03.05.2012

Ticker: Actelion Ltd Benchmark:

Currency: SIX Swiss Ex: ATLN, Currency: CHF SWISS MARKET INDEX (SMI)

Sector: Health Care Industry: Biotechnology Year:

Telephone 41-61-565-65-65 Revenue (M) Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)Website www.actelion.com No of Employees Product Revenue 1712 United States 703Address Gewerbestrasse 16 Allschwil, 4123 Switzerland Contract Revenue 83 Rest of Europe 641Share Price Performance in CHF Rest of the World 344Price 40.24 1M Return 16.8% Switzerland 10852 Week High 48.30 6M Return 24.8% Product Revenue52 Week Low 28.16 52 Wk Return -8.8% Product Revenue52 Wk Beta 1.05 YTD Return 24.8%Credit Ratings

Bloomberg -S&P - Date - Outlook -Moody's - Date - Outlook -Fitch - Date - Outlook -

Valuation Ratios

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EP/E 22.9x 21.1x 15.6x - 16.9x 14.1x 12.2xEV/EBIT 17.6x 16.6x 11.2x 7.6x - - -EV/EBITDA 15.8x 14.0x 9.5x 6.1x 10.9x 10.0x 9.4xP/S 4.9x 3.9x 3.3x 2.2x 3.1x 3.1x 3.1xP/B 8.3x 4.7x 3.4x 2.5x 2.9x 2.8x 2.4xDiv Yield 0.0% 0.0% 1.6% 2.5% 1.8% 1.9% 2.0%Profitability Ratios %

12/08 12/09 12/10 12/11 12/12E 12/13E 12/14EGross Margin 89.0 88.6 89.0 88.5 88.7 88.9 89.0EBITDA Margin 29.0 23.8 29.4 25.4 24.5 26.8 28.0Operating Margin 26.0 20.0 25.0 20.6 19.7 21.1 21.8Profit Margin 21.4 18.3 21.4 -8.5 16.7 19.1 20.3Return on Assets 16.4 13.2 14.0 -5.2 10.5 13.5 15.3Return on Equity 41.0 27.7 24.4 -8.9 16.0 19.0 19.4Leverage and Coverage Ratios

12/08 12/09 12/10 12/11Current Ratio 1.7 1.8 2.1 3.8 Current Capitalization in CHFQuick Ratio 1.6 1.6 1.9 3.5 Common Shares Outstanding (M) 117.1EBIT/Interest 56.0 45.6 171.8 8.5 Market Capitalization (M) 5249.9Tot Debt/Capital 0.4 0.2 0.2 0.1 Cash and ST Investments (M) 933.0Tot Debt/Equity 0.7 0.3 0.2 0.2 Total Debt (M) 235.5Eff Tax Rate % 9.3 8.1 11.4 - Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0Investments (M) 0.0Enterprise Value (M) 4552.4

2'570

Actelion Ltd. is a pharmaceutical company that develops and markets synthetic small-molecule drugs against diseases related to the endothelium. The Company's drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary conditions.

ATLN VX

1'713

Company Analysis - Overview

95%

5%

MolarZq Nbsbkrb 9lkqoWZq Nbsbkrb

39%

36%

19%

6%

Rkfqba OqWqbp Nbpq lc Brolmb

Nbpq lc qeb Tloia OtfqwboiWka

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Actelion LtdTarget price in CHF

