Pharmaceuticals Industry Analysis

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Below is a chart that shows aggregated revenue for the past 4 years for the Pharmaceuticals
sector.1,2

Annual Revenue ($ Millions)

$500,000

$400,000

$300,000

$200,000

$100,000

$0
2010 2011 2012 2013

1. Peer Group of 225 firms comprised of SIC Groups 2834, 2835 and 2836.
2. The $9 Billion USD revenue drop from 2011 to 2012 may be due to patent expiration on blockbuster drugs from FOUR firms.
(Pfizer – Lipitor, Bristol Myers – Plavix, Eli Lilly -- Zyprexa, Forest Labs -- Lexapro).

Please note all annual data is based on Calendar Year 2013, NOT Fiscal Year. FY 2013 provided upon request. 1
 20 companies control 90% of the market.

FOREST LABS
1%
2013 Revenue
HOSPIRA INC The Rest
1% 10%
JOHNSON & JOHNSON
Zoetis Inc. 18%
1%

Shire plc
Valeant Pharma
1%
1%
ALLERGAN
2%
CELGENE
2%
MYLAN
2%
BIOGEN IDEC
2%
Actavis plc
2% PFIZER INC
13%
GILEAD SCIENCES INC
3%

BRISTOL MYERS SQUIBB CO

4%

AMGEN INC
5%
Merck & Co. Inc.
11%
AbbVie Inc.
5%

TEVA PHARMACEUTICALS
LILLY ELI & CO
5% ABBOTT LABS 6%
6%

Please note all annual data is based on Calendar Year 2013, NOT Fiscal Year. FY 2013 provided upon request. 2
 -2
-1
0
1
2
3
4
5
6
ACCESS PHARMACEUTICALS
CORCEPT THERAPEUTICS
NPS PHARMACEUTICALS
VITRO DIAGNOSTICS
VIVUS
Cybrdi
ULURU
DEPOMED
FITT HIGHWAY PRODUCTS
CELGENE CORP
AMGEN
HIGH PERFORMANCE…
FOREST LABORATORIES
Galena Biopharma
ACURA PHARMACEUTICALS
ELITE PHARMACEUTICALS
ALEXION PHARMACEUTICALS

Inventory Turnover
MERIDIAN BIOSCIENCE
Hubei Minkang…
NanoString Technologies
MYLAN
(4%)
AMD

IMMUCELL CORP
AMERICAN BIO MEDICA CORP
Opko Health
(9%)

ENDO HEALTH SOLUTIONS

App.
Mat,
2013 Inventory Turnover

JOHNSON & JOHNSON

BG Medicine
PERNIX THERAPEUTICS…

Median Inventory Turnover

OSIRIS THERAPEUTICS
SPECTRUM PHARMACEUTICALS
By Firm

AbbVie
BLYTH
CADENCE PHARMACEUTICALS
QUESTCOR PHARMACEUTICALS
greater than 5 we set the level at 5 and flagged it for further analysis (red circle).

Targeted Medical Pharma

PAR PHARMACEUTICAL…
VERTEX PHARMACEUTICALS /…

Please note all annual data is based on Calendar Year 2013, NOT Fiscal Year. FY 2013 provided upon request.
Fibrocell Science
Biostar Pharmaceuticals
Inventory, and specifically Inventory Turnover, can serve as an indicator of the effectiveness of

224%), but some firms turned over much higher rates than that. If a firm had turnover
a firm’s inventory management. The median inventory turnover (green line) was 2.24 (or

3
 Days Sales Outstanding—A Deeper Dive

Days Sales Outstanding (DSO) can provide a clearer picture of the customer landscape with
respect to potential red flags regarding customer credit quality. Calcbench’s toolkit allows DSO
to be calculated across the peer group of over 200 firms within seconds.

The median DSO for the peer group is 60 days. As you see, the chart on the left shows the
DSO for all firms in our sample. Look at the outliers! In further refining the data, notice the
median in the ‘high’ group (on the right) is over 100.

180 120

160
100

140

80
120

100 60

80
40

60
20
40

0
20
Firms 51-100

Firms 101-150

Firms 151-200
Lowest 50

0
0 50 100 150 200 250

Want to find out where specific firms fall across the spectrum?
Contact us at us@calcbench.com for the complete data set.
Please note all annual data is based on Calendar Year 2013, NOT Fiscal Year. FY 2013 provided upon request. 4
 Total R&D Spend Year over Year
While seemingly little has changed, a deeper dive tells a different story!

2012 2013 YoY Change

R&D Expense (in $ Million) $62,964 $63,516 0.88%

R&D Spend ($ Million)

The overall year over 2012 2013 $ Change
year shrinking is caused JOHNSON & JOHNSON 8,828 8,763 $ (65)
by the 3 biggest firms— Merck & Co. 8,168 7,503 $ (665)
PFIZER 7,482 6,678 $ (804)
JNJ, MERCK and
LILLY ELI & CO 5,278 5,588 $ 310
PFIZER—spending less AMGEN 3,380 4,083 $ 703
on R&D. BRISTOL MYERS SQUIBB CO 3,904 3,731 $ (173)
AbbVie 3,066 3,193 $ 127
But, note that the total CELGENE CORP 1,724 2,226 $ 502
spend overall was up GILEAD SCIENCES 1,760 2,120 $ 360
0.88%. Approximately 3 ABBOTT LABORATORIES 1,544 1,452 $ (92)
out of 4 firms in our full BIOGEN IDEC 1,335 1,444 $ 109
sample spent more TEVA PHARMACEUTICAL 1,356 1,427 $ 71
ALLERGAN 977 1,042 $ 65
dollars in 2013.
Shire plc 953 933 $ (20)
VERTEX PHARMACEUTICALS 806 919 $ 113
The table to the right REGENERON PHARMACEUTICALS 626 860 $ 234
shows spend for the top FOREST LABORATORIES 964 788 $ (175)
25 firms. Actavis plc 403 617 $ 214
MYLAN 401 508 $ 106
CUBIST PHARMACEUTICALS 278 478 $ 200
Zoetis 409 399 $ (10)
BIOMARIN PHARMACEUTICAL 302 355 $ 53
ALEXION PHARMACEUTICALS 223 317 $ 94
Valeant Pharm. Intl, 269 310 $ 41
HOSPIRA 304 302 $ (2)

Please note all annual data is based on Calendar Year 2013, NOT Fiscal Year. FY 2013 provided upon request. 5
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