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The Pharma 1000Top Global Pharmaceutical Company Report

September 2020

© 2020. All rights reserved. Securities offered in the United States are offered through Torreya Capital LLC, Member FINRA/SIPC. In Europe such services are offered through Torreya Partners (Europe) LLP, which is authorized and regulated by the UK Financial Conduct Authority.

Table of Contents

The Evolving Global Pharmaceutical Sector 5

The Biotechnology Sector 16

The Branded Pharma Sector 24

The Generic Drug Sector 34

Financial Players in Pharma: Private Equity and Royalty Firms 38

Top Players by Country and Segment 44

The Pharma 1000 List 55

About Torreya and Acknowledgements 96

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Torreya’s Pharma 1000 Report

Torreya is a globally active investment bank focused on the pharmaceutical sector.

We began to track assets, people and companies in the industry with our own database in 2012.

In “The Pharma 1000” report, we leverage our database to identify the top 1000 companies by value today.

This presentation provides a summary of the key findings of the report.

We hope to give you a greater sense of the global scale of the pharmaceutical industry and its extraordinary growth.

We also wish to recognize the companies that appear on the Pharma 1000 list for the accomplishment of becoming a top company in one of the world’s most important and challenging industries.

3Download the Full Report

https://torreya.com/publications/publications.php

Torreya Pharma 1000 Study Approach We identified approximately 30,000 pharmaceutical companies in 2012. Our team studied these companies and

pulled out the active operating companies in ethical pharmaceuticals which had a tangible basis for valuation. We have tracked this group and added to it ever since.

To be included in the dataset, a company had to be primarily focused on the production and marketing of ethical pharmaceutical products or be directly involved in the marketing of such products, to derive revenue from such marketing activities or to be doing research with the intention of developing marketed pharmaceutical products.

We excluded OTC companies, pharmaceutical distributors, pure play manufacturers and API players from the ranking.

Because over half the companies are not listed on a stock market, we developed an approach to impute value for private companies (based on financial metrics where available). Our approach is to use publicly-traded company multiples to impute private company value.

We value publicly-traded companies using their enterprise value as this reflects the capital market’s valuation of core operations. This is computed using the market close price of a company’s common shares on September 15, 2020 multiplied by the number of common shares outstanding as of the last reported financing period. We then subtracted cash and liquid securities and added back debt to arrive at enterprise value.

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The Evolving Global

Pharmaceutical Sector

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Sector SizeIndustry is quite large

Torreya’s Estimate of Industry Size:

$1.24 Trillion in revenue

Our estimate higher than what has been derived by EvaluatePharma and IQVIA.*

This estimate is the sum of net sales of the largest 1,600 companies in the pharmaceutical sector.

The value of the commercial side of the drug sector is approximately $6.65 trillion. Of this, $5.65 trillion is associated with publicly-traded companies.

Putting it in Perspective:

Pharma is a large and complex growing part of the global economy.

If the pharma sector were a country, it would be ranked #15 in the world. Ahead of the GDP of Mexico, Indonesia, Sweden or Poland.

* See EvaluatePharma®, World Preview 2019, Outlook to 2024, June 2019 and Global Medicine Usage Trends and Outlook to 2024, IQVIA Institute, March 2020.

Torreya’s Estimate of Total Global Revenuesof the Ethical Pharmaceutical Sector in 2020:

$1.24 Trillion

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Torreya’s Estimate of Total Global Value of the Ethical Pharmaceutical Sector in 2020:

$6.65 Trillion

https://www.evaluate.com/thought-leadership/pharma/evaluatepharma-world-preview-2019-outlook-2024

https://www.iqvia.com/insights/the-iqvia-institute/reports/global-medicine-spending-and-usage-trends

Pharma is the World’s Third Largest Industry(comparison of the aggregate value of the publicly-traded components of all major industries)

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Rank Sector Public Market Value ($Trillions)

1 Banks, Insurance and Finance $18.5

2 E-commerce + Internet Services $6.0

3 Pharmaceuticals (public companies only) $5.65

4 Software $4.2

5 Integrated Oil and Gas $3.6

6 Technology Hardware $2.9

7 Semiconductors $2.4

8 Electric Utilities $2.4

9 Integrated Telecom Providers $2.2

10 Automobile Manufacturers $2.0Note: this table shows the aggregate market value of all publicly-traded global companies by S&P market group in the world’s top 20,000 traded companies by market as of September 6, 2020. Source: S&P CapitalIQ, Torreya analysis.

Value of Industry Has Tripled Since 2003

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Aggregate value of the global pharmaceutical industry 2003 to 2020 ($trillions)

$1.99

$3.76

$4.31

$5.16 $5.02$5.28 $5.35

$6.65

2003 2014 2015 2016 2017 2018 2019 2020

Source: Torreya analysis of data from Bloomberg, CapitalIQ and a number of private companies.

$252$228$226

$193$149

$145$139

$128$115

$111$108

$98$95$94$92

$84$80$78

$71$64

$52$43$40$38$37

$31$30$30$28$26$24$23$24

$20$22

J&JNovartis

RochePfizer

GileadMerck

Novo NordiskSanofi

AllerganAmgen

BayerAbbVie

BMSGSK

CelgeneEli Lilly

AstraZenecaValeantBiogen

BoehringerTeva

RegeneronShire

Merck KGAAAlexionTakedaVertex

Sun PharmaAstellas

CSLPerrigoBaxalta

Yangtze RiverMylan

Servier

Market Cap ($ billions)

$175$151

$144$140

$105$100

$95$61$58

$50$50$49

$40$38$36$33$30$27$24$22$19$18$17$15$14$14$13$12$11$11$10$9$9$9$9

J&JRochePfizer

NovartisGSK

MerckSanofi

AstraZenecaNovo Nordisk

BayerAmgen

BMSEli LillyTakeda

TevaBoehringer

GileadCelgeneAllergan

Biogen IdecMerck KGAA

ShireAstellas

CSLOtsuka

Daiichi-SankyoValeant

EisaiSun Pharma

Yangtze River PharmaAlexionChugaiVertex

Mitsubishi TanabeForest Labs


Value Evolution of the Top Pharmas Over TimeMarket cap of the 35 highest valued pharmas has more than doubled in 9 years

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2011 2015($billions)

Value of Top 35:$1.6 trillion

($billions)


2020($billions)


$392$315

$213$205

$201$160$159

$148$145$145

$136$134$132

$98$95

$83$77$74$71$70

$66$63$61$60$57

$44$44

$36$34$33$30$30$29$28$26

J&JRocheMerckPfizer

NovartisAbbVie

Novo NordiskBoehringer

AmgenAstraZeneca

Eli LillyBMS

SanofiGSKCSL

GileadZoetis

ChugaiHengrui

Vertex PharmaBayer

Merck KGaARegeneron

Daiichi SankyoTakedaBiogen

Yangtze RiverServier

CelltrionCSPC Pharma

Zhifei BioMenarini

Hansoh PharmaAstellas

Seattle Genetics


Source: CapitalIQ and Torreya analysis, Sep 15, 2020

Global Value Champions

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Big Pharma

Created $240+ billion in value since 2003. This is equivalent to a whole new large pharma and accounts for more than five percent of all value created in the industry in this time. Introduction of numerous new high-value biologics. No giant mergers but company has diversified and stayed decentralized. Benefited greatly from Centocor acquisition. Has a stronger credit rating than U.S. government.

Branded Pharma

Was worth $780 million in 2003. Today is worth $69 billion (up 88-fold). Spent a number of years in small molecule chemistry, then virology, then introduced CFTR modulators for cystic fibrosis, effectively curing part of the disease. Today, focused on a wide range of severe, niche diseases such as sickle cell anemia, kidney disease, Alpha-1 Antitrypsin Deficiency and Type 1 diabetes.

China

Hengrui’s market cap in 2003 was $279 million. Today, it is worth $71 billion. Up over 250 times. The company has brought oncology drugs to China when they were needed. No M&A. Pure internal innovation and strong marketing across China. Today, Hengrui is actively diversifying into NCEs and other therapeutic categories where there is an unmet need among the Chinese people.

Generics

Up 500 times since its IPO in 1995. Sun has navigated an extremely challenging environment for INN generics well and maintains a $16.5bn market cap. Sun is the #1 marketer of pharmaceuticals in India and the world’s 4th largest INN generic player. Serves over 100 markets with over 2000 products. Moving into innovation products and recently did an impressive antibody deal with Merck.

Niche

Has an enterprise value of $29 billion after its recent IPO. This company buys royalties from inventors, universities and biotechs. Started with a very small financing in the early 2000s and today generates over $2 billion in free cash flow with less than 50 employees. Has kept focus on royalties involving drugs for serious disease.

There are hundreds of impressive value creation stories in pharma. Five leading examples of extraordinary value creation are:

Pharmaceutical Value by Subsector, 2003 vs. 2020

11* We know the biotech sector seems smaller than some might have expected. This is because we classify a company with no approved product as a “biotechnology company” and a company with a marketed product that is not a big pharma, not a Japan pharma nor a China pharma as a specialty pharma company. Thus, many companies (think Incyte) that some would think of as biotech are classified by us as branded pharma.

Big Pharma48%

Branded Pharma

22%

Branded Generics ex-

China7%

China Pharma11%

Biotechnology6%

INN Generics3%

Animal Health

2%

Royalty Company

1%

VALUE SHARE OF PHARMACEUTICAL SUBSECTORS, SEPTEMBER, 2020

Animal Health0%

Big Pharma77%

Biotechnology5%

Branded Generics

1%

Branded Pharma

14%

China Pharma1%

INN Generics2%

Royalty Company

0%

VALUE SHARE OF PHARMACEUTICAL SUBSECTORS, SEPTEMBER, 2003

The pharmaceutical sector has democratized since 2003. While large pharma has grown, other parts of the industry have grown even faster. The fastest growth areas include China Pharma, branded pharma, animal health and biotechnology

Source: Torreya analysis, Sep 15, 2020

Value of Biologics Companies in Pharma 1000 Rising

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Value Share of Biologics Centric Companies

Up 19.1%

Since 2003

Value Share of Small Molecule Centric Companies

Down 24.7%

Since 2003

While the number of companies focused on biologics (e.g., antibodies, protein fragments) in the Pharma 1000 has risen only modestly their value share has risen massively in the last 17 years. This reflects the rising importance of specialty medicines (which largely comprise biologics) in the marketplace. Small molecules remain very important to the pharmaceutical industry, particularly on the generics side. However, we can see a day within a decade where more than half of the industry’s value is associated with biologics and new modalities.

Evolution of Pharmaceutical Value by Modality, 2003 to 2020

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SubsectorCount -2020

Total Value ($ Millions,

2020)

Value Share 2020


2015)

Value Share 2015


2003)

Value Share 2003

Small Molecules 722 3,435,848 59.9% 3,596,648 75.4% 1,679,820 84.6%

Biologics 119 2,021,820 33.6% 945,130 19.8% 287,135 14.5%

Blood Products 18 189,622 3.2% 82,655 1.7% 2,834 0.1%

Naturals 40 108,437 1.8% 75,101 1.6% 11,091 0.6%

Vaccines 20 101,876 1.7% 18,946 0.4% 3,841 0.2%

Nucleic Acids 20 81,734 1.4% 16,918 0.4% 630 0.03%

Cell Therapy 34 35,248 0.6% 12,030 0.3% 306 0.02%

Gene Therapy 17 21,397 0.4% 8,060 0.2% 266 0.01%

Peptides 5 7,778 0.1% 1,728 0.0% 0 0.0%

Radiopharmaceuticals 2 7,692 0.1% 9,911 0.2% 0 0.0%

Gene Editing 3 6,823 0.1% 4,956 0.1% 0 0.0%

Companies focused on small molecules have gone from 84.6% market share to 59.9% market share today (most of the generic sector is focused on small molecules). The big growth areas have been biologics, blood products, and vaccines. New areas like gene therapy and nucleic acids have grown very fast but are still small in the total bioeconomy.


Evolution of Pharmaceutical Value by Country, 2015 to 2020

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SubsectorCount -2020

Total Value ($ Millions, 2020)

Value Share 2020

Total Value ($ Millions, 2015) Value Share 2015

United States 296 2,326,168 38.7% 2,035,572 42.2%

China 208 864,268 14.4% 315,091 6.5%

Switzerland 17 498,775 8.3% 555,752 11.5%

Japan 57 428,114 7.1% 230,513 4.8%

United Kingdom 27 328,454 5.5% 245,438 5.1%

Germany 25 322,319 5.4% 298,656 6.2%

Denmark 10 199,572 3.3% 159,922 3.3%

France 25 176,534 2.9% 203,763 4.2%

India 37 120,071 2.0% 126,807 2.6%

South Korea 57 115,098 1.9% 43,902 0.9%

Australia 4 99,960 1.7% 32,559 0.7%

The top five countries for the pharma sector globally are the U.S., China, Switzerland, Japan and the UK.

China has gained substantial value share versus the U.S. and Switzerland. Japan and the UK have held steady.

More than half of the industry’s value is to be found in the US and China.


Attrition in the Industry is High

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Disposition of the Pharma 500 Class of 2015 Five Years LaterThe Top 500 Pharmas by Value in 2015Where are They Now?

We analyzed attrition rates in the 2015 value rankings of the top pharma companies. Fully 41% of companies fell out of the Top 500 five years later. That is only sixty months.

A tenth of the class was acquired. Of the dropouts most of them were to be found ranked between 501 and 1000. But 1% went bankrupt and 8% were no longer to be found in the top 1000 at all. Most of these had experienced a major economic failure or a clinical meltdown.

Far from being cozy, the norm of operating in the pharma sector is one of competition and struggle. Because of constant pricing pressure on generics and limited patent life on brands, the industry is fragile.

Acquired10%

Bankrupt1%

Survived but Not in Top

10007%

No longer in pharma

2%

Still in Pharma 50059%

Survived but out of top

500 (still in top 1000)

21%

The Biotechnology Sector

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Top Nine Regions for Biotech:A Third of the Sector’s Value is in the Boston and Bay Areas

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#8 South Korea:$11 Billion in value (2020)3% of biotech sector value$4 Billion in value (2015)11 biotechs in the top 1000Genexine is the biggest player

#4 New York Area:$32 Billion in value (2020)8% of biotech sector value$10 Billion in value (2015)21 biotechs in the top 1000Roivant is the biggest player

#5: Denmark:$30 Billion in value (2020)7% of biotech sector value$8 Billion in value (2015)3 biotechs in the top 1000Genmab is the biggest player

#9 Washington DC Area:$11 Billion in value (2020)3% of biotech sector value$10 Billion in value (2015)6 biotechs in the top 1000Novavax is the biggest player

#6: Rhine Region: $13 Billion in value (2020)3% of biotech sector value$0 Billion in value (2015)1 biotech in the top 1000BioNTech is the biggest player

#3: San Diego:$37 Billion in value (2020)9% of biotech sector value$9 Billion in value (2015)12 biotechs in the top 1000Samumed is the biggest player

#2: Boston Area:$69 Billion in value (2020)16.7% of biotech sector value$28 Billion in value (2015)48 biotechs in the top 1000Moderna is biggest player

#1: Bay Area:$70 Billion in value (2020)16.8% of biotech sector value$18 Billion in value (2015)47 biotechs in the top 1000Myokardia is the biggest player

#7 Jiangsu Province, China$11 Billion in value (2020)3% of biotech sector value$0 Billion in value (2015)6 biotechs in the top 1000Legend Bio is the biggest player

Are the Bay Area and Boston Taking Over the Biotech Industry?

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The Inescapable Gravity Of Biotech’s Key Clusters: The Great Consolidation Of Talent, Capital, & Returns

By Bruce Booth, March 2017

“Boston and San Francisco are now the preeminent biotech clusters. And their gravity in the ecosystem is only getting stronger.

Beyond having great science and the right “pixie dust” in the local environment, two fundamentally important ingredients to the success of any cluster are capital and talent – and both are aggregating into the two key clusters.”

Link to Article

Yes. Booth is correct. Bay Area and Boston already have a third of the industry’s value. No other region comes close. The structure of the industry is set for good. A two-pole system. Different than Silicon Valley for tech but just as powerful. These areas have the VC’s, the universities and now pretty much every pharma wants to move there.

No. Booth was correct. The Bay Area and Boston have actually given up three points of value share since 2018. The places are too crowded with biotech. Space and scientists are too expensive. Other locations are likely to gain share in the years ahead. Think fresh biofriendly locales like San Diego, Denmark, Korea, New York or China.

THE BIOCLUSTER DEBATE

https://lifescivc.com/2017/03/inescapable-gravity-biotechs-key-clusters-great-consolidation-talent-capital-returns/

Biotech Value by Country(enterprise value of publicly-traded biotech sector and selected private companies where value is public)

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United States58.3%

China + HK8.2%

Denmark7.3%

Germany6.8%

Other5.0%

Switzerland3.1%

South Korea2.7%

Netherlands2.5%

Taiwan2.4%

Japan2.3%

United Kingdom1.4%

VALUE SHARE OF BIOTECH BY COUNTRY, SEPTEMBER, 2020

The chart at left is striking in several respects.

The first is that over half of the value of the biotech sector resides in the United States. Perhaps this is not a surprise but the scale of the publicly-traded U.S. biotech industry (58% of a $414bn sector) is an accomplishment.

Secondly, the #2 company in the world for biotech value today is China. With 8.2% value share, it is now ahead of the major European countries and other players in Asia. With several high profile multi-billion dollar IPOs coming up (e.g. Everest Medicine) we suspect that China will soon be in double digits value share in biotech.

China has just opened up the Shenzen exchange for biotech following reforms on the HKEX. China now offers its biotech sector strong financing, access to global investors, a large market and encouragement from the government. Given the economic importance of this sector, other countries such as India might benefit from adopting stock exchange reforms as well.Source: CapitalIQ and Torreya analysis, Sep 15, 2020

Biotech Valuations by Therapeutic Area

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Region Number Value ShareTotal Value -

2020Total Value

- 2015 GrowthOncology 140 38.19% 157,146 51,515 205%

Rare Disease 45 11.86% 48,782 22,048 121%

Neurology 31 7.38% 30,371 5,327 470%

Anti-Infectives 5 5.70% 23,460 3,594 553%

Virology 9 4.13% 17,002 5,340 218%

Vaccines 11 3.75% 15,419 3,064 403%

Respiratory 11 3.31% 13,627 4,983 174%

Bone & Osteo 4 2.91% 11,970 - > 100%

Endocrinology 2 2.91% 11,966 310 3765%

Broad 3 2.26% 9,311 4,956 88%

Ophthalmology 14 2.24% 9,230 2,894 219%

Immunology 9 2.20% 9,050 - > 100%

Hematology 7 2.12% 8,738 11,354 -23%

Cardiometabolic 10 1.69% 6,948 4,765 46%

Gastroenterology 7 1.59% 6,561 3,717 77%

Wound Care 3 1.09% 4,487 1,210 271%

Renal 5 1.06% 4,367 5,959 -27%

The table at right shows the aggregate value of biotech companies in the Pharma 1000 by the therapeutic area associated with each company’s lead development compound.

Fully 38% of all value is associated with novel treatments for oncology.

Rare disease and CNS companies account for another 25% of value. If hematology and virology are included then one can say that the top five therapeutic areas account for more than two-thirds of all biotech valuation.

Biotech drug development strategies are remarkably concentrated by therapeutic area.


Top 10 Biotechs by Value, September 15, 2020

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Value Rank 2020 Company HQ LocationTotal Value 2020

($mm)Total Value 2015

($mm)

1 Boston Area, US $22,578 Private

2 Copenhagen, Denmark $21,723 $5,379

3 Rhine Area, Germany $15,512 Private

4 San Diego, CA $11,562 Private

5 New York Area, US $10,000* Private

6 Hessen, Germany $9,515 Private

7 Netherlands $8,566 $129

8 Tianjin Province, China $8,152 Private

9 Copenhagen, Denmark $7,330 $306

10 San Diego, US $6,181 $7,181

* Roivant is a private holding company that creates new biotechs and other pharmaceutical enterprises and does not disclose its valuation. Roivant’s valuation is estimated based on financial footnote disclosures in Sumitomo Dainippon’s 2020 annual report.


20 Most Valuable Biotechs in Asia

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The idea of Asia as a destination for biotechnology companies is relatively new. For biotech to be successful it needs access to human capital, financial capital and innovation. Certain Asian countries have seen an influx of human capital with expertise in advanced drug development methods.

South Korea, for example, has become a world center of expertise in the fields of cell therapy and biologics development and manufacture. China has made a deliberate effort to attract home its nationals from Western countries and to encourage them to engage in entrepreneurial activities in the biotechnology industry. As noted before, this has been quite successful to date. It’s worth noting that there are a number of highly successful biotechs in Japan including PeptiDream, AnGes and Sosei.

Taiwan and Australia are also showing strength in biotech.

Value Rank 2020 Company Lead Modality

HQ Location

Total Value 2020 ($mm)

1 CanSino Biologics Vaccines China 8,2062 PeptiDream Peptides Japan 5,0543 Chi-Med Small Molecules Hong Kong 4,5054 Oneness Biotech Small Molecules Taiwan 3,8635 Legend Biotech Cell Therapy China 3,6276 Chipscreen Biologics South Korea 3,5287 Akeso Small Molecules China 3,3648 Zelgen Bio Small Molecules China 2,8239 Ocumension Biologics China 2,62810 I-Mab Small Molecules China 2,58911 Mesoblast Small Molecules Australia 2,49212 Alphamab Oncology Biologics China 2,32613 AnGes Cell Therapy Japan 2,01014 Innocare Biologics Hong Kong 1,62615 Mezzion Nucleic Acids South Korea 1,60916 Helixsmith Small Molecules South Korea 1,46917 Oscotec Small Molecules South Korea 1,15418 Pharmicell Cell Therapy South Korea 1,11819 Adimmune Vaccines Taiwan 1,01520 Sosei Small Molecules Japan 940

Source: CapitalIQ and Torreya analysis, Sep 15, 2020

20 Most Valuable Biotechs in Europe and the U.S.A.

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Europe Rank 2020 Name Headquarters Location

Value Estimate (Sep 15, 2020)

1 Genmab Copenhagen, Denmark $22 bn

2 BioNTech Rhine Area, Germany $15.4 bn

3 CureVac Hessen, Germany $9.6 bn

4 argenx Netherlands $8.8 bn

5 Ascendis Pharma Copenhagen, Denmark $7.1 bn

6 CRISPR Therapeutics Zurich, Switzerland $5.1 bn

7 Idorsia Basel, Switzerland $3.9 bn

8 MorphoSys Munich Area, Germany $3.3 bn

9 ADC Therapeutics Geneva, Switzerland $2.9 bn

10 Galapagos Belgium $2.4 bn

11 Myovant Sciences Bay Area, US $2 bn

12 uniQure Netherlands $1.5 bn

13 Zealand Pharma Copenhagen, Denmark $1.2 bn

14 Adaptimmune Oxford, UK $1.2 bn

15 Hansa BioPharma Lund, Sweden $1.1 bn

16 Oncopeptides Sweden $970.7 mn

17 Oxford BioMedica Oxford, UK $885.1 mn

18 Immunocore Oxford, UK $839.4 mn

US Rank 2020 Name Headquarters Location

Value Estimate (Sep 15, 2020)

1 Moderna Boston Area $24 bn

2 Samumed San Diego Area $11.6 bn

3 Roivant Sciences New York Area $10 bn

4 Mirati Therapeutics San Diego Area $6.4 bn

5 Ionis San Diego Area $6.1 bn

6 MyoKardia Bay Area $5.9 bn

7 Acceleron Boston Area $5.7 bn

8 Novavax Washington DC Area $5.7 bn

9 Iovance Bay Area $4.5 bn

10 Allogene San Francisco $4.1 bn

11 Relay Therapeutics Boston Area $3.6 bn

12 Allakos Bay Area $3.6 bn

13 Denali Therapeutics Bay Area $3.5 bn

14 FibroGen Bay Area $3.4 bn

15 Vir Biotechnology Bay Area $3.4 bn

16 ChemoCentryx Bay Area $3.2 bn

17 Arrowhead Pharma Los Angeles Area $3.2 bn

18 Bridgebio Pharma Bay Area $3.1 bn

The Branded Pharma Sector

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Top 75 Players in Branded Pharma (September 15, 2020, $millions, Ranked by Enterprise Value)

25Source: Torreya analysis of private companies, CapitalIQ for public companies.

