【摩根士丹利】北美生物制药行业更新

RESEARCH

Morganstanley

June5,202602:25PMGMT

Biopharma|NorthAmerica

Apictureisworthathousandwords

ComprehensiveUSdrugmarketanalysis(IQVIARx).ThelatestweeklyTotalPrescriptionYoYgrowth(wkending5/29–

MemorialDayholidayweek)was+1.6%vs.+1.0%lastwkand+1.0%overthepast12wks.

ForweekendedMay29,UStotalmarketweeklyTRxYoYchangewas+1.6%vs.+2.9%yearago(Exhibit10).Rolling4-weekTRxYoYwas+1.3%androlling12-

weekTRxYoYwas+1.0%.Extendedunit(EUTRx)weeklyYoYgrowthwas+1.4%,belowTRxYoY(Exhibit13).SequentialweeklyTRxgrowthwas-8.0%comparedto+0.7%weekbefore.Exhibit17–Exhibit19depictYoYmomentumforkey

products.

Howtovote:Torequestaballot,pleasegoto

/

voting.

BMY'sCobenfywasapprovedforschizophreniaon9/26/24.Scriptsare~2,900fortheweekvs~3,350lastweek.Forfulldetailsonourviewsonthelaunchseeour

note"ContextualizingCobenfylaunchexpectations",wherewediscussthatthe

analogswearemostfocusedonaretheschizophreniavolumesfromtheRexulti,

Caplyta,andLybalvilaunches.Weestimatedthattoachieve2026consensus

expectationsCobenfyTRxneedstotrackat~2-5xthevolumesfromthoselaunches(seeExhibit1)basedontheimpliedconsensustrend,as'26estimateis$296mn,

whichimplies~197KTRxarerequiredtoreachconsensusestimates(assuminga~$1,450netprice,inlinewithourestimatedpriceinourBMYmodel).WealsoshowtheCobenfylaunchtodateandourestimateofthetrajectorytoachieveconsensusrelativetorecentanti-psychoticlaunches,withTRxcombinedacrossallindications,inExhibit2belowforreferenceaswell.

GILD'sYeztugovs.Descovyvs.Apretudelaunchcomparisonchart(Exhibit4).GILD'sYeztugo(lenacapavir)wasapprovedon6/18/2025.LatestweektotalTRx

(oral+injectable)were~1,280vs.~1,810previousweek,andlastweekTRxfor

injectablewere~730vs.~1,020previousweek.Usingalinearmethod,weprojecttheweeklyinjectableTRxneededtoachieve2Q26cons,utilizing1Q26implied$/script(Exhibit5),butacknowledgingwehavelimitedvisibilityhereatthispointinthelaunch.OuranalysisofIQVIAprescriptiondataimpliesonlymodestincremental

UpDAtE

MoRGANSTANLEy&Co.LLC

TerenceCFlynn,Ph.D.

EquityAnalyst

Terence.Flynn@

+1212761-2230

AlexanderYevdokimov,Ph.D.

ResearchAssociate

Alexander.Yevdokimov@

ChrisYu,J.D.,Ph.D.

EquityAnalyst

+1212761-2167

Chris.L.Yu@

HaileyHorowitz

ResearchAssociate

+1212761-2535

Hailey.Horowitz@

DamienHKerner

ResearchAssociate

+1212761-5264

Damien.H.Kerner@

ConnorMMassari

EquityAnalyst

+1212761-3829

Connor.Massari@

+1212761-2417

MoRGANSTANLEyINDiACompANyPRivATELimiTED+

SaketAgarwal

ResearchAssociate

Saket.Agarwal@

+91226995-4012

MAjoRPHARmAcEuTicALs

NorthAmerica

IndustryViewIn-Line

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

Morganstanley

RESEARCH

UpDAtE

2

scriptgrowthisrequiredtoachieve2Q26VAconsofUS$222mn,basedonapplyingthe1Qcaptureratioto1Qscriptvolume/YeztugoWAC,thoughwenotethereare

severalcaveatsincludingGTNdynamics.Biggerpicture,wenoteYeztugohas

alreadysecured95%payorcoverage.Moreover,mostpayersdonotrequirecopays,andonlyalimitednumberhavepriorauthorizationorstep-editrequirements,whichisanindicationthatmostpayersarealigningwithUSPSTFguidelines.Overall,weareencouragedbystrongPrEPmarketgrowth(+14%y/y)andsustainedDescovy

share(>45%),whichreinforceourconfidencein2026+PrEPestimates(MSe

$1,148mnUS($1,155mnWW)vs.VAcons$946mnUS($1,005mnWW))andGILD'sUSguidanceof~$1.0bn.SeeourYeztugodeepdiveHERE.