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date0-%7mo%./ 4-% 0-% -% 0%JWv%./ 1-&/1 14&1. AbrqpZeb 8Wkh NF9E7NA G M7NHBO Yrv 2-&-- /%JWv%./0-%JWo%./ 31% 0/% 2% /%JWv%./ 06&3- 14&1. JlodWk OqWkibv H7NI 8N7AOE7T BnrWitq'Fk%Ifkb 1-&-- /%JWv%.//6%CbY%./ 30% 00% 1% .%JWv%./ 05&1- 12&14 8Wkh SlkqlYbi 7D 7KANBT 9 TBFOO Yrv 26&-- /%JWv%./0.%GWk%./ 25% 05% 1% 0-%7mo%./ 05&1- 12&.0 8ovWk DWokfbo 9fb OB87OPFBK J7I7CLOOB Yrv 1/&2- /%JWv%./0-%AbZ%.. 25% 05% 1% /4%7mo%./ 00&5- 10&60 BuWkb 8KM MWofYWp KF9LI7O DRULK%DBIIFK lrqmbocloj 14&-- /%JWv%./0-%Kls%.. 25% 05% 1% /3%7mo%./ 00&6- 10&60 8WoZiWvp 9WmfqWi JF9E7BI IBR9EPBK lsbotq'kbrqoWi 1.&-- .%JWv%./0.%LZq%.. 21% 1/% 1% /2%7mo%./ 01&-0 10&60 BS7 Afjbkpflkp PB7J 9LSBN7DB elia .%JWv%./0-%Obm%.. 13% 2-% 1% /1%7mo%./ 0/&.2 10&60 Gbccbofbp MBPBN TBICLNA Yrv 12&-- 0-%7mo%./0.%7rd%.. 13% 2-% 1% /0%7mo%./ 0/&.3 10&60 8bobkYbod 8Wkh 7ANF7K ELTA Yrv 11&-- 0-%7mo%.//6%Gri%.. 03% 23% 5% /-%7mo%./ 0/&53 10&60 OqWkaWoa Mllo!p Bnrfqv NbpbWoZeG79L8 PEN7KB Yrv 13&-- 0-%7mo%./0-%Grk%.. 03% 23% 5% .6%7mo%./ 0/&62 10&23 KljroW 9lab ObZrofqfbp O7JFN ABS7KF Yrv 2-&-- 0-%7mo%./0.%JWv%.. 00% 34% -% .5%7mo%./ 0/&/. 10&.0 EbisbW LI7S VFIF7K Yrv 4/&-- 0-%7mo%./

.4%7mo%./ 00&/. 10&.0 7imeWSWirb J7NFLK O9EBNVFKDBN Yrv 14&0- /0%7mo%./

.3%7mo%./ 0/&6- 10&-4 7robi % 8D9 MFBNNB 9LN8U elia 05&-- /-%7mo%./

.0%7mo%./ 0/&64 10&-4 VrboZebo HWkqlkWiYWkh OF8UIIB 8FO9ELC8BNDBN CNF9HjWohbq mbocloj .6%7mo%./

./%7mo%./ 00&/4 10&13 KljroW 8E7KR OFKDE7I kbrqoWi 16&-- .6%7mo%./

..%7mo%./ 0/&46 10&13 NbaYrok MWoqkbop M7RI J7GLN kbrqoWi .5%7mo%./

.-%7mo%./ 0/&4. 10&13 9obafq Orfppb N7SF JBENLPN7 lrqmbocloj 1/&-- 0%7mo%./6%7mo%./ 00&03 10&13 DliajWk OWZep HBURN M7NBHE kbrqoWi'kbrqoWi 0-&-- .3%JWo%./3%7mo%./ 00&03 10&13 GMJlodWk G7JBO A DLNALK lsbotbfdeq 1-&-- .4%CbY%./2%7mo%./ 00&03 10&13 JWqofu 7KKFB G 9EBKD Yrv 21&-- 0-%7rd%..1%7mo%./ 00&13 10&13 Kbrb VrboZebo 8Wkh IFIF7K JLKPBNL kbrqoWi /5%JWo%..0%7mo%./ 01&13 10&13/%7mo%./ 00&21 10&13

0-%JWo%./ 00&-- 10&44/6%JWo%./ 00&25 10&44/5%JWo%./ 00&56 10&44

Company Analysis - Analysts Ratings

6rt RkT Bagg 8aSliiakTRodlkn sn 7mdSa RkT PRmcao 7mdSa

''% '3% '3%03% 03%

20% 25% 25% 25% 3'% 30% 4!%

34% 23% 23%2!% 2!%

0%% '5% '5% '5% ''% '%%'!%

!%5% 5% 0% 0% 0% 0% 0% 0% 0% 2% !%

-%

/-%

1-%

3-%

5-%

.--%

jWf&.. grfk&.. grfi&.. Wlyq&.. pbmq&.. lZq&.. kls&.. axZ&.. gWks&./ cxso&./ jWop&./ Wso&./

8ol

hbo N

bZlj

jbk

aWqfl

k

-

.-

/-

0-

1-

2-

3- MofZ

b

8rv Elia Obii MofZb PWodbq MofZb

6mleamn PRmcao 7mdSa

2-

1-

26

10

14

1.

