diabetes Summit -

April 23 - 25, Boston,

MA

NIO Conference - April

23 - 24, Boston, MA

World Orphan Drug

Congress - April 23 -

25, Washington D.C.

Celgene

09:00/TBA

Novartis

08:00/877-280-2342

(8332185)

Eli Lilly

09:00/612-332-0630

(323259)

AstraZeneca - Annual

Shareholder Meeting

UCB - Annual General

Meeting (05:00)

Abbvie

09:00/TBA

SAN

(PA32540/PA8140)

PDUFA

28 29 30

Bayer

08:00/855-272-3513

ACR Conference -

April 26 - 30,

Washington D.C.

ACOG Meeting - April

26 - 30, Chicago, IL

NACDS Meeting - April

26 -29, Scottsdale, AZ

ACOEM Conference -

April 27 - 30, San

Antonio

Clinical Virology

Symposium - April 27 -

30, Daytona Beach, FL

Ironwood

08:30/877-643-7155

(3733415)

Sanofi

08:30/866-907-5923

Merck

08:00/877-381-5782

(17424702)

Bristol Myers-Squibb

09:00/719-325-2331

(9920668)

Forest

10:00/TBA

Orion

TBA

Bayer - Annual

Shareholder Meeting

Shire - Annual

Shareholder Meeting

GlaxoSmithKline

TBA

Ipsen

TBA

MDCO (Cangrelor

Injection) PDUFA

Biomarket World

Congress - April 30 -

May 2, Philadelphia,

PA

Estimated 21st - 25th April: The Medicines Company, Immunogen, XenoPort, United Therapeutics, Intermune,

BioMarin, Alexion

Estimated 21st - 25th April: Dendreon - Annual Shareholder Meeting

Estimated 28th - 30th April: Corcept, Genomic Health, Pharmacyclics, Vertex, Regeneron, Idenix

April


11 April 2014


Exhibit 25: Comprehensive Calendar of Events in May 1 - 9 (Earnings – Black/Blue, PDUFA – Green,

Conferences/Analyst Days – Red, Annual General/Shareholder Meetings - Purple)


1 2

Ticker

Time / Telephone

(PIN)

Novo Nordisk

TBA

Shire

TBA

5 6 7 8 9

Pfizer

10:00/866-246-2545

(1st Quarter Earnings)

Sanofi - Annual

Shareholder Meeting

(08:30)

Ironwood - Investor

and Analyst Event

(17:30 - 19:30) at DDW

in Chicago

DDW - May 3 -6,

Chicago, IL

APA Meeting - May 3 -

7, New York, NY

ARVO Meeting - May 4

- 8, Orlando, FL

Recordati

TBA

Qiagen

TBA

Bristol-Myers Squibb -

Annual Shareholder

Meeting (10:00)

Allergan - Annual

Shareholder Meeting

(13:00)

Baird Growth Stock

Conference - May 6 -

8, Go, IL

Meda

TBA

Lundbeck

TBA

Allergan

11:00/TBA

GlaxoSmithKline -

Annual General

Meeting (09:30)

Vertex - Annual

Shareholder Meeting

(09:30)

Corcept - Annual

Shareholder Meeting

(11:00)

Gilead - Annual

Shareholder Meeting

HRS Annual Session -

May 7 - 10, San

Francisco, CA

Deutsche Bank Health

Care Conference, May

7 - 8, Boston, MA

Medivir

TBA

Medivir - Annual

General Meeting

(08:00)

Actelion - Annual

General Meeting

ACR Breast Cancer


10, Phoenix, AZ

Synergy

TBA

Merck KgaA - Annual

Shareholder Meeting

(04:00)

Almirall - Annual

Shareholder Meeting

(06:30)

Sucampo - Annual

Shareholder Meeting

(08:30)

Abbvie - Annual

Shareholder Meeting

(12:00)

Credit Suisse

Therapeutics Day,

New York, NY

Genomics Research


10, Boston, MA

ECCMID Conference -

May 10 - 13, Barcelona,

Spain

Estimated 1st-2nd May: Endocyte

Estimated 5th - 9th May: Myriad Genetics, Vical, Infinity, Sucampo, Dendreon, Clovis, Vivus, Liposcience, Sunesis,

Orexigen, Durata, Achillion, Medivation, Exelixis, Seattle Genetics, Ariad, PDL Biopharma

Estimated 5th - 9th May: Pharmacyclics, Alexion, Eli Lilly - Annual Shareholder Meeting

May


11 April 2014


Exhibit 26: Comprehensive Calendar of Events in May 12 - 31 (Earnings – Black/Blue, PDUFA – Green,

Conferences/Analyst Days – Red, Annual General/Shareholder Meetings - Purple)


12 13 14 15 16

Almirall

TBA

CBST Investor

Presentation (PIII

Ceftolozane/tazobacta

m), AC Barcelona

Hotel Spain

ICAR - May 12 - 16,

Raleigh, NC

Bank of America

Health Care


15, Las Vega, NV

Merck KgaA

TBA

Esperion - Annual

Shareholder Meeting

(08:00)

Endocyte - Annual

Shareholder Meeting

(12:00)

Amgen - Annual

Shareholder Meeting

(14:00)

AGS Meeting - May 15

- 17, Orlando, FL

Portola - Annual

Shareholder Meeting

(13:30)

Seattle Genetics -

Annual Shareholder

Meeting (14:00)

ASH Exposition - May

16-20, New York, NY

AUA Meeting - May 16

- 21, Orlando, FL

ATS Conference - May

16 - 21, San Diego, CA

ASM Meeting - May 17

- 20 Boston, Ma

ASNR Meeting - May

17 22, Montreal,

Canada

19 20 21 22 23

AAPS Conference -

May 19 - 21, San Diego,

CA

UBS Global Life

Science Conference -

May 19 - 21, New York,

NY

Lonza - Capital

Markets Day

World Stem Cells &

Regenerative

Medicine Congress -

May 20 - 22, London,

UK

ASGCT Meeting - May

21 - 24, Washington

D.C.

BioEquity Europe


22, Amsterdam,

Netherlands

XOMA - Annual

Shareholder Meeting

(12:00)

QRX (Moxduo) PDUFA -

May 25

26 27 28 29 30

DRTX (Dalbavancin)

PDUFA

Join Intl. Oncology


29, San Francisco, CA

PDL Biopharma -

Annual Shareholder

Meeting (13:00)

ASCO Meeting - May

30 - June 3, Chicago, IL

ENS Meeting - May 31 -

June 3, Istanbul,

Turkey

Estimated 26th - 30th May: Achillion

Estimated 12th - 16th May: Chimerix, Tetraphase, Epizyme

Annual Shareholder Meeting 12th - 16th May: XenoPort, BioMarin

Estimated 19th - 23rd May: Portola, Exelixis

May


11 April 2014


Exhibit 27: Comprehensive Calendar of Events in June (Earnings – Black/Blue, PDUFA – Green, Conferences/Analyst

Days – Red, Annual General/Shareholder Meetings - Purple)


2 3 4 5 6

Ticker

Time / Telephone

(PIN)

Jefferies Health Care

Conference - June 2 -

5, New York, NY

Ipsen - Annual

Shareholder Meeting

BBC CEO Conference -

June 4 - 5, Boston, MA

Asia Biotech Invest


6, Hong Kong, China

ILTS Congress - June 4 -

7, London, UK

SNM Meeting - June 7 -

11, St. Louis, MO

KERX (Zerenex)

PDUFA - June 7

9 10 11 12 13

Goldman Sachs Health

Care Conference - May

9 12, Palos Verdes, CA

OREX (Contrave)

PDUFA

William Blair


12, Chicago, IL

EULAR Congress - June

11 - 14, Paris, France

EHA Congress - June

12 - 15, Milan, Italy

ADA Scientific

Sessions - June 13 - 17,

San Francisco, CA

DIA Meeting - June 15 -

19, Boston, MA

16 17 18 19 20

Novartis - Investor Day

Wells Fargo Health

Care Conference -

June 17 -18,

Boston,MA

Celgene - Annual

Shareholder Meeting

ISSCR Meeting - June

18 - 21, Boston, MA

CBST (tedizolid)

PDUFA

RSA Meeting - June 21 -

25, Bellevue, WA

ENDO Meeting - June


23 24 25 26 27

Qiagen - Annual

Shareholder Meeting

FOCIS Meeting - June


NPSP (Gattex) PDUFA -

June 28

Estimated 2nd - 6th June: Idenix, Genomic Health - Annual Shareholder Meeting

Estimated 23rd - 27th June: Ultragenyx

Estimated 23rd - 27th June: Medivation - Annual Shareholder Meeting

Estimated 16th - 20th June: Ariad - Annual Shareholder Meeting

Estimated 9th - 13th June: Esperion

Estimated 9th - 13th June: Arena, Cubist, Infinity, Biogen, Regeneron - Annual Shareholder Meeting

June


11 April 2014


(4) IPO Related Performance and Valuation

Exhibit 28: List of Biotech IPOs in 2014

Date Ticker Company IPO Price

Market

Value post-

$

Current

Price

Current Mkt

Cap (in M)

