The Pharma 1000 Top 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. 1 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

2 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 Download the Full Report industries. 3 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.

4 The Evolving Global Pharmaceutical Sector

5 Sector Size Industry is quite large

Torreya’s Torreya’s Estimate of Industry Size: Torreya’s Estimate of Total $1.24 Trillion in revenue Estimate of Total Global Revenues Global Value of of the Ethical Our estimate higher than what has been derived by EvaluatePharma and the Ethical Pharmaceutical IQVIA.* Pharmaceutical Sector in 2020: Sector in 2020: This estimate is the sum of net sales of the largest 1,600 companies in the pharmaceutical sector. $1.24 The value of the commercial side of the drug sector is approximately $6.65 $6.65 trillion. Of this, $5.65 trillion is associated with publicly-traded companies. Trillion Trillion 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. 6 Pharma is the World’s Third Largest Industry (comparison of the aggregate value of the publicly-traded components of all major industries)

Public Market Value Rank Sector ($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 $2.0

Note: 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.

7 Value of Industry Has Tripled Since 2003

Aggregate value of the global pharmaceutical industry 2003 to 2020 ($trillions) $6.65

$5.35 $5.16 $5.28 $5.02

$4.31

$3.76

$1.99

2003 2014 2015 2016 2017 2018 2019 2020

Source: Torreya analysis of data from Bloomberg, CapitalIQ and a number of private companies. 8 Value Evolution of the Top Pharmas Over Time Market cap of the 35 highest valued pharmas has more than doubled in 9 years

Forest Labs $9 Servier $22 Seattle Genetics $26 Mitsubishi Tanabe $9 Mylan $20 Astellas $28 2020 Vertex $9 2011 Yangtze River $24 2015 Hansoh Pharma $29 Baxalta Menarini Chugai $9 ($billions) $23 ($billions) $30 ($billions) Alexion $10 Perrigo $24 Zhifei Bio $30 Yangtze River Pharma $11 CSL $26 CSPC Pharma $33 Sun Pharma $11 Value of Top 35: Astellas $28 Value of Top 35: Celltrion $34 Value of Top 35: Eisai $12 $1.6 trillion Sun Pharma $30 $3.0 trillion Servier $36 $3.6 trillion Valeant $13 Vertex $30 Yangtze River $44 Daiichi-Sankyo $14 Takeda $31 Biogen $44 Otsuka $14 Alexion $37 Takeda $57 CSL $15 Merck KGAA $38 Daiichi Sankyo $60 Astellas $17 Shire $40 Regeneron $61 Shire $18 Regeneron $43 Merck KGaA $63 Merck KGAA $19 Teva $52 Bayer $66 Biogen Idec $22 Boehringer $64 Vertex Pharma $70 Allergan $24 Biogen $71 Hengrui $71 Celgene $27 Valeant $78 Chugai $74 Gilead $30 AstraZeneca $80 Zoetis $77 Boehringer $33 Eli Lilly $84 Gilead $83 Teva $36 Celgene $92 CSL $95 Takeda $38 GSK $94 GSK $98 Eli Lilly $40 BMS $95 Sanofi $132 BMS $49 AbbVie $98 BMS $134 Amgen $50 Bayer $108 Eli Lilly $136 Bayer $50 Amgen $111 AstraZeneca $145 Novo Nordisk $58 Allergan $115 Amgen $145 AstraZeneca $61 Sanofi $128 Boehringer $148 Sanofi $95 Novo Nordisk $139 Novo Nordisk $159 Merck $100 Merck $145 AbbVie $160 GSK $105 Gilead $149 Novartis $201 Novartis $140 Pfizer $193 Pfizer $205 Pfizer $144 Roche $226 Merck $213 Roche $151 Novartis $228 Roche $315 J&J $175 J&J $252 J&J $392 Market Cap ($ billions) Market Cap ($ billions) Market Cap ($ billions)

Source: CapitalIQ and Torreya analysis, Sep 15, 2020 9 Global Value Champions

There are hundreds of impressive value creation stories in pharma. Five leading examples of extraordinary value creation are: Big Pharma China Branded Pharma Generics Niche

Created $240+ billion in Hengrui’s market cap in Was worth $780 million in Up 500 times since its IPO Has an enterprise value value since 2003. This is 2003 was $279 million. 2003. Today is worth $69 in 1995. Sun has navigated of $29 billion after its equivalent to a whole new Today, it is worth $71 billion. billion (up 88-fold). Spent a an extremely challenging recent IPO. This large pharma and accounts Up over 250 times. The number of years in small environment for INN company buys royalties for more than five percent company has brought molecule chemistry, then generics well and maintains from inventors, of all value created in the oncology drugs to China virology, then introduced a $16.5bn market cap. Sun universities and industry in this time. when they were needed. No CFTR modulators for cystic is the #1 marketer of biotechs. Started with a Introduction of numerous M&A. Pure internal fibrosis, effectively curing pharmaceuticals in India very small financing in new high-value biologics. innovation and strong part of the disease. Today, and the world’s 4th largest the early 2000s and No giant mergers but marketing across China. focused on a wide range of INN generic player. Serves today generates over $2 company has diversified Today, Hengrui is actively severe, niche diseases such over 100 markets with over billion in free cash flow and stayed decentralized. diversifying into NCEs and as sickle cell anemia, kidney 2000 products. Moving with less than 50 Benefited greatly from other therapeutic disease, Alpha-1 Antitrypsin into innovation products employees. Has kept Centocor acquisition. Has categories where there is an Deficiency and Type 1 and recently did an focus on royalties a stronger credit rating unmet need among the diabetes. impressive antibody deal involving drugs for than U.S. government. Chinese people. with Merck. serious disease. 10 Pharmaceutical Value by Subsector, 2003 vs. 2020

VALUE SHARE OF PHARMACEUTICAL VALUE SHARE OF PHARMACEUTICAL SUBSECTORS, SEPTEMBER, 2003 SUBSECTORS, SEPTEMBER, 2020 The pharmaceutical Royalty Royalty sector has INN Generics Company INN Generics Animal Company 2% democratized since 0% 3% Health 1% 2% 2003. While large China Pharma Animal Health Biotechnology 1% 0% 6% pharma has grown, other parts of the Branded Branded Generics Pharma industry have grown 1% 14% even faster. The fastest Biotechnology China Pharma 5% 11% growth areas include Branded Big Pharma China Pharma, branded Generics ex- 48% China pharma, animal health 7% and biotechnology Big Pharma 77% Branded Pharma 22%

Source: Torreya analysis, Sep 15, 2020

* 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. 11 Value of Biologics Companies in Pharma 1000 Rising

Value Share of Biologics Centric Companies Value Share of Small Molecule Centric Companies

Up 19.1% Down 24.7%

Since 2003 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. 12 Evolution of Pharmaceutical Value by Modality, 2003 to 2020

Companies focused on small molecules have Total Value Value Total Value Value Total Value Value gone from 84.6% Count - ($ Millions, Share ($ Millions, Share ($ Millions, Share Subsector 2020 2020) 2020 2015) 2015 2003) 2003 market share to 59.9% Small Molecules 722 3,435,848 59.9% 3,596,648 75.4% 1,679,820 84.6% market share today (most of the generic Biologics 119 2,021,820 33.6% 945,130 19.8% 287,135 14.5% sector is focused on Blood Products 18 189,622 3.2% 82,655 1.7% 2,834 0.1% small molecules). The Naturals 40 108,437 1.8% 75,101 1.6% 11,091 0.6% big growth areas have Vaccines 20 101,876 1.7% 18,946 0.4% 3,841 0.2% been biologics, blood products, and vaccines. Nucleic Acids 20 81,734 1.4% 16,918 0.4% 630 0.03% New areas like gene Cell Therapy 34 35,248 0.6% 12,030 0.3% 306 0.02% therapy and nucleic Gene Therapy 17 21,397 0.4% 8,060 0.2% 266 0.01% acids have grown very Peptides 5 7,778 0.1% 1,728 0.0% 0 0.0% fast but are still small in Radiopharmaceuticals 2 7,692 0.1% 9,911 0.2% 0 0.0% the total bioeconomy. Gene Editing 3 6,823 0.1% 4,956 0.1% 0 0.0%

Source: Torreya analysis, Sep 15, 2020 13 Evolution of Pharmaceutical Value by Country, 2015 to 2020

The top five countries for the pharma sector globally are the U.S., China, Count - Total Value ($ Value Share Total Value ($ Switzerland, Japan and the Subsector 2020 Millions, 2020) 2020 Millions, 2015) Value Share 2015 United States 296 2,326,168 38.7% 2,035,572 42.2% UK. China 208 864,268 14.4% 315,091 6.5% China has gained Switzerland 17 498,775 8.3% 555,752 11.5% substantial value share Japan 57 428,114 7.1% 230,513 4.8% versus the U.S. and United Kingdom 27 328,454 5.5% 245,438 5.1% Switzerland. Japan and the UK have held steady. Germany 25 322,319 5.4% 298,656 6.2% Denmark 10 199,572 3.3% 159,922 3.3%

More than half of the France 25 176,534 2.9% 203,763 4.2% industry’s value is to be India 37 120,071 2.0% 126,807 2.6% found in the US and China. South Korea 57 115,098 1.9% 43,902 0.9%

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

Source: Torreya analysis, Sep 15, 2020 14 Attrition in the Industry is High

The Top 500 Pharmas by Value in 2015 Disposition of the Pharma 500 Class of 2015 Five Years Later Where are They Now? Survived but Acquired Survived but out of top 10% Not in Top We analyzed attrition rates in the 2015 value rankings of 500 (still in Bankrupt 1000 top 1000) 1% 7% the top pharma companies. Fully 41% of companies fell 21% out of the Top 500 five years later. That is only sixty No months. longer in pharma 2% 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 Still in Pharma constant pricing pressure on generics and limited patent 500 life on brands, the industry is fragile. 59% 15 The Biotechnology Sector

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

#1: Bay Area: #2: Boston Area: #3: San Diego: $70 Billion in value (2020) $69 Billion in value (2020) $37 Billion in value (2020) 16.8% of biotech sector value 16.7% of biotech sector value 9% of biotech sector value $18 Billion in value (2015) $28 Billion in value (2015) $9 Billion in value (2015) 47 biotechs in the top 1000 48 biotechs in the top 1000 12 biotechs in the top 1000 Myokardia is the biggest player Moderna is biggest player Samumed is the biggest player

#4 New York Area: #5: Denmark: #6: Rhine Region: $32 Billion in value (2020) $30 Billion in value (2020) $13 Billion in value (2020) 8% of biotech sector value 7% of biotech sector value 3% of biotech sector value $10 Billion in value (2015) $8 Billion in value (2015) $0 Billion in value (2015) 21 biotechs in the top 1000 3 biotechs in the top 1000 1 biotech in the top 1000 Roivant is the biggest player Genmab is the biggest player BioNTech is the biggest player

#7 Jiangsu Province, China #8 South Korea: #9 Washington DC Area: $11 Billion in value (2020) $11 Billion in value (2020) $11 Billion in value (2020) 3% of biotech sector value 3% of biotech sector value 3% of biotech sector value $0 Billion in value (2015) $4 Billion in value (2015) $10 Billion in value (2015) 6 biotechs in the top 1000 11 biotechs in the top 1000 6 biotechs in the top 1000 Legend Bio is the biggest player Genexine is the biggest player Novavax is the biggest player 17 Are the Bay Area and Boston Taking Over the Biotech Industry?

The Inescapable Gravity Of Biotech’s Key Clusters: THE BIOCLUSTER DEBATE The Great Consolidation Of Talent, Capital, & Returns Yes. Booth is correct. Bay Area and Boston already have a third of the industry’s value. No other region By Bruce Booth, March 2017 comes close. The structure of the industry is set for good. A two-pole system. Different than Silicon “Boston and San Francisco are now the Valley for tech but just as powerful. These areas have preeminent biotech clusters. And their gravity in the VC’s, the universities and now pretty much every the ecosystem is only getting stronger. pharma wants to move there.

