Pharmaceutical & Biotechnology Sector

V.E

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Pharmaceutical & Biotechnology Sector: 2021 Report

V.E, AN AFFILIATE OF MOODY’S

188 companies in the sector

ESG Sector Report

Outline

Key findings 2021 …………………………………………………………………………………………………………….. 04

Sector context ………………………………………………………………………………………………………………….. 06

Sector performances and trends ……………………………………………………………………………………………. 07

Sector performance and rankings ………………………………………………………………………………………….. 10

To access the full report, please contact [email protected]

Head of ESG Research: Cristina Daverio

[email protected] +39 02 27727141

Research manager: Zineb Raji [email protected]

Sector expert: Fatima-Ezzahra Zouita

Sector analysts:

Aida Jorquera Oumaima Doukkane

Chong-Ren Jian Oumayma Oummouch

Fatima-Ezzahra Zouita Salima Bouchama

Faustine Sourdin Salima Kabbaj

Giannina Salvo

Lauren Boulie

Nada Snoussi

Sarah Cherrat

Sarra El Hakour

Soumaya Najib

ESG Sector Report

Pharmaceutical & Biotechnology – January 2021 2

ABOUT THIS REPORT Companies considered in this report belong to the following geographical zones: Asia Pacific, North America, Europe, Emerging

Market. Currently, V.E Equitics research covers around 4,800 issuers divided into 39 sectors.

Periods considered:

Current data: To compute average performances, we consider data from the latest review of each company covered in the report

within the last 24 months as of the last day of the month prior to the sector report publication (e.g. 31/05/2020 for a report

released in June 2020)

Historical data: To compute average performances, we consider data from the latest review of each company covered in the

report rated within the last 24 months preceding the last day of [year - 1 month] before the sector report publication (e.g.

31/05/2018 and 31/05/2017 for a report released in June 2019)

Sector data: For each company of the sector, data considered in average calculations, we take data from latest Rating, Rating-1

and Rating-2, excluding outdated publications (which have been adjusted by errata or updated through alerts).

Universe data: We take into account all latest delivered information and companies on the day we extract data.

Rankings: Sector rankings are computed as of 31/12 of each fiscal year.

Percentages: Figures included in this report have been rounded up or down automatically and therefore may not add up to 100%.

ABOUT V.E V.E is an independent international provider of environmental, social and governance (ESG) research and services for investors and

public and private organisations. We undertake risk assessments and evaluate the level of integration of sustainability factors within

the strategy and operations of organisations.

V.E offers a wide range of services:

− For investors: decision-making support covering all sustainable and ethical investment approaches (including ratings,

databases, sector analyses, portfolio analyses, structured products, indices and more).

− For companies and organisations: supporting the integration of ESG criteria into business functions and strategic

operations (including sustainable bonds, corporate ratings, CSR evaluations and more).

V.E obtained ISO 9001: 2015 certification for its processes relating to methodology, rating, sale and delivery of its data to all types of

investors.

With a team of more than 240 experts of 28 different nationalities, V.E is present in Paris, London, Brussels, Casablanca, Hong Kong,

Milan, New York, Rabat and Santiago. The V.E Global Network, comprising 4 exclusive research partners, is present in Brazil, Germany,

Israel and Japan. For more information: www.vigeo-eiris.com

ESG Sector Report


10 16 2 72

Weak Limited Robust Advanced No controversiesNumber of companies in Warning list : 9

29

10 6233

0 100

21

29

36

29

31

40

0 100

Environment

Social

Governance

42

31

25

23

34

21

44

34

31

26

37

29

Corporate Governance

Business Behaviour

Community Involvement

Human Resources

Human Rights

Environment

29

26

31

34

10

7

4

12

69

56

71

73

35

29

35

35

0 100

Reputation

Human Capital

Operational Efficiency

Legal Security

71

53

25

29

4

13 5

Sector (%)

Universe (%)

Moderate Significant High Intense

7361

1526

77

45

Sector (%)

Universe (%)

Weak Limited Robust Advanced

336

648

35

8811

Sector (%)

Universe (%)

None Minor Significant Major

KEY FINDINGS 2021– PHARMACEUTICAL & BIOTECHNOLOGY SECTOR Sector average performance

Universe average performance

Sector minimum and maximum

ESG Performances – Sector & Universe

Environment

Social

Governance

Domain performances– Sector & Universe

Corporate Governance

Business Behaviour

Community Involvement

Human Resources

Human Rights

Environment

Risk Mitigation – Sector & Universe Reputation

Human Capital


Legal Security

Takeaways Can voluntary licensing agreements and waiver of rights by patent right

holders help to increase access to medicines during a pandemic?