Perf since

IPOLead Product Status Indication

03/28/14 AGTC-US Applied Genetic Technologies $12.0 $168 $14.7 $207 23%

XLRS

ACHM

XLRP

Preclinical

X-Linked Retinoschisis

Achromatopsia

X-Linked Retinitis Pigmentosa

03/21/14 RTGN-US Ruthigen $7.3 $34 $7.1 $33 (2%) RUT58-60 Phase 1/2 Infection preventiopn/treatment during

abdominal surgery

03/20/14 VSAR-US Versartis $21.0 $522 $28.0 $651 33% VRS-317 Phase 2a Growth hormone deficiency

03/20/14 MDWD-USMediWound $14.0 $286 $12.2 $257 (13%) NexoBrid

Marketed in EU

Phase 3

Preperation

Removal of eschar (also known as

debridement) in adults with thermal burns

03/20/14 AKBA-US Akebia $17.0 $348 $18.9 $366 11% AKB-6548 Phase 2b Anemia secondary to CKD

03/13/14 DPRX-US Dipexium Pharmaceuticals $12.0 $98 $10.4 $89 (13%) Locilex Phase 3 complete Mild/Moderate Skin Infections in Wounds

03/12/14 GLMD-US Galmed $13.5 $143 $9.5 $97 (29%) Aramchol Phase 2a complete NASH

03/12/14 AKAO-US Achaogen $12.0 $210 $12.8 $225 6% Plazomicin Phase 3 ready Carbapenem-resistant Enterobacteriaceae

03/07/14 AQXP-US Aquinox Pharmaceuticals $11.0 $113 $9.4 $94 (15%) AQX-1125 Phase 2 Bladder Pain Syndrome/interstitial cystitis

03/07/14 REPH-US Recro Pharma Inc. $8.0 $58 $7.1 $54 (12%) Dex-IN Phase 2b Postoperative Pain

02/13/14 CNCE-US Concert Pharmaceuticals $14.0 $262 $12.1 $216 (14%) CTP-499 Phase 2 Diabetic Kidney Disease

02/12/14 FLXN-US Flexion Therapeutics $13.0 $200 $17.0 $265 31% FX006 Phase 2b Moderate to Severe OA Pain

02/12/14 EGRX-US Eagle Pharmaceuticals $15.0 $216 $12.7 $187 (16%) EP-3102 NDA Filed Chronic lymphocytic leukemia; indolent

NHL

02/11/14 NRX-US Nephrogenex $12.0 $112 $7.4 $66 (38%) Pyridorin Phase 2 Complete Diabetic nephropathy

02/07/14 ARGS-US Argos Therapeutics $8.0 $158 $9.0 $178 13% AGS-003 Phase 3 Metastatic renal cell carcinoma (mRCC)

(clear cell)

02/06/14 RVNC-US Revance Therapeutics $16.0 $309 $29.6 $552 85% RT001 Phase 3 Crow's feat lines

02/06/14 EBIO-US Eleven Biotherapeutics $10.0 $170 $15.6 $254 56% EBI-005 Phase 1/2 complete Dry eye disease; Allergic conjunctivitis

02/06/14 EGLT-US Egalet Corp $12.0 $133 $12.6 $214 5% Egalet-001 Phase 1 Moderate to Severe Pain

02/05/14 QURE-US uniQure $17.0 $330 $14.5 $255 (15%) Glybera Approved (EU) Familial LPLD

02/05/14 ASPX-US Auspex Pharmaceuticals $12.0 $301 $32.4 $764 170% SD-809 Phase 3 Chorea associated with Huntington's

disease

02/05/14 GNCA-US Genocea Biosciences $12.0 $222 $19.3 $334 61% GEN-003 Phase 2 HSV-2 infections

01/31/14 TRVN-US Trevena $7.0 $194 $6.0 $158 (14%)TRV027

TRV130

Phase 2b

Phase 1b

Acute heart failure (AHF)

Moderate-to-severe acute pain

01/31/14 CARA-US Cara Therapeutics $11.0 $253 $18.3 $413 66% CR845 Phase 2 complete Acute postoperative pain

01/31/14 RARE-US Ultragenyx $21.0 $666 $58.8 $1,766 180%KRN23

rhGUS

Phase 1/2

Phase 1/2

X-linked hypophosphatemia (XLH)

Mucopolysaccharidosis 7 (MPS 7)

01/30/14 DRNA-US Dicerna $15.0 $282 $21.8 $386 45% DCR-PH1 Preclinical Primary hyperoxaluria 1 (PH1)

01/30/14 CLDN-US Celladon $8.0 $150 $10.7 $197 33% Mydicar Phase 2b Systolic heart failure

01/10/14 GLYC-US GlycoMimetics $8.0 $162 $15.4 $286 92% GMI-1070 Phase 2 Vasculo-occlusive crisis (VOC)

$226 $317 27%2014 IPO Summary (Average)


11 April 2014


Exhibit 29: List of Biotech IPOs in 2013


Market

Value post-

$

Current

Price

Current Mkt

Cap (in M)

Perf since

IPOYTD Perf Lead Product Status Indication

12/13/13 TLOG-US Tetralogic Pharmaceuticals $7.0 $154 $7.7 $171 10% (19%)Birinapant

(SMAC Mimetic) Phase 1/2

Colorectal cancer

AML / MDS / ALL

12/03/13 XNCR-US Xencor $5.5 $179 $10.3 $323 87% 13%XmAb5871

XmAb7195

Phase 1b/2a

Pre-clinical

Rheumatoid arthritis

Severe asthma

11/15/13 RLYP-US Relypsa $11.0 $335 $27.0 $801 145% 8%Patiromer

RLY6002 Phase 3

Hyperkalemia

Polymer drug discovery technology

11/06/13 KPTI-US Karyopharm Therapeutics $16.0 $482 $36.8 $1,095 130% 61% KPT-330 Phase 1 Relapsed/refractory hematological and solid

tumor malignancies

10/25/13 AERI-US Aerie Pharmaceuticals $10.0 $258 $19.1 $446 91% 7%AR-13324

PG324

Phase 3

Phase 2 Glaucoma patients

10/10/13 MGNX-US MacroGenics $16.0 $439 $24.2 $664 51% (12%) MGAH22 Phase 2 initiated HER2 metastic breast cancer

10/01/13 FATE-US Fate Therapeutics $6.0 $128 $8.1 $165 35% 29% ProHema Phase 2 Adult hematologic malignanices

09/25/13 EVOK-US Evoke Pharma $12.0 $43 $7.7 $47 (36%) 3% EVK-001 Phase 2b complete

Relief of symptoms asso. With acute and

recurrent diabetic gastroparesis in women

with diabetes mellitus

09/25/13 FMI-US Foundation Medicine $18.0 $250 $29.9 $828 66% 26% FOUNDATIONONE Approved Cancer diagnostics test

09/25/13 OPHT-US Ophthotech $22.0 $730 $31.6 $1,053 44% (2%) Fovista Phase 3 Wet AMD

09/20/13 BIND-US BIND Therapeutics $15.0 $273 $10.8 $177 (28%) (29%) BIND-014 Phase 2 NSCLC, mCRPC

09/19/13 XLRN-US Acceleron Pharma $15.0 $479 $37.8 $1,179 152% (4%) Sotatercept Phase 2 β-thalassemia, myelodysplastic syndromes

09/18/13 FPRX-US FivePrime Therapeutics $13.0 $234 $16.5 $352 27% (2%) FP-1039 Phase 1b Multiple solid tumors

08/23/13 RGDO-US Regado Biosciences $4.0 $82 $8.8 $222 119% 84% REG1 Phase 3 initiated Acute and sub-acute cardovascular

indications

08/08/13 XON-US Intrexon $16.0 $1,121 $23.9 $2,337 49% 0% UltraVector, RTS NA NA

07/25/13 CNAT-US Conatus Pharmaceuticals Inc $11.0 $177 $7.6 $120 (30%) 19% Emricasan Phase 2 HCV recurrence post transplant

Acute-on-chronic liver failure

07/25/13 ICEL-US Cellular Dynamics International $12.0 $155 $14.4 $228 20% (12%) iCell product line NA Develop functioning human cells in

industrial quantities

07/25/13 ONTX-US Onconova Therapeutics Inc $15.0 $177 $6.2 $135 (59%) (46%) Rigosertib Phase 3

Phase 3

Higher risk myelodyplastic syndromes

(MDS)

Metastatic pancreatic cancer

07/24/13 AGIO-US Agios Pharmaceuticals Inc $18.0 $339 $48.4 $1,540 169% 102%AG-221

AG-120 Pre-clinical

Mutations in the enzymes IDH2

Mutations in the enzymes IDH1

07/24/13 HTBX-US Heat Biologics Inc $10.0 $629 $6.0 $39 (40%) (16%) HS-110 Phase 2 ready Non-small cell lung cancer