VRTX'sJournavxwasapprovedforacutepainon1/30/25.Scriptsare~18,410fortheweekvs~20,900lastweek.VRTXnotesthathospitalscriptsarenotcapturedby

IQVIA-hospital/retailmix45%/55%in2025,anditrecentlycommentedthatthe

averagescriptdurationis10-11daysvs.14daysprior,withthedurationexpectedtoincreasein2026(LINK).Toachieve2026VAconsestimateof$239mn,we

estimatethat~1.2/2.1mntotalscriptsareneededfor12-dayscriptdurationatGTNof50%/70%respectively.BasedonquarterlyJournavxsalesandscripts,weestimatetheGTNtobearound65-75%forthepastfewquarters.Usingalinearmethod,weprojecttheweeklyTRxneededtoachieveconsestimate,byflexingtheGTNfrom

50%to70%for12-dayscripts(Exhibit3).Inaddition,weincludealinewheretheactualscriptsaregrossedupwithestimatedhospitalscripts.

JNJ’sIcotyde,partneredwithProtagonist(notcovered),wasapprovedforthe

treatmentofmoderate_to_severeplaquepsoriasison3/18/26(LINK).Prescriptionswere~230fortheweekvs~330lastweek.OnJNJ's1Q26earningscallthecompanyhighlightedastronginitiallaunchnotingday-onereadinesswiththefirstpatient

treatedwithin24hours,noting~1,500patientshavereceivedprescriptionsfrom

morethan1,000uniqueprescribers(~3weekspost-launch,byourestimate),but

didnotcommentonsamplingdynamics.Additionally,weconnectedwitha

dermatologistwhohasprescribedIcotydeto~21patients.EarlyfeedbacksuggestsitisviewedasacompellingoralIL_23optionformoderatepsoriasiswithpotentialtoexpandthetreatedpatientpool,thoughnear_termuptakemaybetemperedby

samplingfriction(seeourtakeawaysHERE).Assuch,webelieveearlyIQVIAscriptdatamaynotfullycaptureunderlyingprescribingdynamics.Weestimatethat

achieving2026U.S.consensusrevenueof$288mnwouldrequireIcotydeTRxtorampbroadlyinlinewithOtezla/Rinvoq(seeExhibit6).Thisimplies~35-46kTRxarerequiredin2026,assuminga$8,285/monthlistpriceand0–25%gross_to_net.WealsocompareIcotyde’slaunchtrajectorytorecentpsoriasisbiologicandorallaunches,alongsideourestimatedpathtoconsensus.

Newtableadded.WeaddedanewtabletrackingimmunologydrugsTRx(Exhibit75).

Immunologypricinganalysis.Weupdatedthechartsfor1Q26(Exhibit76-Exhibit81).WehavedividedthehistoricalquarterlyreportedsalesforStelara,Tremfya,

Skyrizi,Rinvoq,DupixentandCosentyxwithrespectivequarterlyIQVIATRxtoseehowvolumefromadditionalindicationsimpactsprice/script.

ABBV'sSkyriziandRinvoq.PleaserefertoExhibit91toExhibit95forkeySkyrizi

Morganstanley

RESEARCH

UpDAtE

MoRGANSTANLEyREsEARcH3

chartsandExhibit96toExhibit100forkeyRinvoqcharts.SkyriziandTremfyalatest52-weekNRxtrendchart(Exhibit7).

Alzheimer'slaunch.SeeExhibit141toExhibit144forLLY/KisunlaandBIIB/EisaiLeqembisalescharts.

COVIDvaccinetrackingexhibits.SeeCOVIDvaccineweekly&monthlyTRxlaunchtrendchartinExhibit164toExhibit167.