Covid-19: an urgent call to put business ethics before profit

Despite slight improvement, the sector continues to demonstrate a limited

approach to product safety

Pharmaceutical & biotechnology companies and animal testing: an ongoing

debate

Responsible marketing tactics and proper information to customers are still

a major challenge

Top performers Europe: GlaxoSmithkline (62/100)

North America: Johnson & Johnson (53/100)

Asia Pacific: Takeda Pharmaceutical (51/100)

Emerging Markets: Aspen Pharmacare Holdings ; Dr Reddy’s

Laboratories (56/100)

Most improved since 2018 Europe: Grifols; Genfit (+11)

North America: Alkermes (+5)

Asia Pacific: Kissei Pharmaceutical (+15)

Emerging Markets: Hanmi Pharmaceutical (+14)

Most material drivers ADVANCED

(60-100)

ROBUST (50-59)

LIMITED (30-49)

• Board of directors

• Information to patients

• Corruption

• Fundamental human rights

• Product safety

• Anti-competitive practices

WEAK (0-29)

• Sustainable healthcare systems

• Career management

• Accidental pollution

• Responsible lobbying

• Access to medicines and societal impacts of products

Carbon footprint Share of companies in each level of carbon footprint

Energy transition Share of companies in each level of energy transition performance

Sustainable goods & services Share of companies in each level of involvement in goods and services contributing to sustainable development

Controversies risk mitigation Share of companies in each performance level in terms of controversy risk management

ESG Sector Report


SECTOR CONTEXT

Sector overview

V.E’s Pharmaceuticals and Biotechnology sector is composed of 188 companies. These companies are engaged in the research, development, manufacturing, and distribution of drugs for human or veterinary use. The medicines produced are aimed to cure or manage diseases, or to prevent infection.

The industry’s value chain starts with the manufacturing of medicines, which involves research and development in addition to regulatory approval. The second phase includes the distribution and handling of medicines from the manufacturer to the end user (through retail, pharmacy, hospital, or dispensing doctors). The final step in the value chain is the commercialisation and the provision of the right medicine dosage, form, and advice to the right patient.

Companies inclusions in V.E – Euronext Indices

World 120 Europe 120 Eurozone 120 US 50 France 20 UK 20 Benelux 20

Takeda Pharmaceutical

GlaxoSmithkline Grifols Merck & Company NA GlaxoSmithkline NA

Merck & Company Novozymes Amgen

Amgen Grifols Abbott Laboratories

Bristol Myers Squibb

Subsector description

The Pharmaceuticals and Biotechnology sector is composed of two broad sub-sectors: biotechnology companies and traditional pharmaceuticals. The primary difference between the two is the method by which they produce drugs:

- Pharmaceutical companies manufacture drugs through a series of chemical synthesis. Based on their size and strategy, pharmaceutical companies may conduct extensive in-house research or seek to license drugs from other pharmaceutical or biotechnology companies. Some pharmaceutical companies are considered as specialty pharma since they focus on specific activities such as R&D only or marketing and sales only. Pharmaceutical companies generally hold the exclusive rights to manufacture and distribute their drugs for five years.

- Biotechnology companies produce drugs with a biological basis that are manufactured in living organisms such as bacteria or enzymes. These companies are working to duplicate or change the function of a living cell and could use genetics research to develop products for human diseases and conditions. Biotechnology companies hold their patents for 12 years.

29

40

60

59

188

Emerging Market

Asia-Pacific

North America

Europe

Sector

Number of companies

ESG Sector Report


0

10

20

30

40

50

60

70

80

90

100

2018/12

2019/12

2020/12

58 60 69

0

100

Most material ESG drivers - Weighted at 3

2018/12

2019/12

2020/12

51 53 61

0

100

Highly material ESG drivers - Weighted at 2

2018/12

2019/12

2020/12

38 3655

0

100

Material ESG drivers - Weighted at 1

2018/12

2019/12

2020/12

Sector reporting rates

Data displayed below reflects the evolution over the past three years of the average rate of ESG indicators analysed by V.E that companies report against, with notably:

Spread per geographical area Spread per materiality of ESG drivers analysed for the sector

In January 2021, the reporting rate of V.E’s global universe stood at 65%.

