A Wall Street Perspective on Generics

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Authorized Generics – What Do Case Studies Show? 100% Zoloft (sertraline) 80% Greenstone TRx Share 60% 40% 20% 0% Pfizer TEVA 1 6 11 16 21 26 Weeks Since Launch Source: IMS Health. First generics launched in August 2006. brand ANDA generic authorized generic or brand generic 23
Authorized Generics – Our Take-Aways Dominant generic players are expected to continue to capture the lion’s share of the market Generic companies most affected likely to include those with modest distribution capabilities and whose first-to-files represent large percentage of ANDA filings Authorized generics launched through subsidiaries of brand companies in absence of broad product line − less likely to capture major share − could more significantly drive down value though little evidence of this Lower growth impact reflected in our forecasts & valuation 24
Page 1 and 2: A Wall Str
Page 3 and 4: Patent Expirations - Key Growth Dri
Page 5 and 6: Generic Industry Consolidation Majo
Page 7 and 8: Generic Industry - Accelerating Rat
Page 9 and 10: Generic Industry - Competitive Adva
Page 11 and 12: Generic Industry - Competitive Adva
Page 13 and 14: Brand Companies Defense Strategies
Page 19 and 20: Authorized Generic Deals - Innovato
Page 21 and 22: Authorized Generics - What Do Case
Page 23: Authorized Generics - What Do Case
Page 27 and 28: At Risk Launches vs. Legal Settleme
Page 29 and 30: Reformulations To Stay Ahead Of Gen
Page 31 and 32: Reformulation Defense Strategies Ca
Page 33 and 34: Generic Industry - Key Future Trend
Page 35 and 36: Our Investment Approach & Outlook
Page 37 and 38: Our Investment Approach & Outlook
Page 39 and 40: Important Disclosures (Cont.) Guide

A Wall Street Perspective on Generics

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