Comprehensivebiosimilaradoptionanalysis.Seeadoptionofbiosimilarsacross

variousbrandeddrugsinthesecharts—Actemra,Avastin,Epogen,Herceptin,

Humalog,Humira,Lantus,Lucentis,Neulasta,Neupogen,Prolia,Remicade,Rituxan,andStelara.ForIVdrugs,wetrackmonthlyIQVIAsalesonly.SeeExhibit20forBiosimilarsU.S.approval/launchtime-line.

•JNJ:StelarabiosimilarTRxshareandsalescharts(Exhibit37&Exhibit38).Biocon'sYesintekhas~34%andAMGN'sWezlanahas~12%shareinlatestweek.

•AMGN:ProliabiosimilarTRxsharechart(Exhibit34).Sandoz'sJubbontihadstartedtoappearfromtheweekofJune13,2025andhas~31%TRx

shareinlatestweek.

Chartsofnote:

Exhibit1:MS-EstimatedCobenfyTRxtrajectorytoachieve2025/2026

consensusestimatesvsschizophrenialaunchanalogs

0

.

Source:IQVIA,MSResearch;estimatesforVraylar,Lybalvi,andRexultiareforschizophreniaTRxonly

Exhibit2:CobenfyLaunchvs.Recentantipsychoticlaunches(allindications)

0

1016182026283032344042445052546062646668747678848688949698

Source:IQVIA,MSResearch

4

Exhibit3:MS-EstimatedJournavxTRxtrajectorybasedongrosstonet(GTN)pricingtoachieve2026consensusestimates

0

143046526884

Source:IQVIA,MSResearch

Exhibit4:GILD'sYeztugoandDescovyvs.GSK'sApretudeTRxlaunchcomparison

TRx

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

01020304050607080

Weekssincelaunch

Apretude(ViiV)Descovy(Gilead)Yeztugooral(Gilead)YeztugoInj(Gilead)

Source:IQVIA

Exhibit5:MS-EstimatedYeztugoTRxtrajectorybasedon1Q$/scripttoachieve2Q26consestimateof$222mn

800

600

400

200

0

79

WeeksSinceLaunch

Source:IQVIA,MSResearch222

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UpDATE

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Exhibit6:MS-estimatedIcoTRxtrajectorytoachieve2026consensusvs.priorI&Ilaunches

0

01020304050

500

Source:IQVIA,VisibleAlpha,MSResearch

Exhibit7:TremfyaandSkyriziNRxtrend

WeeklyNRx

0

TremfyaSkyrizi

14,000

12,000

10,000

8,000

6,000

4,000

2,000

Source:IQVIA,MSResearch

Momentumoftopoutpatientdrugs:

Exhibit8:KeyproductsTRxYOY%forUSMajorPharmaandBiotech

TRxYOY%12-wkrolling4-wkrollingWeekly

ABBvie:

Humira

Rinvoq

Skyrizi

ImbruvicaVenclextaVraylar

UbrelvyQulipta

-48%25%28%

-14%25%

8%

11%

21%

-49%27%29%

-10%38%

8%

10%

21%

-50%21%26%

-14%25%7%13%23%

Amgen:

Otezla0%0%-1%

Enbrel3%2%1%

Repatha32%33%33%

Tavneos48%5%-1%

BrisTolMyers:

Soytktu-15%-28%-34%

6

Source:IQVIA

Exhibit9:Notabledrugtotalprescriptions(TRx).AllfiguresareroundedtothenearesthundredbecauseIQVIAdoesnotallowpublicationofexactRxcounts

~TRx/Weekending

05/08/26

05/15/26

05/22/26

05/29/26

DiABETEs(GLP-1)OBEsiTy

Victoza(Novo)

1,200

1,500

1,600

1,500

Xultophy(Novo)

600

600

600

600

Ozempic(Novo)

523,000

513,700

523,200

493,700

Rybelsus(Novo)

51,200

51,100

51,400

48,000

Wegovy(Novo)

445,900

454,100

462,100

441,300

NovoGLP-1franchise

T2D

576,000

566,800

576,800

543,800

Camzyos

38%

35%

33%

Zeposia

-6%

-10%

-19%

Krazati

20%

31%

19%

Revlimid

-68%

-69%

-69%

Pomalyst

-68%

-82%

-83%

Eliquis(50/50w/Pfizer)