Rank Company Value ($mm) Rank Company Value ($mm) Rank Company Value ($mm)

1 Roche $328,145 26 Seattle Gen. $29,605 51 R-Pharm $9,4572 Janssen (J&J) $278,507 27 Menarini $29,540 52 Gr Insud $9,2663 Pfizer $257,146 28 Bausch Health $29,305 53 LEO Pharm $9,1424 AbbVie $241,890 29 Astellas $26,159 54 SK Bio $8,6405 Merck $232,850 30 Grifols $26,009 55 Grünenthal $8,5996 Novartis $209,847 31 Alexion $25,299 56 Vifor Pharm $8,3727 Amgen $164,097 32 Eisai $24,273 57 Bracco $7,9568 AstraZeneca $162,079 33 UCB $23,649 58 Ipsen $7,8739 BMS $157,855 34 Otsuka $22,063 59 Sarepta $7,77610 Novo Nordisk $155,271 35 Galderma $20,328 60 Neurocrine $7,72811 Eli Lilly $150,506 36 Pierre Fabre $18,691 61 Sobi $7,71112 Boehringer $147,949 37 Immunomedics $18,623 62 Merz $7,47513 GlaxoSmithKline $136,144 38 Incyte $18,482 63 Jazz $7,46214 Bayer $133,274 39 Horizon Tx $17,908 64 Alfasigma $7,19715 Sanofi $120,109 40 Octapharma $17,134 65 Mit Tanabe $7,07516 Takeda $103,742 41 Ferring $16,698 66 Lundbeck $6,68317 CSL $100,405 42 Chiesi $15,514 67 Santen $6,59618 Gilead $87,242 43 Ono $14,699 68 Angelini $6,26219 Chugai $71,526 44 BioMarin $13,815 69 Schwabe $6,10720 Vertex Pharma $64,577 45 Alnylam $13,525 70 Exelixis $6,04121 Regeneron $57,507 46 Shionogi $13,325 71 Aché $5,72822 Daiichi Sankyo $54,030 47 Mundipharma $13,200 72 Dainippon $5,61923 Merck KGaA $49,731 48 NC / EMS $12,813 73 Orion $5,42924 Biogen $47,574 49 Kyowa Kirin $12,186 74 Kedrion $5,38925 Servier $35,942 50 Recordati $12,154 75 Emergent $5,222

Top Branded Pharmaceutical Companies in Cardiometabolic Care

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Rank Company HQ Country Focus Area Value ($mm)Revenue ($mm)

1 Eli Lilly United States Diabetes Care 151,258 22,950

2 Novo Nordisk Denmark Diabetes Care 147,636 19,104

3 Boehringer Ingelheim Germany Diabetes Care 106,476 22,606

4 Bayer Germany Spec. Cardiology 95,109 20,193

5 Servier France Cardiometabolic 23,725 5,492

6 Menarini Italy Cardiometabolic 18,144 4,200

7 Recordati Italy Cardiometabolic 11,894 1,687

8 Apeloa Pharma China Cardiometabolic 4,425 1,083

9 Italfarmaco Italy Cardiometabolic 3,732 864

10 Grupo Ferrer Spain Cardiometabolic 3,444 797

11 Kowa Pharma Japan Cardiometabolic 2,392 1,300

12 HanAll Biopharma South Korea Cardiometabolic 1,651 82

13 Atnahs United Kingdom Cardiovascular 1,566 362

14 Intercept Pharma United States Hepatology 1,516 283

15 Grupo Uriach Spain Cardiometabolic 1,183 274

16 Amarin Ireland Cardiometabolic 1,161 546

17 Lantheus United States Spec. Cardiology 1,009 332

The table here lists the most valuable branded players whose leading product(s) are in the cardiometabolic field. All three of the top players in cardiometabolic care are focused on the treatment of diabetes:

#1 Eli Lilly generated $10.9 billion in diabetes care products led by Humalog® and Trulicity® in 2019;

#2 Novo Nordisk generated $16.3 billion in revenue from diabetes care and obesity products that was comprised of roughly two thirds insulin sales and one third in GLP-1 sales.

#3 Boehringer-Ingelheim generated $4.3 billion from cardiometabolic sales with strong results from its Trajenta® and Jardiance® franchise.

Major players in diabetes care that are not listed here due to the strength of other franchise areas include Merck and Sanofi.

Beyond diabetes care, core drivers in the cardiometabolic disease area were legacy sales from statins/blood pressure medications and novel anticoagulants led by $4.8bn in revenues from Bayer’s Xarelto®.

Top Branded Pharmaceutical Companies in CNS Care

27

Rank Company HQ Country Focus AreaValue

($mm)Revenue ($mm)

1 Biogen United States Neurology $47,549 $14,487

2 CSPC Pharma China CNS $31,150 $5,000

3 UCB Belgium Neurology $23,494 $5,850

4 Otsuka Japan Psychiatry $22,031 $13,177

5 Mundipharma / Purdue United States Pain $12,460 $2,000

6 SK Biopharma South Korea Neurology $10,969 $5

7 Grünenthal Germany Pain $10,292 $1,652

8 Sarepta Therapeutics United States Neurology $9,593 $450

9 Neurocrine United States Neurology $9,453 $1,006

10 argenx Netherlands Neurology $8,566 $70

11 Lundbeck Denmark Neurology $7,688 $2,640

12 Angelini Italy Pain $6,631 $1,064

13 Schwabe Germany Neurology $6,616 $1,062

14 Dainippon Sumitomo Japan Neurology $6,550 $4,630

15 Orion Finland Neurology $6,346 $1,272

16 Green Valley Pharma China CNS $5,607 $900

17 ACADIA Pharma United States Neurology $5,483 $393

The table here lists the most valuable branded players whose leading product(s) are for the treatment of central nervous system (CNS) diseases.

Biogen tops the list on the back of an impressive $9.2 billion franchise in multiple sclerosis and SMA drugs.

CSPC is the largest marketer of CNS drugs in China and has generated excellent sales in recent years. Their principal focus has been psychiatry.

UCB is the third-largest player with $2.8 billion in neurology revenue led by Vimpat and Keppra for epilepsy.

Otsuka continues to thrive in psychiatry with ongoing sales with its Abilify® franchise.

Mundipharma and Grünenthal continue to be important players in the field of pain medicines.

SK Biopharma is a new entrant in our ranks after a strong IPO. SK is launching cenobomate, a newly approved epilepsy drug. Other top players include Neurocrine and Sarepta, both making strong commercial progress in neurology.

Top Branded Pharmas in Dermatology

28


($mm)Revenue ($mm)

1 Galderma Switzerland Aesths, Med derm $19,188 $3,080

2 Pierre Fabre France Aesths, Med derm $17,643 $2,832

3 LEO Pharma Denmark Medical Derm $10,780 $1,730

4 Merz Germany Aesthetics $8,035 $1,290

5 Maruho Japan Medical Derm $5,277 $847

6 ROHTO Japan Medical Derm $3,518 $1,717

7 Almirall Spain Medical Derm $2,457 $982

8 Hugel Spain Aesthetics $1,633 $162

9 Isdin Spain Medical Derm $1,445 $232

10 Kaken Pharma Japan Medical Derm $1,095 $788

11 Dr. August Wolff Germany Aesthetics $613 $98

12 Laboratoires Genévrier France Aesthetics $604 $97

13 Cassiopea S.p.A. Italy Medical Derm $573 $1

14 Ferndale Pharma Group United States Medical Derm $398 $64

15 Diomed Developments UK Medical Derm $267 $78

16 Luqa Pharma China Medical Derm $249 $40

17 Vyne Therapeutics Israel Medical Derm $213 $14

The field of dermatology has seen the emergence of big pharma interest but in no case does the big pharma have a primary focus on dermatology. Key larger pharma players not included in our table include Novartis, Pfizer, Janssen, AbbVie (absorbed Allergan’s aesthetic business), BMS, Lilly (plus Dermira), Sun Pharma and Amgen. These companies are focused on serious inflammatory skin conditions such as atopic dermatitis and psoriasis.

This table gives more of a sense of the ranking of the pure play companies in dermatology.

Galderma tops the list following its recent spinout from Nestlé. Galderma has $3 billion in revenues and is focused on growth in the fields of aesthetics, rare dermatologic and dermo-inflammatory diseases.

Pierre-Fabre has a formidable franchise in dermo-cosmetics and medical dermatologic products.

Other key players include LEO, Merz, Maruho, ROHTO and Almirall.

Top Branded Pharmas in Gastroenterology

29

Rank Company HQ CountryValue

($mm)Revenue ($mm)

1 Takeda Japan $102,300 $30,091

2 Alfasigma Italy $7,741 $1,243

3 Norgine Netherlands $3,080 $494

4 Dr. Falk Pharma Germany $3,022 $485

5 Biocodex France $2,181 $350

6 Ironwood Pharma United States $1,780 $427

7 Kolmar Medicine Unit South Korea $1,613 $567

8 Sebela Pharma United States $1,558 $250

9 Cosmo Pharma Switzerland $1,337 $75

10 Nestlé Pharma Ops Switzerland $1,302 $288

11 Zeria Pharma Japan $1,168 $544

12 Mayoly Spindler France $1,003 $161

13 Dr. Kade Germany $963 $155

14 ASKA Pharmaceutical Japan $474 $485

15 Romark United States $436 $70

16 Anterogen South Korea $428 $3

17 Ardelyx United States $406 $8

Like dermatology, we have seen large pharma players make significant progress in this area with biologics and small molecule therapies aimed at autoimmune disease. These players include AbbVie, Amgen, Eli Lilly, Janssen and Pfizer.

Another important player is Bausch Health which is not a pure play and also has a significant business in Salix.

Takeda holds a leadership position in gastroenterology specialty companies led by Entyvio (Vedolizumab) for ulcerative colitis and Crohn’s disease.

AlfaSigma is also a major leader in GI with a number of products led by Rifaximin® (Xifaxin), an antibiotic used for a number of disease states.Ironwood markets Linzess® for constipation with AbbVie and has built a strong commercial business in gastroenterology.

There are a number of highly focused pure play companies which include Cosmo, Zeria, Sebela, Mayoly Spindler, Ardelyx, RedHill and Romark. These companies have grown nicely over time.

Top Branded Pharmas in Oncology

30


1 Pfizer United States Kinase inhibitors 253,889 49,197

2 Merck United States Immuno-oncology 235,456 47,194

3 Roche Switzerland Antibodies 234,176 49,719

4 Novartis Switzerland Kinase inhibitors 202,035 49,528

5 AstraZeneca United Kingdom Kinase inhibitors 160,415 25,699

6 Bristol-Myers Squibb United States Immuno-oncology 158,919 34,862

7 Chugai Japan Antibodies 70,880 6,809

8 Hengrui Medicine China Diversified 69,196 3,478

9 Qilu Pharma China Diversified 62,280 3,600

10 Daiichi Sankyo Japan ADCs 51,134 8,993

11 Merck KGaA Germany Immuno-oncology 32,551 7,535

12 Astellas Japan Androgen deprivation 26,305 11,815

13 Seattle Genetics United States ADCs 25,140 1,016

14 Hansoh Pharma China Kinase inhibitors 24,765 1,141

15 Eisai Japan Cytotoxics 23,972 6,560

16 Kelun Group China Immuno-oncology 21,540 6,000

17 BeiGene China Diversified 18,929 225

It is fair to say that oncology is largely the land of the biggest pharmaceutical companies with strong contributions from specialty players such as Ipsen, Incyte, Ono and Seattle Genetics. It’s also noteworthy how large Chugai has become, largely by selling Roche antibodies in the Japan market (but also by selling its own antibodies through the Roche system).

Similarly, Hengrui has become quite large on the back of selling a deep portfolio of cytotoxics and kinase inhibitors into the China market. Like Hengrui, Qilu has become an increasingly important player in the China market, selling several billion dollars of oncology products into the Chinese hospital system. A key emerging player for the China market is BeiGene. This company is marketing a group of Celgene products in China while developing its own pipeline of differentiated kinase inhibitors and immune-oncology antibodies.

Top 20 Marketers of Oncology Drugs(Measured by Aggregate Revenue of Oncology Drug Sales in 2019)

31

$29 Bn $26 Bn $14 Bn

$11 Bn

$11 Bn

$9.0 Bn

$8.7 Bn

$3.6 Bn

$7.5 Bn

$5.4 Bn

$4.1 Bn

$4.0 Bn

$3.5 Bn

$2.4 Bn

$2.0 Bn $1.6 Bn

$1.5 Bn $1.2 Bn $1 Bn

$1 Bn

Top Branded Pharmas in Ophthalmology

32


($mm)Revenue ($mm)

1 Regeneron United States AMD $57,507 $8,693

2 Bausch Health Canada Front of eye $29,305 $8,109

3 Santen Japan Diversified $7,080 $2,226

4 Kanghong Pharma China Back of eye $5,800 $443

5 Laboratoires Théa France Diversified $4,478 $679

6 URSAPHARM Germany Dry eye $2,492 $0

7 Omeros United States Surgical pain $1,642 $75

8 Farmigea Italy Diversified $1,363 $207

9 Aerie Pharmaceuticals United States Glaucoma $935 $100

10 NTC Pharma Italy Dry eye $932 $2

11 Senju Japan Diversified $838 $401

12 Nitto Medic Japan Diversified $830 $61

13 Nicox France Glaucoma $790 $120

14 EyePoint United States Diversified $711 $340

15 Alimera Sciences United States Retinal Health $516 $7

Regeneron is the largest branded player whose lead product (Eylea®) is in ophthalmology. They have built a significant sales force in the U.S. in the area.

Bausch Health is also highly committed to the field and has recently indicated that they intend to spin out their eye business as Bausch+Lomb.

Santen has built a very strong franchise in Japan and is increasingly focused on international expansion.

Kanghong has introduced an anti-VEGF antibody into the China market and is doing well there.

Laboratoires Théa is world leader in ophthalmic innovation and positions themselves as providing a diversified set of products that will satisfy many different types of patients that are seen by an ophthalmologist.

Some key players that are not shown here because ophthalmology is not their primary indication are Novartis and AbbVie (acquired Allergan). Bayer and Roche are also major players in the field with a focus on back of the eye.

Top Branded Pharmas in Women’s Health

33


1 Bayer Germany Diversified $133 billion $20 billion

2 Ferring Switzerland Fertility $16.7 billion $2.5 billion

3 Grupo Insud Argentina Diversified $11.7 billion $1.7 billion

4 Lupin India Bact. Vaginosis $6.4 billion $1.9 billion

5 IBSA Switzerland Fertility $3.8 billion $572 million

6 Gedeon Richter Hungary Diversified $3.6 billion $1.7 billion

7 Besins Monaco Hormones $3.5 billion $531 million

8 Myovant Sciences United Kingdom Postmenopausal $2 billion $33.3 million

9 Theramex United Kingdom Diversified $1.7 billion $258 million

10 Duchesnay Canada Pre-Natal Health $1.2 billion $175 million

11 Mithra Belgium Diversified $1.1 billion $108.3 million

12 Alora Pharma United States Pre-Natal Health $612 million $170 million

13 HRA Pharma France Endocrine $594 million $90 million

14 Laboraoires Majorelle France Diversified $583.2 million $30 million

15 TherapeuticsMD United States Postmenopausal $506.2 million $62.5 million

16 AMAG Pharma United States Pre-Natal Health $489.7 million $297.6 million

17 Starpharma Australia Bact. Vaginosis $435.8 million $4.5 million

18 Fuji Pharma Japan Diversified $365.8 million $314 million

19 Agile Therapeutics, Inc. United States Contraception $252.4 million $NA

20 JDS Therapeutics United States Postmenopausal $184.8 million $28 million

Bayer is the leading company with a women’s health focused franchise. Their Mirena® product for contraception is a best seller in the product.

Ferring has one of the largest franchises in the field of fertility management.

Grupo Insud based in Argentina has built a significant global franchise in women’s health.

Lupin has done a nice job building a U.S. franchise in women’s health anchored by Solosec® for bacterial vaginosis.

IBSA is a major player in the fertility field (behind Ferring, Merck KGAA and Merck).

Other significant players include Gedeon Richter, Besins, Myovant Sciences, Theramex, Duchesnay and Mithra.

Other players not shown are Lilly (Forteo®), Amgen (Prolia®), Pfizer (Premarin®), Merck/Organon (NuvaRing® / Nexplanon® / Follistim®), Merck KGAA (fertility) and AbbVie (Estrace® cream).

The Generic Drug Sector

34

INN Generic Sector Has Not Performed Well

35

In the U.S., Canada, the UK and Nordic countries, generic drugs can be substituted for brands at the pharmacy. We refer to these as INN generics.

In the rest of the world, generic products are sold as non-patented ethical pharmaceuticals but are generally not substitutable at the pharmacy. We term such products as “Branded Generics”.

Overall, INN generics companies have lost value in the last four years and are a rare part of the pharmaceutical sector that is not thriving amidst global growth and increasing life spans.

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INN Generic Pharma Index (Top Eight Public Companies) vs. S&P 500, Last Five Years

S&P 500 (^SPX) - Index Value Generic Index

Note: components of INN equal-weighted index: Mylan, Teva, Sun, ENDO, Lupin, Dr. Reddys, Aurobindo, Hikma, Cipla. Data source: CapitalIQ.

Most Valuable Companies in INN Generics

36

Value Rank2020

Revenue Rank2020 Company HQ Country Portfolio Value ($mm)

Revenue ($mm)

1 2 Sandoz Germany Diversified $35,766 $9,935

2 3 Teva Generic Segment Israel Diversified $33,574 $9,326

3 1 Mylan United States Diversified $20,138 $11,504

4 4 Sun Pharma India Diversified $16,272 $4,243

5 5 Fresenius Kabi Segment Germany Injectables, Biosimiliars $12,591 $3,497

6 8 Dr. Reddy's India Diversified $9,870 $2,387

7 9 Hetero Drugs India Diversified $8,594 $2,387

8 11 Hikma UK/Jordan Injectables $8,265 $2,292

9 10 Cipla India Diversified $7,962 $2,308

10 6 STADA Germany Diversified $7,184 $3,163

This list ranks the top 10 players in INN generics. We have included divisions of pharma companies that are in INN generics (e.g., Sandoz division of Novartis) and have valued these as if they were private companies (using the industry median generic multiple of 3.6x).

The sector is led by Sandoz which has the second-largest revenue total in the sector. Teva follows at #2 and is down in value from revenue a bit from recent years, largely due to challenges in the U.S. market.

Mylan follows at #3 and has performed quite well during a tough period; Mylan revenue is up over 20% in the last five years whereas Teva and Sandoz are down. Mylan is trading at less than 2x revenue and less than 6x EBITDA.

Sun Pharma is #4 in the world with an impressive topline revenue performance of $16.3 billion.

The other leading Indian generic players (Zydus, Lupin, Aurobindo and Dr. Reddys) have suffered from a difficult pricing environment in the United States and generally trade for less than three times revenue.

Dr. Reddy’s has performed quite well in recent years as has Hikma. Both companies have made excellent investments in pipeline which have played out well in the marketplace.

Top Companies in Generics (Branded and INN)

37

Value Rank

Revenue Rank Company HQ Country Portfolio Value ($mm)

Revenue ($mm)

1 1 Pfizer Legacy Medicines United States Off patent brands $68,040 $18,9002 2 Yangtze River Pharma China Oral solid dose, TCM $43,507 $12,0853 4 GSK Established Brands United Kingdom Off patent brands $41,072 $11,4094 5 Sandoz Germany INN generics $35,766 $9,9355 7 Teva Generic Segment Israel Diversified generics $33,574 $9,3266 56 Celltrion South Korea Biosimilars $31,410 $1,2287 63 Changchun Tech China Diversified generics $22,597 $1,1188 9 Kelun Group China Diversified generics $21,600 $6,0009 3 Mylan United States Diversified generics $20,210 $11,50410 16 Sun Pharma India Diversified generics $16,394 $4,24311 13 Abbott EPD United States Branded generics $16,150 $4,48612 144 Hualan Bio China Biosimilars $13,054 $52113 17 Fresenius Kabi Segment Germany Injectables, Biosimilars $12,485 $3,46814 300 Walvax China Biosimilars $12,451 $16915 19 Shanghai Pharma - Mfg China Diversified generics $12,146 $3,37416 20 Tianjin Pharma China TCM, oral solid dose $12,017 $3,33817 23 Roemmers Argentina Oral solid dose, brands $10,800 $3,00018 28 Dr. Reddy's India Diversified generics $10,070 $2,38719 25 Harbin Pharma China Diversified generics $9,720 $2,70020 169 Gan & Lee Pharma China Biosimilars $9,278 $445

This ranking integrates INN generic manufacturers and marketers with branded generic players. Big pharma off-patent brand portfolios are included and valued using the median generic industry revenue multiple. We have also included biosimilar players.

The largest player is Pfizer’s legacy pharmaceutical business ($18.9 billion in revenue). We have defined this using Pfizer’s previous definitions of its “Essential Medicines” business, combining Upjohn with the legacy hospital business.

Yangtze River Pharma is next with $12bn in revenue.

GSK’s established brands segment is quite large with $11.4bn in revenue.

Sandoz and Teva’s generic business take the #4 and #5 rankings respectively.

Financial Players in Pharma

The Rising Role of Private Equity and Royalty Intermediaries

38

Private Equity Funds are Major Players in the Pharma Sector

39

Private equity (PE) investors are playing an increasingly important role as investors in the biopharmaceutical industry.

These investors facilitate value creation and transitions for family owned companies. Private equity funds have been particularly important in the pharmaceutical services area, funding growth plans and exits in the CDMO / CMO sector.

As we have noted the pharma sector is not without risk. For this reason not all PE investors have the stomach to play in this field.

Percent of commercial stage companies in the Pharma 1000 that have a private equity investor in the cap table:

14%

We looked at news stories for each company in the Pharma 1000 and relevant databases to determine if a private equity investor or family office (aside from the core ownership group) was invested in the company.

We found that more than 10% of the companies had such an investor involved.

Many others had worked with private equity investors in the past but these investors were no longer involved.

40

Most Active PE Investors in Commercial Pharma

Investor

Total Value of Pharmasin which invested($ billions)

5 $13.8 billion

Current Pharma Investments

5 $2.7 billion

Illustrative Investment

4

$16 billion3

$1.3 billion

3 $15 billion

3 $12 billion

3

$9 billion3

$10 billion

3

$3 billion3

$8 billion

TEN MOST ACTIVE BY DEAL COUNT IN PHARMA OTHER HIGHLY ACTIVE PRIVATE EQUITY INVESTORS IN THE PHARMA SECTOR IN SEPTEMBER 2020

Notes and sources: In general we relied on information from fund press releases, and information compiled on Crunchbase and S&P Capital IQ.

Royalty Monetization Market

41

OVERVIEW WHY ROYALTY INVESTMENT IS ATTRACTIVE

SELECTED FUNDS THAT INVEST IN ROYALTIES

Royalty investing is at its highest level in history with an estimated $15 billion in recent new fund-raising for royalty investment strategies. That, in addition to allocations to royalty purchases by several large investment funds, brings the currently available deployable dollars to over $40 billion1

Funds have been attracted to the market for a variety of reasons but the primary drivers have been consistent cash flows coupled with relatively uncorrelated returns to the broader markets.

This market trend shows no signs of slowing. The pace of the royalty market exploded since the beginning of 2011 with over $12 billion and an estimated 50 royalty asset sales and structured royalty-based transactions completed

Sources:. AUTM Report , DRI Capital and Torreya analysis.

Historically, pharma sales have been much less volatile than the stock market.

42

Royalty Monetization Market is Robust

Note: Volume numbers for 2020 are annualized as of April 15, 2020.

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Pharmaceutical Sector Royalty Monetization Volume in Life Sciences, 2011-2020

Deal Volume ($millions) Number of Deals

The pace of royalty monetizations is on track to hit a record in 2020. This market is very well funded.

Source: Data from Torreya’s internal database of royalty monetization transactions.

43

Most Valuable Royalty Receivers

Company

EIGHT MOST VALUABLE ROYALTY COMPANIES OTHER COMPANIES WHICH ARE SIGNIFICANT ROYALTY RECEIVERS IN THE PHARMA SECTOR

Notes and sources: The group at left are royalty receivers that have a corporate form as distinct from funds which generally have a finite life time. In general we relied on information from company press releases, and information compiled on Crunchbase and S&P Capital IQ.