Beyond having great science and the right “pixie No. Booth was correct. The Bay Area and Boston dust” in the local environment, two fundamentally have actually given up three points of value share important ingredients to the success of any since 2018. The places are too crowded with cluster are capital and talent – and both are biotech. Space and scientists are too expensive. aggregating into the two key clusters.” Other locations are likely to gain share in the years ahead. Think fresh biofriendly locales like San Diego, Link to Article Denmark, Korea, New York or China. 18 Biotech Value by Country (enterprise value of publicly-traded biotech sector and selected private companies where value is public)

VALUE SHARE OF BIOTECH BY COUNTRY, The chart at left is striking in several respects. SEPTEMBER, 2020 United Kingdom The first is that over half of the value of the biotech sector resides in Taiwan Japan 1.4% Netherlands 2.4% 2.3% the United States. Perhaps this is not a surprise but the scale of the 2.5% South Korea publicly-traded U.S. biotech industry (58% of a $414bn sector) is an 2.7% Switzerland United States accomplishment. 3.1% 58.3% Other Secondly, the #2 company in the world for biotech value today is 5.0% China. With 8.2% value share, it is now ahead of the major

Germany European countries and other players in Asia. With several high 6.8% 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. Denmark 7.3% China has just opened up the Shenzen exchange for biotech following reforms on the HKEX. China now offers its biotech sector China + HK strong financing, access to global investors, a large market and 8.2% encouragement from the government. Given the economic importance of this sector, other countries such as India might

Source: CapitalIQ and Torreya analysis, Sep 15, 2020 benefit from adopting stock exchange reforms as well. 19 Biotech Valuations by Therapeutic Area

The table at right shows the aggregate value Total Value - Total Value of biotech companies in the Pharma 1000 by Region Number Value Share 2020 - 2015 Growth the therapeutic area associated with each Oncology 140 38.19% 157,146 51,515 205% company’s lead development compound. Rare Disease 45 11.86% 48,782 22,048 121% Neurology 31 7.38% 30,371 5,327 470% Fully 38% of all value is associated with Anti-Infectives 5 5.70% 23,460 3,594 553% novel treatments for oncology. Virology 9 4.13% 17,002 5,340 218% Vaccines 11 3.75% 15,419 3,064 403% Rare disease and CNS companies account for Respiratory 11 3.31% 13,627 4,983 174% another 25% of value. If hematology and Bone & Osteo 4 2.91% 11,970 - > 100% virology are included then one can say that Endocrinology 2 2.91% 11,966 310 3765% the top five therapeutic areas account for Broad 3 2.26% 9,311 4,956 88% Ophthalmology 14 2.24% 9,230 2,894 219% more than two-thirds of all biotech Immunology 9 2.20% 9,050 - > 100% valuation. Hematology 7 2.12% 8,738 11,354 -23% Cardiometabolic 10 1.69% 6,948 4,765 46% Biotech drug development strategies are Gastroenterology 7 1.59% 6,561 3,717 77% remarkably concentrated by therapeutic Wound Care 3 1.09% 4,487 1,210 271% area. Renal 5 1.06% 4,367 5,959 -27% Source: Torreya analysis, Sep 15, 2020 20 Top 10 Biotechs by Value, September 15, 2020

Total Value 2020 Total Value 2015 Value Rank 2020 Company HQ Location ($mm) ($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

Source: Torreya analysis, Sep 15, 2020

* 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 21 disclosures in Sumitomo Dainippon’s 2020 annual report. 20 Most Valuable Biotechs in Asia

The idea of Asia as a destination for biotechnology Value companies is relatively new. For biotech to be Rank HQ Total Value 2020 successful it needs access to human capital, 2020 Company Lead Modality Location ($mm) financial capital and innovation. Certain Asian 1 CanSino Biologics Vaccines China 8,206 countries have seen an influx of human capital 2 PeptiDream Peptides Japan 5,054 with expertise in advanced drug development 3 Chi-Med Small Molecules Hong Kong 4,505 methods. 4 Oneness Biotech Small Molecules Taiwan 3,863 5 Legend Biotech Cell Therapy China 3,627 South Korea, for example, has become a world 6 Chipscreen Biologics South Korea 3,528 center of expertise in the fields of cell therapy and 7 Akeso Small Molecules China 3,364 8 Zelgen Bio Small Molecules China 2,823 biologics development and manufacture. China 9 Ocumension Biologics China 2,628 has made a deliberate effort to attract home its 10 I-Mab Small Molecules China 2,589 nationals from Western countries and to 11 Mesoblast Small Molecules Australia 2,492 encourage them to engage in entrepreneurial 12 Alphamab Oncology Biologics China 2,326 activities in the biotechnology industry. As noted 13 AnGes Cell Therapy Japan 2,010 before, this has been quite successful to date. It’s 14 Innocare Biologics Hong Kong 1,626 worth noting that there are a number of highly 15 Mezzion Nucleic Acids South Korea 1,609 successful biotechs in Japan including 16 Helixsmith Small Molecules South Korea 1,469 PeptiDream, AnGes and Sosei. 17 Oscotec Small Molecules South Korea 1,154 18 Pharmicell Cell Therapy South Korea 1,118 Taiwan and Australia are also showing strength in 19 Adimmune Vaccines Taiwan 1,015 biotech. 20 Sosei Small Molecules Japan 940 Source: CapitalIQ and Torreya analysis, Sep 15, 2020 22 20 Most Valuable Biotechs in Europe and the U.S.A.

Europe Rank Value Estimate US Rank Value Estimate 2020 Name Headquarters Location (Sep 15, 2020) 2020 Name Headquarters Location (Sep 15, 2020) 1 Genmab Copenhagen, Denmark $22 bn 1 Moderna Boston Area $24 bn 2 BioNTech Rhine Area, Germany $15.4 bn 2 Samumed San Diego Area $11.6 bn 3 CureVac Hessen, Germany $9.6 bn 3 Roivant Sciences New York Area $10 bn 4 argenx Netherlands $8.8 bn 4 Mirati Therapeutics San Diego Area $6.4 bn 5 Ascendis Pharma Copenhagen, Denmark $7.1 bn 5 Ionis San Diego Area $6.1 bn 6 CRISPR Therapeutics Zurich, Switzerland $5.1 bn 6 MyoKardia Bay Area $5.9 bn 7 Idorsia Basel, Switzerland $3.9 bn 7 Acceleron Boston Area $5.7 bn 8 MorphoSys Munich Area, Germany $3.3 bn 8 Novavax Washington DC Area $5.7 bn 9 ADC Therapeutics Geneva, Switzerland $2.9 bn 9 Iovance Bay Area $4.5 bn 10 Galapagos Belgium $2.4 bn 10 Allogene San Francisco $4.1 bn 11 Myovant Sciences Bay Area, US $2 bn 11 Relay Therapeutics Boston Area $3.6 bn 12 uniQure Netherlands $1.5 bn 12 Allakos Bay Area $3.6 bn 13 Zealand Pharma Copenhagen, Denmark $1.2 bn 13 Denali Therapeutics Bay Area $3.5 bn 14 Adaptimmune Oxford, UK $1.2 bn 14 FibroGen Bay Area $3.4 bn 15 Hansa BioPharma Lund, Sweden $1.1 bn 15 Vir Biotechnology Bay Area $3.4 bn 16 Oncopeptides Sweden $970.7 mn 16 ChemoCentryx Bay Area $3.2 bn 17 Oxford BioMedica Oxford, UK $885.1 mn 17 Arrowhead Pharma Los Angeles Area $3.2 bn 18 Immunocore Oxford, UK $839.4 mn 18 Bridgebio Pharma Bay Area $3.1 bn 23 The Branded Pharma Sector

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

Rank Company Value ($mm) Rank Company Value ($mm) Rank Company Value ($mm) 1 Roche $328,145 26 Seattle Gen. $29,605 51 R-Pharm $9,457 2 Janssen (J&J) $278,507 27 Menarini $29,540 52 Gr Insud $9,266 3 Pfizer $257,146 28 Bausch Health $29,305 53 LEO Pharm $9,142 4 AbbVie $241,890 29 Astellas $26,159 54 SK Bio $8,640 5 Merck $232,850 30 Grifols $26,009 55 Grünenthal $8,599 6 Novartis $209,847 31 Alexion $25,299 56 Vifor Pharm $8,372 7 Amgen $164,097 32 Eisai $24,273 57 Bracco $7,956 8 AstraZeneca $162,079 33 UCB $23,649 58 Ipsen $7,873 9 BMS $157,855 34 Otsuka $22,063 59 Sarepta $7,776 10 Novo Nordisk $155,271 35 Galderma $20,328 60 Neurocrine $7,728 11 Eli Lilly $150,506 36 Pierre Fabre $18,691 61 Sobi $7,711 12 Boehringer $147,949 37 Immunomedics $18,623 62 Merz $7,475 13 GlaxoSmithKline $136,144 38 Incyte $18,482 63 Jazz $7,462 14 Bayer $133,274 39 Horizon Tx $17,908 64 Alfasigma $7,197 15 Sanofi $120,109 40 Octapharma $17,134 65 Mit Tanabe $7,075 16 Takeda $103,742 41 Ferring $16,698 66 Lundbeck $6,683 17 CSL $100,405 42 Chiesi $15,514 67 Santen $6,596 18 Gilead $87,242 43 Ono $14,699 68 Angelini $6,262 19 Chugai $71,526 44 BioMarin $13,815 69 Schwabe $6,107 20 Vertex Pharma $64,577 45 Alnylam $13,525 70 Exelixis $6,041 21 Regeneron $57,507 46 Shionogi $13,325 71 Aché $5,728 22 Daiichi Sankyo $54,030 47 Mundipharma $13,200 72 Dainippon $5,619 23 Merck KGaA $49,731 48 NC / EMS $12,813 73 Orion $5,429 24 Biogen $47,574 49 Kyowa Kirin $12,186 74 Kedrion $5,389 25 Servier $35,942 50 Recordati $12,154 75 Emergent $5,222 25 Source: Torreya analysis of private companies, CapitalIQ for public companies. Top Branded Pharmaceutical Companies in Cardiometabolic Care

The table here lists the most valuable branded players whose Revenue leading product(s) are in the cardiometabolic field. All three Rank Company HQ Country Focus Area Value ($mm) ($mm) of the top players in cardiometabolic care are focused on the 1 Eli Lilly United States Diabetes Care 151,258 22,950 treatment of diabetes: 2 Novo Nordisk Denmark Diabetes Care 147,636 19,104 #1 Eli Lilly generated $10.9 billion in diabetes care products 3 Boehringer Ingelheim Germany Diabetes Care 106,476 22,606 led by Humalog® and Trulicity® in 2019; 4 Bayer Germany Spec. Cardiology 95,109 20,193 #2 Novo Nordisk generated $16.3 billion in revenue from 5 Servier France Cardiometabolic 23,725 5,492 diabetes care and obesity products that was comprised of 6 Menarini Italy Cardiometabolic 18,144 4,200 roughly two thirds insulin sales and one third in GLP-1 sales. 7 Recordati Italy Cardiometabolic 11,894 1,687 8 Apeloa Pharma China Cardiometabolic 4,425 1,083 #3 Boehringer-Ingelheim generated $4.3 billion from cardiometabolic sales with strong results from its Trajenta® 9 Italfarmaco Italy Cardiometabolic 3,732 864 and Jardiance® franchise. 10 Grupo Ferrer Spain Cardiometabolic 3,444 797 11 Kowa Pharma Japan Cardiometabolic 2,392 1,300 Major players in diabetes care that are not listed here due to 12 HanAll Biopharma South Korea Cardiometabolic 1,651 82 the strength of other franchise areas include Merck and Sanofi. 13 Atnahs United Kingdom Cardiovascular 1,566 362 14 Intercept Pharma United States Hepatology 1,516 283 Beyond diabetes care, core drivers in the cardiometabolic 15 Grupo Uriach Spain Cardiometabolic 1,183 274 disease area were legacy sales from statins/blood pressure 16 Amarin Ireland Cardiometabolic 1,161 546 medications and novel anticoagulants led by $4.8bn in 17 Lantheus United States Spec. Cardiology 1,009 332 revenues from Bayer’s Xarelto®.