6%

6%

5%

Sprycel

-40%

-37%

-38%

GiLEAD:

Genvoya

-18%

-18%

-20%

Odefsey

-12%

-11%

-10%

Descovy

-6%

-8%

-5%

Biktarvy

-2%

-1%

-2%

TotalHIVFranchise

-4%

-4%

-4%

JNJ:

Tremfya

70%

74%

83%

Stelara

-63%

-63%

-64%

Erleada

23%

23%

25%

Spravato

23%

24%

24%

Xarelto

-7%

-7%

-7%

ELiLiLLy:

Trulicity

-23%

-23%

-23%

Mounjaro

43%

41%

41%

Zepbound

89%

79%

54%

Taltz

0%

-1%

-5%

Verzenio

3%

1%

-1%

ORGANoN

Vtama

-4%

-2%

5%

MERck:

JanuviaFranchise(incl.Steglujan)

-11%

-12%

-12%

Gardasil

15%

10%

8%

PFizER:

Ibrance

2%

1%

-1%

Comirnaty

-24%

-26%

-48%

Paxlovid

-71%

-77%

-82%

Nurtec

15%

16%

19%

Prevnar

-47%

-33%

-24%

Vyndaqel

8%

6%

-4%

Xeljanz/XR

-4%

-4%

-6%

Xtandi

15%

9%

5%

MoRGANSTANLEyREsEARcH7

NovoGLP-1franchiseT2D+Obesity

Trulicity(EiliLilly)Mounjaro(LLY)

Zepbound(EliLilly)LLYGLP-1franchise

LLYGLP-1franchiseT2D+Obesity

1,021,900

126,600

784,600

655,900

911,100

1,567,000

1,020,900

123,900

777,100

642,400

900,900

1,543,300

1,038,900

125,400

796,800

659,000

922,200

1,581,200

985,100

117,500

756,700

610,800

874,100

1,484,900

ENDomETRiosis

Orilissa(Abbvie)

1,700

1,800

1,800

1,600

MiGRAiNE(CGRP

oTHERs)

Aimovig*(Amgen)

21,100

20,000

20,700

19,600

est.no.of

injections

21,800

22,200

22,700

21,500

Ajovy(Teva)

22,900

22,200

22,400

21,300

est.no.of

injections

64,200

64,500

65,100

59,800

Emgality(EiliLilly)

40,700

39,400

40,500

38,100

est.no.of

injections

6,000

5,800

6,400

5,600

Ubrelvy(Abbvie)

54,500

54,500

55,600

52,100

Qulipta(Abbvie)

43,000

43,200

44,200

41,100

Nurtec(Pfizer)

74,700

74,600

76,700

71,900

Reyvow(EiliLilly)

500

500

500

400

Vyepti(Lundeback)

00

00

00

00

ATopicDERmATiTis

Nemluvio(Galderma)

6,200

5,700

6,500

5,200

Eucrisa(Pfizer)

3,700

3,600

3,600

3,200

Adbry(Leo)

2,300

2,300

2,500

2,000

Ebglyss(LLY)

4,400

4,700

4,700

4,100

Dupixent(Sanofi/Regeneron)

102,300

102,900

108,400

97,200

Opzelura(Incyte)

15,600

15,200

16,200

13,800

CDK4/6PI3K

Ibrance(Pfizer)

3,200

3,200

3,200

2,800

KisqaliFranchise(Novartis)

6,400

6,800

7,100

5,700

Piqray(Novartis)

100

100

100

-

Verzenio(EiliLilly)

4,200

4,500

4,500

3,700

BTKBCL-2iNHiBiToRs

Imbruvica(Abbvie)

2,100

2,000

2,000

1,800

Venclexta(Abbvie/Roche)

2,000

1,800

2,000

1,500

Calquence(AZN)

3,000

3,200

3,000

2,800

Brukinsa(BeOne)

1,500

1,400

1,600

1,300

Jaypirca(LLY)

330

320

340

320

Xospata(Astellas)

200

200

200

200

OsTEopoRosis

Evenity(Amgen)