Royalties in 2019 ($ millions)

$2,200 million

NA

$180 million

Value Estimate($ billions)

$29 billion

$11 billion

$3.8 billion

$126 million

$299 million

$1.2 billion

$1.1 billion

$218 million$0.8 billion

$10 million

$37 million

$0.3 million

$0.3 billion

Top Players

(by country and subfield)

44

Top 20 Private Companies by Value Worldwide

45

Private Rank Global Rank Company Location Value Estimate ($mm)1 12 Boehringer Ingelheim Germany $148 billion

2 27 Yangtze River Pharma China $44 billion

3 28 Servier France $36 billion

4 31 CSPC Pharma Hong Kong $33 billion

5 34 Menarini Italy $30 billion

6 43 Qilu Pharma China $24 billion

7 50 Kelun Group China $22 billion

8 51 Galderma Switzerland $20 billion

9 54 Jemincare China $19.3 billion

10 55 Pierre Fabre France $18.7 billion

11 61 Octapharma Switzerland $17.1 billion

12 63 Ferring Switzerland $16.7 billion

13 66 Chiesi Italy $15.5 billion

14 73 Mundipharma United States $13.2 billion

15 75 NC Pharma / EMS Brazil $12.8 billion

16 78 Samumed United States $12.4 billion

17 82 Tianjin Pharma China $12 billion

18 83 R-Pharm Russia $11.9 billion

19 84 Grupo Insud Argentina $11.7 billion

20 85 Adimab United States $11.4 billion

Top 20 Private Companies by Value in the Americas

46

Americas Rank 2020 Value Rank 2020 Name Headquarters Location Value Estimate (Sep 2020)

1 73 Mundipharma United States $13.2 billion

2 75 NC Pharma / EMS Brazil $12.8 billion

3 78 Samumed United States $12.4 billion

4 84 Grupo Insud Argentina $11.7 billion

5 85 Adimab United States $11.4 billion

6 89 Roemmers Argentina $10.8 billion

7 96 Roivant Sciences United States $10 billion

8 125 Apotex Canada $7.3 billion

9 135 Aché Laboratórios Brazil $6.6 billion

10 182 Mega Pharma Uruguay $4.3 billion

11 194 Grupo Bagó Argentina $4 billion

12 219 Eurofarma Brazil $3.5 billion

13 243 PROBIOMED Mexico $3.2 billion

14 267 Alvogen United States $2.9 billion

15 268 Prasco United States $2.9 billion

16 281 Biolab Sanus Pharma Brazil $2.8 billion

17 305 Pharmascience Canada $2.5 billion

18 335 Liomont Mexico $2.2 billion

19 391 Sebela Pharma United States $1.7 billion

20 392 Tecnoquimicas Colombia $1.6 billion

India Companies Ranked by Value

47

India Rank

Global Rank Company Location

Value ($mm)

Revenue ($mm)

1 64 Sun Pharma Mumbai, India $16.4 billion $4.2 billion2 93 Dr. Reddy's Hyderabad, India $10.1 billion $2.3 billion3 107 Hetero Drugs Hyderabad, India $8.6 billion $2.3 billion4 113 Cipla Mumbai, India $8.3 billion $2.3 billion5 114 Serum Institute of India Mumbai, India $8.3 billion $819.2 million6 123 Biocon Bangalore, India $7.3 billion $871 million7 124 Torrent Pharma Ahmedabad, India $7.3 billion $1 billion8 131 Aurobindo Hyderabad, India $6.9 billion $3.1 billion9 133 Intas Pharma Ahmedabad, India $6.6 billion $1.8 billion10 139 Lupin Mumbai, India $6.4 billion $1.9 billion11 142 Zydus Cadila Ahmedabad, India $6.3 billion $1.9 billion12 171 Alkem Mumbai, India $4.8 billion $1.1 billion13 205 Ipca Mumbai, India $3.7 billion $617.5 million14 242 Macleods Pharma Mumbai, India $3.2 billion $NA 15 282 Mankind Pharma Delhi, India $2.8 billion $766 million16 284 Jubilant Pharma New Delhi, India $2.7 billion $758.9 million17 289 Alembic Ahmedabad, India $2.7 billion $661.6 million18 310 Emcure Mumbai, India $2.4 billion $673.7 million19 319 Glenmark Mumbai, India $2.3 billion $1.4 billion20 353 Micro Labs Bangalore, India $2 billion $558.1 million

India Rank


Value ($mm)

Revenue ($mm)

21 360 Natco Hyderabad, India $1.9 billion $262.9 million22 361 MSN Laboratories Hyderabad, India $1.9 billion $520 million23 376 Ajanta Pharma Mumbai, India $1.8 billion $350 million24 402 USV Mumbai, India $1.6 billion $446.4 million25 435 Biological E. Hyderabad, India $1.4 billion $140.1 million26 476 Reliance Life Sciences Mumbai, India $1.2 billion $116.9 million27 503 Strides Bangalore, India $1.1 billion $377 million28 513 Bharat Biotech Hyderabad, India $1.1 billion $106.8 million29 539 Cadila Pharma Ahmedabad, India $1 billion $280.7 million30 560 Wockhardt Mumbai, India $964.1 million $359.6 million31 563 Eris Lifesciences Limited Ahmedabad, India $956.1 million $142.2 million32 589 J. B. Chemicals Mumbai, India $897.5 million $245 million33 672 FDC Mumbai, India $739.3 million $173.2 million34 717 Shilpa Bangalore, India $658.2 million $128.3 million35 723 SPARC Mumbai, India $644.4 million $32.4 million36 760 Caplin Point Laboratories Chennai, India $568.7 million $120.5 million37 903 Franco-Indian (FIPPL) Mumbai, India $420.7 million $116.8 million38 904 Laborate Pharmaceuticals India, Other $420.1 million $116.7 million39 967 Indoco Mumbai, India $357.3 million $149.8 million40 992 Centaur Pharmaceuticals Mumbai, India $338.8 million $94.1 million

Japan Companies Ranked by Value

48

Japan Rank

Global Rank Company Value ($mm)

Revenue ($mm)

1 16 Takeda $104 billion $30 billion2 20 Chugai $72 billion $6.8 billion3 24 Daiichi Sankyo $54 billion $8.9 billion4 38 Astellas $26 billion $11.8 billion5 41 Eisai $24 billion $6.5 billion6 48 Otsuka $22 billion $13.1 billion7 68 Ono $14.7 billion $2.7 billion8 72 Shionogi $13.3 billion $3 billion9 79 Kyowa Kirin $12.2 billion $2.8 billion10 119 Mitsubishi Tanabe $8 billion $3.8 billion11 128 Santen $7.1 billion $2.2 billion12 137 Dainippon Sumitomo $6.6 billion $4.6 billion13 158 Maruho $5.6 billion $847 million14 163 Nippon Shinyaku $5.2 billion $1 billion15 167 PeptiDream $5.1 billion NA16 191 Meiji Pharma Business $4.1 billion $1.9 billion17 218 JCR $3.5 billion $230.1 million18 221 ROHTO $3.5 billion $1.7 billion19 226 Kyoritsu Seiyaku $3.5 billion $524 million20 247 Taisho Pharma $3.2 billion $2.8 billion

Japan Rank


Revenue ($mm)

21 257 Asahi Kasei Pharma $3.1 billion NA22 279 Hisamitsu $2.8 billion $1.2 billion23 283 Sawai $2.7 billion $1.6 billion24 288 Kowa Pharma Segment $2.7 billion $1.3 billion25 314 Tsumura $2.4 billion $1.1 billion26 317 Teijin Pharma $2.3 billion $1.1 billion27 385 JT Pharma / Torii $1.7 billion $815 million28 395 Towa Pharma $1.6 billion $1.1 billion29 396 Nichi-Iko $1.6 billion $1.7 billion30 401 AnGes $1.6 billion $1.5 million31 418 FujiFilm Pharma $1.5 billion NA 32 436 Yoshindo $1.4 billion $391 million33 462 GNI Group $1.3 billion $77.9 million34 480 Zeria Pharma $1.2 billion $543.9 million35 504 Kyorin $1.1 billion $1 billion36 505 Kaken Pharma $1.1 billion $788.1 million37 541 AYUMI Pharmaceutical $1 billion $239 million38 568 Sosei $940 million $66.6 million39 571 Takata Pharmaceutical $936 million NA40 574 Healios $932 million $2.3 million

China Companies Ranked by Value

49

China Rank

Global Rank Company Location Value ($mm)

Revenue ($mm)

1 21 Hengrui Medicine Jiangsu Province $69 billion $3.4 billion2 27 Yangtze River Pharma Jiangsu Province $44 billion $12 billion3 32 Zhifei Bio Sichuan Province $31 billion $1.7 billion4 37 Hansoh Pharma Lianyungang, China $26 billion $1.1 billion5 43 Qilu Pharma Shandong Province $24 billion $3.6 billion6 46 Changchun Tech Jilin Province $23 billion $1.1 billion7 49 Pientzehuang Pharma Fujian Province $22 billion $860 million8 50 Kelun Group Sichuan Province $22 billion $6 billion9 52 BeiGene Beijing, China $20 billion $225 million10 54 Jemincare Jianxi Province $19.3 billion $5.3 billion11 59 Yunnan Baiyao Yunnan Province $17.6 billion $4.4 billion12 60 Kangtai Bio Guangdong Province $17.3 billion $284 million13 62 Fosun Pharma Shanghai $16.7 billion $4 billion14 74 Hualan Bio Henan Province $13.1 billion $521 million15 77 Walvax Yunnan Province $12.5 billion $169 million16 81 Shanghai Pharma - Mfg Shanghai $12.1 billion $3.3 billion17 82 Tianjin Pharma Tianjin $12 billion $3.3 billion18 90 Innovent Biologics Jiangsu Province $10.5 billion $239 million19 94 Junshi Biosciences Jiangsu Province $10 billion $147 million20 98 Harbin Pharma Heilongjiang Province $9.7 billion $2.7 billion

China Rank


Value ($mm)

Revenue ($mm)

21 102 Gan & Lee Pharma Beijing $1.9 billion $263 million

22 104 Humanwell Healthcare Hubei Province $1.9 billion $520 million

23 110 Kangmei Pharma Guangdong Province $1.8 billion $350 million

24 112 Huahai Pharma Zhejiang Province $1.6 billion $446 million

25 116 Shanghai RAAS Shanghai $1.4 billion $140 million

26 117 CanSino Biologics Tianjin Province $1.2 billion $117 million

27 121 Tiantan Biological Beijing $1.1 billion $377 million

28 132 Betta Pharm Zhejiang Province $1.1 billion $107 million

29 140 Huadong Medicine Zhejiang Province $1 billion $281 million

30 144 King-Friend Bio Jiangsu Province $964.1 million $360 million

31 148 Green Valley Pharma Shanghai $956.1 million $142 million

32 149 Guangzhou Pharma Guangdong Province $897.5 million $245 million

33 152 Kanghong Pharma Sichuan Province $739.3 million $173 million

34 160 Zai Lab Shanghai $658.2 million $128 million

35 161 Youcare Pharma Beijing $644.4 million $32 million

36 162 Salubris Pharma Guangdong Province $568.7 million $121 million

37 165 Yifan Pharma Zhejiang Province $420.7 million $117 million

38 168 Livzon Guangdong Province $420.1 million $117 million

39 170 Tasly Pharma Tianjin $357.3 million $150 million

40 179 Wolwo Pharma Zhejiang Province $338.8 million $94 million

South Korea Companies Ranked by Value

50

Korea Rank


Revenue ($mm)

1 30 Celltrion $31 billion $1.2 billion2 87 SK Biopharma $11 billion $5.2 million3 145 Shin Poong $6.2 billion $164 million4 169 ALTEOGEN $5 billion $36.1 million5 178 Samsung Bioepis $4.4 billion $850 million6 202 Celltrion Pharm $3.7 billion $152.6 million7 212 Hanmi Pharm $3.6 billion $917.2 million8 217 LG Life Sciences $3.6 billion $540 million9 220 Genexine $3.5 billion $4.1 million10 241 Yuhan $3.2 billion $1.2 billion11 258 GC Pharma $3 billion $1.1 billion12 367 Bukwang Pharma $1.8 billion $142.5 million13 397 Kolmar Medicine Unit $1.6 billion $567 million14 398 Hugel $1.6 billion $162.3 million15 409 HanAll Biopharma $1.6 billion $82.3 million16 439 Yungjin Pharm $1.4 billion $147.6 million17 459 Il-Yang Pharm. $1.3 billion $270.2 million18 463 KUP $1.2 billion $136.3 million19 471 Medy-Tox $1.2 billion $151.8 million20 484 Mezzion $1.2 billion $17.8 million

Korea Rank


Revenue ($mm)

21 497 Helixsmith $1.1 billion $4.4 million22 500 Sam Chun Dang Pharm $1.1 billion $152.7 million23 520 DONGKOOK Pharma $1.1 billion $433.9 million24 522 Oscotec $1 billion $15.5 million25 528 Pharmicell $1 billion $23.6 million26 584 JW Holdings $905.5 million $618.8 million27 599 Binex $884.1 million $107.6 million28 600 Daewoong Pharma $884 million $890.7 million29 607 Dong-A Socio $860 million $659.5 million30 628 Chong Kun Dang Pharm $821.1 million $662.7 million31 638 Komipharm Intl $797.6 million $31.6 million32 671 CrystalGenomics $740.2 million $77 million33 699 Boryung Pharma $689.9 million $456 million34 708 SillaJen $667.8 million $1.9 million35 743 Handok $602.5 million $405.6 million36 801 PharmaResearch Prod $519.4 million $76.4 million37 811 Hana Pharm $511.2 million $142 million38 817 Huons $505.1 million $402.3 million39 827 Jeil $495.1 million $624.3 million40 835 Aprogen Pharmaceuticals $486.4 million $45.1 million

Southeast Asia Companies Ranked by Value

51

SE Asia Rank Global Rank Company Location Value ($mm) Revenue ($mm)

1 136 Unilab Philippines $6.6 billion $1 billion

2 172 Kalbe Indonesia $4.8 billion $1.5 billion

3 383 Siam Bioscience Thailand $1.7 billion $169 million

4 403 Kimia Farma Indonesia $1.6 billion $662 million

5 497 Haw Par Corporation Singapore $1.1 billion $130.1 million

6 562 Dexa Medica Indonesia $951 million NA

7 594 Ampharco U.S.A. Vietnam $885.5 million $245.9 million

8 644 The GPO Thailand $779.7 million $216.6 million

9 724 Indofarma Indonesia $642.9 million $99.5 million

10 752 CCM Duopharma Biotech Malaysia $586.4 million $135.9 million

11 756 SOHO Global Healthcare* Indonesia $578.8 million $373 million

12 788 Berlin Pharma Thailand $536.4 million $149 million

13 853 Codupha Vietnam $463.6 million $128.8 million

14 984 Apex Healthcare Malaysia $343.6 million $167.7 million

15 1032 Tempo Scan Indonesia $306.4 million $760.6 million

16 1079 Hau Giang Pharmaceutical Vietnam $259.2 million $72 million

17 1105 Pymepharco Vietnam $233.3 million $77.8 million

18 1161 Euro-Med Laboratories Philippines $201.3 million $106.5 million

* Note: We selected the date Sep 15, 2020 to measure value. Soho Global went public on the Jakarta exchange just five business days before our measurement date with Quadria Capital as a major external shareholder. The shares did not jump on the first day with a value on Sep 15 of less than 2x revenue (versus approx. 3x for comparable PT Kalbe) and a $579mm EV. By Sep 23, the EV had jumped to $1.1 billion as the market adjusted to the presence of a high quality pharma company on the exchange.

https://theinsiderstories.com/quadria-capital-shares-conversion-of-soho-global-idr-522-74-b/

Eastern Europe Companies Ranked by Value

52

East Europe Rank Global Rank Company Location Value ($mm) Revenue ($mm)

1 83 R-Pharm Russia $11.9 billion $1.8 billion

2 193 Pharmstandard Russia $4 billion $1.1 billion

3 196 Polpharma Poland $3.9 billion $1 billion

4 209 Gedeon Richter Hungary $3.6 billion $1.7 billion

5 227 Zentiva Czech Republic $3.4 billion $957 million

6 272 BIOCAD Russia $2.9 billion $283 million

7 274 KrKa Slovenia $2.8 billion $1.7 billion

8 330 Adamed Poland $2.3 billion $343.8 million

9 341 Huvepharma Bulgaria $2.1 billion $320 million

10 426 Microgen Russia $1.5 billion $144.9 million

11 606 Pharm-Sintez Russia $865.8 million $240.5 million

12 613 Bosnalijek Bosnia-Herzegovina $837.7 million $232.7 million

13 641 Zdrowie Poland $793 million $220.3 million

14 660 Farmak Ukraine $756 million $236 million

15 661 Medis o.o.o. Slovenia $755.4 million $114.4 million

16 668 Valenta Pharma Russia $743.4 million $206.5 million

17 682 Geropharm Russia $727.2 million $72 million

18 711 Pharmasyntez Russia $666 million $185 million

Latin America Companies Ranked by Value

53

Latin America Rank Global Rank Company Location Value ($mm) Revenue ($mm)1 75 NC Pharma / EMS Brazil $12.8 billion $1.9 billion

2 84 Grupo Insud Argentina $11.7 billion $1.7 billion

3 89 Roemmers Argentina $10.8 billion $3 billion

4 135 Aché Laboratórios Brazil $6.6 billion $1 billion

5 182 Mega Pharma Uruguay $4.3 billion $1.2 billion

6 194 Grupo Bagó Argentina $4 billion $1.1 billion

7 204 Hypera Brazil $3.7 billion $694 million

8 219 Eurofarma Brazil $3.5 billion $982.5 million

9 243 PROBIOMED Mexico $3.2 billion $317 million

10 281 Biolab Sanus Pharma Brazil $2.8 billion $418 million

11 335 Liomont Mexico $2.2 billion $600 million

12 392 Tecnoquimicas Colombia $1.6 billion $458 million

13 415 Laboratorio Elea Argentina $1.5 billion NA

14 419 Laboratorios Sanfer Mexico $1.5 billion NA

15 445 União Química Brazil $1.4 billion $376 million

16 510 Stendhal Pharma Mexico $1.1 billion $300 million

17 527 Cristalia Brazil $1 billion $287 million

18 586 Apsen Brazil $900 million $250 million

Middle East and Africa Companies Ranked by Value

54

Africa & Mideast Rank Global Rank Company Location Value ($mm) Revenue ($mm)

1 155 Aspen Pharmacare South Africa $5.7 billion $2.2 billion

2 213 Barakat Pharmaceutical Iran $3.6 billion $1 billion

3 238 Shafadarou Investment Iran $3.3 billion $906.9 million

4 249 Pars Darou Iran $3.2 billion $881 million

5 421 SPIMACO Saudi Arabia $1.5 billion $417 million

6 429 Sobhan Pharma Iran $1.4 billion $397.9 million

7 494 SAIDAL Algeria $1.1 billion $313 million

8 552 Bottu Morocco $981 million $272.5 million

9 572 Tabuk Pharma Saudi Arabia $936 million $260 million

10 692 Farabi Pharma Iran $709.2 million $197 million

11 695 Julphar United Arab Emirates $703.8 million $102.2 million

12 705 Exir Pharmaceutical Iran $671 million $186.4 million

13 770 Newbridge Pharma United Arab Emirates $561 million $85 million

14 812 Cosar Pharmaceutical Company Iran $511.2 million $142 million

15 922 Adcock Ingram South Africa $407.5 million $423.4 million

16 963 MS Pharma - El Kendi Algeria $360 million $100 million

17 964 Ascendis Health South Africa $359.3 million $427.1 million

18 974 EIPICO Egypt $351.5 million $192.8 million

19 993 SOTHEMA Morocco $338.4 million $178.7 million

20 1065 Ernest Chemists Ghana $276 million NA

The Pharma 1000 List

55

The World’s Most Valuable Pharmaceutical Companies: Top 25

56

Rank NameValue Estimate (Sep 15, 2020) Revenue

Profit (EBITDA) Location Company Type Sector Lead Modality

Lead Therapeutic Area

Rank 2019

1 Roche $328 bn $49 bn $23 bn Basel, Switzerland Public Company Segment Big Pharma Biologics Oncology 22 Janssen (J&J) $279 bn $42 bn $8.8 bn Raritan, NJ, US Public Company Segment Big Pharma Biologics Immunology 53 Pfizer $257 bn $49 bn $20 bn New York Area, US Public Company Big Pharma Small Molecules Oncology 14 AbbVie $242 bn $36 bn $16 bn Chicago Area Public Company Big Pharma Biologics Immunology 65 Merck $233 bn $47 bn $19 bn New York Area, US Public Company Big Pharma Small Molecules Oncology 46 Novartis $210 bn $49 bn $18 bn Basel, Switzerland Public Company Big Pharma Small Molecules Oncology 37 Amgen $164 bn $24 bn $12 bn Thousand Oaks, CA, US Public Company Big Pharma Biologics Immunology 108 AstraZeneca $162 bn $25 bn $6.9 bn Boston Area, US Public Company Big Pharma Small Molecules Oncology 139 Bristol-Myers Squibb $158 bn $34 bn $14 bn New York Area, US Public Company Big Pharma Small Molecules Oncology 1610 Novo Nordisk $155 bn $19 bn $8.9 bn Copenhagen, Denmark Public Company Big Pharma Biologics Diabetes Care 1411 Eli Lilly $151 bn $22 bn $7.6 bn Indiana, US Public Company Big Pharma Biologics Diabetes Care 712 Boehringer Ingelheim $148 bn $22 bn $3.7 bn Ingelheim, Germany Private Company Big Pharma Small Molecules Diabetes Care 1113 GlaxoSmithKline $136 bn $43 bn $11 bn London, United Kingdom Public Company Big Pharma Small Molecules Respiratory 814 Bayer $133 bn $20 bn $6.7 bn Leverkusen, Germany Public Company Segment Big Pharma Small Molecules Cardiology 1215 Sanofi $120 bn $42 bn $11 bn Paris, France Public Company Big Pharma Small Molecules Immunology 916 Takeda $104 bn $30 bn $7.4 bn Tokyo Japan Public Company Big Pharma Biologics Gastroenterology 1717 CSL $100 bn $9 bn $3 bn Parkville, Australia Public Company Big Pharma Blood Products Hematology 2118 Gilead $87 bn $22 bn $5.5 bn Bay Area, US Public Company Big Pharma Small Molecules Virology 1519 Zoetis $82 bn $6.3 bn $2.6 bn New York Area, US Public Company Animal Health Small Molecules Animal Health 2420 Chugai $72 bn $6.8 bn $2.6 bn Tokyo, Japan Public Company Branded Pharma Biologics Oncology 3121 Hengrui Medicine $69 bn $3.4 bn $894 mn Jiangsu Province, China Public Company Branded Pharma Small Molecules Oncology 3022 Vertex Pharma $65 bn $5.4 bn $2.2 bn Boston Area, US Public Company Branded Pharma Small Molecules Rare Disease 2723 Regeneron $58 bn $8.6 bn $3 bn New York Area, US Public Company Branded Pharma Biologics Ophthalmology 2824 Daiichi Sankyo $54 bn $8.9 bn $1.5 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Oncology 4125 Merck KGaA Pharma $50 bn $7.5 bn $4.9 bn Berlin, Germany Public Company Segment Branded Pharma Biologics Oncology 22

Notes: bn means billion, mn means million. Public company segments of Roche, J&J, Bayer and Merck KGAA were valued using pharma revenue multiplied by the median branded pharma revenue multiple. Similarly, the one private company on this page (Boehringer Ingelheim) was valued by multiplying its 2019 revenue by the median revenue multiple for publicly trade companies.

Pharma 1000: Ranks 26 to 50

57




Rank 2019

26 Biogen $48 bn $14 bn $8 bn Boston Area, US Public Company Branded Pharma Biologics Neurology 2027 Yangtze River Pharma $44 bn $12 bn NA Jiangsu Province, China Private Company Generics - China Small Molecules Broad 2328 Servier $36 bn $5.4 bn NA Paris, France Private Company Branded Pharma Small Molecules Cardiometabolic 3729 Teva $35 bn $16 bn $4.6 bn Israel Public Company Generics - INN Small Molecules Respiratory 2630 CSPC Pharma $35 bn $5.3 bn NA Hebei Province, China Private Company Branded Pharma Small Molecules CNS 6831 Celltrion $31 bn $1.2 bn $574 mn South Korea Public Company Biosimilars Biologics Immunology 4032 Zhifei Bio $31 bn $1.7 bn $483 mn Sichuan Province, China Public Company Branded Pharma Vaccines Vaccines 7533 Seattle Genetics $30 bn $1 bn -$301 mn Seattle, US Public Company Branded Pharma Biologics Oncology 6734 Menarini $30 bn $4.4 bn $580 mn Florence, Italy Private Company Branded Pharma Small Molecules Cardiometabolic 3935 Bausch Health $29 bn $8.1 bn $3.1 bn New York Area, US Public Company Branded Pharma Small Molecules Opthalmology 3336 Royalty Pharma $29 bn $1.9 bn $2.6 bn New York Area, US Public Company Royalty Company Biologics Broad 3237 Hansoh Pharma $26 bn $1.1 bn $404 mn Lianyungang, China Public Company Branded Pharma Small Molecules Oncology NA38 Astellas $26 bn $11 bn $2.9 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Oncology 3839 Grifols $26 bn $6 bn $1.3 bn Barcelona, Spain Public Company Branded Pharma Blood Products Rare Disease 4340 Alexion $25 bn $5.5 bn $2.9 bn New York Area, US Public Company Branded Pharma Biologics Rare Disease 3441 Eisai $24 bn $6.5 bn $1.5 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Oncology 4442 Moderna $24 bn $105 mn -$482 mn Boston Area, US Public Company Biotechnology Nucleic Acids Anti-Infectives 9343 Qilu Pharma $24 bn $3.6 bn NA Shandong Province, China Private Company Branded Pharma Small Molecules Oncology 2944 UCB $24 bn $5.8 bn $1.6 bn Brussels, Belgium Public Company Branded Pharma Biologics Neurology 5045 Sino Biopharma $23 bn $3.4 bn $885 mn Hong Kong Public Company Generics - China Small Molecules Broad 6946 Changchun Tech $23 bn $1.1 bn $473 mn Jilin Province, China Public Company Biosimilars Biologics Broad 12247 Genmab $22 bn $1.5 bn $1 bn Copenhagen, Denmark Public Company Biotechnology Biologics Oncology 7948 Otsuka $22 bn $13 bn $2.5 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Psychiatry 4549 Pientzehuang Pharma $22 bn $859 mn $244 mn Fujian Province, China Public Company Generics - China Small Molecules Broad 8050 Kelun Group $22 bn $6 bn NA Sichuan Province, China Private Company Generics - China Small Molecules Oncology 35


58




Rank 2019

51 Galderma $20 bn $3 bn NA Lausanne area, Switzerland Private Company Branded Pharma Small Molecules Dermatology 5352 BeiGene $20 bn $224 mn -$1405 mn Beijing, China Public Company Branded Pharma Small Molecules Oncology 11053 Mylan $20 bn $11 bn $3.4 bn Pittsburgh Area, US Public Company Generics - INN Small Molecules Respiratory 3654 Jemincare $19.3 bn $5.3 bn NA Jianxi Province, China Private Company Generics - China Naturals Broad 4255 Pierre Fabre $18.7 bn $2.8 bn NA Paris, France Private Company Branded Pharma Small Molecules Dermatology 5556 Immunomedics* $18.6 bn $20 mn -$309 mn New York Area, US Public Company Branded Pharma Biologics Oncology 23557 Incyte $18.5 bn $2.3 bn -$131 mn Philadelphia Area, US Public Company Branded Pharma Small Molecules Oncology 5258 Horizon Therapeutics $17.9 bn $1.5 bn $142 mn Chicago Area Public Company Branded Pharma Small Molecules Rare Disease 14559 Yunnan Baiyao $17.6 bn $4.4 bn $510 mn Yunnan Province, China Public Company Generics - China Naturals Broad 6360 Kangtai Bio $17.3 bn $283 mn $96 mn Guangdong Province, China Public Company Branded Pharma Vaccines Vaccines 21861 Octapharma $17.1 bn $2.5 bn NA Lachen, Switzerland Private Company Branded Pharma Blood Products Blood Products 6562 Fosun Pharma $16.7 bn $4 bn $498 mn Shanghai, China Public Company Branded Pharma Small Molecules Broad 6263 Ferring $16.7 bn $2.5 bn NA Geneva, Switzerland Private Company Branded Pharma Small Molecules Womens Health 6064 Sun Pharma $16.4 bn $4.2 bn $910 mn Mumbai, India Public Company Generics - INN Small Molecules Dermatology 5665 Abbott EPD $16.1 bn $4.4 bn NA Chicago Area Public Company Segment Generics - Branded Small Molecules Broad 5766 Chiesi $15.5 bn $2.3 bn NA Parma, Italy Private Company Branded Pharma Small Molecules Respiratory 6667 BioNTech $15.4 bn $141 mn -$223 mn Mainz, Germany Public Company Biotechnology Nucleic Acids Oncology 16268 Ono $14.7 bn $2.7 bn $922 mn Osaka, Japan Public Company Branded Pharma Biologics Oncology 7069 BioMarin $13.8 bn $1.8 bn $97 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 5470 Alnylam $13.5 bn $345 mn -$898 mn Boston Area, US Public Company Branded Pharma Nucleic Acids Hematology 9671 Elanco $13.4 bn $2.8 bn $518 mn Indiana, US Public Company Animal Health Small Molecules Animal Health 6172 Shionogi $13.3 bn $3 bn $1.2 bn Osaka, Japan Public Company Branded Pharma Small Molecules Virology 4973 Mundipharma $13.2 bn $2 bn NA New York Area, US Private Company Branded Pharma Small Molecules Pain 4874 Hualan Bio $13.1 bn $521 mn $225 mn Henan Province, China Public Company Biosimilars Blood Products Vaccines 13675 NC Pharma / EMS $12.8 bn $1.9 bn NA Hortolândia, Brazil Private Company Branded Pharma Small Molecules Broad 47

* Immunomedics has entered into an agreement to be acquired by Gilead.