12 11 13

2-

4/

14

05

16

1/

0-

1-

21

-

.-

/-

0-

1-

2-

3-

4-

5-

Abr

qpZe

b8

Wkh

Jlo

dWk

OqW

kibv

8Wk

hS

lkql

Ybi 7

D8

ovWk

DWo

kfbo

9

fbB

uWkb

8K

MM

WofY

Wp8

WoZi

Wvp

9Wm

fqWi

BS

7A

fjbk

pflk

pGb

ccbofb

p8

bobk

Ybod

8Wk

hO

qWka

Woa

M

llo!p

Bnr

fqvK

ljro

W 9

lab

ObZ

rofqf

bpE

bisb

W

7im

eWS

Wirb

7ro

bi %

8D

9Vr

boZe

boH

Wkql

kWiY

Wkh

Klj

roW

Nba

Yrok

MWo

qkbo

p9

obaf

q Orf

ppb

Dli

ajWk

OWZ

epGM

Jlo

dWk

JWq

ofuK

brb

Vrbo

Zebo

Actelion Ltd

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 117.1 Switzerland 31.51%

Float 80.0% United States 19.24%

Short Interest (M) Britain 12.80%

Short Interest as % of Float Unknown Country 11.81%

Days to Cover Shorts Bermuda 7.54%

Institutional Ownership 59.10% Luxembourg 5.02%

Retail Ownership 35.94% Japan 4.55%

Insider Ownership 4.97% Others 7.55%

Institutional Ownership DistributionInvestment Advisor 61.87%Other 19.25%Individual 7.41%Mutual Fund Manager 6.38%

Pricing data is in CHF Others 5.08%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

ACTELION LTD 12'990'731 5'182'491 522'747'015 9.96% 05.01.2012 EXCH SWITZERLANDORBIS INVESTMENT MAN 6'591'626 0 265'247'030 5.05% 25.07.2011 EXCH BERMUDAELLIOTT ADVISORS UK 6'485'357 0 260'970'766 4.97% 25.05.2011 EXCH BRITAINBB BIOTECH AG 6'302'980 -98'035 253'631'915 4.83% 12.08.2010 EXCH SWITZERLANDCLOZEL JEAN-PAUL 5'328'720 0 214'427'693 4.08% 31.12.2009 Co File n/aBANK OF NEW YORK MEL 4'080'183 0 164'186'564 3.13% 24.08.2011 EXCH UNITED STATESBLACKROCK INC 3'883'738 0 156'281'617 2.98% 18.11.2011 EXCH UNITED STATESLAZARD ASSET MANAGEM 3'872'560 0 155'831'814 2.97% 04.11.2010 EXCH UNITED STATESMAAG RUDOLF 3'840'609 0 154'546'106 2.94% 31.12.2009 Co File n/aBARCLAYS PLC 3'840'609 0 154'546'106 2.94% 31.12.2009 Co File BRITAINMFS INVESTMENT MANAG 3'840'609 0 154'546'106 2.94% 31.12.2009 Co File JAPANCREDIT SUISSE GROUP 3'840'609 0 154'546'106 2.94% 31.12.2009 Co File SWITZERLANDNORGES BANK 2'809'966 0 113'073'032 2.15% 30.05.2011 EXCH NORWAYCREDIT SUISSE ASSET 1'968'265 121'880 79'202'984 1.51% 29.03.2012 MF-AGG SWITZERLANDVANGUARD GROUP INC 1'860'453 -6'144 74'864'629 1.43% 31.03.2012 MF-AGG UNITED STATESFIDEURAM GESTIONS SA 1'019'623 -136'571 41'029'630 0.78% 30.04.2012 MF-AGG LUXEMBOURGNUVEEN ASSET MANAGEM 992'700 0 39'946'248 0.76% 29.02.2012 MF-AGG UNITED STATESUBS FUND MANAGEMENT 870'203 -21'643 35'016'969 0.67% 31.01.2012 MF-AGG SWITZERLANDCAWTHORN ROBERT E 822'887 0 33'112'973 0.63% 31.12.2009 Co File n/aPICTET & CIE 785'295 77'034 31'600'271 0.60% 31.01.2012 MF-AGG SWITZERLAND