ESG Sector Report


SECTOR PERFORMANCES AND TRENDS Impacts Sector involvement in products and services considered sustainable given their positive impact on social and environmental issues

The involvement in sustainable products and services of companies in this industry is high overall compared to the whole V.E universe. Out of all companies covered by V.E’s research in the Pharmaceuticals and Biotechnology sector, 97% display involvement in sustainable products and services, with the majority (88%) displaying major involvement.

The involvement relates to 24 different activities that address sustainable development challenges, notably pharmaceuticals, pharmaceutical materials and medical technology that together represent more than three quarters of the industry’s involvement.

Case study:

H Lundbeck displays one of the highest levels of involvement (100%) in products and services contributing to sustainable development addressing the theme Health.

Pharmaceuticals: Lundbeck produces pharmaceuticals for the treatment of psychiatric and neurological disorders, including depression, schizophrenia, Alzheimer's disease, Parkinson's disease, Huntington's disease, epilepsy, alcohol dependence, and insomnia. Its key products are notably Rexulti (depression and schizophrenia), Brintellix (depression), Abilify Maintena (schizophrenia), Northera and Onfi (epilepsy). All of the Company's revenue is derived from the sale of pharmaceuticals.

88%

3% 6% 3%Sector

Major

Significant

Minor

None

11%5%

48%

36%

Universe

Major

Significant

Minor

None

ESG Sector Report


5%

19%

45%

25%

6%

Universe

Highly Positive

Positive

Marginal

Adverse

Highly Adverse

Sustainable Development Goals

V.E assesses the contribution of companies to the achievement of sustainable development goals (SDGs) through their behaviours and products/services.

Almost a quarter of companies in the Pharmaceuticals and Biotechnology sector have a highly positive contribution to the SDGs

Those companies combine an ESG performance above geographical peers, a relevant sustainable offering, face no critical controversies and are not involved in controversial activities. The sector’s contribution is aligned with the total positive contribution of all sectors in the V.E’s ratings universe.

Most companies in the sector have only marginal contributions to SDGs, with the remaining 9% having adverse to highly adverse contributions. The sector’s adverse to highly adverse contributions are lower than the 31% combined contribution of all sectors in the V.E’s ratings universe.

On one hand, the sector has a poor record in terms of social welfare - 43% percent of the companies display a combined adverse to highly adverse impact, while 42% have only a marginal contribution.

On the other hand, almost all companies in the sector display positive to highly positive contributions to enabling healthy lives due to the offer of pharmaceuticals, pharmaceutical materials and medical equipment.

Carbon footprint and energy transition

Energy Transition performance Sector (/100) Universe (/100)

Energy transition score Weak - 19 Weak - 26

Energy transition: Top performers

GlaxoSmithkline (73/100)

Novo Nordisk (68/100)

Roche Holding (66/100)

Sanofi (66/100)

23%

68%

4%

5%

Pharmaceuticals & Biotechnology

Highly Positive

Positive

Marginal

Adverse

Highly Adverse

ESG Sector Report


73

61

71

49

78

69

55

64

93

69

15

26

14

29

10

23

33

28

7

25

7

7

7

11

7

5

13

5

5

4

5

8

11

5

2

3

2

Energy Transition performance

Weak Limited Robust Advanced

Charts below display the share of companies within each range of carbon footprint and energy transition performance.

At first sight, the Pharmaceuticals and Biotechnology sector is not a particularly high greenhouse gas (GHG) emitting sector, as indicated by the 71% of the companies in the sector having a moderate carbon footprint. However, given the size of the global workforce and the energy needed for chemical processes, heating and cooling, as well as for product transportation, the operations in this sector can be very carbon intensive and be even dirtier than automotive production operations1.

The management of energy consumption and the impacts generated from transportation are the main aspects on which companies in this sector can work to reduce their GHG emissions and successfully transition to a low carbon economy. Yet, the sector’s average performance in regard to both aspects is weak, standing at 28/100 for the topic of Minimising environmental impacts from energy use (ENV 2.2), and 10/100 for the topic of Management of environmental impacts from transportation (ENV 2.7). Over the last two years, these scores have improved by only 2.5 and 1 points for ENV2.2 and ENV 2.7, respectively.

To enhance their performance for energy efficiency and emission reductions, companies from this sector can upgrade their equipment, switch to alternative fuels, and use state of the art technologies to produce renewable energies. Concerning transportation, companies can improve by taking steps to reduce the emissions related to the transport of their personnel. They can also rationalise product transport flows, and make contractual commitments with transport logistic firms to encourage the mitigation of negative impacts from transportation.