59



Lead Therapeutic

Area Rank 201976 Fresenius Kabi $12.5 bn $3.4 bn NA Hessen, Germany Public Company Segment Generics - INN Small Molecules Hospital 71

77 Walvax $12.5 bn $169 mn $33 mn Yunnan Province, China Public Company Biosimilars Vaccines Vaccines 150

78 Samumed $12.4 bn NA NA San Diego, CA Private Company Biotechnology Small Molecules Bone & Osteo NA

79 Kyowa Kirin $12.2 bn $2.8 bn $720 mn Tokyo, Japan Public Company Branded Pharma Biologics Hematology 76

80 Recordati $12.2 bn $1.6 bn $635 mn Milan, Italy Public Company Branded Pharma Small Molecules Cardiometabolic 84

81 Shanghai Pharma Mfg $12.1 bn $3.3 bn NA Shanghai, China Public Company Segment Generics - Branded Small Molecules Generics NA

82 Tianjin Pharma $12 bn $3.3 bn NA Tianjin, China Private Company Generics - China Small Molecules Broad 51

83 R-Pharm $11.9 bn $1.8 bn NA Moscow, Russia Private Company Branded Pharma Small Molecules Oncology 77

84 Grupo Insud $11.7 bn $1.7 bn NA Madrid, Spain Private Company Branded Pharma Small Molecules Womens Health 89

85 Adimab $11.4 bn NA NA Lebanon, NH, US Private Company Royalty Company Biologics Broad 393

86 LEO Pharma $11.4 bn $1.7 bn NA Copenhagen, Denmark Private Company Branded Pharma Small Molecules Dermatology 78

87 SK Biopharma $11 bn $5.2 mn NA Seoul, Korea Public Company Branded Pharma Small Molecules Neurology NA

88 Grünenthal $10.9 bn $1.6 bn NA Aachen, Germany Private Company Branded Pharma Small Molecules Pain 83

89 Roemmers $10.8 bn $3 bn NA Argentina Private Company Generics - Branded Small Molecules Broad 72

90 Innovent Biologics $10.5 bn $238 mn -$254 mn Jiangsu Province, China Public Company Branded Pharma Biologics Oncology 177

91 Vifor Pharma $10.2 bn $2 bn $602 mn St. Gallen, Switzerland Public Company Branded Pharma Small Molecules Renal 85

92 Bracco $10.1 bn $1.5 bn NA Milan, Italy Private Company Branded Pharma Radiopharmaceuticals Oncology 82

93 Dr. Reddy's $10.1 bn $2.3 bn $596 mn Hyderabad, India Public Company Generics - INN Small Molecules Broad 108

94 Junshi Biosciences $10 bn $147 mn -$151 mn Jiangsu Province, China Public Company Branded Pharma Biologics Oncology 265

95 Ipsen $10 bn $3 bn $936 mn Paris, France Public Company Branded Pharma Small Molecules Oncology 64

96 Roivant Sciences $10 bn $NA NA New York Area, US Private Company Biotechnology Small Molecules Broad 98

97 Sarepta Therapeutics $9.9 bn $450 mn -$568 mn Boston Area, US Public Company Branded Pharma Gene Therapy Neurology 74

98 Harbin Pharma $9.7 bn $2.7 bn NA Heilongjiang Prov., China Private Company Generics - China Small Molecules Broad 58

99 CureVac $9.6 bn $19 mn NA Tübingen, Germany Public Company Biotechnology Nucleic Acids Oncology 283

100 Ceva Santé Animale $9.3 bn $1.4 bn NA Dusseldorf, Germany Private Company Animal Health Small Molecules Animal Health 94

Pharma 1000: Ranks 101-125

60




Rank 2019

101 Neurocrine $9.3 bn $1 bn $364 mn San Diego, US Public Company Branded Pharma Small Molecules Neurology 100102 Gan & Lee Pharma $9.3 bn $445 mn NA Beijing, China Public Company Biosimilars Biologics Diabetes Care NA103 argenx $8.8 bn $70 mn -$367 mn Netherlands Public Company Biotechnology Biologics Neurology 153104 Humanwell Healthcare $8.8 bn $2.9 bn $438 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 155105 Sobi $8.7 bn $1.6 bn $734 mn Sweden Public Company Branded Pharma Small Molecules Rare Disease 114106 CR Pharma Segment $8.6 bn $4.3 bn NA Hong Kong Public Company Segment Generics - China Naturals Broad 59107 Hetero Drugs $8.6 bn $2.3 bn NA Hyderabad, India Private Company Generics - INN Small Molecules Broad 141108 Merz $8.5 bn $1.2 bn NA Hessen, Germany Private Company Branded Pharma Small Molecules Dermatology 103109 Hikma $8.4 bn $2.2 bn $614 mn London, United Kingdom Public Company Generics - INN Small Molecules Broad 117110 Kangmei Pharma $8.4 bn $825 mn -$382 mn Guangdong Prov, China Public Company Generics - China Naturals Broad 46111 Jazz Pharma $8.4 bn $2.2 bn $975 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 86112 Huahai Pharma $8.4 bn $855 mn $202 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 199113 Cipla $8.3 bn $2.3 bn $423 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 107114 Serum Institute of India $8.3 bn $819 mn NA Pune, India Private Company Biosimilars Vaccines Vaccines 260115 Baxter Pharma $8.2 bn $2.2 bn NA Chicago Area Public Company Segment Generics - INN Small Molecules Hospital 104116 Shanghai RAAS $8.2 bn $367 mn $153 mn Shanghai, China Public Company Branded Pharma Blood Products Blood Products 111117 CanSino Biologics $8.2 bn $2.2 mn -$31 mn Tianjin, China Public Company Biotechnology Vaccines Vaccines NA118 Alfasigma $8.2 bn $1.2 bn NA Florence, Italy Private Company Branded Pharma Small Molecules Gastroenterology 95119 Mitsubishi Tanabe $8 bn $3.8 bn NA Osaka, Japan Public Company Segment Branded Pharma Biologics Immunology 101120 Lundbeck $7.8 bn $2.6 bn $913 mn Copenhagen, Denmark Public Company Branded Pharma Small Molecules Neurology 88121 Tiantan Biological $7.5 bn $463 mn $157 mn Beijing, China Public Company Branded Pharma Blood Products Various NA122 Endo International $7.3 bn $3 bn $497 mn New York Area, US Public Company Generics - INN Small Molecules Broad 73123 Biocon $7.3 bn $871 mn $205 mn Bangalore, India Public Company Biosimilars Small Molecules Broad 131124 Torrent Pharma $7.3 bn $1 bn $296 mn Ahmedabad, India Public Company Generics - INN Small Molecules Broad 142125 Apotex $7.3 bn $2 bn NA Toronto Area, Canada Private Company Generics - INN Small Molecules Broad 133


61




Rank 2019

126 STADA $7.2 bn $3.1 bn NA Bad Vilbel, Germany Private Company Generics - INN Small Molecules Broad 97127 Ascendis Pharma $7.1 bn $9.4 mn -$306 mn Copenhagen, Denmark Public Company Biotechnology Small Molecules Endocrinology 206128 Santen $7.1 bn $2.2 bn $512 mn Osaka, Japan Public Company Branded Pharma Small Molecules Opthalmology 128129 Angelini $7 bn $1 bn NA Rome, Italy Private Company Branded Pharma Small Molecules Pain 120130 Schwabe $7 bn $1 bn NA Stutensee, Germany Private Company Branded Pharma Naturals Neurology 115131 Aurobindo $6.9 bn $3.1 bn $654 mn Hyderabad, India Public Company Generics - INN Small Molecules Broad 109132 Betta Pharm $6.8 bn $246 mn $73 mn Zhejiang Province, China Public Company Branded Pharma Small Molecules Oncology 242133 Intas Pharma $6.6 bn $1.8 bn $198 mn Ahmedabad, India Private Company Generics - Branded Small Molecules Broad 127134 Exelixis $6.6 bn $998 mn $332 mn Bay Area, US Public Company Branded Pharma Small Molecules Oncology 118135 Aché Laboratórios $6.6 bn $1 bn NA Guarulhos, Brazil Private Company Branded Pharma Small Molecules Broad 213136 Unilab $6.6 bn $1 bn NA Philippines Private Company Generics - Branded Small Molecules Broad 203137 Dainippon Sumitomo $6.6 bn $4.6 bn $772 mn Osaka, Japan Public Company Branded Pharma Small Molecules Neurology 81138 Orion $6.5 bn $1.2 bn $428 mn Finland Public Company Branded Pharma Small Molecules Neurology 144139 Lupin $6.4 bn $1.9 bn $263 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 121140 Huadong Medicine $6.4 bn $4.7 bn $483 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 105141 Mirati Therapeutics $6.4 bn $1.7 mn -$305 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 228142 Zydus Cadila $6.3 bn $1.9 bn $387 mn Ahmedabad, India Public Company Generics - INN Small Molecules Broad 132143 Kedrion $6.3 bn $953 mn $195 mn Florence, Italy Private Company Branded Pharma Blood Products Blood Products 151144 King-Friend Bio $6.2 bn $380 mn $125 mn Jiangsu Province, China Public Company Biosimilars Small Molecules Hospital 257145 Shin Poong $6.2 bn $164 mn $13 mn South Korea Public Company Generics - Branded Small Molecules Broad 695146 Ionis $6.1 bn $940 mn $167 mn San Diego, US Public Company Biotechnology Nucleic Acids Rare Disease 102147 Emergent BioSolutions $6 bn $1.2 bn $408 mn Gaithersburg, MD, US Public Company Branded Pharma Vaccines Biodefense 164148 Green Valley Pharma $5.9 bn $900 mn NA Shanghai, China Private Company Branded Pharma Small Molecules CNS NA149 Guangzhou Pharma $5.9 bn $8.7 bn $389 mn Guangdong Province, China Public Company Biosimilars Biologics Broad 91150 MyoKardia $5.9 bn NA -$340 mn Bay Area, US Public Company Biotechnology Small Molecules Rare Disease 350


62




Rank 2019

151 Momenta* $5.8 bn $30 mn -$240 mn Boston Area, US Public Company Branded Pharma Biologics Broad 411152 Kanghong Pharma $5.8 bn $443 mn $106 mn Sichuan Province, China Public Company Branded Pharma Small Molecules Opthalmology 168153 Acceleron $5.7 bn $87 mn -$141 mn Boston Area, US Public Company Biotechnology Small Molecules Rare Disease 273154 Novavax $5.7 bn $50 mn -$88 mn Gaithersburg, MD, US Public Company Biotechnology Vaccines Vaccines 442155 Aspen Pharmacare $5.7 bn $2.2 bn $487 mn South Africa Public Company Generics - Branded Small Molecules Broad 92156 Italfarmaco $5.7 bn $856 mn NA Milan, Italy Private Company Branded Pharma Small Molecules Cardiometabolic 216157 Zambon $5.6 bn $853 mn NA Milan, Italy Private Company Branded Pharma Small Molecules Respiratory 160158 Maruho $5.6 bn $847 mn NA Osaka, Japan Private Company Branded Pharma Small Molecules Dermatology 157159 ACADIA Pharma $5.5 bn $393 mn -$232 mn San Diego, US Public Company Branded Pharma Small Molecules Neurology 183160 Zai Lab $5.5 bn $28 mn -$243 mn Shanghai China Public Company Branded Pharma Small Molecules Oncology 326161 Youcare Pharma $5.4 bn $1.5 bn NA Beijing, China Private Company Generics - China Small Molecules Broad NA162 Salubris Pharma $5.4 bn $516 mn $74 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 175163 Nippon Shinyaku $5.2 bn $1 bn $243 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Hematology 165164 Grupo Ferrer $5.2 bn $790 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Cardiometabolic 138165 Yifan Pharma $5.1 bn $775 mn $208 mn Zhejiang Province, China Public Company Biosimilars Biologics Broad 256166 CRISPR Therapeutics $5.1 bn $289 mn $2.8 mn Zug, Switzerland Public Company Biotechnology Gene Editing Rare Disease 382167 PeptiDream $5.1 bn $0 mn NA Kawasaki, Japan Public Company Biotechnology Peptides Virology 124168 Livzon $5 bn $1.3 bn $303 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 255169 ALTEOGEN $5 bn $36 mn $7.3 mn South Korea Public Company Biosimilars Biologics Endocrinology 750170 Tasly Pharma $5 bn $2.5 bn $277 mn Tianjin, China Public Company Generics - China Naturals Broad 129171 Alkem $4.8 bn $1.1 bn $231 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 182172 Kalbe $4.8 bn $1.5 bn $270 mn North Sumatra, Indonesia Public Company Generics - Branded Small Molecules Broad 139173 Dechra Pharma $4.7 bn $637 mn $104 mn Northern UK Public Company Animal Health Small Molecules Animal Health 170174 Mallinckrodt $4.5 bn $2.3 bn $526 mn London, United Kingdom Public Company Branded Pharma Small Molecules Rare Disease 90175 Chi-Med $4.5 bn $209 mn -$147 mn Hong Kong Public Company Biotechnology Small Molecules Oncology 187

* Momenta has entered into an agreement to be acquired by Janssen.


63




Rank 2019

176 Laboratoires Théa $4.5 bn $678 mn NA Clermont-Ferrand, France Private Company Branded Pharma Small Molecules Opthalmology 176177 Iovance $4.5 bn NA -$250 mn Bay Area, US Public Company Biotechnology Cell Therapy Oncology 436178 Samsung Bioepis $4.4 bn $850 mn NA South Korea Private Company Biosimilars Biologics Immunology NA179 Wolwo Pharma $4.4 bn $88 mn $42 mn Zhejiang Province, China Public Company Branded Pharma Biologics Allergy 301180 Dongbao Pharma $4.4 bn $398 mn $157 mn Jilin Province, China Public Company Biosimilars Biologics Endocrinology 161181 Buchang Pharma $4.4 bn $2.1 bn $331 mn Shandong Province, China Public Company Generics - China Naturals Broad 176182 Mega Pharma $4.3 bn $1.2 bn NA Uruguay Private Company Generics - Branded Small Molecules Broad 126183 Kanghua Biological $4.3 bn $104 mn NA Sichuan Province, China Public Company Biosimilars Vaccines Vaccines NA184 Yiling Pharma $4.3 bn $1 bn $172 mn Hebei Province, China Public Company Generics - China Naturals Broad 269185 NCPC $4.3 bn $1.5 bn $171 mn Hebei Province, China Public Company Generics - China Small Molecules Broad 251186 Abdi Ibrahim $4.2 bn $639 mn NA Turkey Private Company Branded Pharma Small Molecules Broad 198187 Jinyu Bio-Tech $4.2 bn $175 mn $53 mn Mongolia Public Company Animal Health Small Molecules Animal Health 205188 CHEPLAPHARM $4.2 bn $1.1 bn $327 mn Pomerania, Germany Private Company Generics - Branded Small Molecules Broad 146189 Ultragenyx $4.2 bn $159 mn -$385 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 209190 Allogene $4.1 bn NA -$233 mn Bay Area, US Public Company Biotechnology Cell Therapy Oncology 158191 Meiji Pharma Business $4.1 bn $1.9 bn NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Anti-Infectives 172192 Orifarm $4 bn $1.1 bn NA Copenhagen, Denmark Private Company Generics - Branded Small Molecules Broad NA193 Pharmstandard $4 bn $1.1 bn NA Dolgoprudny, Russia Private Company Generics - Branded Small Molecules Broad 191194 Grupo Bagó $4 bn $1.1 bn NA Argentina Private Company Generics - Branded Small Molecules Broad NA195 Apeloa Pharma $4 bn $1 bn $147 mn Zhejiang Province, China Public Company Generics - China Naturals Cardiometabolic NA196 Polpharma $3.9 bn $1 bn NA Poland Private Company Generics - Branded Small Molecules Broad 180197 Idorsia $3.9 bn $72 mn -$421 mn Basel, Switzerland public Company Biotechnology Small Molecules Respiratory 281198 Oneness Biotech $3.9 bn $1.4 mn -$16 mn Taiwan Public Company Biotechnology Small Molecules Wound Care 944199 Hisun Pharma $3.8 bn $1.5 bn $74 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 197200 Halozyme $3.8 bn $180 mn NA San Diego, US Public Company Royalty Company Biologics Oncology 240


64




Rank 2019

201 IBSA $3.8 bn $572 mn NA Lugano, Switzerland Private Company Branded Pharma Biologics Women's Health 188202 Celltrion Pharm $3.7 bn $152 mn $27 mn South Korea Public Company Branded Pharma Biologics Broad 318203 neuraxpharm $3.7 bn $566 mn NA Langenfeld, Germany Private Company Branded Pharma Small Molecules CNS NA204 Hypera $3.7 bn $694 mn $105 mn Sao Paolo, Brazil Public Company Generics - Branded Small Molecules Broad 148205 Ipca $3.7 bn $617 mn $124 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 330206 Esteve $3.7 bn $556 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Pain 130207 Biohaven $3.7 bn $10 mn -$535 mn New York Area, US Public Company Branded Pharma Small Molecules Neurology 284208 Haisco $3.7 bn $498 mn $42 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 291209 Gedeon Richter $3.6 bn $1.7 bn $417 mn Hungary Public Company Branded Pharma Small Molecules Womens Health 179210 Relay Therapeutics $3.6 bn $0 mn NA Boston Area, US Public Company Biotechnology Small Molecules Oncology NA211 Legend Biotech $3.6 bn $61 mn -$186 mn Jiangsu Province, China Public Company Biotechnology Cell Therapy Oncology NA212 Hanmi Pharm $3.6 bn $917 mn $126 mn South Korea Public Company Generics - Branded Small Molecules Broad 125213 Barakat Pharmaceutical $3.6 bn $1 bn NA Iran Private Company Generics - Branded Small Molecules Generics NA214 Blueprint Medicines $3.6 bn $75 mn -$399 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 204215 Allakos $3.6 bn NA -$119 mn Bay Area, US Public Company Biotechnology Biologics Respiratory 357216 ALK $3.6 bn $505 mn $40 mn Copenhagen, Denmark Public Company Branded Pharma Biologics Allergy 290217 LG Life Sciences $3.6 bn $540 mn NA South Korea Public Company Segment Generics - Branded Small Molecules Broad 292218 JCR $3.5 bn $230 mn $46 mn Ashiya, Japan Public Company Branded Pharma Biologics Endocrinology 299219 Eurofarma $3.5 bn $982 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Broad 210220 Genexine $3.5 bn $4.1 mn NA South Korea Public Company Biotechnology Biologics Rare Disease 317221 ROHTO $3.5 bn $1.7 bn $277 mn Osaka, Japan Public Company Branded Pharma Small Molecules Ophthalmology 202222 Besins $3.5 bn $531 mn NA Monaco Private Company Branded Pharma Small Molecules Womens Health 263223 Amicus Therapeutics $3.5 bn $226 mn -$260 mn New York Area, US Public Company Branded Pharma Small Molecules Rare Disease 232224 Perrigo Rx Business $3.5 bn $968 mn NA Allegan, MI, US Public Company Segment Generics - INN Small Molecules Broad 184225 Denali Therapeutics $3.5 bn $27 mn -$220 mn Bay Area, US Public Company Biotechnology Small Molecules Neurology 296


65




Rank 2019

226 Kyoritsu Seiyaku $3.5 bn $524 mn NA Tokyo, Japan Private Company Animal Health Small Molecules Animal Health 261227 Zentiva $3.4 bn $957 mn NA Czech Republic Private Company Generics - Branded Small Molecules Broad 306228 Genus $3.4 bn $682 mn $90 mn London, United Kingdom Public Company Animal Health Small Molecules Animal Health 250229 Amneal $3.4 bn $1.7 bn $342 mn New York Area, US Public Company Generics - INN Small Molecules Broad 173230 China Grand Pharma $3.4 bn $807 mn $256 mn Hong Kong Public Company Generics - China Small Molecules Broad 225231 FibroGen $3.4 bn $108 mn -$297 mn Bay Area, US Public Company Biotechnology Small Molecules Hematology 152232 Vir Biotechnology $3.4 bn $75 mn -$203 mn Bay Area, US Public Company Biotechnology Small Molecules Virology NA233 Dermapharm $3.4 bn $855 mn $156 mn Munich Area, Germany Public Company Generics - Branded Small Molecules Broad NA234 Schrodinger $3.4 bn $95 mn -$44 mn Bangalore, India Public Company Biotechnology Small Molecules Broad NA235 Dompé $3.3 bn $507 mn NA Milan, Italy Private Company Branded Pharma Biologics Rare Disease 447236 Luoxin Pharma $3.3 bn $897 mn $109 mn Shandong Province, China Public Company Generics - China Small Molecules Respiratory 87237 MorphoSys $3.3 bn $329 mn $92 mn Munich Area, Germany Public Company Biotechnology Biologics Oncology 196238 Shafadarou Investment $3.3 bn $906 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA239 Norgine $3.3 bn $494 mn NA Netherlands Private Company Branded Pharma Small Molecules Gastroenterology 211240 AnkeBio $3.3 bn $235 mn $62 mn Anhui Province, China Public Company Biosimilars Biologics Broad 249241 Yuhan $3.2 bn $1.2 bn $89 mn South Korea Public Company Generics - Branded Small Molecules Broad 236242 Macleods Pharma $3.2 bn $891 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Generics NA243 PROBIOMED $3.2 bn $317 mn NA Mexico Private Company Biosimilars Small Molecules Broad 769244 Dr. Falk Pharma $3.2 bn $485 mn NA Freiburg, Germany Private Company Branded Pharma Small Molecules Gastroenterology 241245 ChemoCentryx $3.2 bn $76 mn -$30 mn Bay Area, US Public Company Biotechnology Small Molecules Renal 682246 Arrowhead Pharma $3.2 bn $123 mn -$28 mn Los Angeles, US Public Company Biotechnology Nucleic Acids Virology 325247 Taisho Pharma $3.2 bn $2.8 bn $376 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Anti-infectives 135248 Pars Darou $3.2 bn $881 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA249 China Meheco Group $3.2 bn $5.2 bn $302 mn Beijing, China Public Company Generics - China Small Molecules Broad NA250 China Biologic Prod $3.1 bn $511 mn NA Beijing, China Public Company Branded Pharma Blood Products Hospital NA