1,500

1,600

1,600

1,100

RAANDPsoRiAsis

Taltz(EiliLilly)

14,100

13,200

13,900

11,600

Cosentyx(Novartis)

21,000

19,300

21,500

18,100

Sotyktu(BMY)

1,100

1,200

1,100

900

Otezla(Amgen)

17,800

17,200

17,900

15,500

Xeljanz(Pfizer)

8,300

8,100

8,300

7,200

Cibinqo(Pfizer)

800

800

900

800

Olumiant(EiliLilly)

1,900

2,000

2,000

1,700

Rinvoq(Abbvie)

31,200

32,100

34,300

27,500

Tremfya(JnJ)

18,900

17,300

18,600

15,600

8

Skyrizi(Abbvie)

27,900

26,400

27,800

22,200

Kevzara(Sanofi/Regeneron)

2,600

2,500

2,800

2,400

**Humira(since8/23/19),Vyndaqel(5/31/19),Skyrizi(5/24/19),andEvenity(5/10/19):Prescriptionsarerestricted,duetoacontractualconditionbetweenasupplierandthemanufacturers.

Source:IQVIA

Seerespectivetherapeuticsectionsforcomprehensivechartsoncategoriesandkeydrugs.

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MoRGANSTANLEyREsEARcH9

IQVIAtotalmarketprescriptionandsalestrends

TheIQVIAdatabasesaredifferentforprescription(Rx)andsales($),andtheIQVIAsalesdollarsonlyreflectlistpricesofdrugsandnotrebates/discounts.TRxrepresentstotalprescriptiondispensedincludingrefills.NRxrepresentsnewprescriptions—thatis,allscriptswrittenexceptrefills.However,theNRxalsoincludesrenewals—thescript

patientsgetwhentheyrunoutofrefills.

Exhibit10:TotalMarketweeklyYOYTRxgrowth

WeeklyYOYgrowth

2025

4.2%

1.6%

2026

-12%

JanFebMarAprMayJunAugSepOctNovDec

12%

9%

6%

3%

0%

-3%

-6%

-9%

Note:TRx=TotalPrescription.Seedefinitionabove.

Source:IQVIA

Exhibit11:TotalmarketabsoluteTRxandNRx

WeeklyRx('000)

120,000

100,000

TRx

80,000

60,000

40,000

20,000

NRx

-

Note:NRx=NewPrescription.Seedefinitionabove.

Source:IQVIA

Extendedunit(EU)datatrendsweremorepositivethanprescription(Rx)trends

suggestingphysicianswerewritingmore90-dayprescriptionsduringthatperiod

(Exhibit12andExhibit13).EUfigures(EUTRx/EUNRx)mayrepresentamoreaccuratepictureofdemandbecausetheytakeintoaccountlarger/longer-durationprescriptions

whileNRx/TRxfigurescountbotha30-dayanda90-dayprescriptionthesame.

10

Exhibit12:TotalmarketweeklyNRXandEUNRxYOYgrowthsinceJanuary2020

Weeklygrowth

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

NRxYoYEUNRxYoY

1.4%

0.8%

Source:IQVIA

Exhibit13:TotalmarketweeklyTRxandEUTRxYOYgrowthsinceJanuary2020

Weeklygrowth

30%

25%

20%

15%

10%

5%

0%

-5%

-10%-15%-20%

-25%

TRxYoYEUTRxYoY

1.6%

1.4%

Source:IQVIA

Exhibit14:

U.S.market

*includingbrandsandgenericsmonthlygrosssalesgrowth

MonthlyYOYgrowth

25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

5%

1%

TRx

*IQVIAreportsbrands,brandedgenerics,genericsandothers.Source:IQVIA

MoRGANSTANLEyREsEARcH11

Exhibit15:TotalmarketBranded*pharmaceuticalmonthlyYOYvolumevs.salesdollargrowth

MonthlyYOYgrowth

80%

60%

40%

20%

0%

-20%

-40%

TRxSales

5%

2%

*IncludesBrandsandBrandedGenerics.NoteIQVIAincludessomebrandeddrugsinbrandedgenerics(e.g.Lidoderm)Source:IQVIA

Exhibit16:TotalmarketGenericpharmaceuticalmonthlyYOYvolumevs.salesdollargrowth

MonthlyYOYgrowth

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

2%

1%

TRx

Source:IQVIA

TheIQVIAdatabasesaredifferentforsales$andunitvolumes,andtheIQVIAsales

dollarsonlyreflectlistpricesofdrugsanddonotreflectrebates/discounts.Webelievethatbrandednetpricerealizationisabouthalfofwhatisimpliedbysubtractingsalesdollargrowthminusvolumegrowth.