Overall, the sector demonstrates a weak energy transition performance with an average score of 19/100. Since 2019, this score has increased by only one point. This leads to a low level of assurance on the sector’s response and capacity to manage the risks and opportunities associated with the transition to a low-carbon economy.

Social Impacts and Value Creation

1 Belkhir, L., & Elmeligi, A. (2019). Carbon footprint of the global pharmaceutical industry and relative impact of its major players. Journal of Cleaner

Production, 214, 185-194.

Global

Sector (%)

Universe (%)

Europe

Sector (%)

Universe (%)

North America

Sector (%)

Universe (%)

Asia Pacific

Sector (%)

Universe (%)

Emerging Market

Sector (%)

Universe (%)

Social impacts - Key Indicators Sector (%) Universe (%)

71

53

78

64

73

46

78

55

45

39

25

29

19

23

18

32

23

30

55

34

4

13

3

9

8

16

11

17

5

3

6

3

9

Carbon footprint

Moderate Significant High Intense

ESG Sector Report


2 In addition to geographical information on taxes paid, sales, operating profit or number of employees, these companies declare the difference between statutory tax rates and the rate actually paid.

3 These companies report on sales, and/or operating profit, and/ or number of employees per operating region and disclose taxes paid by country or region.

4 These companies’ reporting focuses on taxes paid in countries or regions representing more than 50% of their operations.

5 These companies report only on gross taxes paid, with no breakdown by region or country.

Percentage of women in management 21.7 21.5

Share of companies for which we have no information 0.0 0.4

Share of companies with operations in OFCs or jurisdictions considered by the OECD as not compliant enough with tax transparency rules

53.2 53.9

Share of companies without operations in such jurisdictions 31.4 38.9

Share of companies for which we have no information 15.4 7.3

Share of companies signatory to the Global Compact 21.1 24.2

Value Creation & Sharing Sector (%) Universe (%)

Share of companies transparent on their R&D investments 95.7 39.8

Share of companies transparent on the share of added value received by employees relative to shareholders

70.7 68.3

Share of companies for which executive variable remuneration is linked to CSR objectives

8.4 21.3

Share of companies with comprehensive transparency on taxes2 1.6 5.8

Share of companies with significant transparency on taxes3 22.2 38.2

Share of companies with partial transparency on taxes4 18.9 15.2

Share of companies with insufficient transparency on taxes5 54.6 38.0

Share of companies for which we have no information on taxes 2.7 2.8

ESG Sector Report


SECTOR PERFORMANCE AND RANKING

Position of sector versus Universe

Average score Current rank Previous rank

Universe 33.4

Development Banks 56.9 1 1

Diversified Banks 48.1 2 2

Specific Purpose Banks & Agencies 46.7 3 3

Waste & Water Utilities 42.2 4 4

Forest Products & Paper 41.5 5 5

Electric & Gas Utilities 40.3 6 7

Luxury Goods & Cosmetics 39.7 7 6

Chemicals 38.1 8 10

Mining & Metals 37.5 9 12

Telecommunications 37.0 10 8

Energy 36.8 11 11

Publishing 36.4 12 9

Building Materials 34.9 13 17

Oil Equipment & Services 34.8 14 14

Retail & Specialised Banks 34.8 15 16

Home Construction 34.6 16 13

Business Support Services 34.6 17 22

Beverage 34.1 18 15

Automobiles 33.5 19 19

Heavy Construction 33.4 20 20

Technology-Hardware 33.0 21 18

Transport & Logistics 33.0 22 25

Travel & Tourism 32.7 23 26

Insurance 32.7 24 24

Financial Services - Real Estate 32.2 25 30

Broadcasting & Advertising 32.0 26 23

Mechanical Components & Equipment 31.7 27 32

Supermarkets 31.6 28 27

Industrial Goods & Services 31.5 29 29

Health Care Equipment & Services 31.4 30 34

Electric Components & Equipment 31.0 31 28

Aerospace 30.8 32 21

Financial Services - General 30.7 33 33

Food 29.3 34 37

Hotel, Leisure Goods & Services 29.2 35 36

Software & IT Services 29.0 36 35

Pharmaceuticals & Biotechnology 28.9 37 38

Tobacco 28.9 38 31

Specialised Retail 27.2 39 39

ESG Sector Report


33 31 33

Europe

23 26 29

Asia Pacific

28 28 28

North America

21 20 23

Emerging Market65%

28%

6%

1%

Sector performances distribution

Weak (0-29)

Limited (30-49)

Robust (50-59)

Advanced (60-100)

Performance trends – Global level and per zone

The Pharmaceuticals and Biotechnology sector displays a weak overall CSR performance, which is stable compared to the previous review.