66




Rank 2019

251 Bridgebio Pharma $3.1 bn $40 mn NA Bay Area, US Public Company Biotechnology Small Molecules Rare Disease 220252 LFB $3.1 bn $472 mn NA Paris, France Private Company Branded Pharma Blood Products Blood Products 169253 PTC Therapeutics $3.1 bn $311 mn -$335 mn New York Area, US Public Company Branded Pharma Small Molecules Rare Disease 287254 Immunovant $3.1 bn $NA -$70 mn New York Area, US Public Company Biotechnology Small Molecules Immunology NA255 Insmed $3.1 bn $163 mn -$211 mn New York Area, US Public Company Branded Pharma Small Molecules Respiratory 253256 Asahi Kasei Pharma $3.1 bn NA NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Hospital 220257 GC Pharma $3 bn $1.1 bn $72 mn South Korea Public Company Branded Pharma Blood Products Vaccines 245258 BrightGene Bio $3 bn $84 mn $24 mn Jiangsu Province, China Public Company Branded Pharma Small Molecules Oncology NA259 medac gmbh $2.9 bn $446 mn NA Wedel, Germany Private Company Branded Pharma Small Molecules Oncology 293260 3SBio $2.9 bn $760 mn $256 mn Liaoning Province, China Public Company Biosimilars Biologics Broad 154261 Amoytop Biotech $2.9 bn $109 mn $22 mn Fujian Province, China Public Company Branded Pharma Biologics Hematology NA262 United Therapeutics $2.9 bn $1.4 bn $605 mn Silver Spring MD, US Public Company Branded Pharma Small Molecules Rare Disease 156263 GBT $2.9 bn $47 mn -$299 mn Bay Area, US Public Company Branded Pharma Small Molecules Hematology 222264 GW Pharmaceuticals $2.9 bn $441 mn -$44 mn Cambridge, UK Public Company Branded Pharma Naturals Neurology 147265 Arena Pharma $2.9 bn $4.6 mn -$362 mn San Diego, US Public Company Biotechnology Small Molecules Gastroenterology 262266 Alvogen $2.9 bn $800 mn NA New York Area, US Private Company Generics - Branded Small Molecules Broad 116267 Prasco $2.9 bn $800 mn NA Mason, Ohio, US Private Company Generics - Branded Small Molecules Broad 215268 Simcere Pharma $2.9 bn $800 mn NA Jiangsu Province, China Private Company Generics - China Small Molecules Broad 212269 ADC Therapeutics $2.9 bn $0 mn -$156 mn Geneva, Switzerland Public Company Biotechnology Biologics Oncology NA270 Axsome $2.9 bn $NA -$93 mn New York, NY Public Company Biotechnology Small Molecules Neurology 831271 BIOCAD $2.9 bn $283 mn NA St. Petersburg, Russia Private Company Biosimilars Biologics Broad NA272 Guojian Pharma $2.8 bn $149 mn $36 mn Shanghai, China Public Company Branded Pharma Biologics Immunology NA273 KrKa $2.8 bn $1.7 bn $499 mn Slovenia Public Company Generics - Branded Small Molecules Broad 258274 Chipscreen $2.8 bn $28 mn NA Guangdong Province, China Public Company Biotechnology Small Molecules Oncology NA275 Harmony Biosciences $2.8 bn $63 mn NA Philadelphia Area, US Public Company Branded Pharma Small Molecules CNS NA


67



Lead Therapeutic

AreaRank 2019

276 Fate Therapeutics $2.8 bn $13 mn -$116 mn San Diego, US Public Company Biotechnology Cell Therapy Oncology 503277 Reata Pharma $2.8 bn $13 mn -$339 mn Irving, TX, US Public Company Biotechnology Small Molecules Renal 226278 Hisamitsu $2.8 bn $1.2 bn $231 mn Tosu, Japan Public Company Branded Pharma Small Molecules Pain 189279 China Medical System $2.8 bn $880 mn $377 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 193280 Biolab Sanus Pharma $2.8 bn $418 mn NA Sao Paolo, Brazil Private Company Biosimilars Small Molecules Cardiology 174281 Mankind Pharma $2.8 bn $766 mn NA Delhi, India Private Company Generics - Branded Small Molecules Broad 246282 Sawai $2.7 bn $1.6 bn $399 mn Osaka, Japan Public Company Generics - Branded Small Molecules Broad 190283 Jubilant Pharma $2.7 bn $758 mn NA Noida, UP, India Public Company Segment Generics - Branded Radiopharmaceuticals Generics NA284 TG Therapeutics $2.7 bn $0.1 mn -$199 mn New York Area, US Public Company Biotechnology Biologics Oncology 823285 Ethypharm $2.7 bn $413 mn NA Paris, France Private Company Branded Pharma Small Molecules Pain 277286 China TCM Holdings $2.7 bn $1.9 bn $400 mn Hong Kong Public Company Generics - China Naturals Broad 171287 Kowa Pharma Segment $2.7 bn $1.3 bn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Cardiometabolic 304288 Alembic $2.7 bn $661 mn $190 mn Ahmedabad, India Public Company Generics - Branded Small Molecules Broad 314289 Alkermes $2.7 bn $1.1 bn -$39 mn Boston Area, US Public Company Branded Pharma Small Molecules Psychiatry 137290 Nektar $2.7 bn $162 mn -$359 mn Bay Area, US Public Company Biotechnology Small Molecules Oncology 119291 Neopharm Ltd $2.6 bn $400 mn NA Israel Private Company Branded Pharma Small Molecules Broad 381292 AoDong Medicine $2.6 bn $363 mn $31 mn Jilin Province, China Public Company Generics - China Small Molecules Broad 186293 Chase Sun Pharma $2.6 bn $778 mn $94 mn Tianjin, China Public Company Generics - China Naturals Broad 362294 Akeso $2.6 bn $10 mn -$68 mn Guangdong Province, China Public Company Biotechnology Biologics Oncology NA295 Joincare Pharma $2.6 bn $1.7 bn $377 mn Guangdong Province, China Public Company Generics - China Naturals Broad 237296 Turning Point $2.6 bn $NA -$107 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 252297 Pacira $2.6 bn $408 mn $47 mn New York Area, US Public Company Branded Pharma Small Molecules Hospital 315298 Dendreon / Sanpower $2.6 bn $393 mn $136 mn Los Angeles, US Public Company Segment Branded Pharma Cell Therapy Oncology NA299 Bio-Thera Solutions $2.6 bn $7 mn -$74 mn Guangdong Province, China Public Company Biosimilars Biologics Oncology NA300 Zelgen Bio $2.6 bn $NA -$39 mn Anhui Province, China Public Company Biotechnology Small Molecules Oncology NA


68




Rank 2019

301 Jumpcan Pharma $2.6 bn $847 mn $246 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 166302 Luye Pharma $2.5 bn $876 mn $294 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 194303 Shuanglin Biopharma $2.5 bn $133 mn $32 mn Guangdong Province, China Public Company Branded Pharma Small Molecules Blood Products NA304 Pharmascience $2.5 bn $700 mn NA Quebec, Canada Private Company Generics - INN Small Molecules Broad 239305 Almirall $2.5 bn $981 mn $279 mn Barcelona, Spain Public Company Branded Pharma Small Molecules Dermatology 173306 Karo Pharma $2.5 bn $276 mn $76 mn Sweden Public Company Branded Pharma Small Molecules ENT 410307 Ocumension $2.5 bn $0.3 mn -$45 mn Jiangsu Province, China Public Company Biotechnology Small Molecules Opthamology NA308 Fudan-Zhangjiang $2.5 bn $123 mn $30 mn Shanghai China Public Company Generics - China Small Molecules Generics 606309 Emcure $2.4 bn $673 mn $9.4 mn Mumbai, India Private Company Generics - INN Small Molecules Broad 214310 OPKO Health $2.4 bn $965 mn $17 mn Miami, Florida, US Public Company Branded Pharma Small Molecules Renal 282311 Seres Therapeutics $2.4 bn $28 mn -$69 mn Boston Area, US Public Company Biotechnology Biologics Gastroenterology 963312 Xianju Pharma $2.4 bn $512 mn $100 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 412313 Tsumura $2.4 bn $1.1 bn $241 mn Osaka, Japan Public Company Generics - Branded Naturals Broad 238314 Boya Bio $2.4 bn $404 mn $77 mn Jiangxi Province, China Public Company Branded Pharma Blood Products Broad 276315 Galapagos $2.4 bn $1.1 bn $389 mn Belgium Public Company Biotechnology Small Molecules Respiratory 167316 Teijin Pharma $2.3 bn $1.1 bn NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Bone & Osteo 181317 Fidia Farma $2.3 bn $354 mn NA Abano Terme, Italy Private Company Branded Pharma Small Molecules Bone & Osteo 264318 Glenmark $2.3 bn $1.4 bn $242 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 201319 CytoDyn $2.3 bn $NA -$72 mn Seattle, US Public Company Biotechnology Small Molecules Virology 969320 I-Mab $2.3 bn $2.1 mn -$176 mn Jiangsu Province, China Public Company Biotechnology Biologics Oncology NA321 Sage Therapeutics $2.3 bn $8.9 mn -$601 mn Boston Area, US Public Company Branded Pharma Small Molecules CNS 112322 Biocodex $2.3 bn $350 mn NA Paris, France Private Company Branded Pharma Naturals Gastroenterology 523323 Helsinn $2.3 bn $350 mn NA Lugano, Switzerland Private Company Branded Pharma Small Molecules Oncology 323324 Deciphera $2.3 bn $7.1 mn -$271 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 501325 Virbac $2.3 bn $1 bn $191 mn Carros, France Public Company Animal Health Small Molecules Animal Health 295


69




Rank 2019

326 Conba Pharma $2.3 bn $893 mn $140 mn Zhejiang Province, China Public Company Generics - China Naturals Broad 185327 BIAL $2.3 bn $345 mn NA Portugal Private Company Branded Pharma Small Molecules CNS 604328 Zhejiang Medicine $2.3 bn $989 mn $127 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 364329 Adamed $2.3 bn $343 mn NA Poland Private Company Generics - Branded Small Molecules Broad NA330 ASK Pharm $2.2 bn $526 mn $107 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 233331 Hile Bio-Technology $2.2 bn $36 mn NA Shanghai, China Public Company Animal Health Small Molecules Animal Health NA332 China Animal Husb. $2.2 bn $644 mn $64 mn Beijing, China Public Company Animal Health Small Molecules Animal Health 371333 bluebird bio $2.2 bn $239 mn -$657 mn Boston Area, US Public Company Branded Pharma Gene Therapy Rare Disease 113334 Liomont $2.2 bn $600 mn NA Mexico Private Company Generics - Branded Small Molecules Broad 271335 Stallergenes Greer $2.2 bn $326 mn NA London, United Kingdom Private Company Branded Pharma Biologics Allergy 612336 Haiyao $2.1 bn $298 mn -$74 mn Hainan Province, China Public Company Generics - China Small Molecules Broad 339337 Bailing Group Pharma $2.1 bn $393 mn $56 mn Guizhou, China Public Company Generics - China Small Molecules Broad 259338 Aristo Pharma $2.1 bn $590 mn NA Berlin, Germany Private Company Generics - Branded Small Molecules Broad 336339 Nhwa Pharma $2.1 bn $500 mn $113 mn Jiangsu Province, China Public Company Generics - China Small Molecules CNS 335340 Huvepharma $2.1 bn $320 mn NA Bulgaria Private Company Animal Health Small Molecules Animal Health 192341 PharmaMar $2.1 bn $240 mn $128 mn Madrid, Spain Public Company Branded Pharma Naturals Oncology 657342 Aimmune Therapeutics* $2.1 bn $0.5 mn -$277 mn Bay Area, US Public Company Branded Pharma Biologics Allergy 370343 Xinbang Pharma $2.1 bn $860 mn $86 mn Guizhou, China Public Company Generics - China Small Molecules Broad 328344 Haohai Biotech $2.1 bn NA NA Shanghai, China Public Company Biosimilars Biologics Broad 471345 Myovant Sciences $2 bn $33 mn -$229 mn Bay Area, US Public Company Biotechnology Small Molecules Womens Health 340346 ROVI $2 bn $444 mn $82 mn Madrid, Spain Public Company Branded Pharma Small Molecules Hospital 379347 SSY Group $2 bn $528 mn $151 mn Hong Kong Public Company Generics - China Small Molecules Broad 200348 Norbrook Laboratories $2 bn $305 mn NA Northern Ireland, UK Private Company Animal Health Small Molecules Animal Health 248349 Intra-Cellular Therapies $2 bn $3 mn -$191 mn New York Area, US Public Company Branded Pharma Small Molecules CNS 726350 Inovio Pharma $2 bn $2.7 mn -$106 mn Philadelphia Area, US Public Company Biotechnology Small Molecules Oncology 822

* Aimmune has entered into an agreement to be acquired by Nestle.


70




Rank 2019

351 Mesoblast $2 bn $32 mn -$73 mn Melbourne, Australia Public Company Biotechnology Cell Therapy Rare Disease 690352 Micro Labs $2 bn $558 mn NA Bangalore, India Private Company Generics - Branded Small Molecules Broad 305353 Cheezheng Tibetan Med $2 bn $198 mn $47 mn Nyingchi, Tibet, China Public Company Generics - China Naturals Broad 302354 Agios $2 bn $185 mn -$339 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 195355 Kodiak Sciences $1.9 bn $NA -$80 mn Palo Alto, CA Public Company Biotechnology Biologics Ophthalmology 738356 Taiji Group $1.9 bn $1.5 bn $54 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 358357 Revance $1.9 bn $0.4 mn -$203 mn Bay Area, US Public Company Biotechnology Biologics Dermatology 588358 Apellis Pharma $1.9 bn $NA -$389 mn Boston Area, US Public Company Biotechnology Small Molecules Rare Disease 555359 Natco $1.9 bn $262 mn $74 mn Hyderabad, India Public Company Generics - INN Small Molecules Broad 352360 MSN Laboratories $1.9 bn $520 mn NA Hyderabad, India Private Company Generics - Branded Small Molecules Broad 478361 Karuna Therapeutics $1.9 bn $NA -$46 mn Boston Area, US Public Company Biotechnology Small Molecules Neurology NA362 Sorrento Therapeutics $1.9 bn $35 mn -$172 mn San Diego, US Public Company Branded Pharma Biologics Oncology 808363 IGM Biosciences $1.9 bn $NA -$63 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA364 Shyndec $1.8 bn $1.7 bn $234 mn Shanghai, China Public Company Generics - China Small Molecules Broad 275365 CK Life Sciences $1.8 bn $612 mn $44 mn Hong Kong Public Company Generics - China Small Molecules Oncology 417366 Bukwang Pharma $1.8 bn $142 mn $9.7 mn South Korea Public Company Generics - Branded Small Molecules Broad 378367 Ironwood Pharma $1.8 bn $426 mn $167 mn Boston Area, US Public Company Branded Pharma Small Molecules Gastroenterology 221368 Advanz Pharma $1.8 bn $503 mn $232 mn London, United Kingdom Public Company Generics - Branded Small Molecules Broad 252369 Medochemie $1.8 bn $500 mn NA Cyprus Private Company Generics - Branded Small Molecules Broad NA370 Brilliant Pharma $1.8 bn $500 mn NA Sichuan Province, China Private Company Generics - China Small Molecules Broad NA371 Grupo Uriach $1.8 bn $271 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Cardiometabolic 885372 Square Pharma $1.8 bn $545 mn $191 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 234373 Acino $1.8 bn $495 mn NA Zurich, Switzerland Private Company Generics - Branded Small Molecules Broad 386374 Zhongheng Group $1.8 bn $530 mn $100 mn Guangxi Province, China Public Company Generics - China Small Molecules Broad 373375 Ajanta Pharma $1.8 bn $350 mn $95 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 374


71




Rank 2019

376 Xencor $1.8 bn $70 mn -$85 mn Los Angeles, US Public Company Biotechnology Biologics Rheumatology 322377 SL Pharm $1.7 bn $214 mn $27 mn Hainan Province, China Public Company Generics - China Small Molecules Broad 230378 Hisoar Pharma $1.7 bn $356 mn $116 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 398379 Xiangxue Pharma $1.7 bn $464 mn $58 mn Guangdong Province, China Public Company Generics - China Small Molecules Oncology 367380 Eidos Therapeutics $1.7 bn $26 mn -$61 mn Bay Area, US Public Company Biotechnology Small Molecules Cardiovascular NA381 ZBD Pharmaceutical $1.7 bn $450 mn $91 mn Heilongjiang Prov, China Public Company Generics - China Small Molecules Broad 316382 IDT Biologika $1.7 bn $259 mn NA Dessau-Roßlau, Germany Private Company Animal Health Small Molecules Animal Health 528383 Siam Bioscience $1.7 bn $169 mn NA Thailand Private Company Biosimilars Biologics Oncology NA384 JT Pharma / Torii $1.7 bn $815 mn NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Renal 268385 Theramex $1.7 bn $258 mn NA London, United Kingdom Private Company Branded Pharma Small Molecules Womens Health 544386 HIPRA $1.7 bn $256 mn NA Spain, Other Private Company Animal Health Small Molecules Animal Health 567387 Zhongsheng Pharma $1.7 bn $284 mn $51 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 407388 Quantum Hi-Tech $1.7 bn $195 mn $37 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 360389 Biotest / Creat Group $1.7 bn $516 mn $17 mn Berlin, Germany Public Company Branded Pharma Blood Products Blood Products 422390 Sebela Pharma $1.7 bn $250 mn NA Atlanta, US Private Company Branded Pharma Small Molecules Gastroenterology 334391 Tecnoquimicas $1.6 bn $458 mn NA Colombia Private Company Generics - Branded Small Molecules Broad 272392 Corcept Therapeutics $1.6 bn $351 mn $141 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 388393 SINQI $1.6 bn $74 mn $12 mn Liaoning Province, China Public Company Generics - China Small Molecules Ophthalmology 896394 Towa Pharma $1.6 bn $1.1 bn $220 mn Osaka, Japan Public Company Generics - Branded Small Molecules Broad 298395 Nichi-Iko $1.6 bn $1.7 bn $160 mn Toyama, Japan Public Company Generics - Branded Small Molecules Broad 288396 Kolmar Medicine Unit $1.6 bn $567 mn NA South Korea Private Company Branded Pharma Vaccines Gastroenterology 341397 Hugel $1.6 bn $162 mn $62 mn South Korea Public Company Branded Pharma Biologics Dermatology 456398 Alphamab Oncology $1.6 bn $1.4 mn -$51 mn Jiangsu Province, China Public Company Biotechnology Biologics Oncology NA399 Aurinia Pharma $1.6 bn $0.3 mn -$95 mn Vancouver, Canada Public Company Biotechnology Small Molecules Rheumatology 700400 AnGes $1.6 bn $1.5 mn -$30 mn Osaka, Japan Public Company Biotechnology Nucleic Acids Rare Disease 505


72




Rank 2019

401 USV $1.6 bn $446 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Broad 385402 Arkopharma $1.6 bn $241 mn NA Lyon, France Private Company Branded Pharma Small Molecules ENT 507403 Kimia Farma $1.6 bn $662 mn $46 mn Sumatera Utara, Indonesia Public Company Generics - Branded Small Molecules Broad 320404 Bavarian Nordic $1.6 bn $226 mn $106 mn Copenhagen, Denmark Public Company Branded Pharma Vaccines Oncology 644405 Dezhan Healthcare $1.6 bn $221 mn NA Beijing, China Public Company Generics - China Small Molecules Broad 244406 SpringWorks $1.6 bn $NA -$68 mn New York Area, US Public Company Biotechnology Small Molecules Oncology NA407 Zixin Pharma $1.6 bn $65 mn $13 mn Jilin Province, China Public Company Generics - China Naturals Broad 279408 HanAll Biopharma $1.6 bn $82 mn $12 mn South Korea Public Company Branded Pharma Small Molecules Cardiometabolic 308409 Cytokinetics $1.6 bn $18 mn -$108 mn Bay Area, US Public Company Biotechnology Small Molecules Neurology 863410 Gebro Pharma $1.6 bn $236 mn NA Austria Private Company Branded Pharma Small Molecules Pain 368411 Clinigen $1.5 bn $624 mn $151 mn Northern UK Public Company Branded Pharma Small Molecules Mature Products 289412 Revolution Medicines $1.5 bn $46 mn -$79 mn Bay Area, US Public Company Branded Pharma Small Molecules Broad NA413 Isdin $1.5 bn $232 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Dermatology 566414 Laboratorio Elea $1.5 bn $232 mn NA Argentina Private Company Branded Pharma Biologics Broad NA415 ALX Oncology $1.5 bn $3.6 mn NA Bay Area, US Public Company Biotechnology Biologics Oncology NA416 Forma Therapeutics $1.5 bn $10 mn NA Boston Area, US Public Company Biotechnology Small Molecules Oncology NA417 FujiFilm Pharma $1.5 bn NA NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Oncology 324418 Laboratorios Sanfer $1.5 bn NA NA Mexico Private Company Generics - Branded Small Molecules Generics NA419 Sanovel $1.5 bn $227 mn NA Turkey Private Company Branded Pharma Small Molecules Broad 510420 SPIMACO $1.5 bn $417 mn $19 mn Mosadia, Saudi Arabia Public Company Generics - Branded Small Molecules Broad 384421 Abiogen Pharma $1.5 bn $223 mn NA Pisa, Italy Private Company Branded Pharma Small Molecules Bone & Osteo 548422 Akcea Therapeutics* $1.5 bn $336 mn -$39 mn Boston Area, US Public Company Branded Pharma Nucleic Acids Hematology 247423 uniQure $1.5 bn $5.3 mn -$130 mn Netherlands Public Company Biotechnology Gene Therapy Rare Disease 354424 Innocare $1.5 bn $0.1 mn -$63 mn Hong Kong Public Company Biotechnology Small Molecules Oncology NA425 Microgen $1.5 bn $144 mn NA Moscow, Russia Private Company Biosimilars Vaccines Vaccines NA

* Akcea has entered into an agreement to be acquired by Ionis.