07/18/13 OMED-US OncoMed Pharmaceuticals Inc $17.0 $68 $28.8 $848 69% (3%)Demcizumab

OMP-59R5

Phase 1b

Phase 1b/2

Advanced solid tumors

Pancreatic cancer / SCLC

06/28/13 RNA-US Prosensa Holding BV $13.0 $507 $5.3 $191 (59%) 14% Drisapersen Phase 3 Duchenne muscular dystrophy

06/27/13 PETX-US Aratana Therapeutics $6.0 $494 $15.8 $466 164% (17%) At-001/2/3 Dog/Cat

Enrollment

Complete or

Initiating

Medication for pets/pet therapeutics

06/26/13 NSTG-US NanoString Technologies $10.0 $80 $17.0 $307 70% (1%) Prosigna

FDA 501(k)

clearance received,

EU marketed

Breast cancer diagnostics

06/26/13 ESPR-US Esperion Therapeutics $14.0 $225 $15.2 $235 9% 11% ETC-1002 Phase 2b LDL-C lowering in statin intolerance

06/20/13 PTCT-US PTC Therapeutics Inc $15.0 $374 $23.5 $706 57% 38% PTC124 Phase 3

Phase 3

Duchenne muscular dystrophy (nmDMD)

Cystic fibrosis (nmCF)

06/19/13 BLUE-US Bluebird Bio Inc $17.0 $457 $22.7 $549 34% 8% ALD-102 Phase 2/3 Childhood cerebral ALD

05/31/13 EPZM-US Epizyme Inc $15.0 $487 $23.3 $763 55% 12%EPZ-5676

EPZ-6438

Phase 1

Phase1/2

Mixed lineage leukemia

Non-Hodgkin lymphoma

05/22/13 ADHD-US Alcobra Pharma $8.0 $74 $17.3 $236 116% (4%) Metadoxine (MG01CI) Phase 2b complete Attention deficit hyperactivity disorder


11 April 2014


Exhibit 30: List of Biotech IPOs in 2013 (continued)


Market

Value post-

$

Current

Price

Current Mkt

Cap (in M)

Perf since

IPOYTD Perf Lead Product Status Indication

05/22/13 PTLA-US Portola Pharmaceuticals Inc $14.5 $538 $24.4 $1,001 68% (5%) Betrixaban PRT4445 Phase 3

Phase 2

Extended duration VTE prophylaxis

Reversal of Factor Xa inhibitor

anticoagulation

05/17/13 AMBI-US Ambit Biosciences $8.0 $150 $8.8 $157 9% (9%) Quizartinib Phase 2 R/R acute myeloid leukemia

05/09/13 RCPT-US Receptos Inc $14.0 $261 $42.5 $943 204% 47% RPC1063 Phase 2 Multiple sclerosis

Ulcerative colitis

04/11/13 B9N2823 Omthera Pharmaceuticals Inc $8.0 $207 $13.3 $325 66% 0% Epanova Phase 3 complete Hypertriglyceridemia

04/11/13 CMRX-US Chimerix Inc $14.0 $394 $21.9 $587 57% 45% CMX001 Phase 2 complete Double-stranded DNA viruses

04/05/13 CGIX-US Cancer Genetics $10.0 $265 $15.8 $147 58% 15% DNA-based cancer diagnostics NA Difficult to diagnose cancers, cervical

cancer

03/21/13 ENTA-US Enanta $14.0 $152 $36.7 $673 162% 34% ABT-450 Phase 3 Hepatitis-C

03/20/13 TTPH-US Tetraphase Pharmaceuticals, Inc $7.0 $199 $11.2 $290 61% (17%) Eravacycline Phase 2 complete Infections (cIAI and cUTI)

02/01/13 KBIO-US KaloBios Pharmaceuticals Inc $8.0 $88 $2.5 $82 (69%) (44%)KB001

KB003

Phase 2

Phase 2

Cystic fibrosis

Severe asthma

01/29/13 STML-US Stemline Therapeutics $10.0 $55 $19.0 $251 90% (3%)SL-401

SL-701 Phase1/2

Acute myeloid leukemia

Cancer stem cells and tumor bulk of brain

cancer

01/25/13 LPDX-US LipoScience $9.0 $39 $3.1 $48 (65%) (26%) NMR LipoProfile Test NA Cardovascular and metabolic diseases

$294 $518 54% 8%2013 IPO Summary (Average)


Exhibit 31: Class of 2013/2014 Biotech IPO's, S&P 500, S&P500 Biotech Performance

-20%

0%

20%

40%

60%

80%

100%

01-Jan-13 01-Mar-13 01-May-13 01-Jul-13 01-Sep-13 01-Nov-13 01-Jan-14 01-Mar-14

Class of 2013 Index S&P 500 S&P 500 Biotech Class of 2013 Index (rebased to 2014)

S&P500 (rebased to 2014) S&P 500 Biotech (rebased to 2014) Class of 2014 Index

S&P 500 Biotech

Class of 2013

Class of 2014S&P 500

S&P 500 (rebased)

Class of 2013 (rebased)

S&P 500 Biotech (rebased)


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(5) Additional Information/Appendix

Exhibit 32: Top Healthcare Companies Ordered By Revenues from 2003 to 2015E

No.

1 Pfizer 45 Pfizer 53 Pfizer 47

Johnson &

Johnson 53

Johnson &

Johnson 53

Johnson &

Johnson 64

Johnson &

Johnson 64 Pfizer 67 Pfizer 65

Johnson &

Johnson 65

Johnson &

Johnson 71

Johnson &

Johnson 74

Johnson &

Johnson 77

2

Johnson &

Johnson 42

Johnson &

Johnson 42

Johnson &

Johnson 47 Pfizer 48 Pfizer 48 Pfizer 48 Pfizer 50

Johnson &

Johnson 62

Johnson &

Johnson 62 Novartis 57 Novartis 58 Novartis 59 Novartis 61

3 Bayer 39

Glaxo-

smithkline 37

Glaxo-

smithkline 39

Glaxo-

smithkline 43

Glaxo-

smithkline 45 Bayer 48 Roche 45 Novartis 51 Novartis 59 Pfizer 55 Bayer 53 Bayer 55 Bayer 57

4

Glaxo-

smithkline 35 Bayer 32 Sanofi 34 Bayer 37 Bayer 44

Glaxo-

smithkline 45

Glaxo-

smithkline 44 Bayer 46 Bayer 51 Bayer 51 Pfizer 52 Roche 54 Roche 56

5 Novartis 25 Novartis 28 Novartis 31 Sanofi 36 Roche 38 Roche 42 Novartis 44 Merck 46 Roche 48 Roche 49 Roche 51 Pfizer 50 Pfizer 50

6 Merck 22 Roche 24 Bayer 31 Novartis 34 Sanofi 38 Novartis 41 Bayer 43 Roche 46 Merck 48 Merck 47 Merck 44 Sanofi 47 Sanofi 49

7

Bristol-Myer

Sqb 21 Merck 23 Roche 29 Roche 34 Novartis 38 Sanofi 41 Sanofi 41

Glaxo-

smithkline 44 Sanofi 46 Sanofi 45 Sanofi 44 Merck 43

Glaxo-

smithkline 44

8 Roche 20 Astrazeneca 21 Astrazeneca 24 Astrazeneca 26 Astrazeneca 30 Astrazeneca 32 Astrazeneca 33 Sanofi 43

Glaxo-

smithkline 44

Glaxo-

smithkline 42

Glaxo-

smithkline 41

Glaxo-

smithkline 42 Merck 43

9 Aventis 20 Aventis 20 Abbott 22 Merck 23 Abbott 26 Abbott 30 Abbott 31 Abbott 35 Abbott 39 Astrazeneca 28 Astrazeneca 26 Sinopharm 32 Sinopharm 38

10 Abbott 20 Abbott 20 Merck 22 Abbott 22 Merck 24 Merck 24 Merck 27 Astrazeneca 33 Astrazeneca 34 Eli Lilly 23 Eli Lilly 23 Astrazeneca 25 Astrazeneca 25

11 Astrazeneca 19

Bristol-Myer

Sqb 19

Bristol-Myer

Sqb 19 Wyeth 20 Wyeth 22 Wyeth 23 Eli Lilly 22 Eli Lilly 23 Eli Lilly 24 Sinopharm 22 Abbott 22 Abbott 23 Abbott 24

12 Wyeth 16 Sanofi 19 Wyeth 19

Bristol-Myer

Sqb 17 Eli Lilly 19 Eli Lilly 20

Bristol-Myer

Sqb 19

Bristol-Myer

Sqb 19

Bristol-Myer

Sqb 21 Abbott 21 Sinopharm 22 Teva 20 Gilead 21

13 Eli Lilly 13 Wyeth 17 Eli Lilly 15 Eli Lilly 16

Bristol-Myer

Sqb 18

Schering

Plough 19 Takeda 15 Teva 16 Teva 18 Teva 20 Teva 20 Eli Lilly 20 Abbvie 21

14 Sanofi 9 Eli Lilly 14 Amgen 12 Amgen 14 Amgen 15

Bristol-Myer

Sqb 18 Amgen 15 Takeda 16 Abbvie 17 Takeda 19 Takeda 19 Amgen 20 Eli Lilly 20

15 Takeda 9 Amgen 11 Takeda 10 Takeda 11

Schering

Plough 13 Amgen 15 Abbvie 14 Abbvie 16 Takeda 16 Abbvie 18 Abbvie 19 Abbvie 19 Teva 20