Sector leaders are concentrated in Europe, with an average performance of 33/100, whilst laggards are mostly listed in the Emerging Markets region (average performance of 23/100). European companies display a relatively higher level of transparency on commitments to CSR issues, as demonstrated by an average overall score of 34/100 on the leadership pillar compared to only 21/100 for Emerging Markets. When it comes to the implementation pillar, European companies are more communicative on measures, with a score of 26/100 compared to 17/100 in Emerging Markets. Moreover, European companies report more on KPIs of different CSR issues under review as illustrated by an average overall score of 38/100 on the results pillar compared to 32/100 in Emerging Markets.

65% of companies display weak performances, 28% display limited performances and 6% achieve robust performances, while

only one company achieves an advanced performance. Companies’ performances are relatively heterogeneous as illustrated by the 10.25 standard deviation and the scattering of performances.

GlaxoSmithkline is the leader in the sector with a global performance of 62/100. The company accomplishes the highest score on

the Corporate Governance (74/100) and Community Involvement (68/100) domains with advanced scores. An equally advanced performance of 65/100 is achieved in the Human Rights and Environment domains and a robust score is obtained in the Human Resources (56/100) and Business Behaviour (55/100) domains. These distinguished performances are made possible thanks to reporting on comprehensive policies, measures and KPIs. This is in addition to demonstrating increased understanding and appropriate integration of CSR challenges that are at stakes for the company’s operations at governance level.

27 27 29

0

20

40

60

80

100Sector

Share of companies within each performance level range

0 10 20 30 40 50 60 70 80 90 100

Sector performances distributionWeak (0-29) Limited (30-49) Robust (50-59) Advanced (60-100) Sector standard deviation: 10.25

ESG Sector Report


0

20

40

60

80

100

Results

Sector

Universe

0

20

40

60

80

100

Implementation

Sector

Universe

29

26

31

34

10

7

4

12

69

56

71

73

35

29

35

35

0 100

Reputation

Human Capital


Legal Security

Management profile Average performances on the three pillars of CSR assessment

Risk mitigation for strategic assets

Overall, the Pharmaceuticals and Biotechnology sector stands below the average of the universe’s performance for management of risk factors which impact reputation, human capital, operational efficiency, and legal security.

ESG risk mitigation scores are weak in relation to reputation (29/100) and human capital (26/100) and limited in relation to operational efficiency (31/100) as well as legal security (34/100). The area of human capital achieves the lowest score as the reported policies and efforts to manage employee-related impacts (such as the respect and promotion of fundamental labour rights, health and safety, impact of reorganisations and the management of layoffs, and career development) generally lack substantial and consistent disclosure across the majority of companies. Although still limited, the highest score is achieved in the area of legal security. The industry is highly regulated and under significant stakeholder scrutiny, with related exposure to legal and regulatory risks, companies seem more invested and mobilized to monitor and enhance their internal controls and processes to compliance in response to heightened transparency expectations and potential controversies. While many controversies are observed within the Pharmaceuticals and Biotechnology sector, companies are generally considered to be reactive on them. However, proactive management and corrective measures are not demonstrated, leading to a limited overall score for the sector’s performance on legal security risk management.

0

20

40

60

80

100

Policies

Sector

Universe

Sector minimum and maximum

Sector average performance

Universe average performance

ESG Sector Report


Materiality: weighing & performances assessment

V.E Methodology for the Pharmaceuticals & Biotechnology sector has remained unchanged since its previous review.

AD

VA

NC

ED

(60

-10

0)

RO

BU

ST

(50

-59

)

LIM

ITED

(30

-49

)

• Shareholders

• Audit & internal controls

• Non-discrimination and diversity

• Environmental strategy

• Executive remuneration

• Board of directors

• Information to patients

• Corruption

• Fundamental human rights

• Product safety

• Anti-competitive practices

WEA

K

(0-2

9)

• Energy

• Health and safety

• Fundamental labour rights

• Social standards in the supply chain

• Environmental standards in the supply chain

• Water

• Animal testing and biodiversity protection

• Reorganisation

• Use and disposal of products

• Atmospheric emissions

• Transportation

• Sustainable healthcare systems

• Career management

• Accidental pollution

• Responsible lobbying

• Access to medicines and societal impacts of products

1 2 3

MATERIALITY OF THE RISK FACTORS

WEA

KN

ESSE

S

STR

ENG

THS

ESG Sector Report


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Pharmaceutical & Biotechnology Sector

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