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

CLOZEL JEAN-PAUL 5'328'720 214'427'693 4.08% 31.12.2009 Co File

CAWTHORN ROBERT E 822'887 33'112'973 0.63% 31.12.2009 Co File

BUCKINGHAM SIMON 181'370 7'298'329 0.14% 31.12.2009 Co File

DE LASSENCE LOUIS ALFRED 112'200 4'514'928 0.09% 31.12.2009 Co File

KESSLER ARMIN M 16'111 648'307 0.01% 31.12.2009 Co File

Company Analysis - Ownership

Ownership Type

59%

36%

5%

FkpqfqrqflkWi Ltkbopefm NbqWfi Ltkbopefm Fkpfabo Ltkbopefm

Geographic Ownership

31%

8%

13%

8%

12%

5%

5%

18%

OtfqwboiWka Rkfqba OqWqbp 8ofqWfkRkhkltk 9lrkqov 8bojraW IrubjYlrodGWmWk Lqebop

Institutional Ownership

63%

7%

5%6%

19%

Fksbpqjbkq 7asfplo Lqebo FkafsfarWi JrqrWi Crka JWkWdbo Lqebop

TOP 20 ALL

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Actelion LtdFinancial information is in CHF (M)

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Income Statement

Revenue 64 132 308 455 648 924 1'292 1'429 1'698 1'826 1'713 1'692 1'684 1'714

- Cost of Goods Sold 13 32 46 66 91 138 158 194 200 196

Gross Income 119 276 409 582 834 1'154 1'271 1'504 1'626 1'517 1'501 1'497 1'525

- Selling, General & Admin Expenses 134 151 230 343 446 587 812 944 1'239 1'271 1'247

(Research & Dev Costs) 78 51 79 136 171 212 292 375 464 484 458

Operating Income -70 -32 45 83 152 268 367 371 339 457 353 333 355 373

- Interest Expense 0 0 2 0 8 9 4 7 7 3 42

- Foreign Exchange Losses (Gains) -2

- Net Non-Operating Losses (Gains) -3 5 45 1 8 -19 195 27 -7 14 380

Pretax Income -65 -37 -2 82 136 279 168 338 339 441 -69 309 359 397

- Income Tax Expense -11 0 1 4 10 38 44 31 27 50 77

Income Before XO Items -54 -38 -2 78 126 241 125 306 311 391 -146

- Extraordinary Loss Net of Tax 14 7 -10 0 0 0 0 0 0 0

- Minority Interests 1 0 0 0 0 0 0 0 0 0

Diluted EPS Before XO Items 0.67 1.11 2.05 1.00 2.48 2.53 3.22 (1.23)

Net Income Adjusted* -55 -26 -2 78 126 274 349 321 311 391 394 282 321 349

EPS Adjusted (0.53) (0.38) (0.02) 0.70 1.12 2.42 2.80 2.72 2.62 3.22 3.31 2.39 2.85 3.31

Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.80 0.80 0.73 0.76 0.80

Payout Ratio % 0.0 0.0 0.0 0.0 0.0 26.6 0.31 0.27 0.24

Total Shares Outstanding 106 107 109 111 113 115 118 117 119 119 117

Diluted Shares Outstanding 111 113 115 113 122 125 123 123 121 119

EBITDA -65 -27 53 101 173 288 407 414 403 536 436 414 452 480

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Balance Sheet

Total Current Assets 172.014999 164.539001 363.485992 436.302 589 1423 1268 1483 1938 2112 1982