73




Rank 2019

426 Intercept Pharma $1.5 bn $283 mn -$296 mn New York Area, US Public Company Branded Pharma Small Molecules Cardiometabolic 207427 Zymeworks $1.4 bn $30 mn -$180 mn Vancouver, Canada Public Company Biotechnology Biologics Oncology 753428 Sobhan Pharma $1.4 bn $397 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA429 Viela Bio $1.4 bn $30 mn -$143 mn Gaithersburg, MD, US Public Company Biotechnology Biologics Immunology NA430 Bimeda Animal Health $1.4 bn $216 mn $87 mn Ireland Private Company Animal Health Small Molecules Animal Health NA431 Y-mAbs Therapeutics $1.4 bn $NA -$115 mn New York Area, US Public Company Biotechnology Biologics Oncology 577432 Northeast Pharma $1.4 bn $1.1 bn $92 mn Shenyang Province, China Public Company Generics - China Small Molecules Broad 342433 Sunflower Pharma $1.4 bn $507 mn $104 mn Heilongjiang Province, China Public Company Generics - China Small Molecules Broad 351434 Biological E. $1.4 bn $140 mn NA Hyderabad, India Private Company Biosimilars Vaccines Vaccines 559435 Editas Medicine $1.4 bn $32 mn -$148 mn Boston Area, US Public Company Biotechnology Gene Editing Rare Disease 541436 Cortexyme $1.4 bn $NA -$59 mn Bay Area, US Public Company Biotechnology Small Molecules Neurology NA437 Yungjin Pharm $1.4 bn $147 mn $13 mn South Korea Public Company Generics - Branded Naturals Broad 387438 Kymera $1.4 bn $ NA Boston Area, US Public Company Biotechnology Nucleic Acids Immunology NA439 Lukang Pharma $1.4 bn $549 mn $36 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 423440 AlloVir $1.4 bn $0 mn NA Boston Area, US Public Company Biotechnology Small Molecules Virology NA441 Hybio Pharma $1.4 bn $85 mn -$60 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 366442 URSAPHARM $1.4 bn $206 mn NA Saarbrücken, Germany Private Company Branded Pharma Small Molecules Opthalmology 603443 União Química $1.4 bn $376 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Broad 426444 HEC Pharma $1.4 bn $741 mn $315 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 278445 Zhongxin Pharma $1.3 bn $955 mn $87 mn Tianjin, China Public Company Generics - China Small Molecules Broad 600446 MacroGenics $1.3 bn $77 mn -$158 mn Rockville MD, US Public Company Biotechnology Biologics Oncology 488447 Kern Pharma $1.3 bn $368 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 550448 Medison $1.3 bn $200 mn NA Israel Private Company Branded Pharma Biologics Broad 381449 Theravance Biopharma $1.3 bn $76 mn -$275 mn Bay Area, US Public Company Biotechnology Small Molecules Respiratory 355450 Cosmo Pharma $1.3 bn $75 mn $7.1 mn Lugano, Switzerland Public Company Branded Pharma Small Molecules Gastroenterology 419


74




Rank 2019

451 Nestlé Pharma Ops $1.3 bn $288 mn NA Vevey, Switzerland Public Company Segment Branded Pharma Small Molecules Gastroenterology NA

452 Cerevel Therapeutics $1.3 bn NA NA Boston Area, US Public Company Biotechnology Small Molecules Neurology NA

453 Atnahs $1.3 bn $360 mn NA London, United Kingdom Private Company Generics - Branded Small Molecules Cardiovascular NA

454 Compugen $1.3 bn $NA -$26 mn Israel Public Company Biotechnology Small Molecules Oncology NA

455 Coherus $1.3 bn $487 mn $206 mn Bay Area, US Public Company Biosimilars Biologics Broad 425

456 Mersana $1.3 bn $1.6 mn -$69 mn Boston Area, US Public Company Biotechnology Biologics Oncology NA

457 Il-Yang Pharm. $1.3 bn $270 mn $32 mn South Korea Public Company Generics - Branded Small Molecules Broad 556

458 Kura Oncology $1.3 bn $NA -$77 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 705

459 Madrigal Pharma $1.3 bn $NA -$142 mn Philadelphia Area, US Public Company Biotechnology Small Molecules Cardiometabolic 332

460 GNI Group $1.3 bn $77 mn $15 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Respiratory 709

461 KUP $1.2 bn $136 mn $25 mn South Korea Public Company Generics - Branded Small Molecules Broad 752

462 Weiguang Biological $1.2 bn $122 mn $32 mn Guangdong Province, China Public Company Branded Pharma Blood Products Blood Products NA

463 Changshan Bio $1.2 bn $308 mn $52 mn Hebei Province, China Public Company Generics - China Small Molecules Broad 524

464 Nordic Pharma $1.2 bn $182 mn NA Paris, France Private Company Branded Pharma Small Molecules Rheumatology NA

465 Ringpu BioTech $1.2 bn $245 mn $53 mn Hebei Province, China Public Company Generics - China Small Molecules Animal Health 585

466 Renata $1.2 bn $310 mn $78 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 395

467 Gloria Pharmaceuticals $1.2 bn $527 mn $33 mn Heilongjiang Prov. China Public Company Generics - China Small Molecules Broad 347

468 Zealand Pharma $1.2 bn $38 mn -$80 mn Copenhagen, Denmark Public Company Biotechnology Peptides Cardiometabolic 890

469 Medy-Tox $1.2 bn $151 mn $2.4 mn South Korea Public Company Biosimilars Naturals Broad 208

470 Beam Therapeutics $1.2 bn $NA mn -$94 mn Boston Area, US Public Company Biotechnology Gene Therapy Rare Disease NA

471 Ligand $1.2 bn $126 mn $36 mn San Diego, US Public Company Royalty Company Small Molecules Broad 224

472 Leadiant Biosciences $1.2 bn $180 mn $152 mn Rome, Italy Private Company Branded Pharma Small Molecules Rare Disease NA

473 Zhenghai Biotech $1.2 bn $39 mn $16 mn Shandong Province, China Public Company Biosimilars Cell Therapy Bone & Osteo 551

474 Reliance Life Sciences $1.2 bn $116 mn NA Mumbai, India Private Company Biosimilars Biologics Broad NA

475 Nkarta $1.2 bn $0 mn NA Bay Area, US Public Company Biotechnology Cell Therapy Oncology NA


75




Rank 2019

476 GuangYuYuang $1.2 bn $156 mn $14 mn Shaanxi Province, China Public Company Generics - China Naturals Broad 329477 Mayinglong Pharma $1.2 bn $341 mn $51 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 476478 Zeria Pharma $1.2 bn $543 mn $71 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Gastroenterology 397479 Laboratoire Aguettant $1.2 bn $177 mn NA Lyon, France Private Company Branded Pharma Small Molecules Hospital 424480 Adaptimmune $1.2 bn $2.2 mn -$122 mn Oxford, UK Public Company Biotechnology Cell Therapy Oncology 865481 Duchesnay $1.2 bn $175 mn NA Quebec, Canada Private Company Branded Pharma Small Molecules Womens Health 591482 Mezzion $1.2 bn $17 mn -$18 mn South Korea Public Company Biotechnology Small Molecules Rare Disease 498483 Rocket Pharma $1.2 bn $NA -$86 mn New York Area, US Public Company Biotechnology Gene Therapy Rare Disease 582484 Akero Therapeutics $1.2 bn $NA NA Bay Area, US Public Company Biotechnology Biologics Hepatology NA485 Alvotech $1.2 bn $NA NA Iceland Private Company Biosimilars Biologics Broad NA486 Kanion Pharma $1.1 bn $545 mn $96 mn Jiangsu Province, China Public Company Generics - China Small Molecules Oncology 375487 Hansa BioPharma $1.1 bn $0.3 mn -$42 mn Lund, Sweden Public Company Biotechnology Blood Products Rare Disease 455488 Synthon $1.1 bn $316 mn NA Netherlands Private Company Generics - INN Small Molecules Broad 457489 Innoviva $1.1 bn $299 mn $286 mn Bay Area, US Public Company Royalty Company Small Molecules Respiratory 285490 Heron Therapeutics $1.1 bn $125 mn -$200 mn San Diego, US Public Company Branded Pharma Small Molecules Oncology 286491 Athenex $1.1 bn $140 mn -$98 mn New York Area, US Public Company Biotechnology Small Molecules Oncology 487492 SAIDAL $1.1 bn $313 mn NA Algeria Private Company Generics - Branded Small Molecules Broad NA493 Faes Farma $1.1 bn $458 mn $118 mn Madrid, Spain Public Company Branded Pharma Small Molecules Allergy 420494 VTR Bio-tech $1.1 bn $298 mn $53 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 495495 Helixsmith $1.1 bn $4.4 mn -$42 mn South Korea Public Company Biotechnology Cell Therapy Pain 162496 Amarin $1.1 bn $545 mn -$17 mn New York Area, US Public Company Branded Pharma Small Molecules Cardiology 106497 Haw Par Corporation $1.1 bn $130 mn $39 mn Singapore Public Company Generics - Branded Small Molecules CNS 297498 Sam Chun Dang Pharm $1.1 bn $152 mn $20 mn South Korea Public Company Generics - Branded Small Molecules Broad 443499 Rhythm Pharma $1.1 bn $NA -$134 mn Boston Area, US Public Company Biotechnology Small Molecules Rare Disease 525500 iTeos Therapeutics $1.1 bn $0 mn NA Boston Area, US Public Company Biotechnology Biologics Oncology NA


76




Rank 2019

501 Strides $1.1 bn $377 mn $72 mn Bangalore, India Public Company Generics - Branded Small Molecules Broad 458502 Kyorin $1.1 bn $1 bn $104 mn Tokyo, Japan Public Company Branded Pharma Small Molecules ENT 416503 Kaken Pharma $1.1 bn $788 mn $256 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Dermatology 338504 Epizyme $1.1 bn $13 mn -$202 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 492505 Nurix Therapeutics $1.1 bn $19 mn NA Bay Area, US Public Company Biotechnology Nucleic Acids Oncology NA506 Camurus $1.1 bn $22 mn -$28 mn Lund, Sweden Public Company Branded Pharma Small Molecules Endocrinology NA507 Arbor Pharma $1.1 bn $300 mn $30 mn Atlanta, US Private Company Branded Pharma Small Molecules Neurology 266508 Stendhal Pharma $1.1 bn $300 mn NA Mexico Private Company Generics - Branded Small Molecules Broad 435509 Chengdu Baiyu $1.1 bn $300 mn NA Sichuan Province, China Private Company Generics - China Small Molecules Broad NA510 Pulike Biological $1.1 bn $108 mn $25 mn Henan Province, China Public Company Animal Health Vaccines Vaccines 560511 Bharat Biotech $1.1 bn $106 mn NA Hyderabad, India Private Company Biosimilars Vaccines Vaccines 637512 Phibro Animal Health $1.1 bn $800 mn $98 mn New York Area, US Public Company Animal Health Small Molecules Animal Health 327513 Vianex $1.1 bn $297 mn NA Greece Private Company Generics - Branded Small Molecules Broad 444514 Mithra $1.1 bn $108 mn $31 mn Belgium Public Company Branded Pharma Small Molecules Womens Health 376515 LACER $1.1 bn $162 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Cardiometabolic 620516 Mayoly Spindler $1.1 bn $161 mn NA Paris, France Private Company Branded Pharma Small Molecules Gastroenterology 622517 Lummy Pharma $1.1 bn $235 mn $3.3 mn Sichuan Province, China Public Company Generics - China Small Molecules Oncology 547518 DONGKOOK Pharma $1.1 bn $433 mn $76 mn South Korea Public Company Generics - Branded Small Molecules Broad 723519 TECNIMEDE $1 bn $290 mn NA Portugal Private Company Generics - Branded Small Molecules Broad 789520 Oscotec $1 bn $15 mn -$7.9 mn South Korea Public Company Biotechnology Small Molecules Immunology 520521 Eczacıbaşı Ilaç Sanayi $1 bn $157 mn NA Levent, Turkey Private Company Branded Pharma Small Molecules Oncology 625522 Eurocept $1 bn $288 mn NA Netherlands Private Company Branded Pharma Small Molecules Hospital 345523 IBI $1 bn $288 mn NA Aprilia, Italy Private Company Generics - Branded Small Molecules Broad 791524 Science Sun $1 bn $161 mn $20 mn Beijing, China Public Company Generics - China Small Molecules Broad 532525 Cristalia $1 bn $287 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Gastroenterology 486


77

Rank NameValue Estimate (Sep 15, 2020) Revenue Profit (EBITDA) Location Company Type Sector Lead Modality


Rank 2019

526 Pharmicell $1 bn $23 mn -$6.1 mn South Korea Public Company Biotechnology Cell Therapy Cardiology 526527 Sanjin $1 bn $226 mn $67 mn Guangxi Province, China Public Company Generics - China Naturals Broad 403528 Pharmathen $1 bn $285 mn NA Netherlands Private Company Generics - INN Small Molecules Broad 509529 Precigen $1 bn $95 mn -$114 mn Germantown MD, US Public Company Biotechnology Nucleic Acids Oncology NA530 KPC $1 bn $1.1 bn $74 mn Yunnan Province, China Public Company Generics - China Small Molecules Cardiovascular 460531 Jiuzhitang $1 bn $471 mn $61 mn Hubei Province, China Public Company Generics - China Naturals Broad 349532 C Labs $1 bn $283 mn NA Madrid, Spain Private Company Generics - Branded Small Molecules Dermatology 803533 Dr. Kade $1 bn $154 mn NA Berlin, Germany Private Company Branded Pharma Small Molecules Gastroenterology 652534 Generation Bio $1 bn $0 mn NA Boston Area, US Public Company Biotechnology Gene Therapy Rare Disease NA535 BioXcel Therapeutics $1 bn $NA -$53 mn New York Area, US Public Company Biotechnology Small Molecules Psychiatry NA536 Adimmune $1 bn $53 mn $4.3 mn Taiwan Public Company Biotechnology Vaccines Vaccines 851537 Cadila Pharma $1 bn $280 mn NA Ahmedabad, India Private Company Generics - INN Small Molecules Broad 319538 Sana $1 bn $ NA Seattle, US Private Company Biotechnology Cell Therapy Broad NA539 AYUMI Pharmaceutical $1 bn $239 mn NA Tokyo, Japan Private Company Generics - Branded Small Molecules Generics NA540 Adverum Biotechnologies $1 bn $0.2 mn -$87 mn Bay Area, US Public Company Biotechnology Gene Therapy Opthalmology NA541 Karyopharm $999 mn $82 mn -$169 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 1072542 Haixin Group $998.3 mn $146 mn NA Shanghai, China Public Company Generics - China Small Molecules Generics NA543 Lantheus $997.3 mn $331 mn $53 mn Boston Area, US Public Company Branded Pharma Radiopharmaceuticals Cardiology 401544 Zogenix $994.7 mn $4.8 mn -$205 mn Bay Area, US Public Company Branded Pharma Small Molecules Neurology 321545 Tris Pharma $990 mn $150 mn NA Monmouth Junction NJ, US Private Company Branded Pharma Small Molecules Pediatrics 454546 Zhejiang Int'l Group $989.3 mn $3.6 bn $93.8 mn Zhejiang Province, China Public Company Generics - Branded Small Molecules Generics NA547 Annexon $988.4 mn $0 mn NA Bay Area, US Public Company Biotechnology Biologics Neurology NA548 Guanhao Biotech $985.3 mn $61 mn -$2.5 mn Guangdong Province, China Public Company Biosimilars Cell Therapy Other 653549 Clovis Oncology $983.4 mn $159 mn -$345 mn Colorado, U.S. Public Company Branded Pharma Small Molecules Oncology 359550 Bottu $981 mn $272 mn NA Morocco Private Company Generics - Branded Small Molecules Broad 820


78




Rank 2019

551 NGM Biopharmaceuticals $979.7 mn $96 mn -$69 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA552 Normon $979.2 mn $272 mn NA Madrid, Spain Private Company Generics - Branded Small Molecules Broad 946553 Zentalis Pharma $974 mn $0 mn NA New York Area, US Public Company Biotechnology Small Molecules Oncology NA554 Pharscin Pharma $971.8 mn $115 mn $21 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 394555 Oncopeptides $970.7 mn $NA -$119 mn Sweden Public Company Biotechnology Peptides Oncology 573556 Huaren Pharma $968.4 mn $189 mn $30 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 553557 Fudan Forward $964.2 mn $139 mn $11 mn Shanghai, China Public Company Generics - China Naturals Broad 522558 Wockhardt $964.1 mn $359 mn -$22 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 383559 Yipinhong Pharma $960.8 mn $214 mn $24 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 506560 TerSera Therapeutics $957 mn $145 mn NA Chicago Area Private Company Branded Pharma Small Molecules Oncology 542561 Eris Lifesciences Limited $956.1 mn $142 mn $47 mn Ahmedabad, India Public Company Generics - Branded Small Molecules Broad 391562 Dexa Medica $951 mn $NA NA Medan City, Indonesia Private Company Generics - Branded Small Molecules Broad 434563 Avidity Biosciences $949.2 mn $4.9 mn NA San Diego, US Public Company Biotechnology Nucleic Acids Neurology NA564 Tonghua Golden-Horse $943.7 mn $213 mn -$15 mn Jilin Province, China Public Company Generics - China Naturals Broad 414565 Shandong Shanda $941.4 mn $257 mn $79 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 517566 Sosei $940.1 mn $66 mn $5 mn Tokyo, Japan Public Company Biotechnology Small Molecules Respiratory 513567 Beijing Beilu Pharma $937.2 mn $111 mn $23 mn Beijing, China Public Company Generics - China Small Molecules Broad 624568 Amphastar Pharma $936.9 mn $334 mn $26 mn Los Angeles, US Public Company Generics - INN Small Molecules Broad 389569 Takata Pharmaceutical $936 mn NA NA Saitama, Japan Private Company Branded Pharma Small Molecules Broad NA570 Tabuk Pharma $936 mn $260 mn NA Riyadh, Saudi Arabia Private Company Generics - Branded Small Molecules Broad 494571 Omeros $935 mn $100 mn -$84 mn Seattle, US Public Company Branded Pharma Small Molecules Opthalmology 480572 Healios $932.4 mn $2.3 mn NA Tokyo, Japan Public Company Biotechnology Cell Therapy Opthalmology 475573 Nippon Kayaku Pharma $928 mn $444mm $38 mn Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Oncology 274574 Kiniksa Pharma $926.3 mn NA -$121 mn Boston Area, US Public Company Biotechnology Biologics Immunology 557575 Boston Scientific Pharma $924 mn $140 mn NA Boston Area, US Public Company Segment Branded Pharma Small Molecules Hospital 259


79




Rank 2019

576 Renhe $921.5 mn $577 mn $107 mn Jiangxi Province, China Public Company Generics - China Small Molecules Broad 437577 Applied Molecular Transport $920.5 mn $0 mn NA Bay Area, US Public Company Biotechnology Biologics Immunology NA578 Tai'an Tang Pharma $918.6 mn $547 mn $30 mn Shanghai, China Public Company Generics - China Naturals Broad 431579 Arcus Biosciences $914.1 mn $15 mn -$111 mn Bay Area, US Public Company Biotechnology Biologics Oncology 835580 Arcturus Therapeutics $910.4 mn $11 mn -$39 mn San Diego, US Public Company Biotechnology Nucleic Acids Rare Disease NA581 Vétoquinol $906.1 mn $444 mn $65 mn Paris, France Public Company Animal Health Small Molecules Animal Health 536582 JW Holdings $905.5 mn $618 mn $38 mn South Korea Public Company Generics - Branded Small Molecules Broad 405583 Esperion $904.9 mn $216 mn -$69 mn Ann Arbor, MI, US Public Company Branded Pharma Small Molecules Cardiometabolic 396584 Apsen $900 mn $250 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Broad 691585 Dexcel Pharma $900 mn $250 mn NA Israel Private Company Generics - INN Small Molecules Broad 477586 Agenus $897.9 mn $96 mn -$103 mn Boston Area, US Public Company Biotechnology Biologics Oncology 741587 J. B. Chemicals $897.5 mn $245 mn $58 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 766588 Jingxin Pharm $895.1 mn $485 mn $69 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 439589 Intellia Therapeutics $894.5 mn $50 mn -$115 mn Boston Area, US Public Company Biotechnology Gene Editing Rare Disease 784590 Mochida $892.1 mn $952 mn $107 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Cardiometabolic 311591 Osiris $888.3 mn $134 mn NA Columbia MD, US Private Company Branded Pharma Cell Therapy Cardiology 598592 SKK $887.3 mn $424 mn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Renal 280593 Stoke Therapeutics, Inc. $887 mn $NA -$44 mn Boston Area, US Public Company Biotechnology Nucleic Acids Neurology NA594 Ampharco U.S.A. $885.5 mn $245 mn NA Nhon Trach, Vietnam Private Company Generics - Branded Small Molecules Broad 400595 Oxford BioMedica $885.1 mn $81 mn -$9 mn Oxford, UK Public Company Biotechnology Cell Therapy Neurology 601596 Shanghai Furen $884.9 mn $529 mn $140 mn Shanghai, China Public Company Generics - China Small Molecules Broad 310597 Binex $884.1 mn $107 mn $16 mn South Korea Public Company Branded Pharma Small Molecules Other 772598 Daewoong $884 mn $890 mn $43 mn South Korea Public Company Generics - Branded Small Molecules Broad 243599 Zhendong Pharma $881.9 mn $622 mn $39 mn Shanxi Province, China Public Company Generics - China Small Molecules Broad 549600 Sangamo Therapeutics $881.8 mn $111 mn -$105 mn Bay Area, US Public Company Biotechnology Nucleic Acids Rare Disease 660


80




Rank 2019

601 TaiMed Biologics $878.8 mn $28 mn -$3.3 mn Taiwan Public Company Biotechnology Biologics Virology 344602 PharmaEssentia $877.2 mn $11 mn -$26 mn Taiwan Public Company Biotechnology Biologics Hematology 377603 Jiangzhong Pharma $870.6 mn $349 mn $91 mn Jiangxi Province, China Public Company Generics - China Naturals Broad 427604 Pharm-Sintez $865.8 mn $240 mn NA Moscow, Russia Private Company Branded Pharma Small Molecules Generics NA605 Dong-A Socio $860 mn $659 mn $93 mn South Korea Public Company Generics - Branded Small Molecules Broad 483606 Jingfeng Pharma $858 mn $172 mn -$82 mn Shanghai China Public Company Generics - China Small Molecules Hospital 468607 Jiudian Pharma $846.8 mn $126 mn $14 mn Changsha, China Public Company Generics - China Small Molecules Generics 659608 Incepta Pharma $843.7 mn $234 mn NA Bangladesh Private Company Generics - Branded Small Molecules Broad 500609 Black Diamond Tx $842.4 mn $NA -$46 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology NA610 Immunocore $839.4 mn $NA NA Oxford, UK Private Company Biotechnology Cell Therapy Oncology NA611 Bosnalijek $837.7 mn $232 mn NA Bosnia-Herzegovina Private Company Generics - Branded Small Molecules Broad 879612 Bilim Pharmaceuticals $836.2 mn $232 mn NA Turkey Private Company Generics - Branded Small Molecules Broad 428613 Qianhong Biopharma $835.6 mn $210 mn $26 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 481614 Akorn $833 mn $682 mn NA Chicago Area Private Company Generics - INN Small Molecules Broad 404615 Supernus $832.6 mn $424 mn $168 mn Rockville MD, US Public Company Branded Pharma Small Molecules Neurology 267616 Jinhe Biotech $830.8 mn $254 mn $45 mn Liaoning Province, China Public Company Animal Health Small Molecules Animal Health 576617 Repare Therapeutics $830.4 mn $0 mn NA Toronto, Canada Public Company Biotechnology Small Molecules Oncology NA618 REGENXBIO $828.4 mn $60 mn -$147 mn Rockville MD, US Public Company Biotechnology Gene Therapy Opthalmology 361619 Poseida Therapeutics $828.2 mn $0 mn NA San Diego, US Public Company Biotechnology Nucleic Acids Oncology NA620 Atara Biotherapeutics $827.8 mn $NA -$297 mn Bay Area, US Public Company Biotechnology Gene Therapy Rare Disease 343621 Beijing Tong Ren Tang $825.3 mn $600 mn $123 mn Hebei Province, China Public Company Generics - China Naturals Broad 123622 Tong Ren Tang Tech $825.3 mn $600 mn $123 mn Beijing, China Public Company Generics - China Naturals Broad 337623 Lingrui Pharma $824.3 mn $306 mn $54 mn Henan Province, China Public Company Generics - China Naturals Broad 540624 Xinhua Pharm $823.7 mn $816 mn $108 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 546625 Cstone Pharma $822.9 mn $3.2 mn -$267 mn Jiangsu Province, China Public Company Biotechnology Small Molecules Oncology NA


81




Rank 2019

626 Chong Kun Dang Pharm $821.1 mn $662 mn $104 mn South Korea Public Company Generics - Branded Small Molecules Broad 415627 Yoshindo $817 mn $391 mn NA Toyama, Japan Private Company Generics - Branded Small Molecules Broad NA628 Atea Pharma $817 mn NA NA Boston Area, US Private Company Biotechnology Small Molecules Virology NA629 SanBio $814 mn $0.1 mn -$53 mn Tokyo, Japan Public Company Biotechnology Small Molecules Neurology 369630 Nihon Chouzai Generics $808.8 mn $2.5 bn NA Tokyo, Japan Public Company Segment Generics - Branded Small Molecules Broad 99631 Laboratoires Brothier $805.8 mn $223 mn NA Fontevraud-l'Abbaye, France Private Company Generics - Branded Small Molecules Broad 1042632 Bioibérica $803.7 mn $223 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 515633 Arvinas $802 mn $46 mn -$64 mn New York Area, US Public Company Biotechnology Nucleic Acids Oncology 464634 Jolly Pharmaceutical $801.4 mn $134 mn $14 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 564635 Pharmaceutical Associates $800 mn $100 mn $40 mn Washington DC Area Private Company Generics - Branded Small Molecules Broad NA636 Collegium Pharmaceutical $797.7 mn $301 mn $48 mn Boston Area, US Public Company Branded Pharma Small Molecules Pain 704637 Komipharm International $797.6 mn $31 mn -$1.8 mn South Korea Public Company Animal Health Small Molecules Animal Health 365638 Guidotti $797.1 mn $221 mn NA Pisa, Italy Private Company Generics - Branded Small Molecules Broad 518639 AOP Orphan $794.3 mn $120 mn NA Austria Private Company Branded Pharma Small Molecules Rare Disease 747640 Zdrowie $793 mn $220 mn NA Poland Private Company Generics - Branded Small Molecules Broad NA641 Farmigea $790.2 mn $119 mn NA Pisa, Italy Private Company Branded Pharma Small Molecules Opthalmology 1106642 Vectura $784.2 mn $218 mn $43 mn London, United Kingdom Public Company Royalty Company Small Molecules Respiratory 565643 Keros Therapeutics $782.5 mn $5 mn -$26 mn Boston Area, US Public Company Biotechnology Biologics Oncology NA644 The GPO $779.7 mn $216 mn NA Thailand Private Company Generics - Branded Small Molecules Broad NA645 Tolmar / Tecnofarma $778.8 mn $118 mn NA Colombia Private Company Branded Pharma Small Molecules Urology NA646 Eusa Pharma $778.8 mn $87 mn NA London, United Kingdom Private Company Branded Pharma Small Molecules Oncology 596647 Ji Yao Holding $774 mn $9.5 bn NA Jilin Province, China Private Company Generics - China Small Molecules Broad 25648 Laboratoire Renaudin $772 mn $214 mn NA Itxassou, France Private Company Generics - Branded Small Molecules Broad 1049649 Lannett $771.9 mn $545 mn $112 mn Philadelphia Area, US Public Company Generics - INN Small Molecules Broad 418650 Yibai Pharmaceutical $770 mn $456 mn $66 mn Guizhou, China Public Company Generics - China Small Molecules Broad 453