12

KeyProductsbyCompany

U.S.companies

Exhibit17:KeyproductsfromU.S.MajorPharma

TRxMarketShare*

CurrentWkRolling4-WkRolling12-Wk

WeeklyYOYTRx

4-WkRollingYOYTRx

12-WkRollingYOYTRx

ABBV

Botox

HCVfranchise

Humira

ImbruvicaLinzess

Lumigan+LumiganX

Qulipta

Rinvoq

Skyrizi

UbrelvyVenclextaVraylar

NA

60.9%

8.2%

22.9%

NA

3.0%

24.9%

13.5%

10.9%

31.5%

19.1%

4.6%

NA

60.2%

8.2%

23.0%

NA

3.1%

25.0%

13.7%

11.4%

31.6%

21.1%

4.7%

NA

61.6%

8.6%

23.6%

NA

3.4%

25.0%

13.5%

11.2%

31.8%

20.7%

4.6%

11%

4%

-50%

-14%

3%

-37%

23%

21%

26%

13%

25%

7%

6%

-6%

-49%

-10%

3%

-37%

21%

27%

29%

10%

38%

8%

6%

-4%

-48%

-14%

3%

-29%

21%

25%

28%

11%

25%

8%

BMY

CamzyosEliquis

Orencia

Pomalyst

Revlimid

SotyktuSprycelZeposia

NA

71.7%

3.3%

3.4%

5.7%

0.5%

8.8%

4.5%

NA

71.6%

3.3%

3.9%

6.2%

0.5%

8.3%

4.9%

NA

71.3%

3.2%

6.4%

6.0%

0.5%

8.4%

5.1%

33%

5%

1%

-83%

-69%

-34%

-38%

-19%

35%

6%

3%

-82%

-69%

-28%

-37%

-10%

38%

6%

1%

-68%

-68%

-15%

-40%

-6%

JNJ

RisperdalBrandedFranchise(Incl.InvegaTrinza)Simponi

Erleada

Spravato

Stelara

Tremfya*

Xarelto

1.9%

0.9%

9.0%

0.3%

1.8%

7.7%

15.6%

1.8%

0.9%

9.0%

0.3%

1.9%

7.7%

15.7%

1.8%

0.9%

8.9%

0.3%

2.0%

7.4%

15.9%

-3%

9%

25%

24%

-64%

83%

-7%

-3%

5%

23%

24%

-63%

74%

-7%

-3%

5%

23%

23%

-63%

70%

-7%

LLY

BasaglarEmgalityHumalog

Humulin

JardianceFranchiseJaypirca

Retevmo

Taltz

TradjentaFranchiseTrulicity

MounjaroZepbound

TotalGLP-1franchiseVerzenio*

Vitrakvi

2.8%

48.2%

19.9%

2.6%

64.0%

4.2%

9.7%

5.7%

20.8%

8.3%

53.2%

50.2%

61.4%

30.2%

3.4%

2.9%

48.2%

19.9%

2.7%

63.9%

3.8%

9.1%

5.8%

20.4%

8.4%

52.9%

50.6%

61.2%

30.4%

3.2%

3.1%

48.2%

20.0%

2.7%

64.4%

3.3%

8.6%

5.8%

20.2%

8.6%

52.0%

51.6%

60.6%

33.0%

3.1%

-51%

6%

-4%

-20%

4%

75%

22%

-5%

-10%

-23%

41%

54%

27%

-1%

25%

-51%

6%

-4%

-18%

4%

55%

24%

-1%

-10%

-23%

41%

79%

26%

1%

10%

-47%

6%

-4%

-17%

4%

39%

24%

0%

-11%

-23%

43%

89%

27%

3%

11%

MRK

JanuviaFranchise(incl.Steglatro)