26 Top Branded Pharmaceutical Companies in CNS Care

The table here lists the most valuable branded players whose leading product(s) are for the treatment of central nervous Value Revenue system (CNS) diseases. Rank Company HQ Country Focus Area ($mm) ($mm) 1 Biogen United States Neurology $47,549 $14,487 Biogen tops the list on the back of an impressive $9.2 billion 2 CSPC Pharma China CNS $31,150 $5,000 franchise in multiple sclerosis and SMA drugs. 3 UCB Belgium Neurology $23,494 $5,850 CSPC is the largest marketer of CNS drugs in China and has 4 Otsuka Japan Psychiatry $22,031 $13,177 generated excellent sales in recent years. Their principal focus 5 Mundipharma / Purdue United States Pain $12,460 $2,000 has been psychiatry. 6 SK Biopharma South Korea Neurology $10,969 $5 UCB is the third-largest player with $2.8 billion in neurology 7 Grünenthal Germany Pain $10,292 $1,652 revenue led by Vimpat and Keppra for epilepsy. 8 Sarepta Therapeutics United States Neurology $9,593 $450 9 Neurocrine United States Neurology $9,453 $1,006 Otsuka continues to thrive in psychiatry with ongoing sales 10 argenx Netherlands Neurology $8,566 $70 with its Abilify® franchise. 11 Lundbeck Denmark Neurology $7,688 $2,640 Mundipharma and Grünenthal continue to be important 12 Angelini Italy Pain $6,631 $1,064 players in the field of pain medicines. 13 Schwabe Germany Neurology $6,616 $1,062 SK Biopharma is a new entrant in our ranks after a strong IPO. 14 Dainippon Sumitomo Japan Neurology $6,550 $4,630 SK is launching cenobomate, a newly approved epilepsy drug. 15 Orion Finland Neurology $6,346 $1,272 Other top players include Neurocrine and Sarepta, both 16 Green Valley Pharma China CNS $5,607 $900 making strong commercial progress in neurology. 17 ACADIA Pharma United States Neurology $5,483 $393

27 Top Branded Pharmas in Dermatology

The field of dermatology has seen the emergence of big Value Revenue pharma interest but in no case does the big pharma have a Rank Company HQ Country Focus Area ($mm) ($mm) primary focus on dermatology. Key larger pharma players not 1 Galderma Switzerland Aesths, Med derm $19,188 $3,080 included in our table include Novartis, Pfizer, Janssen, AbbVie (absorbed Allergan’s aesthetic business), BMS, Lilly (plus 2 Pierre Fabre France Aesths, Med derm $17,643 $2,832 Dermira), Sun Pharma and Amgen. These companies are 3 LEO Pharma Denmark Medical Derm $10,780 $1,730 focused on serious inflammatory skin conditions such as 4 Merz Germany Aesthetics $8,035 $1,290 atopic dermatitis and psoriasis. 5 Maruho Japan Medical Derm $5,277 $847 6 ROHTO Japan Medical Derm $3,518 $1,717 This table gives more of a sense of the ranking of the pure 7 Almirall Spain Medical Derm $2,457 $982 play companies in dermatology. 8 Hugel Spain Aesthetics $1,633 $162 Galderma tops the list following its recent spinout from 9 Isdin Spain Medical Derm $1,445 $232 Nestlé. Galderma has $3 billion in revenues and is focused on 10 Kaken Pharma Japan Medical Derm $1,095 $788 growth in the fields of aesthetics, rare dermatologic and 11 Dr. August Wolff Germany Aesthetics $613 $98 dermo-inflammatory diseases. 12 Laboratoires Genévrier France Aesthetics $604 $97 13 Cassiopea S.p.A. Italy Medical Derm $573 $1 Pierre-Fabre has a formidable franchise in dermo-cosmetics 14 Ferndale Pharma Group United States Medical Derm $398 $64 and medical dermatologic products. 15 Diomed Developments UK Medical Derm $267 $78 Other key players include LEO, Merz, Maruho, ROHTO and 16 Luqa Pharma China Medical Derm $249 $40 Almirall. 17 Vyne Therapeutics Israel Medical Derm $213 $14

28 Top Branded Pharmas in Gastroenterology

Like dermatology, we have seen large pharma players make significant Value Revenue progress in this area with biologics and small molecule therapies aimed Rank Company HQ Country ($mm) ($mm) at autoimmune disease. These players include AbbVie, Amgen, Eli Lilly, Janssen and Pfizer. 1 Takeda Japan $102,300 $30,091 2 Alfasigma Italy $7,741 $1,243 Another important player is Bausch Health which is not a pure play and 3 Norgine Netherlands $3,080 $494 also has a significant business in Salix. 4 Dr. Falk Pharma Germany $3,022 $485 5 Biocodex France $2,181 $350 Takeda holds a leadership position in gastroenterology specialty 6 Ironwood Pharma United States $1,780 $427 companies led by Entyvio (Vedolizumab) for ulcerative colitis and Kolmar Medicine Unit South Korea $1,613 $567 Crohn’s disease. 7 8 Sebela Pharma United States $1,558 $250 AlfaSigma is also a major leader in GI with a number of products led by 9 Cosmo Pharma Switzerland $1,337 $75 Rifaximin® (Xifaxin), an antibiotic used for a number of disease states. 10 Nestlé Pharma Ops Switzerland $1,302 $288 Ironwood markets Linzess® for constipation with AbbVie and has built a 11 Zeria Pharma Japan $1,168 $544 strong commercial business in gastroenterology. 12 Mayoly Spindler France $1,003 $161 13 Dr. Kade Germany $963 $155 There are a number of highly focused pure play companies which include Cosmo, Zeria, Sebela, Mayoly Spindler, Ardelyx, RedHill and Romark. 14 ASKA Pharmaceutical Japan $474 $485 These companies have grown nicely over time. 15 Romark United States $436 $70 16 Anterogen South Korea $428 $3 17 Ardelyx United States $406 $8

29 Top Branded Pharmas in Oncology

It is fair to say that oncology is largely the land of Revenue the biggest pharmaceutical companies with strong Rank Company HQ Country Focus Area Value ($mm) ($mm) contributions from specialty players such as Ipsen, 1 Pfizer United States Kinase inhibitors 253,889 49,197 Incyte, Ono and Seattle Genetics. It’s also 2 Merck United States Immuno-oncology 235,456 47,194 noteworthy how large Chugai has become, largely 3 Roche Switzerland Antibodies 234,176 49,719 by selling Roche antibodies in the Japan market 4 Novartis Switzerland Kinase inhibitors 202,035 49,528 (but also by selling its own antibodies through the 5 AstraZeneca United Kingdom Kinase inhibitors 160,415 25,699 Roche system). 6 Bristol-Myers Squibb United States Immuno-oncology 158,919 34,862 Similarly, Hengrui has become quite large on the 7 Chugai Japan Antibodies 70,880 6,809 back of selling a deep portfolio of cytotoxics and 8 Hengrui Medicine China Diversified 69,196 3,478 kinase inhibitors into the China market. Like 9 Qilu Pharma China Diversified 62,280 3,600 Hengrui, Qilu has become an increasingly 10 Daiichi Sankyo Japan ADCs 51,134 8,993 important player in the China market, selling 11 Merck KGaA Germany Immuno-oncology 32,551 7,535 several billion dollars of oncology products into the 12 Astellas Japan Androgen deprivation 26,305 11,815 Chinese hospital system. A key emerging player for 13 Seattle Genetics United States ADCs 25,140 1,016 the China market is BeiGene. This company is 14 Hansoh Pharma China Kinase inhibitors 24,765 1,141 marketing a group of Celgene products in China 15 Eisai Japan Cytotoxics 23,972 6,560 while developing its own pipeline of differentiated 16 Kelun Group China Immuno-oncology 21,540 6,000 kinase inhibitors and immune-oncology antibodies. 17 BeiGene China Diversified 18,929 225

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

$29 Bn $26 Bn $14 Bn $11 Bn $8.7 Bn $7.5 Bn

$5.4 Bn $4.0 Bn $3.6 Bn

$9.0 Bn $11 Bn $3.5 Bn $2.0 Bn $1.6 Bn

$4.1 Bn $1.5 Bn $1.2 Bn $1 Bn

$2.4 Bn

$1 Bn

31 Top Branded Pharmas in Ophthalmology

Regeneron is the largest branded player whose lead product (Eylea®) is in ophthalmology. They have built a significant Value Revenue Rank Company HQ Country Focus Area ($mm) ($mm) sales force in the U.S. in the area. 1 Regeneron United States AMD $57,507 $8,693 Bausch Health is also highly committed to the field and has 2 Bausch Health Canada Front of eye $29,305 $8,109 recently indicated that they intend to spin out their eye 3 Santen Japan Diversified $7,080 $2,226 business as Bausch+Lomb. 4 Kanghong Pharma China Back of eye $5,800 $443 5 Laboratoires Théa France Diversified $4,478 $679 Santen has built a very strong franchise in Japan and is 6 URSAPHARM Germany Dry eye $2,492 $0 increasingly focused on international expansion. 7 Omeros United States Surgical pain $1,642 $75 Kanghong has introduced an anti-VEGF antibody into the 8 Farmigea Italy Diversified $1,363 $207 China market and is doing well there. 9 Aerie Pharmaceuticals United States Glaucoma $935 $100 10 NTC Pharma Italy Dry eye $932 $2 Laboratoires Théa is world leader in ophthalmic innovation 11 Senju Japan Diversified $838 $401 and positions themselves as providing a diversified set of 12 Nitto Medic Japan Diversified $830 $61 products that will satisfy many different types of patients that 13 Nicox France Glaucoma $790 $120 are seen by an ophthalmologist. 14 EyePoint United States Diversified $711 $340 Some key players that are not shown here because 15 Alimera Sciences United States Retinal Health $516 $7 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. 32 Top Branded Pharmas in Women’s Health

Bayer is the leading company with a women’s health focused Revenue franchise. Their Mirena® product for contraception is a best Rank Company HQ Country Focus Area Value ($mm) ($mm) seller in the product. 1 Bayer Germany Diversified $133 billion $20 billion 2 Ferring Switzerland Fertility $16.7 billion $2.5 billion Ferring has one of the largest franchises in the field of fertility 3 Grupo Insud Argentina Diversified $11.7 billion $1.7 billion management. 4 Lupin India Bact. Vaginosis $6.4 billion $1.9 billion Grupo Insud based in Argentina has built a significant global 5 IBSA Switzerland Fertility $3.8 billion $572 million 6 Gedeon Richter Hungary Diversified $3.6 billion $1.7 billion franchise in women’s health. 7 Besins Monaco Hormones $3.5 billion $531 million Lupin has done a nice job building a U.S. franchise in women’s 8 Myovant Sciences United Kingdom Postmenopausal $2 billion $33.3 million health anchored by Solosec® for bacterial vaginosis. 9 Theramex United Kingdom Diversified $1.7 billion $258 million 10 Duchesnay Canada Pre-Natal Health $1.2 billion $175 million IBSA is a major player in the fertility field (behind Ferring, 11 Mithra Belgium Diversified $1.1 billion $108.3 million Merck KGAA and Merck). 12 Alora Pharma United States Pre-Natal Health $612 million $170 million 13 HRA Pharma France Endocrine $594 million $90 million Other significant players include Gedeon Richter, Besins, 14 Laboraoires Majorelle France Diversified $583.2 million $30 million Myovant Sciences, Theramex, Duchesnay and Mithra. 15 TherapeuticsMD United States Postmenopausal $506.2 million $62.5 million Other players not shown are Lilly (Forteo®), Amgen (Prolia®), 16 AMAG Pharma United States Pre-Natal Health $489.7 million $297.6 million Pfizer (Premarin®), Merck/Organon (NuvaRing® / 17 Starpharma Australia Bact. Vaginosis $435.8 million $4.5 million Nexplanon® / Follistim®), Merck KGAA (fertility) and AbbVie 18 Fuji Pharma Japan Diversified $365.8 million $314 million (Estrace® cream). 19 Agile Therapeutics, Inc. United States Contraception $252.4 million $NA 20 JDS Therapeutics United States Postmenopausal $184.8 million $28 million 33 The Generic Drug Sector