82




Rank 2019

651 BioArctic $768.9 mn $9.8 mn -$6.6 mn Norway Public Company Biotechnology Naturals Neurology 452652 Wohua Pharma $765.8 mn $131 mn $26 mn Shandong Province, China Public Company Generics - China Small Molecules Broad NA653 Vericel $765.7 mn $116 mn $0.9 mn Boston Area, US Public Company Branded Pharma Cell Therapy Bone & Osteo 489654 Havea Group $764.6 mn $212 mn NA Boufféré, France Private Company Branded Pharma Naturals Broad NA655 Prati, Donaduzzi & Cia. $763.2 mn $212 mn NA Toledo, Brazil Private Company Generics - Branded Small Molecules Broad NA656 Lionco Pharma $762.4 mn $180 mn $20 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 593657 Innovis Pharma $760.3 mn $211 mn NA Greece Private Company Generics - INN Small Molecules Broad 509658 RAPT Therapeutics $756.9 mn $2.2 mn -$47 mn Bay Area, US Public Company Biotechnology Small Molecules Oncology NA659 Farmak $756 mn $236 mn $54 mn Kiev, Ukraine Private Company Generics - Branded Small Molecules Broad 529660 Medis o.o.o. $755.4 mn $114 mn NA Llubjana, Slovenia Private Company Branded Pharma Small Molecules Broad 539661 Retrophin $754.5 mn $187 mn -$52 mn San Diego, US Public Company Branded Pharma Small Molecules Rare Disease 574662 Kocak Farma $752.4 mn $209 mn NA Istanbul, Turkey Private Company Branded Pharma Small Molecules Broad 693663 Clinuvel Pharma $751.1 mn $22 mn $8.3 mn Zurich, Switzerland Public Company Branded Pharma Small Molecules Rare Disease 482664 VBI Vaccines $749.5 mn $1.8 mn -$35 mn Boston Area, US Private Company Biotechnology Vaccines Vaccines NA665 Replimune $745 mn $NA -$57 mn Boston Area, US Public Company Biotechnology Cell Therapy Oncology 813666 Pharming $743.8 mn $202 mn $82 mn Netherlands Public Company Branded Pharma Biologics Rare Disease 558667 Valenta Pharma $743.4 mn $206 mn NA Moscow, Russia Private Company Generics - Branded Small Molecules Broad NA668 Inhibrx $743.1 mn $ NA San Diego, US Public Company Biotechnology Biologics Oncology NA669 Desitin $742.5 mn $112 mn NA Hamburg, Germany Private Company Branded Pharma Small Molecules Neurology 733670 CrystalGenomics $740.2 mn $77 mn -$3.3 mn South Korea Public Company Biotechnology Small Molecules Pain 569671 FDC $739.3 mn $173 mn $45 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 758672 Kai Bao Pharma $739.1 mn $156 mn $31 mn Shanghai, China Public Company Generics - China Small Molecules Respiratory 586673 Blau Farmacêutica $738.7 mn $205 mn NA Cotia, Brazil Private Company Generics - Branded Small Molecules Broad 674674 Fatro $735.9 mn $111 mn NA Milan, Italy Private Company Animal Health Small Molecules Animal Health 800675 Arcutis Bio $735.7 mn $NA -$91 mn Los Angeles, US Public Company Biotechnology Small Molecules Dermatology NA


83




Rank 2019

676 NantKwest $735.4 mn $NA -$62 mn Los Angeles, US Public Company Biotechnology Cell Therapy Oncology 1130677 Translate Bio $734.3 mn $26 mn NA Lexington, MA Public Company Biotechnology Gene Therapy Pulmonary 881678 SIFI $731.1 mn $203 mn NA Sicily, Italy Private Company Generics - Branded Small Molecules Broad 910679 Liminal BioSciences $729.1 mn NA NA Quebec, Canada Public Company Branded Pharma Blood Products Blood Products 797680 Jiangsu Sihuan Bio $729 mn $68 mn $9.1 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 534681 Geropharm $727.2 mn $72 mn NA Russia Private Company Biosimilars Biologics Diabetes Care 873682 Maruishi Pharma $726.3 mn $347 mn NA Osaka, Japan Private Company Branded Pharma Small Molecules Hospital 392683 Currax Pharma $726 mn $110 mn NA New York Area, US Private Company Branded Pharma Small Molecules Cardiometabolic NA684 Yabao Pharmaceutical $722 mn $370 mn $52 mn Shanxi Province, China Public Company Generics - China Small Molecules Broad 496685 Exela Pharma $720 mn $200 mn NA Lenoir, NC Private Company Generics - Branded Small Molecules Generics NA686 Nippon Zoki $718.9 mn $199 mn NA Osaka, Japan Private Company Generics - Branded Small Molecules Broad NA687 Hengkang Medical $716.6 mn $437 mn $19 mn Sichuan Province, China Public Company Generics - China Naturals Broad 346688 Senju Pharma $710.6 mn $401 mn NA Osaka, Japan Private Company Branded Pharma Small Molecules Opthalmology 399689 Phathom Pharma $710.4 mn $NA NA New York Area, US Public Company Biotechnology Small Molecules Gastroenterology NA690 Cosunter $709.8 mn $52 mn $2.1 mn Fujian Province, China Public Company Branded Pharma Small Molecules Broad 616691 Farabi Pharma $709.2 mn $197 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA692 Teuto $705.6 mn $196 mn NA Goiás, Brazil Private Company Generics - Branded Small Molecules Broad 605693 Acme Pharmaceuticals $704.5 mn $195 mn NA Bangladesh Private Company Generics - Branded Small Molecules Broad NA694 Julphar $703.8 mn $102 mn -$75 mn United Arab Emirates Public Company Generics - Branded Small Molecules Broad 497695 AB Science $703.1 mn $1.7 mn -$19 mn Paris, France Public Company Biotechnology Small Molecules Rare Disease 996696 Jinghua Pharma $698.9 mn $159 mn -$12 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 449697 Dicerna Pharma $692.1 mn $89 mn -$130 mn Boston Area, US Public Company Biotechnology Nucleic Acids Rare Disease 633698 Boryung Pharma $689.9 mn $456 mn $52 mn South Korea Public Company Generics - Branded Small Molecules Broad 664699 Beximco Pharma $689.9 mn $295 mn $74 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 594700 MiMedx $687.8 mn $280 mn $26 mn Atlanta, US Public Company Branded Pharma Small Molecules Wound Care 770


84




Rank 2019

701 Staidson $686.8 mn $68 mn -$13 mn Beijing, China Public Company Generics - China Small Molecules Broad 521702 Emisphere Tech $675.7 mn $1 mn -$6.2 mn New York Area, US Public Company Biotechnology Biologics Hematology 825703 Konruns Pharma $673.8 mn $123 mn $23 mn Beijing, China Public Company Generics - China Naturals Hospital 609704 Exir Pharmaceutical $671 mn $186 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA705 DOC Generici $669.6 mn $186 mn NA Milan, Italy Private Company Generics - Branded Small Molecules Broad 570706 Radius $669 mn $200 mn -$110 mn Boston Area, US Public Company Branded Pharma Small Molecules Bone & Osteo 472707 SillaJen $667.8 mn $1.9 mn -$43 mn South Korea Public Company Biotechnology Cell Therapy Oncology 149708 Basilea $667.6 mn $148 mn -$3.6 mn Basel, Switzerland Public Company Branded Pharma Small Molecules Anti-Infectives 599709 Vaxart $667.3 mn $7.7 mn -$11 mn Bay Area, US Public Company Biotechnology Small Molecules Vaccines NA710 Pharmasyntez $666 mn $185 mn NA Irkutsk, Russia Private Company Generics - Branded Small Molecules Hospital NA711 Cisen Pharmaceutical $663 mn $539 mn $76 mn Shandong Province, China Public Company Generics - China Small Molecules Hospital 413712 Tchaikapharma $662.3 mn $NA NA Bulgaria Public Company Generics - Branded Small Molecules Broad NA713 MedDay Pharma $660 mn NA NA Paris, France Private Company Branded Pharma Small Molecules Neurology 579714 Pharmacosmos $660 mn $100 mn NA Copenhagen, Denmark Private Company Branded Pharma Small Molecules Hematology 578715 Eumedica $660 mn $100 mn NA Belgium Private Company Branded Pharma Small Molecules Hospital 767716 Shilpa $658.2 mn $128 mn $33 mn Bangalore, India Public Company Generics - Branded Small Molecules Broad 702717 Alector $655.1 mn $19 mn -$149 mn Bay Area, US Public Company Biotechnology Biologics Neurology 348718 Senhwa $653.1 mn $NA -$10 mn Taiwan Public Company Biotechnology Small Molecules Oncology 1010719 Dr. August Wolff $649.5 mn $98 mn NA Bielefield, Germany Private Company Branded Pharma Small Molecules Dermatology NA720 Cellectis $648.2 mn $73 mn -$83 mn Paris, France Public Company Biotechnology Cell Therapy Oncology 781721 Kissei $647.1 mn $586 mn $36 mn Matsumoto, Japan Public Company Branded Pharma Small Molecules Urology 465722 SPARC $644.4 mn $32 mn -$20 mn Mumbai, India Public Company Biotechnology Small Molecules Oncology 562723 Nobel $644.4 mn $179 mn NA Turkey Private Company Generics - Branded Small Molecules Broad 459724 Indofarma $642.9 mn $99 mn $4.7 mn Indonesia Public Company Generics - Branded Small Molecules Broad 390725 Medigen Vaccine $639.9 mn $NA -$17 mn Taiwan Public Company Biotechnology Biologics Vaccines NA


85




Rank 2019

726 Flexion Therapeutics $639.8 mn $81 mn -$122 mn Boston Area, US Public Company Branded Pharma Small Molecules Bone & Osteo 684727 Laboratoires Genévrier $639.4 mn $96 mn NA Lyon, France Private Company Branded Pharma Small Molecules Dermatology 776728 Kadmon $632.1 mn $11 mn -$83 mn New York Area, US Public Company Branded Pharma Small Molecules Oncology 864729 Mayne Pharma $624.6 mn $315 mn $43 mn Melbourne, Australia Public Company Generics - Branded Small Molecules Broad 402730 Morphic Therapeutics $622.4 mn $18 mn -$63 mn Boston Area, US Public Company Biotechnology Small Molecules Gastroenterology NA731 Ozon Pharmaceuticals $622 mn $172 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA732 OBI Pharma $617.4 mn $2 mn -$44 mn Taiwan Public Company Biotechnology Small Molecules Oncology 446733 Albireo Pharma $616.9 mn $11 mn -$78 mn Boston Area, US Public Company Biotechnology Small Molecules Hepatology 1003734 Sinovac $615 mn $213 mn $38 mn Beijing, China Public Company Biosimilars Vaccines Vaccines 552735 Krystal Biotech $614.6 mn $NA mn -$23 mn Pittsburgh Area, US Public Company Biotechnology Gene Therapy Dermatology 819736 Provention Bio, Inc. $614 mn $NA NA New York Area, US Public Company Biotechnology Biologics Immunology NA737 ZENOAQ $612.3 mn $293 mn NA Tokyo, Japan Private Company Animal Health Small Molecules Animal Health 441738 Alora Pharma $612 mn $170 mn NA Atlanta, US Private Company Branded Pharma Small Molecules Womens Health 614739 Pliant Therapeutics $608.7 mn $89 mn NA Bay Area, US Public Company Biotechnology Small Molecules Respiratory NA740 Sciclone $605 mn $ NA Shanghai, China Private Company Generics - Branded Small Molecules Hepatology NA741 Dynavax $604.1 mn $34 mn -$77 mn Bay Area, US Public Company Branded Pharma Vaccines Vaccines 581742 Handok $602.5 mn $405 mn $42 mn South Korea Public Company Generics - Branded Small Molecules Broad 661743 BioCryst $602.3 mn $49 mn -$113 mn North Carolina, US Public Company Biotechnology Small Molecules Rare Disease 440744 Weixinkang Medicine $601.2 mn $95 mn $8 mn Lhasa, Tibet, China Public Company Generics - China Naturals Broad 511745 PKU HealthCare Corp. $600.2 mn $311 mn $12 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 634746 Inozyme Pharma $597.4 mn $0 mn NA Boston Area, US Public Company Biotechnology Small Molecules Rare Disease NA747 Protagonist Therap $594.4 mn $16 mn -$71 mn Bay Area, US Public Company Biotechnology Peptides Rare Disease 1119748 HRA Pharma $594 mn $90 mn NA New York Area, US Private Company Branded Pharma Small Molecules Womens Health 795749 Molecular Templates $592.7 mn $20 mn -$82 mn Austin, Texas Public Company Biotechnology Biologics Oncology 1054750 Boiron $590.4 mn $623 mn $180 mn Lyon, France Public Company Branded Pharma Naturals ENT 466


86




Rank 2019

751 Nephron Pharma $589.3 mn $163 mn NA West Columbia, SC Private Company Generics - INN Small Molecules Broad 796752 CCM Duopharma Biotech $586.4 mn $135 mn $23 mn Malaysia Public Company Generics - Branded Small Molecules Broad 893753 Hiteck Biological Pharma $585.7 mn $69 mn -$1.1 mn Wuhan, China Public Company Generics - China Small Molecules Generics 762754 Deva Holding $585.4 mn $230 mn $78 mn Turkey Public Company Generics - Branded Small Molecules Broad 858755 Laboraoires Majorelle $583.2 mn $30 mn NA Paris, France Private Company Branded Pharma Small Molecules Women's Health 1021756 SOHO Global Healthcare $578.8 mn $ NA Indonesia Private Company Generics - Branded Small Molecules Broad NA757 Teikoku Senyaku $576.8 mn $276 mn NA Higashikagawa, Japan Private Company Branded Pharma Small Molecules Pain 493758 Alliance Pharma $571.8 mn $162 mn $61 mn London, United Kingdom Public Company Branded Pharma Small Molecules Mature Products 595759 Caplin Point Laboratories $568.7 mn $120 mn $35 mn Chennai, India Public Company Generics - Branded Small Molecules Broad 727760 Nativa $567.3 mn $157 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA761 Cara Therapeutics $565.9 mn $24 mn -$120 mn New York Area, US Public Company Biotechnology Small Molecules Pain 647762 Grupo Medinfar $565.4 mn $157 mn NA Portugal Private Company Generics - Branded Small Molecules Broad 984763 Gongwin Biopharm $564.9 mn $NA -$4.1 mn Taiwan Public Company Biotechnology Small Molecules Oncology 919764 Cassiopea S.p.A. $564.7 mn $0.7 mn -$10 mn Milan, Italy Public Company Branded Pharma Small Molecules Dermatology 711765 Bath ASU $564.5 mn $156 mn NA London, United Kingdom Private Company Branded Pharma Vaccines Oncology NA766 Frequency Therapeutics $563.9 mn $44 mn -$18 mn Boston Area, US Public Company Biotechnology Small Molecules ENT NA767 Foci Pharmaceutical $562.6 mn $91 mn $0.5 mn Gansu Province, China Public Company Generics - China Naturals Broad 531768 DEMO $561.5 mn $155 mn NA Greece Private Company Generics - Branded Small Molecules Broad 638769 Newbridge Pharma $561 mn $85 mn NA United Arab Emirates Private Company Branded Pharma Small Molecules Neurology 1069770 Inibsa $560.6 mn $155 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 986771 Taloph $559 mn $193 mn $21 mn Henan Province, China Public Company Generics - China Naturals Broad 668772 Famar $557.3 mn $154 mn NA Greece Private Company Generics - Branded Small Molecules Broad NA773 Akouos Therapeutics $557.1 mn $0 mn NA Boston Area, US Public Company Biotechnology Gene Therapy ENT NA774 TTY Biopharm $555.9 mn $144 mn $41 mn Taiwan Public Company Generics - Branded Small Molecules Broad 538775 Amryt Pharma $554.4 mn $NA NA Ireland Public Company Branded Pharma Biologics Cardiometabolic NA


87




Rank 2019

776 Intersect ENT $552.9 mn $85 mn -$52 mn Bay Area, US Public Company Branded Pharma Small Molecules ENT 432777 HAL Allergy $552.4 mn $83 mn NA Netherlands Private Company Branded Pharma Biologics Allergy 914778 Hansen Pharm $551.2 mn $110 mn $29 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 516779 Biosidus $551 mn $54 mn NA Argentina Private Company Biosimilars Biosimilars Broad NA780 Northwest Bio $548 mn $2 mn -$28 mn Bethesda MD, US Public Company Biotechnology Small Molecules Oncology 983781 Farmfirma Soteks $544.6 mn $151 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA782 Jianmin Group $542.5 mn $304 mn $4.7 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 730783 Cau Technology $541.9 mn $7.6 mn -$1.7 mn Guangdong Province, China Public Company Generics - Branded Small Molecules Broad 912784 WAVE Life Sciences $541.1 mn $12 mn -$191 mn Boston Area, US Public Company Biotechnology Nucleic Acids Rare Disease 409785 Elpen Pharma $540 mn $150 mn NA Greece Private Company Generics - Branded Small Molecules Broad 491786 Petrovax $538.5 mn $149 mn NA Russia Private Company Branded Pharma Biologics Vaccines NA787 Autolus Therapeutics $537.7 mn $1.2 mn -$147 mn London, United Kingdom Public Company Biotechnology Cell Therapy Oncology 461788 Berlin Pharma $536.4 mn $149 mn NA Thailand Private Company Generics - Branded Small Molecules Broad NA789 Recursion Pharma $529 mn $NA NA Salt City, Utah Private Company Biotechnology Small Molecules Rare Disease NA790 Saol Therapeutics $528 mn $80 mn NA Atlanta, US Private Company Branded Pharma Biologics Rare Disease 930791 Sito Bio $527.8 mn $124 mn $11 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 571792 TaiGen $526.2 mn $0.7 mn -$8.5 mn Taiwan Public Company Biotechnology Small Molecules Anti-Infectives 715793 Taiwan Biotech $525.4 mn $145 mn NA Taiwan Private Company Generics - Branded Small Molecules Broad 646794 ImmunoGen $525 mn $86 mn -$45 mn Boston Area, US Public Company Biotechnology Biologics Oncology 568795 Kyowa Pharmaceutical $525 million $230 mm NA Osaka, Japan Private Company Generics - Branded Small Molecules Broad NA796 JGL $523.5 mn $145 mn NA Croatia Private Company Generics - Branded Small Molecules Broad 740797 Lepu Bio $523 mn $NA NA Shanghai, China Private Company Generics - China Small Molecules Broad NA798 Honz Pharma $521.8 mn $127 mn $7.5 mn Guangdong Province, China Public Company Generics - China Small Molecules Pediatrics 683799 Getz Pharma $520.2 mn $144 mn NA Pakistan Private Company Generics - Branded Small Molecules Broad NA800 ANI Pharmaceuticals $519.6 mn $197 mn $33 mn Minnesota, US Public Company Generics - INN Small Molecules Broad 451


88




Rank 2019

801 PharmaResearch Prod. $519.4 mn $76 mn $25 mn South Korea Public Company Generics - Branded Naturals Dermatology 782802 Yakult Pharma $519 mn $NA NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Oncology 479803 Freeline Therapeutics $518.3 mn $0 mn NA Stevenage, UK Public Company Biotechnology Gene Therapy Hematology NA804 Gossamer Bio $516.6 mn $NA -$205 mn San Diego, US Public Company Biotechnology Small Molecules Immunology 309805 Shenqi Pharmaceutical $516.2 mn $262 mn $26 mn Guizhou, China Public Company Generics - China Small Molecules Broad 677806 DHG Pharma $516 mn $164 mn $35 mn Can Tho, Vietnam Public Company Generics - Branded Small Molecules Broad 608807 Valneva $515.7 mn $134 mn -$20 mn Lyon, France Public Company Branded Pharma Vaccines Vaccines 728808 Ocular Therapeutix $515.5 mn $7.2 mn -$76 mn Boston Area, US Public Company Biotechnology Small Molecules Opthalmology 1028809 Hua Medicine $513 mn $3.1 mn -$53 mn Hong Kong Public Company Biotechnology Small Molecules Diabetes Care 333810 Enanta $512.2 mn $150 mn -$11 mn Boston Area, US Public Company Biotechnology Small Molecules Hepatology 303811 Hana Pharm $511.2 mn $142 mn NA South Korea Private Company Generics - Branded Small Molecules Broad 669812 Cosar Pharmaceutical $511.2 mn $142 mn NA Iran Private Company Generics - Branded Small Molecules Anti-Infectives NA813 Aerie Pharmaceuticals $510.2 mn $81 mn -$152 mn North Carolina, US Public Company Branded Pharma Small Molecules Opthalmology 307814 Organogenesis $508.1 mn $269 mn -$19 mn Boston Area, US Public Company Branded Pharma Cell Therapy Wound Care 470815 TherapeuticsMD $506.2 mn $62 mn -$164 mn Boca Raton, FL Public Company Branded Pharma Small Molecules Womens Health 372816 Consilient Health $506.2 mn $76 mn NA Ireland Private Company Branded Pharma Small Molecules Broad 508817 Huons $505.1 mn $402 mn $86 mn South Korea Public Company Generics - Branded Small Molecules Broad 587818 SIGA Technologies $504.9 mn $55 mn $22 mn New York Area, US Public Company Branded Pharma Small Molecules Biodefense 615

819 Syndax Pharmaceuticals $504.6 mn $1.5 mn -$58 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 1107

820 Corium $504 mn NA NA Bay Area, US Private Company Branded Pharma Small Molecules Neurology NA821 Genor Biopharma $503 million NA NA Shanghai, China Private Company Biotechnology Biologics Oncology NA822 IE Ulagay $501.4 mn $139 mn NA Turkey Private Company Generics - Branded Small Molecules Broad NA823 Ambiopharm $500 mn $NA NA North August, SC, US Private Company Generics - Branded Small Molecules Broad 626824 Odin Pharmaceuticals $500 mn $80 mn $25 mn Somerset NJ Private Company Generics - Branded Small Molecules Broad NA825 NKMax $496.5 mn $7.6 mn -$24 mn Los Angeles, US Public Company Generics - INN Small Molecules Generics 764


89



Rank 2019

826 Teyi Pharmaceutical Group $496 mn $105 mn $26 mn Guangdong Province, China Public Company Generics - Branded Small Molecules Broad 617827 Jeil $495.1 mn $624 mn $17 mn South Korea Public Company Branded Pharma Small Molecules Cardiometabolic 642828 TCR2 Therapeutics $494.3 mn $NA -$60 mn Boston Area, US Public Company Biotechnology Cell Therapy Oncology 656829 Celon Pharma $494.2 mn $25 mn $7.1 mn Poland Public Company Biotechnology Small Molecules Oncology NA830 Hicin $493.8 mn $119 mn $17 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 673831 Fengyuan Pharmaceutical $493.3 mn $459 mn $23 mn Anhui Province, China Public Company Generics - China Small Molecules Broad 798832 kaleo $492.2 mn $125 mn NA Richmond, Virginia Private Company Branded Pharma Small Molecules Allergy NA833 Aprea Therapeutics, Inc. $491.8 mn $NA -$45 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology NA834 AMAG Pharma $489.7 mn $297 mn -$73 mn Boston Area, US Public Company Branded Pharma Small Molecules Womens Health 671835 Aprogen Pharmaceuticals $486.4 mn $45 mn $0 mn South Korea Public Company Generics - Branded Small Molecules Broad 892836 Pandion Therapeutics $484.9 mn $4.9 mn NA Boston Area, US Public Company Biotechnology Biologics Immunology NA837 Green Cross Cell $483 mn $31 mn $3.8 mn South Korea Public Company Branded Pharma Cell Therapy Oncology 572838 Arterium $482.7 mn $134 mn NA Kiev, Ukraine Private Company Generics - Branded Small Molecules Broad NA839 Sopharma $480.7 mn $775 mn $53 mn Bulgaria Public Company Generics - Branded Small Molecules Broad 650840 OM Pharm $478 mn $101 mn NA Zurich, Switzerland Private Company Branded Pharma Biologics Anti-Infectives NA841 ZIOPHARM Oncology $476.2 mn $NA -$66 mn Boston Area, US Public Company Biotechnology Biologics Oncology 554842 ASKA Pharmaceutical $474.7 mn $484 mn $52 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Gastroenterology 697843 Dongwha Pharm $473.6 mn $245 mn $23 mn South Korea Public Company Generics - Branded Small Molecules Generics 1005844 Relmada Therapeutics $471.4 mn $NA -$30 mn New York, NY Public Company Biotechnology Small Molecules CNS NA845 YungShin Global $470.4 mn $280 mn $45 mn Taiwan Public Company Branded Pharma Small Molecules ENT 662846 Vertice Pharma $468 mn $130 mn NA New York Area, US Private Company Generics - INN Small Molecules Broad 712847 Farmac-Zabban $467.8 mn $129 mn NA Bologna, Italy Private Company Generics - Branded Small Molecules Broad 1026848 MannKind $466 mn $61 mn -$33 mn Los Angeles, US Public Company Branded Pharma Small Molecules Cardiometabolic 706849 Ansun Biopharma $466 million NA NA San Diego, US Private Company Biotechnology Small Molecules Virology NA850 BiondVax Pharmaceuticals $464.8 mn NA -$25 mn Israel Public Company Biotechnology Biologics Vaccines NA