+ Cash & Near Cash Items 87 116 259 300 138 926 332 727 877 1'196 1'281

+ Short Term Investments 65 6 0 255 219 527 293 466 250 56

+ Accounts & Notes Receivable 5 19 63 110 145 209 311 336 440 493 528

+ Inventories 6 14 21 18 26 24 43 46 61 59 64

+ Other Current Assets 9 9 21 8 25 44 55 80 93 113 54

Total Long-Term Assets 56 54 39 83 123 156 408 566 727 809 750

+ Long Term Investments 2 7 0 0 0 0 111 13 27

Gross Fixed Assets 23 25 36 59 84 130 178 261 390 487 567

Accumulated Depreciation 7 10 17 24 34 48 64 83 109 88 142

+ Net Fixed Assets 16 15 19 35 50 82 114 178 281 399 425

+ Other Long Term Assets 39 32 20 48 73 74 294 277 433 384 325

Total Current Liabilities 30 56 135 147 175 854 821 867 1'107 996 527

+ Accounts Payable 12 25 28 43 68 67 89 84 117 104 102

+ Short Term Borrowings 1 1 43 6 627 493 458 427 444 0

+ Other Short Term Liabilities 17 30 64 104 101 160 239 325 563 448 425

Total Long Term Liabilities 1 112 213 215 216 146 202 340 150 129 695

+ Long Term Borrowings 1 40 145 152 159 0 84 146 0 0 236

+ Other Long Term Borrowings 0 72 68 63 56 146 118 194 150 129 459

Total Liabilities 31 168 348 362 391 1'000 1'023 1'207 1'257 1'126 1'222

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0 0

+ Minority Interest 1 0 1 0 0 0 0 0 0 0

+ Share Capital & APIC 53 343 357 372 404 451 631 763 1'163 1'275 1'278

+ Retained Earnings & Other Equity 143 -293 -303 -214 -83 127 21 79 245 520 232

Total Shareholders Equity 198 51 55 158 322 578 652 842 1'408 1'795 1'510

Total Liabilities & Equity 228 219 403 520 712 1'578 1'675 2'049 2'665 2'921 2'732

Book Value Per Share 1.86 0.47 0.50 1.42 2.85 5.05 5.52 7.18 11.85 15.04 12.90 13.67 14.35 17.01

Tangible Book Value Per Share 0.34 1.10 2.43 4.64 3.25 5.10 8.81 10.87 9.27

Company Analysis - Financials II/IV

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Cash Flows

Net Income -55 -52 -10 87 126 241 125 306 311 391 -146 278 314 334

+ Depreciation & Amortization 5 5 8 17 20 20 40 43 64 79 83

+ Other Non-Cash Adjustments -11 19 60 -5 8 22 281 78 24 77 604

+ Changes in Non-Cash Capital 5 -8 -20 -8 -16 70 -52 87 25 -230 -135

Cash From Operating Activities -55 -36 38 92 138 353 394 514 424 316 405

+ Disposal of Fixed Assets 0 0 0 0

+ Capital Expenditures -9 -5 -7 -25 -25 -43 -55 -71 -133 -128 -89 -64 -65 -64

+ Increase in Investments -1 0 0 -1 -32 -17 -6 -13 0

+ Decrease in Investments 0 0 0 1 0

+ Other Investing Activities -7 44 -35 3 -157 25 -757 122 -162 164 187

Cash From Investing Activities -17 39 -42 -22 -214 -18 -829 44 -295 23 98

+ Dividends Paid 0 0 0 0 -95

+ Change in Short Term Borrowings 0 -1 -1 0 -460

+ Increase in Long Term Borrowings 0 40 142 0 451 117 98 233

+ Decrease in Long Term Borrowings -1 0 0 -41 -0 -0 -0 -21 -194 -0 -0

+ Increase in Capital Stocks 4 1 8 14 14 31 59 88 324 28 14

+ Decrease in Capital Stocks 0 -1 0 0 -11 -220 -213 -116 -35 -109

+ Other Financing Activities 0 -17 -3 -1 3 -18 -116 -114 6 -13 -0

Cash From Financing Activities 3 22 146 -28 17 453 -160 -162 20 -20 -418

Net Changes in Cash -69 25 143 42 -58 788 -595 396 150 319 85

Free Cash Flow (CFO-CAPEX) -64 -41 31 67 114 310 339 442 292 189 315 334 394 417

Free Cash Flow To Firm 67 121 318 342 448 298 191

Free Cash Flow To Equity -66 -2 172 26 113 761 456 189 88

Free Cash Flow per Share -0.63 -0.39 0.29 0.61 1.02 2.74 2.87 3.74 2.46 1.59 2.65

Company Analysis - Financials III/IV

Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E

Ratio Analysis

Valuation Ratios

Price Earnings 33.2x 19.3x 25.2x 49.6x 22.9x 21.1x 15.6x 16.9x 14.1x 12.2x

EV to EBIT 62.5x 29.4x 14.6x 21.0x 16.0x 17.6x 16.6x 11.2x 7.6x

EV to EBITDA 53.6x 24.3x 12.9x 19.5x 14.4x 15.8x 14.0x 9.5x 6.1x 10.9x 10.0x 9.4x

Price to Sales 25.0x 9.8x 9.4x 5.6x 3.7x 6.6x 4.8x 4.9x 3.9x 3.3x 2.2x 3.1x 3.1x 3.1x

Price to Book 8.4x 25.9x 53.3x 16.4x 7.6x 10.6x 9.4x 8.3x 4.7x 3.4x 2.5x 2.9x 2.8x 2.4x

Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.6% 2.5% 1.8% 1.9% 2.0%

Profitability Ratios

Gross Margin 90.1% 89.7% 89.9% 89.9% 90.2% 89.3% 89.0% 88.6% 89.0% 88.5% 88.7% 88.9% 89.0%