16 Amgen 8 Takeda 10

Schering

Plough 10

Schering

Plough 11 Genentech 12 Genentech 13 Teva 14 Amgen 15 Sinopharm 16

Bristol-Myer

Sqb 18 Amgen 19 Novo Nordisk 17 Amgen 20

17

Schering

Plough 8

Schering

Plough 8 Merck Kgaa 7 Genentech 9 Takeda 11 Takeda 12 Merck Kgaa 10 Merck Kgaa 12 Amgen 16 Amgen 17

Bristol-Myer

Sqb 16 Takeda 16 Novo Nordisk 18

18 Merck Kgaa 6 Merck Kgaa 7 Genentech 7 Teva 8 Teva 9 Teva 11 Astellas 10 Otsuka 12 Merck Kgaa 14 Otsuka 15 Novo Nordisk 15 Gilead 16 Takeda 17

19 Schering AG 5 Schering AG 6 Schering AG 7

Daiichi

Sankyo 8 Merck Kgaa 9 Merck Kgaa 11 Novo Nordisk 10 Novo Nordisk 11 Otsuka 13 Merck Kgaa 14 Otsuka 15

Bristol-Myer

Sqb 16 Merck Kgaa 16

20 Astellas 4 Novo Nordisk 5 Novo Nordisk 6 Schering AG 7

Daiichi

Sankyo 8 Novo Nordisk 9 Otsuka 10 Astellas 11 Novo Nordisk 12 Novo Nordisk 13 Merck Kgaa 14 Merck Kgaa 15

Bristol-Myer

Sqb 15

21 Novo Nordisk 4 Teva 5 Teva 5 Novo Nordisk 7 Astellas 8 Otsuka 9

Daiichi

Sankyo 8

Daiichi

Sankyo 10

Daiichi

Sankyo 11 Astellas 12 Astellas 12 Otsuka 14 Actavis 15

22 Eisai 4 Genentech 5 Astellas 5 Merck Kgaa 6 Novo Nordisk 8

Daiichi

Sankyo 8 Eisai 8 Sinopharm 10 Astellas 11

Daiichi

Sankyo 12

Daiichi

Sankyo 12 Actavis 12 Otsuka 12

23 UCB 3 Astellas 5 Eisai 4 Eisai 5 Eisai 6 Eisai 8 Sinopharm 8 Eisai 9 Eisai 9 Gilead 10 Gilead 11 Astellas 11 Astellas 12

24 Teva 3 Eisai 4

Kowa Hakko

Kirin 3 Genzyme 3 Schering AG 5 Sinopharm 6 Gilead 7 Gilead 8 Gilead 8 Eisai 8 Actavis 9

Daiichi

Sankyo 11

Daiichi

Sankyo 11

25 Genentech 3

Kowa Hakko

Kirin 3 Forest Labs 3

Kowa Hakko

Kirin 3 UCB 4 Gilead 5 Mylan 5 Mylan 5 Mylan 6 Mylan 7 Eisai 7 Biogen Idec 9 Biogen Idec 10

'03 '14E '15E'09 '11 '12 '13'08 '10'07'06'05'04

Source: Company data, Credit Suisse estimates, Bloomberg

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Exhibit 33: Top 25 Healthcare Companies Ordered By Net Income from 2003 to 2015E

No.

1 Glaxo-smithkline 7.3 Pfizer 11.4 Glaxo-smithkline 8.5 Pfizer 19.3 Novartis 12.0

Johnson &

Johnson 13.0

Johnson &

Johnson 13.0

Johnson &

Johnson 12.3

Johnson &

Johnson 13.3 Pfizer 14.6 Pfizer 22.0

Johnson &

Johnson 16.7

Johnson &

Johnson 18.0

2

Johnson &

Johnson 7.2

Johnson &

Johnson 7.2

Johnson &

Johnson 8.5

Johnson &

Johnson 11.1

Johnson &

Johnson 11.1 Glaxo-smithkline 8.5 Merck 12.9 Novartis 9.8 Roche 10.6 Roche 10.1

Johnson &

Johnson 13.8 Roche 14.6 Roche 15.7

3 Merck 6.8 Glaxo-smithkline 7.2 Pfizer 8.1 Glaxo-smithkline 9.9 Glaxo-smithkline 10.4 Roche 8.3

Bristol-Myer

Sqb 10.6 Roche 8.3 Pfizer 10.0

Johnson &

Johnson 9.7 Roche 12.1 Pfizer 14.5 Pfizer 14.7

4 Novartis 5.0 Merck 5.8 Novartis 6.1 Novartis 7.2 Pfizer 8.1 Novartis 8.2 Glaxo-smithkline 8.7 Pfizer 8.3 Astrazeneca 10.0 Novartis 9.3 Novartis 9.2 Novartis 13.0 Novartis 13.6

5 Pfizer 3.9 Novartis 5.4 Roche 4.8 Roche 6.3 Roche 8.1 Pfizer 8.1 Pfizer 8.6 Astrazeneca 8.1 Novartis 9.1 Glaxo-smithkline 7.1 Glaxo-smithkline 8.5 Merck 10.1 Merck 10.7

6

Bristol-Myer

Sqb 3.1 Roche 5.3 Astrazeneca 4.7 Astrazeneca 6.0 Sanofi 7.2 Merck 7.8 Novartis 8.4 Sanofi 7.3 Glaxo-smithkline 8.4 Sanofi 6.4 Bayer 6.4 Sanofi 9.5 Sanofi 10.4

7 Astrazeneca 3.0 Astrazeneca 3.7 Merck 4.6 Sanofi 5.0 Astrazeneca 5.6 Astrazeneca 6.1 Astrazeneca 7.5 Eli Lilly 5.1 Sanofi 7.9 Astrazeneca 6.3 Amgen 5.1 Glaxo-smithkline 8.7 Glaxo-smithkline 9.5

8 Abbott 2.8 Abbott 3.2 Amgen 3.7 Merck 4.4 Merck Kgaa 4.8 Sanofi 5.7 Sanofi 7.3 Bayer 4.7 Merck 6.3 Merck 6.2 Sanofi 4.9 Bayer 6.6 Gilead 9.3

9 Eli Lilly 2.6 Takeda 2.5 Wyeth 3.7 Wyeth 4.2 Wyeth 4.6

Bristol-Myer

Sqb 5.3 Roche 7.2 Amgen 4.6 Bayer 5.6 Bayer 5.7 Eli Lilly 4.7 Amgen 6.3 Bayer 7.5

10 Sanofi 2.4 Sanofi 2.5 Abbott 3.4 Bayer 3.5 Bayer 4.4 Bayer 5.1 Abbott 5.8 Abbott 4.6 Abbott 4.7 Abbvie 5.3 Novo Nordisk 4.5 Gilead 6.1 Amgen 6.7

11 Roche 2.3

Bristol-Myer

Sqb 2.4

Bristol-Myer

Sqb 3.0 Schering AG 3.0 Abbott 3.6 Abbott 4.9 Abbvie 4.6 Abbvie 4.2 Eli Lilly 4.4 Amgen 4.3 Merck 4.4 Astrazeneca 5.4 Abbvie 5.9

12 Amgen 2.3 Amgen 2.4 Sanofi 2.8 Amgen 3.0 Merck 3.3 Wyeth 4.4 Amgen 4.6 Teva 3.3

Bristol-Myer

Sqb 3.7 Eli Lilly 4.1 Abbvie 4.1 Abbvie 5.0 Novo Nordisk 5.6

13 Aventis 2.2 Aventis 2.2 Takeda 2.6 Takeda 2.8 Amgen 3.2 Amgen 4.1 Eli Lilly 4.3 Takeda 3.2 Amgen 3.7 Novo Nordisk 3.7 Gilead 3.1 Novo Nordisk 5.0 Astrazeneca 5.3

14 Wyeth 2.1 Eli Lilly 1.8 Bayer 2.6 Eli Lilly 2.7 Eli Lilly 3.0 Genentech 3.4 Bayer 4.1

Bristol-Myer

Sqb 3.1 Abbvie 3.4 Gilead 2.6 Abbott 2.6 Teva 4.0 Celgene 4.0

15 Bayer 1.9 Wyeth 1.2 Eli Lilly 2.0 Genentech 2.1 Takeda 2.9 Takeda 3.1 Genentech 3.4 Gilead 2.9 Novo Nordisk 3.2 Teva 2.0

Bristol-Myer

Sqb 2.6 Abbott 3.4 Teva 4.0

16 Novo Nordisk 0.7 Novo Nordisk 0.8 Genentech 1.3 Abbott 1.7 Genentech 2.8 Gilead 2.0 Gilead 2.6 Novo Nordisk 2.6 Takeda 2.9