90




Rank 2019

851 Amlyx $464 million NA NA Boston Area, US Private Company Biotechnology Small Molecules Neurology NA852 XOMA $463.8 mn $10 mn -$8.9 mn Bay Area, US Public Company Royalty Company Biologics Oncology 1047853 Codupha $463.6 mn $128 mn NA Ho Chi Minh, Vietnam Private Company Generics - Branded Small Molecules Broad NA854 Yatai Pharma $463.4 mn $55 mn -$39 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 448855 SERB $463.3 mn $70 mn NA Belgium Private Company Branded Pharma Small Molecules Hospital 875856 FangSheng Pharma $462.8 mn $160 mn $22 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 729857 CMG Pharma $462.5 mn $49 mn $3.8 mn South Korea Public Company Branded Pharma Small Molecules Urology 675858 Romark $462 mn $70 mn NA Tampa, FL Private Company Branded Pharma Small Molecules Gastroenterology 687859 Reig Jofre $461.8 mn $257 mn $28 mn Barcelona, Spain Public Company Generics - Branded Small Molecules Broad 902860 Poly Pharmaceuticals $460.8 mn $128 mn NA Huntsville, AL Private Company Generics - Branded Small Molecules Other NA861 Lianhuan Pharma $459.7 mn $191 mn $20 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 846862 Eagle Pharma $458.4 mn $177 mn $11 mn New York Area, US Public Company Branded Pharma Small Molecules Oncology 535863 Odonate Therapeutics $456.5 mn $NA -$120 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 815864 Qianjin Pharmaceutical $455.6 mn $497 mn $53 mn Hubei Province, China Public Company Generics - China Naturals Broad 649865 Cue Biopharma $454.7 mn $4 mn -$39 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 1080866 Longjin Pharmaceutical $452.3 mn $34 mn $0.8 mn Yunnan Province, China Public Company Generics - China Small Molecules Broad 719867 ORIC Pharma $451.9 mn $NA -$35 mn Bay Area, US Public Company Biotechnology Small Molecules Oncology NA868 Jiaying Pharmaceutical $451.6 mn $69 mn $2.7 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 688869 Hanlim $448.5 mn $124 mn NA South Korea Private Company Generics - Branded Small Molecules Broad 696870 Daito Pharmaceutical $448.3 mn $417 mn $77 mn Toyama, Japan Public Company Generics - Branded Small Molecules Broad 720871 Guangji Pharma $448.2 mn $100 mn $17 mn Hubei Province, China Public Company Generics - Branded Small Molecules Broad 654872 Silence Therapeutics $447.1 mn $1.7 mn -$33 mn London, United Kingdom Public Company Biotechnology Nucleic Acids Hematology NA873 Bristol Laboratories $445.2 mn $123 mn NA London, United Kingdom Private Company Generics - INN Small Molecules Broad 698874 Pengqi Technology $443.1 mn $121 mn -$37 mn Shanghai China Public Company Generics - China Small Molecules Broad 294875 Soria Natural $442.7 mn $122 mn NA Garray, Spain Private Company Generics - Branded Small Molecules Broad 1039


91

Rank NameValue Estimate (Sep 15, 2020) Revenue Profit (EBITDA)Location Company Type Sector Lead Modality


Rank 2019

876 MIP Group $442.4 mn $122 mn NA Blieskastel, Germany Private Company Generics - Branded Small Molecules Broad 1040877 Osmotica $440.1 mn $211 mn $34 mn New York Area, US Public Company Branded Pharma Small Molecules Neurology 530878 SALVAT $440 mn $66 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Pediatrics 906879 Jacobson Pharma $439.4 mn $202 mn $53 mn Hong Kong Public Company Generics - Branded Small Molecules Broad 640880 Indivior $439.4 mn $634 mn $50 mn Richmond, Virginia Public Company Branded Pharma Small Molecules Addiction 771881 Eutilex $439.1 mn $0.8 mn -$15 mn South Korea Public Company Biotechnology Cell Therapy Oncology 584882 89bio $439.1 mn $NA -$40 mn Bay Area, US Public Company Biotechnology Biologics Hepatology NA883 Aptose Biosciences $438.8 mn $NA -$42 mn Toronto Area, Canada Public Company Biotechnology Small Molecules Oncology NA884 Pharma Foods International $437.7 mn $145 mn $9 mn Kyoto, Japan Public Company Generics - Branded Small Molecules Generics 1041885 Anika Therapeutics $437 mn $125 mn $32 mn Boston Area, US Public Company Branded Pharma Biologics Bone & Osteo 757886 Starpharma $435.8 mn $4.5 mn -$10 mn Melbourne, Australia Public Company Biotechnology Small Molecules Women's Health 857887 Lisheng Pharma $435.1 mn $194 mn $28 mn Hebei Province, China Public Company Generics - China Small Molecules Broad 613888 Taihe Health Tech $433.3 mn $101 mn $9.5 mn Sichuan Province, China Public Company Generics - Branded Small Molecules Broad 735889 Farma de Colombia $432 mn $120 mn NA Colombia Private Company Generics - Branded Small Molecules Broad NA890 Brainstorm Cell Tx $431.7 mn $NA -$28 mn New York Area, US Public Company Biotechnology Cell Therapy Neurology NA891 RedHill Biopharma $431.1 mn $24 mn -$48 mn Tel-Aviv, Israel Public Company Branded Pharma Small Molecules Gastroenterology 938892 Spectrum $430.1 mn $NA -$136 mn Las Vegas, NV Public Company Biotechnology Small Molecules Oncology 408893 Anterogen $428.6 mn $3.4 mn -$2.6 mn South Korea Public Company Branded Pharma Cell Therapy Gastroenterology 561894 Tricida $428 mn $NA -$232 mn Bay Area, US Public Company Biotechnology Small Molecules Renal 159895 Panlong Pharmaceutical $426 mn $64 mn NA Shangluo, China Private Company Generics - China Small Molecules Generics 670896 Alter Pharma $424.8 mn $118 mn NA Belgium Private Company Generics - Branded Small Molecules Broad NA897 Passage Bio, Inc. $423.4 mn $NA -$70 mn Philadelphia Area, US Public Company Biotechnology Gene Therapy Rare Disease NA898 Molecular Partners $422.3 mn $15 mn -$48 mn Zurich, Switzerland Public Company Biotechnology Biologics Opthalmology 844899 Caregen $422.2 mn $53 mn $32 mn South Korea Public Company Biotechnology Cell Therapy Dermatology 590900 Ferndale Pharma Group $421.7 mn $63 mn NA Michigan, US Private Company Branded Pharma Small Molecules Dermatology NA


92



Rank 2019

901 Franco-Indian (FIPPL) $420.7 mn $116 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Broad NA

902 Laborate Pharmaceuticals $420.1 mn $116 mn NA Haryana, India Private Company Generics - Branded Small Molecules Broad NA

903 Qianjiang Pharmaceutical $418.5 mn $111 mn -$27 mn Hubei Province, China Public Company Generics - China Small Molecules Broad NA

904 Highland Therapeutics $418 mn NA NA Toronto Area, Canada Private Company Branded Pharma Small Molecules CNS NA

905 Molteni $417.7 mn $63 mn NA Florence, Italy Private Company Branded Pharma Small Molecules Pain 899

906 TOA EIYO $416 mn $131 mn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Cardiovascular 678

907 Syros Pharma $414.3 mn $6.6 mn -$71 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 1061

908 Medigen $413.1 mn $18 mn -$19 mn Taiwan Public Company Biotechnology Small Molecules Oncology 737

909 BeyondSpring Pharma $412.5 mn $NA -$55 mn New York Area, US Public Company Biotechnology Small Molecules Oncology 694

910 Theragen Etex $412.4 mn $114 mn $4 mn South Korea Public Company Biotechnology Biologics Oncology 743

911 Calliditas Therapeutics $412.2 mn $5 mn NA Sweden Public Company Biotechnology Small Molecules Renal NA

912 Vyera Therapeutics $411.8 mn $62 mn NA New York Area, US Private Company Branded Pharma Small Molecules Rare Disease NA

913 Neoleukin Therapeutics $411.6 mn $NA -$38 mn Seattle, US Public Company Biotechnology Biologics Oncology NA

914 Daewon Pharm $410.9 mn $265 mn $41 mn South Korea Public Company Generics - Branded Small Molecules Broad 783

915 HLS Therapeutics $409.8 mn $53 mn $22 mn Toronto Area, Canada Public Company Branded Pharma Small Molecules Mature Products 870

916 Puma Biotechnology $409.2 mn $241 mn -$21 mn Los Angeles, US Public Company Branded Pharma Small Molecules Oncology 421

917 Kymab $408.5 mn $ NA Cambridge, UK Private Company Biotechnology Antibodies Oncology NA

918 Seikagaku $408.2 mn $259 mn $25 mn Tokyo, Japan Public Company Branded Pharma Biologics Bone & Osteo 607

919 Diachem $408.2 mn $113 mn NA Bergamo, Italy Private Company Generics - Branded Small Molecules Broad 1057

920 Adcock Ingram $407.5 mn $423 mn $62 mn South Africa Public Company Generics - Branded Small Molecules Broad 474

921 Applied Therapeutics, Inc. $404.7 mn $NA NA New York Area, US Public Company Biotechnology Small Molecules Rare Disease NA

922 Instituto Vital Brazil $403.3 mn $112 mn NA Rio de Janeiro, Brazil Private Company Generics - Branded Small Molecules Broad 1058

923 iNtRON Biotechnology $403.2 mn $25 mn $8.1 mn South Korea Public Company Biotechnology Small Molecules Anti-Infectives 619

924 Moehs $401.8 mn $111 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 1059

925 US WorldMeds $400 mn $NA NA Louisville, KY, US Private Company Branded Pharma Small Molecules Neurology 380


93




Rank 2019

926 Yisheng Pharma $398.9 mn $128 mn $17 mn Jilin Province, China Public Company Generics - China Naturals Broad 699927 BioDelivery Sciences $397.8 mn $136 mn $25 mn North Carolina, US Public Company Branded Pharma Small Molecules Addiction 734928 Cosette Pharma $396 mn $110 mn NA New York Area, US Private Company Generics - Branded Small Molecules Broad NA929 Aft Pharm $395.4 mn $62 mn $6.9 mn New Zealand Public Company Generics - Branded Small Molecules Broad 976930 Synmosa Biopharma $393.9 mn $97 mn $9.2 mn Taiwan Public Company Generics - Branded Small Molecules Broad 788931 Ardelyx $391.9 mn $8.3 mn -$84 mn Bay Area, US Public Company Branded Pharma Small Molecules Gastroenterology NA932 Bluefish Pharma $391.7 mn $108 mn NA Stockholm, Sweden Private Company Generics - Branded Small Molecules Broad 1062933 Furui $390.6 mn $114 mn $24 mn Beijing, China Public Company Generics - China Small Molecules Hepatology 703934 G1 Therapeutics $390.4 mn $2.1 mn -$132 mn North Carolina, US Public Company Biotechnology Small Molecules Oncology 722935 Blue Pharma-Indústria $389.2 mn $108 mn NA Portugal Private Company Generics - Branded Small Molecules Broad 1063936 Belupo $385.2 mn $107 mn NA Croatia Private Company Generics - Branded Small Molecules Broad NA937 Ohara Pharma $384.3 mn $183 mn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Oncology 575938 Mirum Pharma $384.2 mn $NA -$79 mn Bay Area, US Public Company Biotechnology Small Molecules Rare Disease NA939 Cellular Biomedicine $382.3 mn $0.2 mn -$47 mn Bay Area, US Public Company Biotechnology Cell Therapy Oncology 821940 Sihuan Pharma $382.2 mn $323 mn $107 mn Beijing, China Public Company Generics - China Small Molecules Broad 331941 Neutec Ilac $378.3 mn $105 mn NA Turkey Private Company Generics - Branded Small Molecules Respiratory NA942 Ildong Pharmaceutical $378 mn $467 mn $9.2 mn South Korea Public Company Generics - Branded Small Molecules Broad 632943 AC Immune $376.4 mn $50 mn -$23 mn Lausanne, Switzerland Public Company Biotechnology Small Molecules Neurology 1081944 Lee's Pharmaceutical $376 mn $150 mn $47 mn Hong Kong Public Company Generics - China Small Molecules Oncology 663945 VIVUS $375.5 mn $56 mn NA Bay Area, US Private Company Branded Pharma Small Molecules Gastroenterology 871946 Scholar Rock Holding $371.4 mn $21 mn -$65 mn Boston Area, US Public Company Biotechnology Small Molecules Neurology 721947 Therabel Pharma $370 mn $NA NA Netherlands Private Company Branded Pharma Small Molecules Hospital 701948 Humanigen $369.6 mn $NA -$29 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA949 Fortress Biotech $369.5 mn $43 mn -$96 mn New York Area, US Public Company Branded Pharma Biologics Oncology 1027950 Savior Lifetec $368.7 mn $52 mn $11 mn Taiwan Public Company Generics - Branded Small Molecules Hospital 973


94




Rank 2019

951 Assembly Biosciences $368.2 mn $52 mn -$73 mn Bay Area, US Public Company Biotechnology Small Molecules Hepatology 774952 Rigel Pharmaceuticals $367.8 mn $108 mn -$25 mn Bay Area, US Public Company Branded Pharma Small Molecules Hematology 814953 Kala Pharmaceuticals $367.7 mn $4.5 mn -$82 mn Boston Area, US Public Company Biotechnology Small Molecules Opthalmology 852954 Materia Medica $367.2 mn $102 mn NA Moscow, Russia Private Company Generics - Branded Naturals Broad NA955 Fuji Pharma $365.8 mn $314 mn $43 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Womens Health 618956 Ovid Therapeutics $364.7 mn $NA -$77 mn New York Area, US Public Company Biotechnology Small Molecules Rare Disease NA957 TransMedics Group $363.1 mn $24 mn NA Andover, MA Public Company Biotechnology Small Molecules Transplant NA958 Kintor Pharma $362.5 mn $0 mn -$43 mn Jiangsu Province, China Public Company Biotechnology Small Molecules Hepatology NA959 Urovant Sciences $362.3 mn $0 mn -$139 mn Irvine, CA Public Company Biotechnology Small Molecules Urology 836960 Darnitsa $360 mn $100 mn NA Ukraine Private Company Generics - Branded Small Molecules Generics NA961 MS Pharma - El Kendi $360 mn $100 mn NA Algeria Private Company Generics - Branded Small Molecules Broad 768962 Ascendis Health $359.3 mn $427 mn $7.3 mn South Africa Public Company Generics - Branded Small Molecules Broad 589963 Kolon Life Sciences $358.9 mn $128 mn -$4 mn South Korea Public Company Branded Pharma Cell Therapy Bone & Osteo 485964 Nissin $358.1 mn $171 mn NA Tendo, Japan Private Company Generics - Branded Small Molecules Broad 602965 Indoco $357.3 mn $149 mn $20 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 827966 Atreca $357 mn $NA -$78 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA967 Alium Group $355.6 mn $98 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA968 The Searle Company $355.3 mn $98 mn NA Pakistan Private Company Generics - Branded Small Molecules Broad NA969 Kwang Dong Pharma $353.9 mn $1 bn $50 mn South Korea Public Company Generics - Branded Small Molecules Broad 809970 Jinling Pharma $353.7 mn $338 mn $35 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 627971 Verona Pharma $351.5 mn $NA -$50 mn London, United Kingdom Public Company Biotechnology Small Molecules Respiratory NA972 EIPICO $351.5 mn $192 mn $45 mn Egypt Public Company Generics - Branded Small Molecules Broad 680973 HNSP $350.6 mn $40 mn $1.1 mn Hainan Province, China Public Company Generics - China Small Molecules Broad 761974 AVROBIO $350.5 mn NA -$95 mn Boston Area, US Public Company Biotechnology Gene Therapy Rare Disease 926975 Checkmate Pharma $350.4 mn NA NA Boston Area, US Private Company Biotechnology Biologics Oncology NA


95




Rank 2019

976 Xinguan Pharma $350.2 mn $39 mn $14 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 792977 Flynn Pharma $349.9 mn $59 mn $18 mn London, United Kingdom Private Company Branded Pharma Small Molecules Hospital 911978 Tanvex $349.2 mn $NA -$77 mn Taiwan Public Company Biosimilars Biologics Broad 635979 C&Y Group $347.7 mn $137 mn -$8 mn Shanxi Province, China Public Company Generics - China Small Molecules Broad 830980 ACME Laboratories $347.5 mn $213 mn $55 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 731981 TAEJOON PHARM $347 mn $96 mn NA South Korea Private Company Generics - Branded Small Molecules Ophthalmology NA982 Farmabase $346.5 mn $52 mn NA Jaguariuna, Brazil Private Company Animal Health Small Molecules Animal Health NA983 Xbiotech $345.1 mn $28 mn -$25 mn Austin, TX, US Public Company Biotechnology Biologics Oncology 802984 Apex Healthcare $343.6 mn $167 mn $17 mn Malaysia Public Company Generics - Branded Small Molecules Generics 867985 Oyster Point Pharma $342.2 mn $NA NA Princeton, NJ, US Public Company Biotechnology Small Molecules Opthalmology NA986 Athersys, Inc. $341.7 mn $0 mn -$55 mn Cleveland, Ohio Public Company Biotechnology Small Molecules Neurology 968987 Paratek $341.7 mn $30 mn NA Boston Area, US Public Company Branded Pharma Small Molecules Anti-Infectives 960988 PBF $340.3 mn $50 mn $6.2 mn Taiwan Public Company Generics - Branded Small Molecules Broad 878989 Grupo Azevedos $339.8 mn $94 mn NA Portugal Private Company Generics - Branded Small Molecules Broad NA990 Centaur Pharma $338.8 mn $94 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Broad NA991 SOTHEMA $338.4 mn $178 mn NA Morocco Public Company Generics - Branded Small Molecules Broad 748992 Orchard Therapeutics $338.4 mn $3.1 mn -$169 mn London, United Kingdom Public Company Biotechnology Gene Therapy Rare Disease 313993 Cantargia $338.4 mn $NA NA Lund, Sweden Public Company Biotechnology Biologics Oncology NA994 Tiansheng Pharma $337.8 mn $199 mn -$27 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 631995 Tiziana Life Sciences $337.3 mn $NA -$9.9 mn London, United Kingdom Public Company Biotechnology Small Molecules Oncology NA996 Aestura $336.9 mn $93 mn NA South Korea Public Company Segment Generics - Branded Small Molecules Generics NA997 UroGen Pharma $336.5 mn $0.3 mn -$126 mn New York Area, US Public Company Branded Pharma Small Molecules Oncology 512998 Telix $336.4 mn NA NA Melbourne, Australia Public Company Biotechnology Radiopharmaceuticals Oncology NA999 China Chem & Pharma $336 mn $272 mn $23 mn Taiwan Public Company Generics - Branded Small Molecules Broad 8391000 Shapuaisi Pharma $335.5 mn $55 mn -$3.9 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 755

About Torreya and

Acknowledgements

96

Torreya is a Global Life Sciences Investment Bank

97

We are known for:

• Deep RelationshipsWe have strong personal relationships across the pharmaceutical and healthcare sectors.

• Operating PerspectiveMany of our senior colleagues come from industry and bring decades of experience.

• Deal ExcellenceTorreya is known as a firm that gets tough deals done. Our team is skilled in highly structured transactions.

• Healthcare FocusOur healthcare focus spans pharma, biotech, bioproduction, pharma services, physician services and HCIT.

$1.05 billionJune 2017

$658 millionJune 2014

Up to $470 millionJanuary 2015

$203 millionMarch 2017

Acquisition of generics business of Sale to

Sale of FXR program to Sale of Intrathecal business to

Generic Pharma Specialty Pharma

Asset Sale / Biotech Divestiture / Specialty Pharma

PE Recap / Bioproduction

Mergers & Acquisitions

Licensing, Asset Sales & JVs

Debt, Royalty Sales &Private Equity Deals

November 2019

Sale to

Specialty Pharma

$215 millionJanuary 2019

Option to be acquired by

Specialty Pharma

$30 millionFebruary 2020

Sale of majority stake to

Biotech

December 2019

License of NOV03 in North America to

Licensing / Biotech

Up to $306 millionJanuary 2020

License of Navicixizumab to

Licensing / Biotech

$50 MillionDecember 2018

JV Partnershipin China with

$125 millionApril 2019

$125 millionSeptember 2018

Sale of majority stake toDebt recapitalization &

acquisition of NextWavePharmaceuticals from

PE Recap / Generics Debt / Specialty Pharma

$70 millionOctober 2019

Credit facility from

Debt / Healthcare Services

February 2019

Sale of majority stake to

PE Recap / CRO

Representative Transaction Advisory Roles

$225 millionSeptember 2020

Purchase of

JV / China

• We cover Latin America, South Africa and parts of Asia through affiliate relationships

• 4 people cover the China market from a home base in the United States

98

Torreya: Active Global Presence With 45+ Persons Focused on the Pharma and Life Sciences Sector

LondonNew York

Mexico City

Rio de Janeiro

RiyadhHong Kong

Tokyo

Mumbai

Shanghai

Beijing

Moscow

TORREYA

AFFILIATE RELATIONSHIP*

• 34 people based in New York

• 9 people based in London

• 5 people based in Mumbai

• 1 person in Tokyo

* Key affiliate partners are Kybora in Africa and MidEast; Novus Capital in Russia; Natixis in China and Korea; Panarea in Latin America; and GCA in Japan.

Seoul

Top 25 Investment Banks in Pharma Industry Strategic DealsJan 1, 2017 to Sep 18, 2020 by Deal Count and Total Value

Deals Rank Financial Advisor Deal Count

Total Value ($mm)

Average Deal Size ($mm)

1 Torreya 54 $5,545 $103

2 Centerview 38 $97,016 $2,553

3 MTS Health Partners 30 $9,632 $321

4 Rothschild 28 $14,124 $504

5 JP Morgan 27 $130,139 $4,820

6 BAML 25 $89,422 $3,577

6 Jefferies 25 $17,876 $715

8 Goldman Sachs 24 $97,870 $4,078

8 Morgan Stanley 24 $124,212 $5,176

10 Lazard 23 $54,499 $2,370

11 Evercore 17 $172,214 $10,130

12 Stifel 16 $1,584 $99

13 Credit Suisse 15 $34,049 $2,270

13 SVB Leerink 15 $2,493 $166

15 Citigroup 13 $92,562 $7,120

16 PJT Partners 12 $58,729 $4,894

17 RBC 10 $3,378 $338

17 Ladenburg 10 $498 $50

19 Barclays 9 $7,829 $870

19 Moelis 9 $4,338 $482

19 Piper Sandler 9 $1,710 $190Source: CapitalIQ, Torreya analysis

Key Pharma Sector Contacts at Torreya

99

Tom BirdCo-Head Pharma Transactions New York [email protected]

Kelly CurtinManaging Director, PharmaLondon [email protected]

Masaki Doi, Ph.D.Director, Japan [email protected]

Peter Garrambone, Jr.Co-Head, Pharma TransactionsNew York [email protected]

Kylor HuaDirector, BiotechnologyNew York [email protected]

Leslie GautamDirector, Digital TherapeuticsNew York [email protected]

Benj GarrettManaging Director, Pharma M&ANew York [email protected]

Allen LefkowitzManaging Director, GenericsNew York [email protected]

Jie LiuManaging Director, ChinaNew York [email protected]

Stephanie LéouzonPartner, Head of EuropeLondon [email protected]

Nitin LathManaging Director, IndiaMumbai [email protected]

Tim Opler, Ph.D.Partner, PharmaceuticalsNew York [email protected]

Alan Selby, M.B.Ch.B.Director, Private EquityLondon [email protected]

Mark SimonPartner, BiotechnologyNew York [email protected]

Hetal VoraExecutive Director, IndiaMumbai [email protected]

mailto:[email protected]















Acknowledgement

This report has been a number of years in the making and we wish to thank the many companies who reviewed their

information and provided corrections and updates. Most importantly, we would like to thank Megan Ledger, who

dedicated two years of her life to compiling the list used here. Megan went far and wide to meet the companies in this

guide to make sure that we had their stories right. She travelled to China and spent time with various experts there in an

effort to sort out the players in that vast country. The contributions to this report of Margaux Babich, Allison Bobzin,

John Bradley, Brandon Chang, Elizabeth Condo, Masaki Doi, Weijun Gu, Kylor Hua, Hansruedi Kottmann, Hayley Kunzli,

Nitin Lath, Brendan Latimer, Andrew Ledger, Allen Lefkowitz, Stephanie Leouzon, Jeremy Lin, Jie Liu, Jocelyn Lyu, Avi

Margulies, Olivia Morales, Mark Simon, Zanna Stephan, Mara Walton, Sonata Winchester, Hank Wu and Teresa Yiu are

gratefully acknowledged. The images in this presentation are from Pixabay and Getty Images or are otherwise owned by

Torreya.

Disclaimer

101

The material in this presentation and accompanying “Pharma 1000” report has been prepared for general information on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.

The information used in preparing these materials was obtained from or through public sources. Torreya assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. No representation, warranty or undertaking, express or implied, is made and no responsibility is accepted by Torreya as to or in relation to the accuracy or completeness or otherwise of these materials or as to the reasonableness of any other information made available in connection with these materials (whether in writing or orally) to any interested party (or its advisors). Torreya will not be liable for any direct, indirect, or consequential loss or damage suffered by any person as a result of relying on any statement contained in these materials or any such other information. None of these materials, the information contained in them or any other information supplied in connection with these materials, will form the basis of any contract. To the extent such information includes estimates of value and/or financial performance there is no guarantee that such estimates can be achieved in the marketplace. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Torreya expressly disclaims any and all liability relating or resulting from the use of this presentation. Torreya assumes no obligation to update or otherwise review these materials. These materials have been prepared by Torreya and its

affiliates and accordingly information reflected or incorporated into these materials may be shared with employees of Torreya and its affiliates and agents regardless of location. This presentation speaks only as of the date it is given, and the views expressed are subject to change based upon a number of factors, including market conditions.

This material must not be copied, reproduced, distributed or passed to others at any time without the prior written consent of Torreya. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instrument. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. Torreya does not provide any tax advice. Any tax statement herein regarding any U.S. federal or other tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of the transaction(s) or matter(s) to which the statement related. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. This presentation does not purport to be all-inclusive or to contain all of the information that the Company may require. No investment, divestment or other financial decisions or actions should be based solely on the information in this presentation.

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