EBITDA Margin -101.3% -20.2% 17.2% 22.1% 26.7% 31.1% 31.5% 29.0% 23.8% 29.4% 25.4% 24.5% 26.8% 28.0%

Operating Margin -108.5% -24.2% 14.7% 18.3% 23.5% 29.0% 28.4% 26.0% 20.0% 25.0% 20.6% 19.7% 21.1% 21.8%

Profit Margin -85.2% -39.3% -3.2% 19.2% 19.4% 26.1% 9.6% 21.4% 18.3% 21.4% -8.5% 16.7% 19.1% 20.3%

Return on Assets -19.9% -23.3% -3.2% 18.9% 20.4% 21.1% 7.7% 16.4% 13.2% 14.0% -5.2% 10.5% 13.5% 15.3%

Return on Equity -24.6% -42.2% -18.9% 82.1% 52.3% 53.6% 20.2% 41.0% 27.7% 24.4% -8.9% 16.0% 19.0% 19.4%

Leverage & Coverage Ratios

Current Ratio 5.72 2.94 2.70 2.97 3.36 1.67 1.54 1.71 1.75 2.12 3.76

Quick Ratio 5.21 2.54 2.39 2.80 3.07 1.59 1.43 1.57 1.61 1.95 3.54

Interest Coverage Ratio (EBIT/I) -317.49 -92.60 19.00 205.28 19.07 31.28 84.99 56.02 45.56 171.77 8.46

Tot Debt/Capital 0.01 0.44 0.77 0.49 0.34 0.52 0.47 0.42 0.23 0.20 0.13

Tot Debt/Equity 0.01 0.80 3.43 0.96 0.51 1.08 0.88 0.72 0.30 0.25 0.16

Others

Asset Turnover 0.23 0.59 0.99 0.99 1.05 0.81 0.79 0.77 0.72 0.65 0.61

Accounts Receivable Turnover 28.42 11.14 7.51 5.29 5.08 5.22 4.97 4.42 4.37 3.91 3.36

Accounts Payable Turnover 1.11 1.50 1.20 1.34 1.31 2.00 1.86 2.09 1.79 1.95

Inventory Turnover 1.30 1.80 2.33 2.96 3.57 4.11 3.55 3.62 3.32 3.19

Effective Tax Rate 5.2% 7.7% 13.5% 26.0% 9.3% 8.1% 11.4%

Company Analysis - Financials IV/IV

ACTELION LTD-REG

GILEAD SCIENCES SHIRE PLC SANOFIASTRAZENECA

PLCPFIZER INC

NOVARTIS AG-REG

BIOGEN IDEC INCUNITED

THERAPEUTTAKEDA

PHARMACEUABBOTT LABS

BRISTOL-MYER SQB

ARADIGM CORPPROTALIX BIOTHER

INTERMUNE INC

12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 03/2011 12/2011 12/2011 12/2011 12/2011 12/201147.49 56.50 2'316.00 59.56 3'218.00 23.30 55.05 135.39 68.54 3'950.00 62.75 35.44 0.22 7.70 44.48

04.05.2011 06.02.2012 15.02.2012 15.03.2012 13.05.2011 27.04.2012 01.06.2011 02.05.2012 04.05.2011 06.05.2011 02.05.2012 30.12.2011 03.06.2011 02.05.2012 04.05.201128.16 34.45 1'761.00 42.85 2'453.50 16.63 38.91 83.83 36.55 3'005.00 46.29 25.69 0.09 4.06 9.67

23.09.2011 21.11.2011 09.08.2011 11.08.2011 09.08.2011 09.08.2011 11.08.2011 09.08.2011 04.10.2011 25.11.2011 09.08.2011 09.08.2011 12.01.2012 12.09.2011 27.04.2012221'104 5'854'354 62'090 294'852 173'730 33'191'845 881'036 1'515'256 624'897 1'380'600 7'003'484 6'721'666 185'285 13'150'983 2'067'111

40.24 51.88 2'049.00 59.12 2'733.00 22.66 49.88 135.16 43.66 3'495.00 62.65 33.49 0.14 7.01 12.26