34 INN Generic Sector Has Not Performed Well

In the U.S., Canada, the UK and Nordic INN Generic Pharma Index (Top Eight Public Companies) vs. S&P 500, countries, generic drugs can be Last Five Years substituted for brands at the pharmacy. S&P 500 (^SPX) - Index Value Generic Index We refer to these as INN generics. 100%

In the rest of the world, generic products 80% are sold as non-patented ethical pharmaceuticals but are generally not 60% substitutable at the pharmacy. We term such products as “Branded Generics”. 40% 20% Overall, INN generics companies have lost value in the last four years and are a 0% rare part of the pharmaceutical sector Jul-17 Jul-19 Jul-16 -20% Jul-18 Jan-17 Jul-20 Jan-19 Jan-16 Jan-18 Sep-17 Sep-15 Sep-19 Sep-16 Sep-18 Jan-20 Nov-17 Nov-15 Nov-19 Nov-16 Nov-18 that is not thriving amidst global growth Mar-17 Mar-19 Mar-16 Mar-18 May-17 May-19 May-16 May-18 Mar-20 and increasing life spans. May-20 -40% Relative Share Price 2015) 8, Sep (vs Price Share Relative

-60%

-80%

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

35 Most Valuable Companies in INN Generics

This list ranks the top 10 players in INN generics. Value Revenue We have included divisions of pharma companies Rank Rank Revenue 2020 2020 Company HQ Country Portfolio Value ($mm) ($mm) that are in INN generics (e.g., Sandoz division of 1 2 Sandoz Germany Diversified $35,766 $9,935 Novartis) and have valued these as if they were private companies (using the industry median 2 3 Teva Generic Segment Israel Diversified $33,574 $9,326 generic multiple of 3.6x). 3 1 Mylan United States Diversified $20,138 $11,504 4 4 Sun Pharma India Diversified $16,272 $4,243 The sector is led by Sandoz which has the second- 5 5 Fresenius Kabi Segment Germany Injectables, Biosimiliars $12,591 $3,497 largest revenue total in the sector. Teva follows at 6 8 Dr. Reddy's India Diversified $9,870 $2,387 #2 and is down in value from revenue a bit from 7 9 Hetero Drugs India Diversified $8,594 $2,387 recent years, largely due to challenges in the U.S. 8 11 Hikma UK/Jordan Injectables $8,265 $2,292 market. 9 10 Cipla India Diversified $7,962 $2,308 Mylan follows at #3 and has performed quite well 10 6 STADA Germany Diversified $7,184 $3,163 during a tough period; Mylan revenue is up over 20% in the last five years whereas Teva and The other leading Indian generic players (Zydus, Lupin, Aurobindo and Dr. Reddys) have Sandoz are down. Mylan is trading at less than 2x suffered from a difficult pricing environment in the United States and generally trade for less revenue and less than 6x EBITDA. than three times revenue.

Sun Pharma is #4 in the world with an impressive Dr. Reddy’s has performed quite well in recent years as has Hikma. Both companies have made topline revenue performance of $16.3 billion. excellent investments in pipeline which have played out well in the marketplace.

36 Top Companies in Generics (Branded and INN)

This ranking integrates INN generic manufacturers Value Revenue Revenue and marketers with branded generic players. Big Rank Rank Company HQ Country Portfolio Value ($mm) ($mm) pharma off-patent brand portfolios are included 1 1 Pfizer Legacy Medicines United States Off patent brands $68,040 $18,900 and valued using the median generic industry 2 2 Yangtze River Pharma China Oral solid dose, TCM $43,507 $12,085 revenue multiple. We have also included biosimilar 3 4 GSK Established Brands United Kingdom Off patent brands $41,072 $11,409 players. 4 5 Sandoz Germany INN generics $35,766 $9,935 5 7 Teva Generic Segment Israel Diversified generics $33,574 $9,326 The largest player is Pfizer’s legacy pharmaceutical 6 56 Celltrion South Korea Biosimilars $31,410 $1,228 business ($18.9 billion in revenue). We have 7 63 Changchun Tech China Diversified generics $22,597 $1,118 defined this using Pfizer’s previous definitions of its 8 9 Kelun Group China Diversified generics $21,600 $6,000 “Essential Medicines” business, combining Upjohn 9 3 Mylan United States Diversified generics $20,210 $11,504 with the legacy hospital business. 10 16 Sun Pharma India Diversified generics $16,394 $4,243 11 13 Abbott EPD United States Branded generics $16,150 $4,486 Yangtze River Pharma is next with $12bn in 12 144 Hualan Bio China Biosimilars $13,054 $521 revenue. 13 17 Fresenius Kabi Segment Germany Injectables, Biosimilars $12,485 $3,468 14 300 Walvax China Biosimilars $12,451 $169 GSK’s established brands segment is quite large 15 19 Shanghai Pharma - Mfg China Diversified generics $12,146 $3,374 with $11.4bn in revenue. 16 20 Tianjin Pharma China TCM, oral solid dose $12,017 $3,338 17 23 Roemmers Argentina Oral solid dose, brands $10,800 $3,000 Sandoz and Teva’s generic business take the #4 18 28 Dr. Reddy's India Diversified generics $10,070 $2,387 and #5 rankings respectively. 19 25 Harbin Pharma China Diversified generics $9,720 $2,700 20 169 Gan & Lee Pharma China Biosimilars $9,278 $445

37 Financial Players in Pharma The Rising Role of Private Equity and Royalty Intermediaries

38 Private Equity Funds are Major Players in the Pharma Sector

Private equity (PE) investors are playing an We looked at news stories for each company Percent of increasingly important role as investors in the in the Pharma 1000 and relevant databases commercial stage biopharmaceutical industry. to determine if a private equity investor or companies in the family office (aside from the core ownership These investors facilitate value creation and group) was invested in the company. Pharma 1000 transitions for family owned companies. that have a Private equity funds have been particularly We found that more than 10% of the private equity important in the pharmaceutical services companies had such an investor involved. investor in the area, funding growth plans and exits in the cap table: CDMO / CMO sector. Many others had worked with private equity investors in the past but these investors were As we have noted the pharma sector is not no longer involved. without risk. For this reason not all PE 14% investors have the stomach to play in this field.

39 Most Active PE Investors in Commercial Pharma

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

Total Value of PHARMA SECTOR IN SEPTEMBER 2020 Pharmas Current Pharma in which invested Illustrative ($ billions) Investor Investments Investment 5 $13.8 billion

5 $2.7 billion

4 $1.3 billion

3 $16 billion

3 $15 billion

3 $12 billion

3 $10 billion

3 $9 billion

3 $8 billion

3 $3 billion

Notes and sources: In general we relied on information from fund press releases, and information compiled on Crunchbase and S&P Capital IQ. 40 Royalty Monetization Market

OVERVIEW WHY ROYALTY INVESTMENT IS ATTRACTIVE 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 SELECTED FUNDS THAT INVEST IN ROYALTIES

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

41 Sources:. AUTM Report , DRI Capital and Torreya analysis. Royalty Monetization Market is Robust

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

Pharmaceutical Sector Royalty Monetization Volume in Life Sciences, 2011-2020 4500 18

4000 16

3500 14

3000 12

2500 10

2000 8 Number of Deals 1500 6

1000 4 Royalty Monetization Volume ($mm)

500 2

0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Deal Volume ($millions) Number of Deals

Note: Volume numbers for 2020 are annualized as of April 15, 2020. 42 Source: Data from Torreya’s internal database of royalty monetization transactions. Most Valuable Royalty Receivers

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

Value Estimate Royalties in 2019 Company ($ billions) ($ millions)

$29 billion $2,200 million

$11 billion NA

$3.8 billion $180 million

$1.2 billion $126 million

$1.1 billion $299 million

$0.8 billion $218 million

$0.3 million $10 million

$0.3 billion $37 million

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 43 information compiled on Crunchbase and S&P Capital IQ. Top Players

(by country and subfield)

44 Top 20 Private Companies by Value Worldwide

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

45 Top 20 Private Companies by Value in the Americas

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

46 India Companies Ranked by Value

India Global Value Revenue India Global Value Revenue Rank Rank Company Location ($mm) ($mm) Rank Rank Company Location ($mm) ($mm) 1 64 Sun Pharma Mumbai, India $16.4 billion $4.2 billion 21 360 Natco Hyderabad, India $1.9 billion $262.9 million 2 93 Dr. Reddy's Hyderabad, India $10.1 billion $2.3 billion 22 361 MSN Laboratories Hyderabad, India $1.9 billion $520 million 3 107 Hetero Drugs Hyderabad, India $8.6 billion $2.3 billion 23 376 Ajanta Pharma Mumbai, India $1.8 billion $350 million 4 113 Cipla Mumbai, India $8.3 billion $2.3 billion 24 402 USV Mumbai, India $1.6 billion $446.4 million 5 114 Serum Institute of India Mumbai, India $8.3 billion $819.2 million 25 435 Biological E. Hyderabad, India $1.4 billion $140.1 million 6 123 Biocon Bangalore, India $7.3 billion $871 million 26 476 Reliance Life Sciences Mumbai, India $1.2 billion $116.9 million 7 124 Torrent Pharma Ahmedabad, India $7.3 billion $1 billion 27 503 Strides Bangalore, India $1.1 billion $377 million 8 131 Aurobindo Hyderabad, India $6.9 billion $3.1 billion 28 513 Bharat Biotech Hyderabad, India $1.1 billion $106.8 million 9 133 Intas Pharma Ahmedabad, India $6.6 billion $1.8 billion 29 539 Cadila Pharma Ahmedabad, India $1 billion $280.7 million 10 139 Lupin Mumbai, India $6.4 billion $1.9 billion 30 560 Wockhardt Mumbai, India $964.1 million $359.6 million 11 142 Zydus Cadila Ahmedabad, India $6.3 billion $1.9 billion 31 563 Eris Lifesciences Limited Ahmedabad, India $956.1 million $142.2 million 12 171 Alkem Mumbai, India $4.8 billion $1.1 billion 32 589 J. B. Chemicals Mumbai, India $897.5 million $245 million 13 205 Ipca Mumbai, India $3.7 billion $617.5 million 33 672 FDC Mumbai, India $739.3 million $173.2 million 14 242 Macleods Pharma Mumbai, India $3.2 billion $NA 34 717 Shilpa Bangalore, India $658.2 million $128.3 million 15 282 Mankind Pharma Delhi, India $2.8 billion $766 million 35 723 SPARC Mumbai, India $644.4 million $32.4 million 16 284 Jubilant Pharma New Delhi, India $2.7 billion $758.9 million 36 760 Caplin Point Laboratories Chennai, India $568.7 million $120.5 million 17 289 Alembic Ahmedabad, India $2.7 billion $661.6 million 37 903 Franco-Indian (FIPPL) Mumbai, India $420.7 million $116.8 million 18 310 Emcure Mumbai, India $2.4 billion $673.7 million 38 904 Laborate Pharmaceuticals India, Other $420.1 million $116.7 million 19 319 Glenmark Mumbai, India $2.3 billion $1.4 billion 39 967 Indoco Mumbai, India $357.3 million $149.8 million 20 353 Micro Labs Bangalore, India $2 billion $558.1 million 40 992 Centaur Pharmaceuticals Mumbai, India $338.8 million $94.1 million