Bristol-Myer

Sqb 2.0 Astrazeneca 2.6 Celgene 3.1 Actavis 3.9

17 Forest Labs 0.6 Merck Kgaa 0.8 Teva 1.1

Bristol-Myer

Sqb 1.6

Bristol-Myer

Sqb 2.2 Schering Plough 1.9 Takeda 2.3 Glaxo-smithkline 2.5 Gilead 2.8 Takeda 1.6 Biogen Idec 1.9 Eli Lilly 3.0 Abbott 3.8

18 Genentech 0.6 Genentech 0.8 Novo Nordisk 1.0 Merck Kgaa 1.2 Teva 2.0 Novo Nordisk 1.9 Novo Nordisk 2.0 Astellas 1.3 Teva 2.8 Celgene 1.5 Merck Kgaa 1.6 Valeant Pharma 3.0 Valeant Pharma 3.6

19 Merck Serono 0.5 Forest Labs 0.7 UCB 0.9 Schering Plough 1.1 Schering AG 1.9 Astellas 1.6 Teva 2.0 Biogen Idec 1.0 Celgene 1.3 Biogen Idec 1.4 Takeda 1.6

Bristol-Myer

Sqb 3.0 Eli Lilly 3.4

20 Schering AG 0.5 Schering AG 0.6 Forest Labs 0.8 Novo Nordisk 1.1 Gilead 1.6 Forest Labs 1.0 Astellas 1.7 Celgene 0.9 Biogen Idec 1.2 Otsuka 1.2 Otsuka 1.5 Actavis 2.8 Biogen Idec 3.3

21 UCB 0.4 Astellas 0.5 Merck Kgaa 0.8 Astellas 0.9 Novo Nordisk 1.6 Daiichi 0.9 Biogen Idec 1.0 Merck 0.9 Forest Labs 1.1 Allergan 1.1 Celgene 1.4 Merck Kgaa 2.7 Merck Kgaa 2.9

22 Shire 0.3 Merck Serono 0.5 Gilead 0.8 Daiichi Sankyo 0.8

Schwarz

Pharma 1.2 Biogen Idec 0.8 Celgene 0.8 Merck Kgaa 0.8 Otsuka 1.0 Astellas 1.0 Teva 1.3 Biogen Idec 2.7

Bristol-Myer

Sqb 2.8

23 Mylan 0.3 Gilead 0.4 Schering AG 0.8 Merck Serono 0.7 Astellas 1.1 Teva 0.6 Forest Labs 0.8 Otsuka 0.7 Allergan 0.9 Forest Labs 1.0 Astellas 1.0 Shire 1.9 Shire 2.0

24 Hospira 0.3 Eisai 0.4 Alk-Abello 0.7 Forest Labs 0.7 Daiichi Sankyo 0.7 Allergan 0.6 UCB 0.7 Forest Labs 0.7 Shire 0.9 Regenereon 0.8 Allergan 1.0 Allergan 1.7 Allergan 1.9

25 Merck Kgaa 0.2 UCB 0.4 Eisai 0.5 Eisai 0.6 Biogen Idec 0.6 Otsuka 0.5 Allergan 0.6 Shire 0.6 Merck Kgaa 0.8 Shire 0.7 Daiichi Sankyo 0.8 Otsuka 1.5 Mylan 1.5

'15E'09 '10 '11 '12 '13 '14E'08'03 '04 '05 '06 '07


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Exhibit 34: Top 25 Healthcare Companies Ordered By Market Cap from 2003 to 2014 (Current)

No.

1 Pfizer 270 Pfizer 203

Johnson &

Johnson 179

Johnson &

Johnson 191

Johnson &

Johnson 191

Johnson &

Johnson 166

Johnson &

Johnson 178

Johnson &

Johnson 170

Johnson &

Johnson 179

Johnson &

Johnson 194

Johnson &

Johnson 258

Johnson &

Johnson 280

2

Johnson &

Johnson 153

Johnson &

Johnson 188 Pfizer 172 Pfizer 187 Pfizer 155 Roche 132 Roche 147 Novartis 155 Pfizer 166 Pfizer 185 Roche 242 Roche 247

3 Glaxo-smithkline 136 Novartis 140 Glaxo-smithkline 147 Roche 158 Roche 151 Novartis 130 Pfizer 147 Pfizer 140 Novartis 157 Roche 174 Novartis 217 Novartis 228

4 Novartis 112 Glaxo-smithkline 137 Novartis 144 Novartis 157 Novartis 149 Pfizer 119 Novartis 144 Roche 128 Roche 148 Novartis 170 Pfizer 199 Pfizer 200

5 Roche 91 Sanofi 111 Roche 132 Glaxo-smithkline 151 Glaxo-smithkline 140 Glaxo-smithkline 97 Merck 112 Merck 111 Glaxo-smithkline 115 Sanofi 125 Merck 146 Merck 168

6 Astrazeneca 82 Roche 102 Sanofi 123 Sanofi 125 Sanofi 125 Genentech 87 Glaxo-smithkline 111 Glaxo-smithkline 100 Merck 115 Merck 124 Sanofi 141 Sanofi 138

7 Amgen 80 Amgen 81 Genentech 98 Genentech 86 Abbott 87 Sanofi 83 Sanofi 104 Sanofi 84 Sanofi 99 Glaxo-smithkline 106 Glaxo-smithkline 130 Glaxo-smithkline 129

8 Eli Lilly 79 Aventis 75 Amgen 97 Astrazeneca 82 Genentech 71 Abbott 83 Abbott 84 Abbott 74 Abbott 88 Abbott 104 Bayer 117 Gilead 109

9 Wyeth 57 Eli Lilly 64 Astrazeneca 77 Amgen 80 Bayer 70 Amgen 61 Astrazeneca 68 Novo Nordisk 68 Novo Nordisk 67 Novo Nordisk 91 Gilead 115 Bayer 108

10

Bristol-Myer

Sqb 55 Astrazeneca 60 Eli Lilly 64 Abbott 75 Astrazeneca 63 Astrazeneca 59 Bayer 66 Astrazeneca 64

Bristol-Myer

Sqb 60 Bayer 79 Novo Nordisk 101 Novo Nordisk 97

11 Sanofi 55 Genentech 57 Wyeth 62 Wyeth 69 Eli Lilly 61 Wyeth 50 Amgen 57 Bayer 60 Astrazeneca 60 Amgen 66

Bristol-Myer

Sqb 88 Amgen 91

12 Aventis 53 Wyeth 57

Bristol-Myer

Sqb 45 Eli Lilly 59 Wyeth 59 Gilead 47 Teva 50 Amgen 52 Amgen 56 Astrazeneca 59 Amgen 86 Bristol-Myer Sqb 84

13 Genentech 49 Bristol-Myer Sqb 50 Takeda 42

Bristol-Myer

Sqb 52 Takeda 56

Bristol-Myer

Sqb 46

Bristol-Myer

Sqb 43 Teva 47 Bayer 53 Eli Lilly 57 Abbvie 84 Astrazeneca 81

14 Takeda 35 Takeda 49 Schering Plough 31 Takeda 51 Bristol-Myer Sqb 52 Eli Lilly 46 Eli Lilly 41

Bristol-Myer

Sqb 45 Eli Lilly 48 Gilead 56 Astrazeneca 74 Abbvie 81

15 Schering Plough 26 Schering Plough 31 Bayer 30 Bayer 41 Amgen 51 Bayer 45 Novo Nordisk 40 Eli Lilly 40 Takeda 37 Bristol-Myer Sqb 54 Celgene 70 Biogen Idec 71

16 Forest Labs 23 Bayer 25 Teva 27 Schering Plough 35 Schering Plough 43 Takeda 42 Gilead 39 Takeda 35 Teva 36 Takeda 35

Biogen

Idec 66 Eli Lilly 68

17 Bayer 21 Biogen Idec 22 Gilead 24 Gilead 30 Gilead 43 Teva 36 Takeda 27 Gilead 29 Gilead 31 Biogen Idec 35 Abbott 59 Celgene 60

18 Teva 16 Novo Nordisk 19

Novo

Nordisk 20 Novo Nordisk 28 Novo Nordisk 42 Novo Nordisk 32 Celgene 26 Celgene 28 Celgene 30 Celgene 33 Eli Lilly 57 Abbott 58

19 Novo Nordisk 14 Teva 19 Genzyme 18 Schering AG 26 Teva 34 Schering Plough 28 Allergan 19 Allergan 21 Allergan 27 Teva 32 Takeda 42 Teva 50

20 Biogen Idec 12 Forest Labs 17 Biogen Idec 15 Teva 23 Schering AG 30 Celgene 25

Biogen

Idec 15 Genzyme 18 Biogen Idec 27 Merck Kgaa 29 Merck Kgaa 39 Valeant 43

21 Gilead 12 Gilead 15 Allergan 14 Celgene 21 Daiichi Sankyo 22 Daiichi Sankyo 21 Astellas 14 Astellas 17 Shire 20 Allergan 28 Valeant Pharma 39 Allergan 36