-15.3% -8.2% -11.5% -0.7% -15.1% -2.7% -9.4% -0.2% -36.3% -11.5% -0.2% -5.5% -36.2% -9.0% -72.4%42.9% 50.6% 16.4% 38.0% 11.4% 36.3% 28.2% 61.2% 19.5% 16.3% 35.3% 30.4% 64.7% 72.7% 26.8%117.1 753.1 562.5 1'323.7 1'292.0 7'575.0 2'406.7 242.1 53.6 789.4 1'570.4 1'685.0 198.8 85.6 65.3

5'249.9 39'328.7 11'526.3 79'275.1 34'701.8 170'798.2 136'951.7 32'379.3 2'343.9 2'759'883.0 98'508.2 56'567.4 27.8 636.6 802.1

235.6 7'605.7 1'100.0 15'439.0 9'328.0 38'949.0 20'229.0 1'064.1 265.6 19'982.0 15'414.6 5'491.0 8.2 6.6 240.3 - - - - - 45.0 - - - - - - - - - - 128.5 - 170.0 226.0 431.0 96.0 1.5 - 44'732.0 86.3 (89.0) - - -

1'336.6 9'964.0 620.0 4'124.0 11'819.0 26'758.0 5'075.0 3'107.4 747.4 874'197.0 8'097.4 11'642.0 8.7 27.0 425.1 4'552.4 37'099.0 18'870.1 90'760.1 55'766.5 183'465.2 169'194.7 30'712.8 1'866.1 2'974'422.0 105'911.7 53'277.4 27.4 616.2 665.1

LFY 1'713.0 8'385.4 4'233.7 33'389.0 33'591.0 67'425.0 58'566.0 5'048.6 743.2 1'419'385.0 38'851.3 21'244.0 0.8 8.4 25.6LTM 1'678.7 8'741.7 4'434.0 33'389.0 32'648.0 66'328.0 58'274.0 5'137.3 784.9 1'407'862.0 39'267.0 21'484.0 0.8 8.4 28.2

CY+1 1'692.0 9'185.1 4'772.2 34'795.0 29'497.7 61'232.4 58'069.2 5'378.8 867.5 1'513'721.3 39'983.4 17'942.3 1.2 41.8 52.4 CY+2 1'683.7 9'948.2 5'242.4 35'866.9 28'424.9 60'816.6 58'655.2 5'891.9 968.8 1'539'658.3 41'319.8 16'807.9 2.3 53.3 124.6

LFY 2.1x 3.4x 4.3x 2.6x 1.7x 2.6x 2.6x 5.6x 2.8x 2.2x 2.5x 2.5x 25.8x 47.9x 32.2xLTM 2.2x 3.4x 4.1x 2.6x 1.7x 2.6x 2.6x 5.6x 2.6x 2.2x 2.5x 2.5x 25.8x 47.9x 29.2x

CY+1 2.5x 4.9x 3.8x 2.5x 1.9x 2.9x 2.8x 6.0x 2.2x 2.0x 2.5x 3.3x - - 16.7xCY+2 2.5x 4.3x 3.3x 2.4x 1.9x 2.8x 2.6x 5.3x 1.7x 1.8x 2.3x 3.6x - - 7.3x

LFY 435.6 4'092.1 1'448.0 12'593.0 13'277.0 30'035.0 17'818.0 2'138.7 338.3 473'806.0 9'468.3 7'448.0 (8.0) (32.9) (145.3)LTM 337.6 4'094.7 1'459.6 12'593.0 15'402.0 30'035.0 17'164.0 2'067.0 409.1 468'555.0 9'467.9 7'724.0 (8.0) (32.9) (145.3)

CY+1 413.9 4'373.7 1'704.4 12'190.7 11'309.0 30'820.1 16'454.6 2'213.9 422.0 452'942.8 12'917.4 5'423.1 - - (172.7) CY+2 452.1 4'922.7 1'936.1 13'089.9 11'349.7 30'219.7 16'963.2 2'586.0 487.8 393'287.1 13'455.1 4'916.0 - - (123.4)

LFY 8.3x 7.0x 12.7x 6.9x 4.2x 5.9x 8.6x 13.3x 6.1x 6.6x 10.1x 7.2x -2.5x -12.2x -5.7xLTM 10.7x 7.0x 12.6x 6.9x 3.6x 5.9x 8.9x 13.8x 5.0x 6.7x 10.1x 6.9x - - -

CY+1 10.2x 10.3x 10.7x 7.2x 4.9x 5.8x 9.7x 14.5x 4.6x 6.7x 7.9x 10.9x - - -CY+2 9.3x 8.6x 9.0x 6.5x 4.8x 5.6x 9.1x 12.1x 3.4x 6.9x 7.2x 12.3x - - -