47 Japan Companies Ranked by Value

Japan Global Revenue Japan Global Revenue Rank Rank Company Value ($mm) ($mm) Rank Rank Company Value ($mm) ($mm) 1 16 Takeda $104 billion $30 billion 21 257 Asahi Kasei Pharma $3.1 billion NA 2 20 Chugai $72 billion $6.8 billion 22 279 Hisamitsu $2.8 billion $1.2 billion 3 24 Daiichi Sankyo $54 billion $8.9 billion 23 283 Sawai $2.7 billion $1.6 billion 4 38 Astellas $26 billion $11.8 billion 24 288 Kowa Pharma Segment $2.7 billion $1.3 billion 5 41 Eisai $24 billion $6.5 billion 25 314 Tsumura $2.4 billion $1.1 billion 6 48 Otsuka $22 billion $13.1 billion 26 317 Teijin Pharma $2.3 billion $1.1 billion 7 68 Ono $14.7 billion $2.7 billion 27 385 JT Pharma / Torii $1.7 billion $815 million 8 72 Shionogi $13.3 billion $3 billion 28 395 Towa Pharma $1.6 billion $1.1 billion 9 79 Kyowa Kirin $12.2 billion $2.8 billion 29 396 Nichi-Iko $1.6 billion $1.7 billion 10 119 Mitsubishi Tanabe $8 billion $3.8 billion 30 401 AnGes $1.6 billion $1.5 million 11 128 Santen $7.1 billion $2.2 billion 31 418 FujiFilm Pharma $1.5 billion NA 12 137 Dainippon Sumitomo $6.6 billion $4.6 billion 32 436 Yoshindo $1.4 billion $391 million 13 158 Maruho $5.6 billion $847 million 33 462 GNI Group $1.3 billion $77.9 million 14 163 Nippon Shinyaku $5.2 billion $1 billion 34 480 Zeria Pharma $1.2 billion $543.9 million 15 167 PeptiDream $5.1 billion NA 35 504 Kyorin $1.1 billion $1 billion 16 191 Meiji Pharma Business $4.1 billion $1.9 billion 36 505 Kaken Pharma $1.1 billion $788.1 million 17 218 JCR $3.5 billion $230.1 million 37 541 AYUMI Pharmaceutical $1 billion $239 million 18 221 ROHTO $3.5 billion $1.7 billion 38 568 Sosei $940 million $66.6 million 19 226 Kyoritsu Seiyaku $3.5 billion $524 million 39 571 Takata Pharmaceutical $936 million NA 20 247 Taisho Pharma $3.2 billion $2.8 billion 40 574 Healios $932 million $2.3 million

48 China Companies Ranked by Value

China Global Revenue China Global Value Revenue Rank Rank Company Location Value ($mm) ($mm) Rank Rank Company Location ($mm) ($mm) 1 21 Hengrui Medicine Jiangsu Province $69 billion $3.4 billion 21 102 Gan & Lee Pharma Beijing $1.9 billion $263 million 2 27 Yangtze River Pharma Jiangsu Province $44 billion $12 billion 22 104 Humanwell Healthcare Hubei Province $1.9 billion $520 million 3 32 Zhifei Bio Sichuan Province $31 billion $1.7 billion 23 110 Kangmei Pharma Guangdong Province $1.8 billion $350 million 4 37 Hansoh Pharma Lianyungang, China $26 billion $1.1 billion 24 112 Huahai Pharma Zhejiang Province $1.6 billion $446 million 5 43 Qilu Pharma Shandong Province $24 billion $3.6 billion 25 116 Shanghai RAAS Shanghai $1.4 billion $140 million 6 46 Changchun Tech Jilin Province $23 billion $1.1 billion 26 117 CanSino Biologics Tianjin Province $1.2 billion $117 million 7 49 Pientzehuang Pharma Fujian Province $22 billion $860 million 27 121 Tiantan Biological Beijing $1.1 billion $377 million 8 50 Kelun Group Sichuan Province $22 billion $6 billion 28 132 Betta Pharm Zhejiang Province $1.1 billion $107 million 9 52 BeiGene Beijing, China $20 billion $225 million 29 140 Huadong Medicine Zhejiang Province $1 billion $281 million 10 54 Jemincare Jianxi Province $19.3 billion $5.3 billion 30 144 King-Friend Bio Jiangsu Province $964.1 million $360 million 11 59 Yunnan Baiyao Yunnan Province $17.6 billion $4.4 billion 31 148 Green Valley Pharma Shanghai $956.1 million $142 million 12 60 Kangtai Bio Guangdong Province $17.3 billion $284 million 32 149 Guangzhou Pharma Guangdong Province $897.5 million $245 million 13 62 Fosun Pharma Shanghai $16.7 billion $4 billion 33 152 Kanghong Pharma Sichuan Province $739.3 million $173 million 14 74 Hualan Bio Henan Province $13.1 billion $521 million 34 160 Zai Lab Shanghai $658.2 million $128 million 15 77 Walvax Yunnan Province $12.5 billion $169 million 35 161 Youcare Pharma Beijing $644.4 million $32 million 16 81 Shanghai Pharma - Mfg Shanghai $12.1 billion $3.3 billion 36 162 Salubris Pharma Guangdong Province $568.7 million $121 million 17 82 Tianjin Pharma Tianjin $12 billion $3.3 billion 37 165 Yifan Pharma Zhejiang Province $420.7 million $117 million 18 90 Innovent Biologics Jiangsu Province $10.5 billion $239 million 38 168 Livzon Guangdong Province $420.1 million $117 million 19 94 Junshi Biosciences Jiangsu Province $10 billion $147 million 39 170 Tasly Pharma Tianjin $357.3 million $150 million 20 98 Harbin Pharma Heilongjiang Province $9.7 billion $2.7 billion 40 179 Wolwo Pharma Zhejiang Province $338.8 million $94 million

49 South Korea Companies Ranked by Value

Korea Global Revenue Korea Global Revenue Rank Rank Company Value ($mm) ($mm) Rank Rank Company Value ($mm) ($mm) 1 30 Celltrion $31 billion $1.2 billion 21 497 Helixsmith $1.1 billion $4.4 million 2 87 SK Biopharma $11 billion $5.2 million 22 500 Sam Chun Dang Pharm $1.1 billion $152.7 million 3 145 Shin Poong $6.2 billion $164 million 23 520 DONGKOOK Pharma $1.1 billion $433.9 million 4 169 ALTEOGEN $5 billion $36.1 million 24 522 Oscotec $1 billion $15.5 million 5 178 Samsung Bioepis $4.4 billion $850 million 25 528 Pharmicell $1 billion $23.6 million 6 202 Celltrion Pharm $3.7 billion $152.6 million 26 584 JW Holdings $905.5 million $618.8 million 7 212 Hanmi Pharm $3.6 billion $917.2 million 27 599 Binex $884.1 million $107.6 million 8 217 LG Life Sciences $3.6 billion $540 million 28 600 Daewoong Pharma $884 million $890.7 million 9 220 Genexine $3.5 billion $4.1 million 29 607 Dong-A Socio $860 million $659.5 million 10 241 Yuhan $3.2 billion $1.2 billion 30 628 Chong Kun Dang Pharm $821.1 million $662.7 million 11 258 GC Pharma $3 billion $1.1 billion 31 638 Komipharm Intl $797.6 million $31.6 million 12 367 Bukwang Pharma $1.8 billion $142.5 million 32 671 CrystalGenomics $740.2 million $77 million 13 397 Kolmar Medicine Unit $1.6 billion $567 million 33 699 Boryung Pharma $689.9 million $456 million 14 398 Hugel $1.6 billion $162.3 million 34 708 SillaJen $667.8 million $1.9 million 15 409 HanAll Biopharma $1.6 billion $82.3 million 35 743 Handok $602.5 million $405.6 million 16 439 Yungjin Pharm $1.4 billion $147.6 million 36 801 PharmaResearch Prod $519.4 million $76.4 million 17 459 Il-Yang Pharm. $1.3 billion $270.2 million 37 811 Hana Pharm $511.2 million $142 million 18 463 KUP $1.2 billion $136.3 million 38 817 Huons $505.1 million $402.3 million 19 471 Medy-Tox $1.2 billion $151.8 million 39 827 Jeil $495.1 million $624.3 million 20 484 Mezzion $1.2 billion $17.8 million 40 835 Aprogen Pharmaceuticals $486.4 million $45.1 million

50 Southeast Asia Companies Ranked by Value

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. 51 Eastern Europe Companies Ranked by Value

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

52 Latin America Companies Ranked by Value

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

53 Middle East and Africa Companies Ranked by Value

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

54 The Pharma 1000 List

55 The World’s Most Valuable Pharmaceutical Companies: Top 25

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 1 Roche $328 bn $49 bn $23 bn Basel, Switzerland Public Company Segment Big Pharma Biologics Oncology 2 2 Janssen (J&J) $279 bn $42 bn $8.8 bn Raritan, NJ, US Public Company Segment Big Pharma Biologics Immunology 5 3 Pfizer $257 bn $49 bn $20 bn New York Area, US Public Company Big Pharma Small Molecules Oncology 1 4 AbbVie $242 bn $36 bn $16 bn Chicago Area Public Company Big Pharma Biologics Immunology 6 5 Merck $233 bn $47 bn $19 bn New York Area, US Public Company Big Pharma Small Molecules Oncology 4 6 Novartis $210 bn $49 bn $18 bn Basel, Switzerland Public Company Big Pharma Small Molecules Oncology 3 7 Amgen $164 bn $24 bn $12 bn Thousand Oaks, CA, US Public Company Big Pharma Biologics Immunology 10 8 AstraZeneca $162 bn $25 bn $6.9 bn Boston Area, US Public Company Big Pharma Small Molecules Oncology 13 9 Bristol-Myers Squibb $158 bn $34 bn $14 bn New York Area, US Public Company Big Pharma Small Molecules Oncology 16 10 Novo Nordisk $155 bn $19 bn $8.9 bn Copenhagen, Denmark Public Company Big Pharma Biologics Diabetes Care 14 11 Eli Lilly $151 bn $22 bn $7.6 bn Indiana, US Public Company Big Pharma Biologics Diabetes Care 7 12 Boehringer Ingelheim $148 bn $22 bn $3.7 bn Ingelheim, Germany Private Company Big Pharma Small Molecules Diabetes Care 11 13 GlaxoSmithKline $136 bn $43 bn $11 bn London, United Kingdom Public Company Big Pharma Small Molecules Respiratory 8 14 Bayer $133 bn $20 bn $6.7 bn Leverkusen, Germany Public Company Segment Big Pharma Small Molecules Cardiology 12 15 Sanofi $120 bn $42 bn $11 bn Paris, France Public Company Big Pharma Small Molecules Immunology 9 16 Takeda $104 bn $30 bn $7.4 bn Tokyo Japan Public Company Big Pharma Biologics Gastroenterology 17 17 CSL $100 bn $9 bn $3 bn Parkville, Australia Public Company Big Pharma Blood Products Hematology 21 18 Gilead $87 bn $22 bn $5.5 bn Bay Area, US Public Company Big Pharma Small Molecules Virology 15 19 Zoetis $82 bn $6.3 bn $2.6 bn New York Area, US Public Company Animal Health Small Molecules Animal Health 24 20 Chugai $72 bn $6.8 bn $2.6 bn Tokyo, Japan Public Company Branded Pharma Biologics Oncology 31 21 Hengrui Medicine $69 bn $3.4 bn $894 mn Jiangsu Province, China Public Company Branded Pharma Small Molecules Oncology 30 22 Vertex Pharma $65 bn $5.4 bn $2.2 bn Boston Area, US Public Company Branded Pharma Small Molecules Rare Disease 27 23 Regeneron $58 bn $8.6 bn $3 bn New York Area, US Public Company Branded Pharma Biologics Ophthalmology 28 24 Daiichi Sankyo $54 bn $8.9 bn $1.5 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Oncology 41 25 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. 56 Pharma 1000: Ranks 26 to 50