79.2%

79.6%

79.8%

-12%

-12%

-11%

OGN

NuvaRing

0.0%

0.0%

0.0%

-97%

-97%

-97%

PFE

AbrysvoCibinqoIbranceEliquis

Enbrel(PFEgetsUSroyalties)Eucrisa

Nurtec

PrevnarfranchiseVyndaqel

Xeljanz/XRXtandi*

46.7%

0.4%

22.6%

71.7%

11.7%

NA

43.6%

51.3%

NA

3.5%

22.9%

47.7%

0.4%

22.3%

71.6%

11.7%

NA

43.4%

52.4%

NA

3.5%

23.9%

50.0%

0.4%

23.7%

71.3%

11.9%

NA

43.2%

53.3%

NA

3.5%

24.8%

-12%

29%

-1%

5%

1%

-15%

19%

-24%

-4%

-6%

5%

-3%

26%

1%

6%

2%

-15%

16%

-33%

6%

-4%

9%

-7%

23%

2%

6%

3%

-15%

15%

-47%

8%

-4%

15%

*Verzenio,TremfyaandHCV:Areportingrestrictionhasbeenimplementedinthemailchannelforaportionofthesalesandprescriptionvolumes,duetoacontractualconditionbetweenasupplierandthemanufacturers.

Source:IQVIA

MoRGANSTANLEyREsEARcH13

U.S.Biotech

Exhibit18:KeyproductsfromU.S.Biotech

TRxMarketShare*

CurrentWkRolling4-WkRolling12-Wk

WeeklyYOYTRx

4-WkRollingYOYTRx

12-WkRollingYOYTRx

AMGN

Aimovig

24.8%

24.8%

24.8%

-6%

-7%

-8%

Aranesp

15.2%

15.2%

16.6%

-2%

-12%

-10%

Enbrel

11.7%

11.7%

11.9%

1%

2%

3%

Epogen

54.6%

52.9%

50.2%

18%

2%

-7%

Evenity

NM

NM

NM

26%

25%

27%

Otezla/XR

7.6%

7.5%

7.6%

-1%

0%

0%

Prolia

NM

NM

NM

-48%

-50%

-43%

Repatha

2.5%

2.4%

2.4%

33%

33%

32%

Tavneos

NM

NM

NM

-1%

5%

48%

Tezspire

NM

NM

NM

51%

50%

50%

BIIB

Avonex

5.5%

5.5%

5.5%

-8%

-14%

-15%

Plegridy

1.1%

1.1%

1.1%

-18%

-15%

-14%

Tecfidera

0.9%

0.9%

0.9%

-28%

-34%

-35%

Tysabri

1.3%

1.2%

1.3%

-12%

-20%

-14%

Vumerity

7.6%

7.9%

7.9%

-8%

-13%

-11%

GILD

Genvoya(%oftotalNRTI)

3.3%

3.4%

3.4%

-20%

-18%

-18%

OdefseyTRx(%oftotalNRTI)

2.7%

2.7%

2.6%

-10%

-11%

-12%

DescovyTRx(%oftotalNRTI)

23.7%

23.7%

23.8%

-5%

-8%

-6%

BiktarvyTRx(%oftotalNRTI)

37.4%

37.3%

37.0%

-2%

-1%

-2%

TotalHIVFranchise(%ofNRTI)

68.3%

68.5%

68.3%

-4%

-4%

-4%

Vemlidy

50.7%

50.3%

50.5%

-4%

-3%

-3%

VRTX

Kalyedeco

4.9%

4.9%

4.8%

40%

-4%

-12%

Orkambi

0.3%

0.1%

0.1%

NM

-27%

-14%

Symdeko

0.3%

0.5%

0.4%

-38%

-43%

-51%

TrikaftaTRx

71.0%

70.5%

71.1%

-18%

-18%

-19%

AlyftrekTRx

23.5%

24.1%

23.5%

0%

0%

0%

Source:IQVIA

14

Ex-U.S.companies

Exhibit19:Keyproductsfromex-U.S.Pharmacompanies(coveredbyMarkPurcell)