LFY 0.91 3.66 1.62 5.00 7.11 2.33 3.78 5.21 3.66 - 4.66 2.36 -0.05 -0.43 -2.58LTM -2.07 3.41 1.62 4.30 6.51 2.31 3.57 5.19 4.49 303.17 4.87 2.29 -0.05 -0.42 -2.74

CY+1 2.39 3.81 2.03 5.86 6.08 2.24 5.47 6.21 7.75 265.47 5.05 1.96 (0.05) (0.02) (2.91) CY+2 2.85 4.38 2.32 6.12 6.12 2.35 5.73 7.21 8.40 268.37 5.36 1.92 (0.06) 0.03 (1.97)

LFY - 15.2x 20.5x 13.7x 6.8x 9.8x 15.3x 26.0x 9.7x 11.5x 12.9x 14.6x - - -LTM 679.1x 15.2x 17.0x 11.8x 5.8x 9.8x 15.5x 26.0x 9.7x - 12.9x 14.6x - - -

CY+1 16.9x 13.6x 16.4x 10.1x 7.3x 10.1x 10.0x 21.8x 5.6x 13.2x 12.4x 17.1x - - -CY+2 14.1x 11.9x 14.3x 9.7x 7.2x 9.6x 9.5x 18.8x 5.2x 13.0x 11.7x 17.5x - 280.4x -

1 Year (6.2%) 5.5% 22.5% 3.2% 1.0% 0.5% 15.7% 7.0% 25.3% (3.2%) 10.5% 9.0% (82.0%) 26.3% (90.1%)5 Year 8.5% 18.2% 17.9% 4.0% 1.4% 6.4% 9.0% 12.9% 39.3% 2.1% 9.9% 4.4% - - (9.4%)1 Year (18.7%) (3.2%) 34.6% (4.3%) (6.3%) 2.4% 12.3% 11.2% 78.8% (11.4%) 4.9% 10.8% 17.1% (22.6%) -5 Year 8.7% 19.5% 56.8% 3.4% 6.8% 8.2% 13.0% 9.1% 60.6% 1.9% 10.2% 17.6% - - -

LTM 25.4% 48.8% 34.2% 37.7% 39.5% 44.5% 30.4% 42.4% 45.5% 33.4% 24.4% 35.1% (1017.1%) (392.3%) (567.0%)CY+1 24.5% 47.6% 35.7% 35.0% 38.3% 50.3% 28.3% 41.2% 48.6% 29.9% 32.3% 30.2% - - (329.6%)CY+2 26.8% 49.5% 36.9% 36.5% 39.9% 49.7% 28.9% 43.9% 50.4% 25.5% 32.6% 29.2% - - (99.0%)

Total Debt / Equity % 15.6% 112.9% 34.5% 27.5% 40.1% 47.4% 30.7% 16.6% 27.7% 1.0% 63.1% 34.4% 1191.1% -Total Debt / Capital % 13.5% 52.6% 25.7% 21.5% 28.4% 32.0% 23.5% 14.2% 21.7% 0.9% 38.6% 25.7% 92.3% -Total Debt / EBITDA 0.541x 1.859x 0.760x 1.226x 0.703x 1.297x 1.135x 0.498x 0.785x 0.042x 1.628x 0.737x -1.020x -0.200xNet Debt / EBITDA -2.527x -0.576x 0.331x 0.899x -0.188x 0.406x 0.850x -0.955x -1.424x -1.803x 0.773x -0.826x - -EBITDA / Int. Expense 10.453x 19.921x 37.033x 29.631x 13.548x 17.351x 23.726x 32.602x 15.233x 354.911x 17.211x 51.366x -10.081x -

S&P LT Credit Rating - A- - AA- AA- AA AA- BBB+ - AA- AA *- A+ - -S&P LT Credit Rating Date - 23.03.2011 - 18.02.2011 27.07.2007 16.10.2009 07.04.2008 04.12.2008 - 03.10.2011 19.10.2011 06.09.2006 - -Moody's LT Credit Rating - Baa1 - A2 A1 A1 Aa2 Baa2 - - A1 A2 - -Moody's LT Credit Rating Date - 23.03.2011 - 18.02.2011 30.07.2007 15.10.2009 10.07.2008 19.03.2012 - - 22.09.2010 12.09.2006 - -

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (5/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Company Analysis - Peers Comparision