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Biotechnology Industry Primer Industry Research Research and Education

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Biotechnology Industry Primer Industry Research Research and Education November 6, 2020 UW Finance Association Biotechnology Industry Primer Industry Research Research and Education Biotechnology Industry Primer All amounts in $US unless otherwise stated. Authors: What is Biotechnology? Amogh Rajpal, Kyu Min Shim, William Wang Biotechnology is one of the strangest, riskiest, and potentially Research Analysts highly rewarding corners of the market. This industry has an Editors: aggressive agenda for R&D due to the scientifically intensive Ben Rawlings, Nipinder Ghuman operations of its companies. Co-VPs of Research and Education Biotechnology is the development of new drugs that utilize novel and innovative biological methods and clinical research to treat diseases, usually of severe nature or with high unmet needs. Biotech drugs can be classified as biologics, drugs manufactured using biological processes, i.e. cellular therapies, gene editing, gene therapies, antibodies, RNA etc., or as small molecules, i.e. synthetic chemical compounds that are usually easier and cheaper to manufacture. Biotech drugs are often characterized by their lengthy development time, as it can take years to decades for a new drug from the discovery stage to obtain approval. Moreover, there is a significant chance of failure as most development drugs do not reach the counter. Therefore, R&D is the lifeblood of the industry, paving the way for new market segments and product lines and driving investments and profits. Albeit similar, biotechnology is not to be confused with other pharmaceutical industries. Most biotechnology firms burn through hundreds of millions of dollars until a product has been commercialized, and they may have insignificant revenue. By comparison, large pharmaceutical companies typically have diversified product lines and revenue generating products, and more stable financial conditions. Specialty pharmaceutical companies are in the business of selling generic or repurposed/reformulated versions of drugs that have already been approved, saving companies the hefty R&D costs. November 6, 2020 1 UW Finance Association Biotechnology Industry Primer Exhibit 1: See below the price movements of the S&P 500 (SPX Index), and NBI (NASDAQ Biotechnology Index) between November 2010 and October 2020. Over the 10 years, the biotechnology industry has almost doubled the performance of overall market. Price on October 22, 2020 SPX Index 3453.49 NASDAQ Biotech index 4276.11 Main Players Abbvie (ABBV) – Market Capitalization: $149.29 Billion AbbVie Inc. discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. A few of the drugs offered by the company includes SKYRIZI to treat moderate to severe plaque psoriasis in adults; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection. The company was incorporated in 2012 and is based in North Chicago, Illinois. Alexion Pharmaceuticals (ALXN) – Market Capitalization: $25.90 Billion Alexion Pharmaceuticals, Inc. develops and commercializes various therapeutic products. Some of the company’s products include ULTOMIRIS (ALXN1210/ravulizumab-cwvz), a C5 inhibitor for the treatment of paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS); and SOLIRIS (eculizumab), a monoclonal antibody for the treatment of PNH, aHUS, generalized myasthenia gravis (gMG), and neuromyelitis optica spectrum disorder. The company serves distributors, pharmacies, hospitals, hospital buying groups, and other healthcare providers in the United States and internationally. The company was founded in 1992 and is headquartered in Boston, Massachusetts. November 6, 2020 2 UW Finance Association Biotechnology Industry Primer Amgen (AMGN) – Market Capitalization: $134.11 Billion Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis, and EPOGEN to treat anemia caused by chronic kidney disease. It distributes its products through pharmaceutical wholesale distributors, as well as direct-to-consumer channels. Amgen Inc. was founded in 1980 and is headquartered in Thousand Oaks, California. AstraZeneca PLC (AZN) – Market Capitalization: $134.53 Billion AstraZeneca PLC discovers, develops, and commercializes prescription medicines in the areas of oncology, cardiovascular, renal and metabolism, respiratory, autoimmunity, infection, neuroscience, and gastroenterology worldwide. Its marketed products include Arimidex for oncology diseases; Atacand/Atacand HCT/Atacand Plus for cardiovascular diseases; and Bydureon for metabolic diseases. The company serves primary care and specialty care physicians through distributors and local representative offices. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was founded in 1992 and is headquartered in Cambridge, the United Kingdom. Biogen (BIIB) – Market Capitalization: $42.57 Billion Biogen Inc. discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM to treat plaque psoriasis. The company offers products through its sales force and marketing groups. The company was founded in 1978 and is headquartered in Cambridge, Massachusetts. Regeneron Pharmaceuticals (REGN) – Market Capitalization: $60.90 Billion Regeneron Pharmaceuticals, Inc., a biopharmaceutical company, discovers, invents, develops, manufactures, and commercializes medicines for treating various medical conditions worldwide. The company's products include EYLEA injection to treat wet age-related macular degeneration and diabetic macular edema (DME); myopic choroidal neovascularization; and diabetic retinopathy in patients with DME. Regeneron Pharmaceuticals, Inc. was founded in 1988 and is headquartered in Tarrytown, New York. November 6, 2020 3 UW Finance Association Biotechnology Industry Primer Vertex Pharmaceuticals (VRTX) – Market Capitalization: $55.06 Billion Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene. The company sells its products primarily to specialty pharmacy and specialty distributors in the United States, as well as specialty distributors and retail chains, and hospitals and clinics internationally. The company was founded in 1989 and is headquartered in Boston, Massachusetts. Biotechnology Comparative Analysis Market Data Financial Data Valuation October-22-2020 Market Cap Price EV Sales EBITDA EPS EV/Sales EV/EBITDA P/E Company Name (Ticker) ($B) ($) ($B) ($B) ($B) ($) x x x ABBVIE INC. (ABBV) 146.29 84.57 227.74 36.23 16.73 4.52 6.29 13.61 18.23 ALEXION PHARMACEUTICALS, INC. (ALXN) 25.90 120.01 25.87 5.54 2.91 3.81 4.67 8.89 31.66 AMGEN INC. (AMGN) 134.11 226.82 156.91 24.30 12.20 12.24 6.46 12.86 18.71 ASTRAZENECA PLC (AZN) 134.53 51.7178 152.75 25.70 6.90 4.82 5.94 22.14 63.04 BIOGEN INC. (BIIB) 42.57 263.99 88.64 14.49 8.05 34.04 6.12 11.01 7.88 REGENERON PHARMACEUTICALS, INC. (REGN) 60.90 571.38 59.31 8.69 3.03 25.83 6.83 19.57 22.16 VERTEX PHARMACEUTICALS INCORPORATED (VRTX) 55.06 210.53 50.13 5.40 2.21 7.92 9.28 22.68 26.72 Average 85.62 218.43 108.76 17.19 7.43 13.31 6.51 15.82 26.91 Median 60.90 210.53 88.64 14.49 6.90 7.92 6.29 13.61 22.16 Key Performance Indicators The following are some key performance indicators that are specific to companies in the biotechnology industry. Return on research capital ratio Research and development expenses is one of the largest expenses for a biotechnology company. There is significant cost involved in every process of drug development, including drug discovery and clinical trials. A recent study from London School of Hygiene & Tropical Medicine estimated the median capitalized research and development cost per drug product to be $985 million, and its average to be $1.3 billion (Wouters, McKee & Luyten, 2020). The ratio represents gross profit earned per dollar spent on R&D. Return on research capital ratio = Current year gross profit / Last year R&D expenditure Liquidity and debt coverage ratios Pharmaceutical companies carry high levels of debt to support their R&D expenditures, hence maintaining healthy level of liquidity is crucial. Quick ratio can be used to measure short term liquidity and the ability to cover daily operating expenses. Debt ratio can be used to measure leverage of the company. Quick ratio = (Current assets – Inventories) / Current liabilities Debt ratio = Total debt / Total assets November 6, 2020 4 UW Finance Association Biotechnology Industry Primer Number of drugs in phase 1-3 clinical trials Clinical trials of drugs are necessary for approval of regulatory bodies such as FDA. A complete set of trials may take months or years to complete. There are 3 main phases of clinical trials that a drug must go through before being made available to the public. Number of drugs in phase 3 clinical trials is a good indication of
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