22 Merck Serono 11 Schering AG 14

Forest

Labs 14 Astellas 21 Astellas 22 Astellas 19 Genzyme 13

Biogen

Idec 16 Astellas 17 Astellas 18 Teva 34 Actavis 35

23 Astellas 11 Genzyme 14

Bayer

Schering 13 Allergan 18 Genzyme 20 Genzyme 18 Daiichi Sankyo 12 Shire 14 Valeant Pharma 14 Alexion 18 Allergan 33 Merck Kgaa 35

24 Genzyme 11 Astellas 11 Chugai 12 Daiichi Sankyo 17 Allergan 20

Biogen

Idec 14 Shire 11 Daiichi Sankyo 13 Otsuka 14 Valeant Pharma 18 Actavis 29 Takeda 35

25 Allergan 10 Allergan 11

Merck

Serono 12

Biogen

Idec 17 Celgene 18 Forest 12 Chugai 10 Eisai 10 Daiichi Sankyo 14 Shire 17 Shire 28 Alexion 31

'14/Current'13'03 '04 '05 '06 '07 '08 '09 '10 '11 '12


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Exhibit 35: ETF Inflows on a YTD and Weekly Basis (April 3 – April 9) (as a % of AUM at the beginning of 2014)

13%

12%13%

7%

8%

2%

-3%

4%

-9%

-3%

-9%

-19%

0%

-2%

3%

2%

3%

0%0%

-1%

1%

2%

5%

2%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Biotech Pharma Utilities Telecom Energy IT Materials Financials Industrials S&P 500 ConsumerStaples

ConsumerDiscretionary

Infl

ow

s/O

utf

low

s a

s a

% o

f A

UM

at

Be

gin

nin

g o

f 2

01

4

Net Flows YTD (as a % of AUM at Beginning of 2014) Net Flows Weekly (as a % of AUM at Beginning of 2014)

Source: Credit Suisse Research

11 April 2014


Exhibit 36: Breakthrough Drug Designation Tracker

Name Company Indication Date

announced

US Approval/

CS expected

approval

Kalydeco and VX-809 Vertex Kalydeco combination with VX-809 in patients with two

copies of the F508del mutation Jan 6, 2013 CS est: 2015

Kalydeco Vertex Monotherapy for other CFTR mutaions Jan 6, 2013 Feb 21, 2014

Ibrutinib Pharmacyclics and Janssen

(JNJ)

Relapsed or refractory Waldenstrom’s

Macroglobulinemia Apr 8, 2013 CS est: 2015


(JNJ) Relapsed or refractory Mantle Cell Lymphoma Apr 8, 2013 Nov 11, 2013


(JNJ) Relapsed or refractory Chronic Lymphocytic Leukemia Apr 8, 2013 Feb 12, 2014

LDK378 Novartis ALK+ Non-small cell Lung Cancer Mar 15, 2013 CS est: 2015

Palbociclib Pfizer treatment of post-menopausal patients with ER+,

HER2- locally advanced or metastatic breast cancer Apr 10, 2013 CS est: 2016

Lambrolizumab Merck inoperable and metastatic melanoma Apr 24, 2013 CS est: 2015

Triple direct-acting antiviral

(DAA) treatment regimens

of daclatisvir, asunaprevir,

and BMS-791325

Bristol-Myers Squibb Hepatitis C Virus Apr 25, 2013 CS est: 2016

SD-101 Scioderm Epidermolysis Bullosa Apr 29, 2013 NA

Daratamumab Genmab/Janssen Multiple Myeloma May 1, 2013 NA

DAA Combination of ABT-

450/r + ABT-267 + ABT-

333 with and without

ribavirin

AbbVie Hepatitis C Virus May 6, 2013 CS est: 2015

Gazyva (obinutuzumab) Genentech Chronic Lymphocytic Leukemia May 15, 2013 Nov 11, 2013

Sebelipase Alfa Synageva BioPharma Early-Onset Lysosomal Acid Lipase Deficiency May 20, 2013 NA

Asfotase Alfa Alexion Perinatal-, Infantile- and Juvenile-Onset

Hypophosphatasia May 28, 2013 CS est: 2014

Serelaxin (RLX030) Novartis Acute Heart Failure Jun 21, 2013 CS est: 2014

Drisapersen

(GSK2402968/PRO051) GlaxoSmithKline Duchenne Muscular Dystrophy Jun 27, 2013 NA

bimagrumab (BYM388) Novartis Sporadic inclusion body myositis (sIBM) Aug 20, 2013 CS est: 2017

Sofosbuvir/ledipasvir

combination Gilead Hepatitis C Virus Jul 25, 2013 Dec 6, 2013

Firdapse Catalyst Pharmaceutical Lambert-Eaton Myasthenic Syndrome (LEMS) Aug 27, 2013 CS est: 2017

Entinostat Syndax Pharmaceuticals In combination with exemestane for metastatic ER-

positive breast cancer Sep 11, 2013 NA

Arzerra Genmab/GlaxoSmithKline In combination with chlorambucil for Chronic

Lymphocytic Leukemia Sep 13, 2013 NA

Volasertib Boehringer Ingelheim Treatment naïve acute myeloid leukemia in patients 65

and older Sep 17, 2013 CS est: 2016

Alectinib Roche Non-small Lung Cancer Sep 23, 2013 CS est: 2017

MK-5172/MK-8742 Merck Hepatitis C Virus Oct 22, 2013 CS est: 2016

cPMP Alexion Molybdenum cofactor deficiency (MoCD) type A Oct 24, 2013 NA

Tafenoquine GlaxoSmithKline Plasmodium vivax malaria Dec 20, 2013 CS est: 2017

PRT4445 (andexanet alfa) Portola Pharmaceuticals Factor Xa inhibitor antidote Nov 25, 2013 CS est: 2016

Idealisib Gilead Chronic Lymphocytic Leukemia Nov 18, 2013 CS est: 2014

Tafinlar (dabrafenib) GlaxoSmithKline BRAF V600E mutation positive NSCLC Jan 13, 2014 NA

Kalydeco and VX-661 Vertex CF patients homozygous for F508del mutation Jan 29, 2014 CS est: 2017

Promacta/Revolade

(eltrombopag) GlaxoSmithKline Severe aplastic anemia Feb 3, 2014 NA

Daclatasvir/asunaprevir

combination Bristol-Myers Squibb Genotype 1b hepatitis C Feb 24, 2014

Bivalent rLP2086 Pfizer

Prevention of invasive meningococcal disease due

to Neisseria meningitidis serogroup B in persons 10 –

25 years of age

Mar 20, 2014 CS est: 2016

LDK378 Novartis Non-small Lung Cancer Mar 26, 2014 CS est: 2015

11 April 2014


Bexsero Novartis prevention of invasive meningococcal disease caused by Neisseria meningitidis serogroup B

Apr 7, 2014 NA

Mydicar Celladon reducing hospitalizations for heart failure in NYHA class III or IV chronic heart failure patients who are NAb negative

Apr 10, 2014 NA


11 April 2014


Top 3 Most Read Notes From Monthly Nutshells:

March, 2014 #1: Global Biotechnology - Has The Biotech Bubble Burst? - What History Tells us – March 25 – Given the two significant trading session drops on Friday 3/21 and Monday 3/24, in this note we ask whether the “Biotech Bubble” has burst? We note that the biotech bull markets of 1999/2000 and 2013/2014 are notably different (now driven by an appetite for EPS growth vs. genomics/tech then, now valuation is arguably not stretched relative to other sectors), although we also acknowledge that there are some red flags/similarities with the previous bubble including pre-clinical public companies. (LINK) #2: Global Biotechnology - Biotechnology Information Toolkit - The BIT– March 14 – This was the first edition of our Biotechnology Information Toolkit - “The BIT”. We have created the BIT with the aim of saving clients time (really!) by serving as a one-stop shop for all things data driven. (LINK). The latest version of “The BIT” (March 28th) can be accessed via LINK.

#3: Global Biotechnology and Pharmaceuticals - EASL - HCV - Cor Blimey A 2014 Meeting Planner– March 21 – In this note, we highlight that the EASL 2014 meeting, which takes place in London, UK on April Wednesday 9 to Sunday 13, will deliver granularity on the pivotal data for ABBV's/ENTA's and GILD's all-oral, interferon-free regimens and serve as an important forum for gauging physicians' views ahead of the launch of these first-gen all-oral combinations in H2'14. (LINK)

February, 2014 #1: Global Biotechnology - Cannot Ignore Valuation - Large Cap Biotech 2.0 is Actually Less Expensive Than S&P500 – Feb 05 – Within this note, we emphasized our continued bullish view on the biotech sector based on our standing “generalist GARPy inflows” thesis. We highlighted that the biggest pushback we get to our thesis is the perceived high valuation of the Biotech sector, which we argue fundamentally misses the point that Biotech has changed and is now in “2.0” mode with unprecedented earnings growth placing it at a discount to the S&P500 on 2017 numbers! (LINK) #2: GILD: Raising HCV Sales Forecasts On Survey – Feb 10 – In this note, we raise our GILD HCV franchise sales on the back of our propriety physician survey which shows that despite a higher patient share for ABBV/ENTA’s combination, the significant warehousing and concomitant patient tracking indicate a market-wide faster and larger patient treatment ramp upon the launch of GILD’s all-oral interferon-free regimens in H2’14. Additionally, we believe that ca$100k/treatment course gross price as obtainable in the US for the initial all-oral, interferon free regimens and we raise our peak 2018 HCV franchise sales to $11.6B. (LINK) #3: GILD: HCV - How Big Is Big – Feb 05 – In this post-Q4 earnings note we highlight that Sovaldi was off to a strong start in Dec’13. However, GILD refrained from providing FY’14 guidance for Sovaldi. (LINK).