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 26 Biogen $48 bn $14 bn $8 bn Boston Area, US Public Company Branded Pharma Biologics Neurology 20 27 Yangtze River Pharma $44 bn $12 bn NA Jiangsu Province, China Private Company Generics - China Small Molecules Broad 23 28 Servier $36 bn $5.4 bn NA Paris, France Private Company Branded Pharma Small Molecules Cardiometabolic 37 29 Teva $35 bn $16 bn $4.6 bn Israel Public Company Generics - INN Small Molecules Respiratory 26 30 CSPC Pharma $35 bn $5.3 bn NA Hebei Province, China Private Company Branded Pharma Small Molecules CNS 68 31 Celltrion $31 bn $1.2 bn $574 mn South Korea Public Company Biosimilars Biologics Immunology 40 32 Zhifei Bio $31 bn $1.7 bn $483 mn Sichuan Province, China Public Company Branded Pharma Vaccines Vaccines 75 33 Seattle Genetics $30 bn $1 bn -$301 mn Seattle, US Public Company Branded Pharma Biologics Oncology 67 34 Menarini $30 bn $4.4 bn $580 mn Florence, Italy Private Company Branded Pharma Small Molecules Cardiometabolic 39 35 Bausch Health $29 bn $8.1 bn $3.1 bn New York Area, US Public Company Branded Pharma Small Molecules Opthalmology 33 36 Royalty Pharma $29 bn $1.9 bn $2.6 bn New York Area, US Public Company Royalty Company Biologics Broad 32 37 Hansoh Pharma $26 bn $1.1 bn $404 mn Lianyungang, China Public Company Branded Pharma Small Molecules Oncology NA 38 Astellas $26 bn $11 bn $2.9 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Oncology 38 39 Grifols $26 bn $6 bn $1.3 bn Barcelona, Spain Public Company Branded Pharma Blood Products Rare Disease 43 40 Alexion $25 bn $5.5 bn $2.9 bn New York Area, US Public Company Branded Pharma Biologics Rare Disease 34 41 Eisai $24 bn $6.5 bn $1.5 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Oncology 44 42 Moderna $24 bn $105 mn -$482 mn Boston Area, US Public Company Biotechnology Nucleic Acids Anti-Infectives 93 43 Qilu Pharma $24 bn $3.6 bn NA Shandong Province, China Private Company Branded Pharma Small Molecules Oncology 29 44 UCB $24 bn $5.8 bn $1.6 bn Brussels, Belgium Public Company Branded Pharma Biologics Neurology 50 45 Sino Biopharma $23 bn $3.4 bn $885 mn Hong Kong Public Company Generics - China Small Molecules Broad 69 46 Changchun Tech $23 bn $1.1 bn $473 mn Jilin Province, China Public Company Biosimilars Biologics Broad 122 47 Genmab $22 bn $1.5 bn $1 bn Copenhagen, Denmark Public Company Biotechnology Biologics Oncology 79 48 Otsuka $22 bn $13 bn $2.5 bn Tokyo, Japan Public Company Branded Pharma Small Molecules Psychiatry 45 49 Pientzehuang Pharma $22 bn $859 mn $244 mn Fujian Province, China Public Company Generics - China Small Molecules Broad 80 50 Kelun Group $22 bn $6 bn NA Sichuan Province, China Private Company Generics - China Small Molecules Oncology 35

57 Pharma 1000: Ranks 51 to 75

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 51 Galderma $20 bn $3 bn NA Lausanne area, Switzerland Private Company Branded Pharma Small Molecules Dermatology 53 52 BeiGene $20 bn $224 mn -$1405 mn Beijing, China Public Company Branded Pharma Small Molecules Oncology 110 53 Mylan $20 bn $11 bn $3.4 bn Pittsburgh Area, US Public Company Generics - INN Small Molecules Respiratory 36 54 Jemincare $19.3 bn $5.3 bn NA Jianxi Province, China Private Company Generics - China Naturals Broad 42 55 Pierre Fabre $18.7 bn $2.8 bn NA Paris, France Private Company Branded Pharma Small Molecules Dermatology 55 56 Immunomedics* $18.6 bn $20 mn -$309 mn New York Area, US Public Company Branded Pharma Biologics Oncology 235 57 Incyte $18.5 bn $2.3 bn -$131 mn Philadelphia Area, US Public Company Branded Pharma Small Molecules Oncology 52 58 Horizon Therapeutics $17.9 bn $1.5 bn $142 mn Chicago Area Public Company Branded Pharma Small Molecules Rare Disease 145 59 Yunnan Baiyao $17.6 bn $4.4 bn $510 mn Yunnan Province, China Public Company Generics - China Naturals Broad 63 60 Kangtai Bio $17.3 bn $283 mn $96 mn Guangdong Province, China Public Company Branded Pharma Vaccines Vaccines 218 61 Octapharma $17.1 bn $2.5 bn NA Lachen, Switzerland Private Company Branded Pharma Blood Products Blood Products 65 62 Fosun Pharma $16.7 bn $4 bn $498 mn Shanghai, China Public Company Branded Pharma Small Molecules Broad 62 63 Ferring $16.7 bn $2.5 bn NA Geneva, Switzerland Private Company Branded Pharma Small Molecules Womens Health 60 64 Sun Pharma $16.4 bn $4.2 bn $910 mn Mumbai, India Public Company Generics - INN Small Molecules Dermatology 56 65 Abbott EPD $16.1 bn $4.4 bn NA Chicago Area Public Company Segment Generics - Branded Small Molecules Broad 57 66 Chiesi $15.5 bn $2.3 bn NA Parma, Italy Private Company Branded Pharma Small Molecules Respiratory 66 67 BioNTech $15.4 bn $141 mn -$223 mn Mainz, Germany Public Company Biotechnology Nucleic Acids Oncology 162 68 Ono $14.7 bn $2.7 bn $922 mn Osaka, Japan Public Company Branded Pharma Biologics Oncology 70 69 BioMarin $13.8 bn $1.8 bn $97 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 54 70 Alnylam $13.5 bn $345 mn -$898 mn Boston Area, US Public Company Branded Pharma Nucleic Acids Hematology 96 71 Elanco $13.4 bn $2.8 bn $518 mn Indiana, US Public Company Animal Health Small Molecules Animal Health 61 72 Shionogi $13.3 bn $3 bn $1.2 bn Osaka, Japan Public Company Branded Pharma Small Molecules Virology 49 73 Mundipharma $13.2 bn $2 bn NA New York Area, US Private Company Branded Pharma Small Molecules Pain 48 74 Hualan Bio $13.1 bn $521 mn $225 mn Henan Province, China Public Company Biosimilars Blood Products Vaccines 136 75 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. 58 Pharma 1000: Ranks 76 to 100

Lead Value Estimate Profit Therapeutic Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Area Rank 2019 76 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

59 Pharma 1000: Ranks 101-125

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 101 Neurocrine $9.3 bn $1 bn $364 mn San Diego, US Public Company Branded Pharma Small Molecules Neurology 100 102 Gan & Lee Pharma $9.3 bn $445 mn NA Beijing, China Public Company Biosimilars Biologics Diabetes Care NA 103 argenx $8.8 bn $70 mn -$367 mn Netherlands Public Company Biotechnology Biologics Neurology 153 104 Humanwell Healthcare $8.8 bn $2.9 bn $438 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 155 105 Sobi $8.7 bn $1.6 bn $734 mn Sweden Public Company Branded Pharma Small Molecules Rare Disease 114 106 CR Pharma Segment $8.6 bn $4.3 bn NA Hong Kong Public Company Segment Generics - China Naturals Broad 59 107 Hetero Drugs $8.6 bn $2.3 bn NA Hyderabad, India Private Company Generics - INN Small Molecules Broad 141 108 Merz $8.5 bn $1.2 bn NA Hessen, Germany Private Company Branded Pharma Small Molecules Dermatology 103 109 Hikma $8.4 bn $2.2 bn $614 mn London, United Kingdom Public Company Generics - INN Small Molecules Broad 117 110 Kangmei Pharma $8.4 bn $825 mn -$382 mn Guangdong Prov, China Public Company Generics - China Naturals Broad 46 111 Jazz Pharma $8.4 bn $2.2 bn $975 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 86 112 Huahai Pharma $8.4 bn $855 mn $202 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 199 113 Cipla $8.3 bn $2.3 bn $423 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 107 114 Serum Institute of India $8.3 bn $819 mn NA Pune, India Private Company Biosimilars Vaccines Vaccines 260 115 Baxter Pharma $8.2 bn $2.2 bn NA Chicago Area Public Company Segment Generics - INN Small Molecules Hospital 104 116 Shanghai RAAS $8.2 bn $367 mn $153 mn Shanghai, China Public Company Branded Pharma Blood Products Blood Products 111 117 CanSino Biologics $8.2 bn $2.2 mn -$31 mn Tianjin, China Public Company Biotechnology Vaccines Vaccines NA 118 Alfasigma $8.2 bn $1.2 bn NA Florence, Italy Private Company Branded Pharma Small Molecules Gastroenterology 95 119 Mitsubishi Tanabe $8 bn $3.8 bn NA Osaka, Japan Public Company Segment Branded Pharma Biologics Immunology 101 120 Lundbeck $7.8 bn $2.6 bn $913 mn Copenhagen, Denmark Public Company Branded Pharma Small Molecules Neurology 88 121 Tiantan Biological $7.5 bn $463 mn $157 mn Beijing, China Public Company Branded Pharma Blood Products Various NA 122 Endo International $7.3 bn $3 bn $497 mn New York Area, US Public Company Generics - INN Small Molecules Broad 73 123 Biocon $7.3 bn $871 mn $205 mn Bangalore, India Public Company Biosimilars Small Molecules Broad 131 124 Torrent Pharma $7.3 bn $1 bn $296 mn Ahmedabad, India Public Company Generics - INN Small Molecules Broad 142 125 Apotex $7.3 bn $2 bn NA Toronto Area, Canada Private Company Generics - INN Small Molecules Broad 133

60 Pharma 1000: Ranks 126-150

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 126 STADA $7.2 bn $3.1 bn NA Bad Vilbel, Germany Private Company Generics - INN Small Molecules Broad 97 127 Ascendis Pharma $7.1 bn $9.4 mn -$306 mn Copenhagen, Denmark Public Company Biotechnology Small Molecules Endocrinology 206 128 Santen $7.1 bn $2.2 bn $512 mn Osaka, Japan Public Company Branded Pharma Small Molecules Opthalmology 128 129 Angelini $7 bn $1 bn NA Rome, Italy Private Company Branded Pharma Small Molecules Pain 120 130 Schwabe $7 bn $1 bn NA Stutensee, Germany Private Company Branded Pharma Naturals Neurology 115 131 Aurobindo $6.9 bn $3.1 bn $654 mn Hyderabad, India Public Company Generics - INN Small Molecules Broad 109 132 Betta Pharm $6.8 bn $246 mn $73 mn Zhejiang Province, China Public Company Branded Pharma Small Molecules Oncology 242 133 Intas Pharma $6.6 bn $1.8 bn $198 mn Ahmedabad, India Private Company Generics - Branded Small Molecules Broad 127 134 Exelixis $6.6 bn $998 mn $332 mn Bay Area, US Public Company Branded Pharma Small Molecules Oncology 118 135 Aché Laboratórios $6.6 bn $1 bn NA Guarulhos, Brazil Private Company Branded Pharma Small Molecules Broad 213 136 Unilab $6.6 bn $1 bn NA Philippines Private Company Generics - Branded Small Molecules Broad 203 137 Dainippon Sumitomo $6.6 bn $4.6 bn $772 mn Osaka, Japan Public Company Branded Pharma Small Molecules Neurology 81 138 Orion $6.5 bn $1.2 bn $428 mn Finland Public Company Branded Pharma Small Molecules Neurology 144 139 Lupin $6.4 bn $1.9 bn $263 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 121 140 Huadong Medicine $6.4 bn $4.7 bn $483 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 105 141 Mirati Therapeutics $6.4 bn $1.7 mn -$305 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 228 142 Zydus Cadila $6.3 bn $1.9 bn $387 mn Ahmedabad, India Public Company Generics - INN Small Molecules Broad 132 143 Kedrion $6.3 bn $953 mn $195 mn Florence, Italy Private Company Branded Pharma Blood Products Blood Products 151 144 King-Friend Bio $6.2 bn $380 mn $125 mn Jiangsu Province, China Public Company Biosimilars Small Molecules Hospital 257 145 Shin Poong $6.2 bn $164 mn $13 mn South Korea Public Company Generics - Branded Small Molecules Broad 695 146 Ionis $6.1 bn $940 mn $167 mn San Diego, US Public Company Biotechnology Nucleic Acids Rare Disease 102 147 Emergent BioSolutions $6 bn $1.2 bn $408 mn Gaithersburg, MD, US Public Company Branded Pharma Vaccines Biodefense 164 148 Green Valley Pharma $5.9 bn $900 mn NA Shanghai, China Private Company Branded Pharma Small Molecules CNS NA 149 Guangzhou Pharma $5.9 bn $8.7 bn $389 mn Guangdong Province, China Public Company Biosimilars Biologics Broad 91 150 MyoKardia $5.9 bn NA -$340 mn Bay Area, US Public Company Biotechnology Small Molecules Rare Disease 350