TRxMarketShare*WeeklyYOY4-WkRollingYOY12-WkRollingYOY

CurrentWkRolling4-WkRolling12-WkTRxTRxTRx

AZN

Breztri

20.6%

20.4%

17.4%

13%

12%

11%

Brilinta

0.4%

0.4%

0.6%

-93%

-93%

-93%

Byetta/BydureonFranchise

0.0%

0.0%

0.0%

-100%

-100%

-100%

Calquence*

36.4%

35.2%

35.6%

37%

31%

21%

Farxiga

9.6%

10.3%

15.9%

-63%

-61%

-39%

XigduoXR

0.8%

0.8%

1.1%

-45%

-40%

-19%

Farxigafranchise

10.4%

11.1%

17.1%

-62%

-60%

-38%

Symbicort

36.1%

36.2%

36.1%

0%

0%

0%

GSK

Advair

6.6%

6.6%

6.6%

-16%

-16%

-16%

Advair+Breo+A.G.franchise

27.4%

27.4%

27.6%

-13%

-12%

-13%

AnoroEllipta

10.3%

10.2%

9.9%

-15%

-17%

-23%

Apretude

2.5%

2.8%

2.8%

32%

29%

29%

Cabenuva

4.1%

4.3%

4.1%

26%

27%

24%

Dovato

13.7%

13.6%

13.5%

12%

11%

11%

IncruseEllipta

5.5%

5.6%

6.0%

-27%

-26%

-20%

Nucala

NA

NA

NA

37%

40%

37%

Tivicay

7.9%

8.0%

8.1%

-9%

-8%

-9%

Triumeq

4.1%

4.1%

4.2%

-25%

-23%

-24%

TrelegyEllipta

72.1%

72.0%

70.7%

0%

0%

0%

NVS

Cosentyx

8.9%

8.8%

8.8%

4%

4%

2%

Entresto

0.2%

0.2%

0.3%

-96%

-96%

-95%

Gilenya

0.7%

0.7%

0.8%

-26%

-22%

-26%

Mayzent

1.1%

1.1%

1.1%

-21%

-21%

-19%

Kesimpta

32.1%

30.8%

30.3%

22%

19%

20%

TotalMSfranchise

34.0%

32.7%

32.1%

18%

16%

17%

Kisqalifranchise

46.8%

46.9%

42.9%

118%

124%

102%

Tasigna

3.2%

3.4%

3.7%

-79%

-78%

-80%

NOVO

Novolin

1.4%

1.4%

1.4%

-12%

-12%

-12%

Novolog

14.6%

14.6%

14.4%

5%

4%

3%

Levemir

0.0%

0.0%

0.0%

-95%

-96%

-96%

Tresiba

6.1%

6.1%

6.3%

-23%

-24%

-23%

InsulinFranchise

22.2%

22.1%

22.2%

-10%

-11%

-10%

Victoza

0.1%

0.1%

0.1%

53%

32%

12%

Xultophy

0.0%

0.0%

0.0%

-33%

-37%

-38%

Ozempic

34.7%

34.9%

35.4%

-13%

-12%

-12%

Rybelsus

3.4%

3.4%

3.4%

-13%

-6%

-9%

GLP-1franchise

38.2%

38.4%

39.0%

-12%

-12%

-11%

Wegovy

36.3%

35.6%

34.3%

113%

110%

97%

RHHBY

Alecensa

53.1%

53.3%

53.0%

5%

9%

15%

Rozlytrek

3.6%

3.1%

3.1%

-36%

-55%

-49%

Xolair

NA

NA

NA

17%

13%

15%

SNY

AmbienFranchise

0.0%

0.0%

0.0%

#DIV/0!

#DIV/0!

-100%

Dupixent

NA

NA

NA

26%

19%

19%

Kevzara

NA

NA

NA

28%

22%

22%

LantusFranchise

40.6%

40.7%

40.1%

12%

12%

11%

Soliqua

0.3%

0.3%

0.3%

-21%

-22%

-23%

*Calquence:Areportingrestrictionhasbeenimplementedinthemailchannelforaportionofthesalesandprescriptionvolumes,duetoacontractualconditionbetweenasupplierandthemanufacturers.

Source:IQVIA

MoRGANSTANLEyREsEARcH