January, 2014 #1: Global Biotechnology: Outlook for 2014 - Investor Feedback on "More Evolution within the Revolution: 10 Key Themes" – Jan 07 – Within this note we provided investor feedback to our 2014 sector outlook note published in December 2013 in which we emphasized out intact bullish view on the biotech sector based on

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https://doc.research-and-analytics.csfb.com/docView?sourceid=em&document_id=x559568&serialid=es9NpHdmioHZJSt9nR2Btd9bbzpurKqeG3REHGi9fGI%3d

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11 April 2014


our standing “generalist GARPy inflows” thesis. The key areas of outlook note were push back on valuation (mainly from specialists), and a focus on pipelines and agency cost. We also raised the concept that “domain domination” would be a new central

theme for 2014? (LINK)

#2: Global Biotechnology – Stock and Catalyst Outlook for 2014– Jan 10 – In this note, we provided 2014 investment summaries and flag key catalysts for each of the 49 companies currently under coverage. (LINK) #3: New Antibiotics Expected to Drive Greater Outpatient Use - Diverse Set of Forces Likely to Increase Size of Outpatient Market – Jan 07 – In this industry overview note, we highlight that that two forces are likely to converge in 2014 resulting in the increased use of new antibiotics: (1) increased cost management and hospital avoidance for patients with skin infections, and (2) the launch of three new antibiotics with similar marketing messages (LINK). Also note that in connection with this note we published a separate proprietary survey (LINK).

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11 April 2014


Exhibit 37: List of Companies Used to Prepare Exhibit 2

Large Caps Pacira DBV Technologies Neurocrine

Amgen PDL BioPharma Dendreon NewLink

Biogen Portola Dicerna Nupathe

Celgene Puma Durata OncoMed

Gilead Synageva Dyax Onconova

Thrombogenics Dynavax Oncothyreon

Mid Caps Eagle Orexigen

Actelion Micro Caps Egalet Osiris

Alexion Ablynx Eleven Biotherapeutics Peregrine

Alnylam AcelRx Emergent Progenics

BioMarin Achillion Enanta Prosensa

BTG Active Biotech Endocyte Prothena

Cubist Advanced Cell Enzo PTC Therapeutics

Incyte Aerie Epizyme Raptor

Isis Agenus Esperion Receptos

Medivation Agios Evoke Regado

NPS Alcobra Evolva Holdings Regulus

Pharmacyclics Alimera Evotec Relypsa

Regeneron Ambit Bio Fate Revance

Seattle Genetics Anacor Fibrocell Science Sangamo

United Therapeutics Anthera Five Prime Sarepta

Vertex Aratana Flexion SIGA

Argos Foundation Medicine Spectrum

Small Caps ArQule Galapagos Stemline

ABCAM Array Galena Sucampo

Acadia Auspex Genocea Bio Sunesis

Acceleron Aveo Geron Supernus

Acorda Bavarian Nordic GlycoMimetics Synergy

Aegerion Bind GTX Tesaro

Algeta BioCryst Harvard Biosciences Tetralogic

Arena BioGaia Heat Biologics Tetraphase

Ariad Biospecifics Horizon Threshold

Basilea Biota Hyperion Titan

Celldex Biotie Therapies Idenix TNI BioTech

Clovis BioTime ImmunoCellular Transgene

Exelixis Bluebird Immunomedics Trevena

Genmab Cancer Genetics Infinity Ultragenyx

Halozyme Cara Inovio uniqure BV

Immunogen Cell Insmed Veloxis

Intercept Celladon KaloBios Verastem

InterMune Cellular Dynamics Karyopharm Vical

Intrexon Cempra Kythera Vitrolife

Ironwood ChemoCentryx Lexicon Vivus

Keryx Chimerix LipoScience Xencor

Ligand Conatus MacroGenics Xenoport

Mannkind Concert Medivir Xoma

Medicines Co Corcept Merrimack Zealand

Morphosys Coronado Mologen Ziopharm

Nektar Curis Nanostring Zogenix

Novavax Cytokinetics NeoStem

Ophthotech Cytori NephroGenex


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Exhibit 38: 49 Companies Under Coverage List

Company Name

RAVE

Ticker Ticker

Market Cap

($M) CS Rating

CS

Target Price Last Price Coverage Company Name Ticker

Market Cap

($M) CS Rating

CS

Target Price Last Price Coverage

Large Cap Hospital Antibiotics

Amgen Inc AMGN AMGN $90,778 NEUTRAL $125.00 $120.00 RM/LK Achaogen Inc AKAO $225 OUTPERFORM $22.00 $12.75 JK/JS

Biogen Idec Inc BIIB BIIB $71,079 OUTPERFORM $400.00 $300.68 RM/LK Cubist Pharmaceuticals Inc CBST $5,228 OUTPERFORM $77.00 $69.89 JK/JS

Celgene Corp CELG CELG $59,815 OUTPERFORM $210.00 $147.32 RM/LK Durata Therapeutics Inc DRTX $351 OUTPERFORM $22.00 $13.18 JK/JS

Gilead Sciences Inc GILD GILD $108,649 OUTPERFORM $110.00 $70.65 RM/LK Medicines Co MDCO $1,695 NEUTRAL $28.00 $26.21 JK/JS

SMID Cap Obesity

Antibody Arena Pharmaceuticals Inc ARNA $1,438 UNDERPERFORM $4.00 $6.56 LK/RM

Immunogen Inc IMGN IMGN $1,263 NEUTRAL $14.00 $14.74 JK/JS Orexigen Therapeutics Inc OREX $667 OUTPERFORM $10.00 $5.98 LK/RM

PDL BioPharma Inc PDLI PDLI $1,321 UNDERPERFORM $6.00 $8.24 JK/JS Vivus Inc VVUS $517 NEUTRAL $7.00 $5.00 LK/RM

Regeneron Pharmaceuticals Inc REGN REGN $29,985 OUTPERFORM $340.00 $306.26 JK/JS Oncology SMID

Seattle Genetics Inc SGEN SGEN $5,204 OUTPERFORM $51.00 $42.27 JK/JS ARIAD Pharmaceuticals Inc ARIA $1,414 NEUTRAL $8.00 $7.59 JK/JS

XOMA Corp XOMA XOMA $505 NEUTRAL $7.00 $4.74 JK/JS BIND Therapeutics Inc BIND $177 OUTPERFORM $21.00 $10.78 RM/KC

Prothena Corporation PLC PRTA PRTA $743 OUTPERFORM $53.00 $33.90 JK/JS Clovis Oncology Inc CLVS $2,262 OUTPERFORM $100.00 $66.73 RM/LK

Xencor Inc XNCR XNCR $323 OUTPERFORM $14.00 $10.29 JK/JS Endocyte Inc ECYT $941 OUTPERFORM $44.00 $22.77 JK/JS

Commercial-Stage SMID Infinity Pharmaceuticals Inc INFI $532 NEUTRAL $20.00 $11.01 JK/JS

Actelion Ltd ATLN.VX ATLN-VX $11,595 OUTPERFORM CHF 90.00 CHF 86.15 RM/LK Pharmacyclics Inc PCYC $7,739 OUTPERFORM $121.00 $103.15 JK/JS

Corcept Therapeutics Inc CORT CORT $429 NEUTRAL $2.00 $4.26 RM/KC Sunesis Pharmaceuticals Inc SNSS $385 NEUTRAL $6.00 $6.40 JK/JS

InterMune Inc ITMN ITMN $3,018 NEUTRAL $33.00 $31.08 RM/KC Spectrum Pharmaceuticals Inc SPPI $503 UNDERPERFORM $7.00 $7.71 JK/JS

United Therapeutics Corp UTHR UTHR $4,951 NEUTRAL $75.00 $98.08 RM/KC Orphan Drugs

Xenoport Inc XNPT XNPT $300 OUTPERFORM $7.00 $4.86 RM/KC Alexion Pharmaceuticals Inc ALXN $30,834 NEUTRAL $171.00 $155.86 LK/RM

Constipation / IBS-C BioMarin Pharmaceutical Inc BMRN $9,450 NEUTRAL $73.00 $65.80 LK/RM