61 Pharma 1000: Ranks 151-175

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 151 Momenta* $5.8 bn $30 mn -$240 mn Boston Area, US Public Company Branded Pharma Biologics Broad 411 152 Kanghong Pharma $5.8 bn $443 mn $106 mn Sichuan Province, China Public Company Branded Pharma Small Molecules Opthalmology 168 153 Acceleron $5.7 bn $87 mn -$141 mn Boston Area, US Public Company Biotechnology Small Molecules Rare Disease 273 154 Novavax $5.7 bn $50 mn -$88 mn Gaithersburg, MD, US Public Company Biotechnology Vaccines Vaccines 442 155 Aspen Pharmacare $5.7 bn $2.2 bn $487 mn South Africa Public Company Generics - Branded Small Molecules Broad 92 156 Italfarmaco $5.7 bn $856 mn NA Milan, Italy Private Company Branded Pharma Small Molecules Cardiometabolic 216 157 Zambon $5.6 bn $853 mn NA Milan, Italy Private Company Branded Pharma Small Molecules Respiratory 160 158 Maruho $5.6 bn $847 mn NA Osaka, Japan Private Company Branded Pharma Small Molecules Dermatology 157 159 ACADIA Pharma $5.5 bn $393 mn -$232 mn San Diego, US Public Company Branded Pharma Small Molecules Neurology 183 160 Zai Lab $5.5 bn $28 mn -$243 mn Shanghai China Public Company Branded Pharma Small Molecules Oncology 326 161 Youcare Pharma $5.4 bn $1.5 bn NA Beijing, China Private Company Generics - China Small Molecules Broad NA 162 Salubris Pharma $5.4 bn $516 mn $74 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 175 163 Nippon Shinyaku $5.2 bn $1 bn $243 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Hematology 165 164 Grupo Ferrer $5.2 bn $790 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Cardiometabolic 138 165 Yifan Pharma $5.1 bn $775 mn $208 mn Zhejiang Province, China Public Company Biosimilars Biologics Broad 256 166 CRISPR Therapeutics $5.1 bn $289 mn $2.8 mn Zug, Switzerland Public Company Biotechnology Gene Editing Rare Disease 382 167 PeptiDream $5.1 bn $0 mn NA Kawasaki, Japan Public Company Biotechnology Peptides Virology 124 168 Livzon $5 bn $1.3 bn $303 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 255 169 ALTEOGEN $5 bn $36 mn $7.3 mn South Korea Public Company Biosimilars Biologics Endocrinology 750 170 Tasly Pharma $5 bn $2.5 bn $277 mn Tianjin, China Public Company Generics - China Naturals Broad 129 171 Alkem $4.8 bn $1.1 bn $231 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 182 172 Kalbe $4.8 bn $1.5 bn $270 mn North Sumatra, Indonesia Public Company Generics - Branded Small Molecules Broad 139 173 Dechra Pharma $4.7 bn $637 mn $104 mn Northern UK Public Company Animal Health Small Molecules Animal Health 170 174 Mallinckrodt $4.5 bn $2.3 bn $526 mn London, United Kingdom Public Company Branded Pharma Small Molecules Rare Disease 90 175 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. 62 Pharma 1000: Ranks 176-200

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 176 Laboratoires Théa $4.5 bn $678 mn NA Clermont-Ferrand, France Private Company Branded Pharma Small Molecules Opthalmology 176 177 Iovance $4.5 bn NA -$250 mn Bay Area, US Public Company Biotechnology Cell Therapy Oncology 436 178 Samsung Bioepis $4.4 bn $850 mn NA South Korea Private Company Biosimilars Biologics Immunology NA 179 Wolwo Pharma $4.4 bn $88 mn $42 mn Zhejiang Province, China Public Company Branded Pharma Biologics Allergy 301 180 Dongbao Pharma $4.4 bn $398 mn $157 mn Jilin Province, China Public Company Biosimilars Biologics Endocrinology 161 181 Buchang Pharma $4.4 bn $2.1 bn $331 mn Shandong Province, China Public Company Generics - China Naturals Broad 176 182 Mega Pharma $4.3 bn $1.2 bn NA Uruguay Private Company Generics - Branded Small Molecules Broad 126 183 Kanghua Biological $4.3 bn $104 mn NA Sichuan Province, China Public Company Biosimilars Vaccines Vaccines NA 184 Yiling Pharma $4.3 bn $1 bn $172 mn Hebei Province, China Public Company Generics - China Naturals Broad 269 185 NCPC $4.3 bn $1.5 bn $171 mn Hebei Province, China Public Company Generics - China Small Molecules Broad 251 186 Abdi Ibrahim $4.2 bn $639 mn NA Turkey Private Company Branded Pharma Small Molecules Broad 198 187 Jinyu Bio-Tech $4.2 bn $175 mn $53 mn Mongolia Public Company Animal Health Small Molecules Animal Health 205 188 CHEPLAPHARM $4.2 bn $1.1 bn $327 mn Pomerania, Germany Private Company Generics - Branded Small Molecules Broad 146 189 Ultragenyx $4.2 bn $159 mn -$385 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 209 190 Allogene $4.1 bn NA -$233 mn Bay Area, US Public Company Biotechnology Cell Therapy Oncology 158 191 Meiji Pharma Business $4.1 bn $1.9 bn NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Anti-Infectives 172 192 Orifarm $4 bn $1.1 bn NA Copenhagen, Denmark Private Company Generics - Branded Small Molecules Broad NA 193 Pharmstandard $4 bn $1.1 bn NA Dolgoprudny, Russia Private Company Generics - Branded Small Molecules Broad 191 194 Grupo Bagó $4 bn $1.1 bn NA Argentina Private Company Generics - Branded Small Molecules Broad NA 195 Apeloa Pharma $4 bn $1 bn $147 mn Zhejiang Province, China Public Company Generics - China Naturals Cardiometabolic NA 196 Polpharma $3.9 bn $1 bn NA Poland Private Company Generics - Branded Small Molecules Broad 180 197 Idorsia $3.9 bn $72 mn -$421 mn Basel, Switzerland public Company Biotechnology Small Molecules Respiratory 281 198 Oneness Biotech $3.9 bn $1.4 mn -$16 mn Taiwan Public Company Biotechnology Small Molecules Wound Care 944 199 Hisun Pharma $3.8 bn $1.5 bn $74 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 197 200 Halozyme $3.8 bn $180 mn NA San Diego, US Public Company Royalty Company Biologics Oncology 240

63 Pharma 1000: Ranks 201-225

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 201 IBSA $3.8 bn $572 mn NA Lugano, Switzerland Private Company Branded Pharma Biologics Women's Health 188 202 Celltrion Pharm $3.7 bn $152 mn $27 mn South Korea Public Company Branded Pharma Biologics Broad 318 203 neuraxpharm $3.7 bn $566 mn NA Langenfeld, Germany Private Company Branded Pharma Small Molecules CNS NA 204 Hypera $3.7 bn $694 mn $105 mn Sao Paolo, Brazil Public Company Generics - Branded Small Molecules Broad 148 205 Ipca $3.7 bn $617 mn $124 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 330 206 Esteve $3.7 bn $556 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Pain 130 207 Biohaven $3.7 bn $10 mn -$535 mn New York Area, US Public Company Branded Pharma Small Molecules Neurology 284 208 Haisco $3.7 bn $498 mn $42 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 291 209 Gedeon Richter $3.6 bn $1.7 bn $417 mn Hungary Public Company Branded Pharma Small Molecules Womens Health 179 210 Relay Therapeutics $3.6 bn $0 mn NA Boston Area, US Public Company Biotechnology Small Molecules Oncology NA 211 Legend Biotech $3.6 bn $61 mn -$186 mn Jiangsu Province, China Public Company Biotechnology Cell Therapy Oncology NA 212 Hanmi Pharm $3.6 bn $917 mn $126 mn South Korea Public Company Generics - Branded Small Molecules Broad 125 213 Barakat Pharmaceutical $3.6 bn $1 bn NA Iran Private Company Generics - Branded Small Molecules Generics NA 214 Blueprint Medicines $3.6 bn $75 mn -$399 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 204 215 Allakos $3.6 bn NA -$119 mn Bay Area, US Public Company Biotechnology Biologics Respiratory 357 216 ALK $3.6 bn $505 mn $40 mn Copenhagen, Denmark Public Company Branded Pharma Biologics Allergy 290 217 LG Life Sciences $3.6 bn $540 mn NA South Korea Public Company Segment Generics - Branded Small Molecules Broad 292 218 JCR $3.5 bn $230 mn $46 mn Ashiya, Japan Public Company Branded Pharma Biologics Endocrinology 299 219 Eurofarma $3.5 bn $982 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Broad 210 220 Genexine $3.5 bn $4.1 mn NA South Korea Public Company Biotechnology Biologics Rare Disease 317 221 ROHTO $3.5 bn $1.7 bn $277 mn Osaka, Japan Public Company Branded Pharma Small Molecules Ophthalmology 202 222 Besins $3.5 bn $531 mn NA Monaco Private Company Branded Pharma Small Molecules Womens Health 263 223 Amicus Therapeutics $3.5 bn $226 mn -$260 mn New York Area, US Public Company Branded Pharma Small Molecules Rare Disease 232 224 Perrigo Rx Business $3.5 bn $968 mn NA Allegan, MI, US Public Company Segment Generics - INN Small Molecules Broad 184 225 Denali Therapeutics $3.5 bn $27 mn -$220 mn Bay Area, US Public Company Biotechnology Small Molecules Neurology 296