Ironwood Pharmaceuticals Inc IRWD IRWD $1,298 OUTPERFORM $18.00 $10.91 RM/KC PTC Therapeutics Inc PTCT $706 OUTPERFORM $35.00 $23.48 JK/JS

Sucampo Pharmaceuticals Inc SCMP SCMP $319 NEUTRAL $8.00 $7.25 RM/KC Prostate Cancer

Synergy Pharmaceuticals Inc SGYP SGYP $458 OUTPERFORM $9.17 $4.89 RM/KC Dendreon Corp DNDN $461 NEUTRAL $3.00 $2.90 LK/RM

Development-Stage SMID Exelixis Inc EXEL $740 NEUTRAL $5.00 $3.80 LK/RM

Esperion Therapeutics Inc ESPR ESPR $235 OUTPERFORM $26.00 $15.24 JK/JS Medivation Inc MDVN $4,771 OUTPERFORM $95.00 $62.50 LK/RM

Portola Pharmaceuticals Inc PTLA PTLA $1,001 OUTPERFORM $32.00 $24.40 JK/JS * Last Price as of April 9th, 2014

Receptos Inc RCPT RCPT $943 OUTPERFORM $58.00 $42.53 RM/KC

Vical Inc VICL VICL $112 NEUTRAL $1.50 $1.29 LK/RM

HCV

Achillion Pharmaceuticals Inc ACHN ACHN $308 NEUTRAL $4.00 $3.18 RM/KC

Enanta Pharmaceuticals Inc ENTA ENTA $673 OUTPERFORM $43.00 $36.66 RM/KC

Idenix Pharmaceuticals Inc IDIX IDIX $915 NEUTRAL $4.00 $6.07 RM/KC

Medivir AB MVIRB MVIR'B-SK $3,351 OUTPERFORM SEK 115.00 SEK 109.50 RM/KC

Vertex Pharmaceuticals Inc VRTX VRTX $16,516 NEUTRAL $78.00 $69.95 RM/KC


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Companies Mentioned (Price as of 09-Apr-2014)

AbbVie Inc. (ABBV.N, $50.63) Abbott Laboratories (ABT.N, $37.63) Alexion Pharmaceuticals Inc. (ALXN.OQ, $155.86) Allergan Inc. (AGN.N, $120.91) Amgen Inc. (AMGN.OQ, $120.0) AstraZeneca (AZN.L, 3811.5p) Bayer (BAYGn.DE, €95.52) Biogen Idec (BIIB.OQ, $300.68) Bristol Myers Squibb Co. (BMY.N, $50.57) Celgene Corp. (CELG.OQ, $147.32) Eli Lilly & Co. (LLY.N, $60.43) Gilead Sciences Inc. (GILD.OQ, $70.65) GlaxoSmithKline plc (GSK.L, 1581.5p) Johnson & Johnson (JNJ.N, $98.95) Merck & Co., Inc. (MRK.N, $57.1) Novartis (NOVN.VX, SFr73.5) Novo Nordisk A/S (NOVOb.CO, Dkr238.3) Pfizer (PFE.N, $31.23) Quintiles Transnational Holdings, Inc. (Q.N, $51.34) Regeneron Pharmaceutical (REGN.OQ, $306.26) Roche (ROG.VX, SFr255.6) Sanofi (SASY.PA, €76.45) Shire Pharmaceuticals (SHP.L, 2906.0p) UCB (UCB.BR, €56.63)

Disclosure Appendix

Important Global Disclosures

Ravi Mehrotra PhD, Lee Kalowski and Jason Kantor, PhD each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.

The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities

As of December 10, 2012 Analysts’ stock rating are defined as follows:

Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months.

Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.

Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.

*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin Ame rican and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; Austr alia, New Zealand are, and prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, 12 -month rolling yield is incorporated in the absolute tota l return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were based on a stock’s total return relative to the average total return of the relevant country or regional benchmark.

Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances.

Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.

Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation:

Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.

Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.

Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months.

*An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cov er multiple sectors.

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Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution

Rating Versus universe (%) Of which banking clients (%)

Outperform/Buy* 43% (53% banking clients)

Neutral/Hold* 40% (50% banking clients)

Underperform/Sell* 14% (46% banking clients)

Restricted 2%

*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdin gs, and other individual factors.

Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein.

Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research and analytics/disclaimer/managing_conflicts_disclaimer.html

Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.

See the Companies Mentioned section for full company names

The subject company (JNJ.N, BIIB.OQ, AMGN.OQ, NOVN.VX, PFE.N, AZN.L, ROG.VX, LLY.N, GSK.L, MRK.N, ABBV.N, GILD.OQ, BMY.N, UCB.BR, AGN.N, SHP.L, Q.N, REGN.OQ, CELG.OQ, NOVOb.CO, BAYGn.DE) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse.

Credit Suisse provided investment banking services to the subject company (BIIB.OQ, AMGN.OQ, NOVN.VX, PFE.N, LLY.N, GSK.L, MRK.N, BMY.N, SHP.L, CELG.OQ, BAYGn.DE) within the past 12 months.

Credit Suisse provided non-investment banking services to the subject company (BIIB.OQ, AMGN.OQ, NOVN.VX, PFE.N, AZN.L, ROG.VX, LLY.N, GSK.L, MRK.N, GILD.OQ, BMY.N, UCB.BR, SHP.L, REGN.OQ, CELG.OQ, BAYGn.DE) within the past 12 months

Credit Suisse has managed or co-managed a public offering of securities for the subject company (NOVN.VX, PFE.N, MRK.N, BMY.N, BAYGn.DE) within the past 12 months.

Credit Suisse has received investment banking related compensation from the subject company (BIIB.OQ, AMGN.OQ, NOVN.VX, PFE.N, LLY.N, GSK.L, MRK.N, BMY.N, SHP.L, CELG.OQ, BAYGn.DE) within the past 12 months

Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (JNJ.N, BIIB.OQ, AMGN.OQ, ABT.N, NOVN.VX, PFE.N, AZN.L, LLY.N, GSK.L, MRK.N, ABBV.N, GILD.OQ, BMY.N, UCB.BR, AGN.N, SHP.L, ALXN.OQ, REGN.OQ, CELG.OQ, BAYGn.DE) within the next 3 months.

Credit Suisse has received compensation for products and services other than investment banking services from the subject company (BIIB.OQ, AMGN.OQ, NOVN.VX, PFE.N, AZN.L, ROG.VX, LLY.N, GSK.L, MRK.N, GILD.OQ, BMY.N, UCB.BR, SHP.L, REGN.OQ, CELG.OQ, BAYGn.DE) within the past 12 months

As of the date of this report, Credit Suisse makes a market in the following subject companies (JNJ.N, BIIB.OQ, AMGN.OQ, ABT.N, PFE.N, LLY.N, MRK.N, ABBV.N, GILD.OQ, BMY.N, AGN.N, Q.N, ALXN.OQ, REGN.OQ, CELG.OQ).

As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (NOVN.VX, SHP.L).

Credit Suisse has a material conflict of interest with the subject company (GILD.OQ) . A Credit Suisse analyst involved in the preparation of this report has a long position in the common stock of GILD.

Credit Suisse has a material conflict of interest with the subject company (SHP.L) . Susan Kilsby, an employee of Credit-Suisse, is a member of the Board of Directors of Shire PLC.

As of the date of this report, an analyst involved in the preparation of this report has the following material conflict of interest with the subject company (PFE.N). As of the date of this report, an analyst involved in the preparation of this report, Vamil Divan, has following material conflicts of interest with the subject company. The analyst or a member of the analyst's household has a long position in the common stock Pfizer (PFE.N). A member of the analyst's household is an employee of Pfizer (PFE.N).

As of the date of this report, an analyst involved in the preparation of this report has the following material conflict of interest with the subject company (PFE.N). As of the date of this report, an analyst involved in the preparation of this report, Ronak Shah, has the following material conflict of interest with the subject company. The analyst has a long position in the common stock Pfizer (PFE.N).

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For other important disclosures concerning companies featured in this report, including price charts, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683.

Important Regional Disclosures

Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.

The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company (JNJ.N, BIIB.OQ, AMGN.OQ, ABT.N, NOVN.VX, PFE.N, PFE.N, PFE.N, AZN.L, ROG.VX, LLY.N, GSK.L, MRK.N, ABBV.N, GILD.OQ, BMY.N, SASY.PA, UCB.BR, AGN.N, SHP.L, Q.N, ALXN.OQ, REGN.OQ, CELG.OQ, NOVOb.CO, BAYGn.DE) within the past 12 months

Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares.

Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.

For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit http://www.csfb.com/legal_terms/canada_research_policy.shtml.

The following disclosed European company/ies have estimates that comply with IFRS: (AZN.L, BMY.N, SASY.PA, UCB.BR).

Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (AMGN.OQ, NOVN.VX, PFE.N, GSK.L, MRK.N, BMY.N, BAYGn.DE) within the past 3 years.

As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.

Principal is not guaranteed in the case of equities because equity prices are variable.

Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.

For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683.

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