64 Pharma 1000: Ranks 226-250

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 226 Kyoritsu Seiyaku $3.5 bn $524 mn NA Tokyo, Japan Private Company Animal Health Small Molecules Animal Health 261 227 Zentiva $3.4 bn $957 mn NA Czech Republic Private Company Generics - Branded Small Molecules Broad 306 228 Genus $3.4 bn $682 mn $90 mn London, United Kingdom Public Company Animal Health Small Molecules Animal Health 250 229 Amneal $3.4 bn $1.7 bn $342 mn New York Area, US Public Company Generics - INN Small Molecules Broad 173 230 China Grand Pharma $3.4 bn $807 mn $256 mn Hong Kong Public Company Generics - China Small Molecules Broad 225 231 FibroGen $3.4 bn $108 mn -$297 mn Bay Area, US Public Company Biotechnology Small Molecules Hematology 152 232 Vir Biotechnology $3.4 bn $75 mn -$203 mn Bay Area, US Public Company Biotechnology Small Molecules Virology NA 233 Dermapharm $3.4 bn $855 mn $156 mn Munich Area, Germany Public Company Generics - Branded Small Molecules Broad NA 234 Schrodinger $3.4 bn $95 mn -$44 mn Bangalore, India Public Company Biotechnology Small Molecules Broad NA 235 Dompé $3.3 bn $507 mn NA Milan, Italy Private Company Branded Pharma Biologics Rare Disease 447 236 Luoxin Pharma $3.3 bn $897 mn $109 mn Shandong Province, China Public Company Generics - China Small Molecules Respiratory 87 237 MorphoSys $3.3 bn $329 mn $92 mn Munich Area, Germany Public Company Biotechnology Biologics Oncology 196 238 Shafadarou Investment $3.3 bn $906 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA 239 Norgine $3.3 bn $494 mn NA Netherlands Private Company Branded Pharma Small Molecules Gastroenterology 211 240 AnkeBio $3.3 bn $235 mn $62 mn Anhui Province, China Public Company Biosimilars Biologics Broad 249 241 Yuhan $3.2 bn $1.2 bn $89 mn South Korea Public Company Generics - Branded Small Molecules Broad 236 242 Macleods Pharma $3.2 bn $891 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Generics NA 243 PROBIOMED $3.2 bn $317 mn NA Mexico Private Company Biosimilars Small Molecules Broad 769 244 Dr. Falk Pharma $3.2 bn $485 mn NA Freiburg, Germany Private Company Branded Pharma Small Molecules Gastroenterology 241 245 ChemoCentryx $3.2 bn $76 mn -$30 mn Bay Area, US Public Company Biotechnology Small Molecules Renal 682 246 Arrowhead Pharma $3.2 bn $123 mn -$28 mn Los Angeles, US Public Company Biotechnology Nucleic Acids Virology 325 247 Taisho Pharma $3.2 bn $2.8 bn $376 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Anti-infectives 135 248 Pars Darou $3.2 bn $881 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA 249 China Meheco Group $3.2 bn $5.2 bn $302 mn Beijing, China Public Company Generics - China Small Molecules Broad NA 250 China Biologic Prod $3.1 bn $511 mn NA Beijing, China Public Company Branded Pharma Blood Products Hospital NA

65 Pharma 1000: Ranks 251-275

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 251 Bridgebio Pharma $3.1 bn $40 mn NA Bay Area, US Public Company Biotechnology Small Molecules Rare Disease 220 252 LFB $3.1 bn $472 mn NA Paris, France Private Company Branded Pharma Blood Products Blood Products 169 253 PTC Therapeutics $3.1 bn $311 mn -$335 mn New York Area, US Public Company Branded Pharma Small Molecules Rare Disease 287 254 Immunovant $3.1 bn $NA -$70 mn New York Area, US Public Company Biotechnology Small Molecules Immunology NA 255 Insmed $3.1 bn $163 mn -$211 mn New York Area, US Public Company Branded Pharma Small Molecules Respiratory 253 256 Asahi Kasei Pharma $3.1 bn NA NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Hospital 220 257 GC Pharma $3 bn $1.1 bn $72 mn South Korea Public Company Branded Pharma Blood Products Vaccines 245 258 BrightGene Bio $3 bn $84 mn $24 mn Jiangsu Province, China Public Company Branded Pharma Small Molecules Oncology NA 259 medac gmbh $2.9 bn $446 mn NA Wedel, Germany Private Company Branded Pharma Small Molecules Oncology 293 260 3SBio $2.9 bn $760 mn $256 mn Liaoning Province, China Public Company Biosimilars Biologics Broad 154 261 Amoytop Biotech $2.9 bn $109 mn $22 mn Fujian Province, China Public Company Branded Pharma Biologics Hematology NA 262 United Therapeutics $2.9 bn $1.4 bn $605 mn Silver Spring MD, US Public Company Branded Pharma Small Molecules Rare Disease 156 263 GBT $2.9 bn $47 mn -$299 mn Bay Area, US Public Company Branded Pharma Small Molecules Hematology 222 264 GW Pharmaceuticals $2.9 bn $441 mn -$44 mn Cambridge, UK Public Company Branded Pharma Naturals Neurology 147 265 Arena Pharma $2.9 bn $4.6 mn -$362 mn San Diego, US Public Company Biotechnology Small Molecules Gastroenterology 262 266 Alvogen $2.9 bn $800 mn NA New York Area, US Private Company Generics - Branded Small Molecules Broad 116 267 Prasco $2.9 bn $800 mn NA Mason, Ohio, US Private Company Generics - Branded Small Molecules Broad 215 268 Simcere Pharma $2.9 bn $800 mn NA Jiangsu Province, China Private Company Generics - China Small Molecules Broad 212 269 ADC Therapeutics $2.9 bn $0 mn -$156 mn Geneva, Switzerland Public Company Biotechnology Biologics Oncology NA 270 Axsome $2.9 bn $NA -$93 mn New York, NY Public Company Biotechnology Small Molecules Neurology 831 271 BIOCAD $2.9 bn $283 mn NA St. Petersburg, Russia Private Company Biosimilars Biologics Broad NA 272 Guojian Pharma $2.8 bn $149 mn $36 mn Shanghai, China Public Company Branded Pharma Biologics Immunology NA 273 KrKa $2.8 bn $1.7 bn $499 mn Slovenia Public Company Generics - Branded Small Molecules Broad 258 274 Chipscreen $2.8 bn $28 mn NA Guangdong Province, China Public Company Biotechnology Small Molecules Oncology NA 275 Harmony Biosciences $2.8 bn $63 mn NA Philadelphia Area, US Public Company Branded Pharma Small Molecules CNS NA

66 Pharma 1000: Ranks 276-300

Lead Value Estimate Profit Therapeutic Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Area 2019 276 Fate Therapeutics $2.8 bn $13 mn -$116 mn San Diego, US Public Company Biotechnology Cell Therapy Oncology 503 277 Reata Pharma $2.8 bn $13 mn -$339 mn Irving, TX, US Public Company Biotechnology Small Molecules Renal 226 278 Hisamitsu $2.8 bn $1.2 bn $231 mn Tosu, Japan Public Company Branded Pharma Small Molecules Pain 189 279 China Medical System $2.8 bn $880 mn $377 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 193 280 Biolab Sanus Pharma $2.8 bn $418 mn NA Sao Paolo, Brazil Private Company Biosimilars Small Molecules Cardiology 174 281 Mankind Pharma $2.8 bn $766 mn NA Delhi, India Private Company Generics - Branded Small Molecules Broad 246 282 Sawai $2.7 bn $1.6 bn $399 mn Osaka, Japan Public Company Generics - Branded Small Molecules Broad 190 283 Jubilant Pharma $2.7 bn $758 mn NA Noida, UP, India Public Company Segment Generics - Branded Radiopharmaceuticals Generics NA 284 TG Therapeutics $2.7 bn $0.1 mn -$199 mn New York Area, US Public Company Biotechnology Biologics Oncology 823 285 Ethypharm $2.7 bn $413 mn NA Paris, France Private Company Branded Pharma Small Molecules Pain 277 286 China TCM Holdings $2.7 bn $1.9 bn $400 mn Hong Kong Public Company Generics - China Naturals Broad 171 287 Kowa Pharma Segment $2.7 bn $1.3 bn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Cardiometabolic 304 288 Alembic $2.7 bn $661 mn $190 mn Ahmedabad, India Public Company Generics - Branded Small Molecules Broad 314 289 Alkermes $2.7 bn $1.1 bn -$39 mn Boston Area, US Public Company Branded Pharma Small Molecules Psychiatry 137 290 Nektar $2.7 bn $162 mn -$359 mn Bay Area, US Public Company Biotechnology Small Molecules Oncology 119 291 Neopharm Ltd $2.6 bn $400 mn NA Israel Private Company Branded Pharma Small Molecules Broad 381 292 AoDong Medicine $2.6 bn $363 mn $31 mn Jilin Province, China Public Company Generics - China Small Molecules Broad 186 293 Chase Sun Pharma $2.6 bn $778 mn $94 mn Tianjin, China Public Company Generics - China Naturals Broad 362 294 Akeso $2.6 bn $10 mn -$68 mn Guangdong Province, China Public Company Biotechnology Biologics Oncology NA 295 Joincare Pharma $2.6 bn $1.7 bn $377 mn Guangdong Province, China Public Company Generics - China Naturals Broad 237 296 Turning Point $2.6 bn $NA -$107 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 252 297 Pacira $2.6 bn $408 mn $47 mn New York Area, US Public Company Branded Pharma Small Molecules Hospital 315 298 Dendreon / Sanpower $2.6 bn $393 mn $136 mn Los Angeles, US Public Company Segment Branded Pharma Cell Therapy Oncology NA 299 Bio-Thera Solutions $2.6 bn $7 mn -$74 mn Guangdong Province, China Public Company Biosimilars Biologics Oncology NA 300 Zelgen Bio $2.6 bn $NA -$39 mn Anhui Province, China Public Company Biotechnology Small Molecules Oncology NA

67 Pharma 1000: Ranks 301-325

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead ModalityTherapeutic Area 2019 301 Jumpcan Pharma $2.6 bn $847 mn $246 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 166 302 Luye Pharma $2.5 bn $876 mn $294 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 194 303 Shuanglin Biopharma $2.5 bn $133 mn $32 mn Guangdong Province, China Public Company Branded Pharma Small Molecules Blood Products NA 304 Pharmascience $2.5 bn $700 mn NA Quebec, Canada Private Company Generics - INN Small Molecules Broad 239 305 Almirall $2.5 bn $981 mn $279 mn Barcelona, Spain Public Company Branded Pharma Small Molecules Dermatology 173 306 Karo Pharma $2.5 bn $276 mn $76 mn Sweden Public Company Branded Pharma Small Molecules ENT 410 307 Ocumension $2.5 bn $0.3 mn -$45 mn Jiangsu Province, China Public Company Biotechnology Small Molecules Opthamology NA 308 Fudan-Zhangjiang $2.5 bn $123 mn $30 mn Shanghai China Public Company Generics - China Small Molecules Generics 606 309 Emcure $2.4 bn $673 mn $9.4 mn Mumbai, India Private Company Generics - INN Small Molecules Broad 214 310 OPKO Health $2.4 bn $965 mn $17 mn Miami, Florida, US Public Company Branded Pharma Small Molecules Renal 282 311 Seres Therapeutics $2.4 bn $28 mn -$69 mn Boston Area, US Public Company Biotechnology Biologics Gastroenterology 963 312 Xianju Pharma $2.4 bn $512 mn $100 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 412 313 Tsumura $2.4 bn $1.1 bn $241 mn Osaka, Japan Public Company Generics - Branded Naturals Broad 238 314 Boya Bio $2.4 bn $404 mn $77 mn Jiangxi Province, China Public Company Branded Pharma Blood Products Broad 276 315 Galapagos $2.4 bn $1.1 bn $389 mn Belgium Public Company Biotechnology Small Molecules Respiratory 167 316 Teijin Pharma $2.3 bn $1.1 bn NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Bone & Osteo 181 317 Fidia Farma $2.3 bn $354 mn NA Abano Terme, Italy Private Company Branded Pharma Small Molecules Bone & Osteo 264 318 Glenmark $2.3 bn $1.4 bn $242 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 201 319 CytoDyn $2.3 bn $NA -$72 mn Seattle, US Public Company Biotechnology Small Molecules Virology 969 320 I-Mab $2.3 bn $2.1 mn -$176 mn Jiangsu Province, China Public Company Biotechnology Biologics Oncology NA 321 Sage Therapeutics $2.3 bn $8.9 mn -$601 mn Boston Area, US Public Company Branded Pharma Small Molecules CNS 112 322 Biocodex $2.3 bn $350 mn NA Paris, France Private Company Branded Pharma Naturals Gastroenterology 523 323 Helsinn $2.3 bn $350 mn NA Lugano, Switzerland Private Company Branded Pharma Small Molecules Oncology 323 324 Deciphera $2.3 bn $7.1 mn -$271 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 501 325 Virbac $2.3 bn $1 bn $191 mn Carros, France Public Company Animal Health Small Molecules Animal Health 295

68 Pharma 1000: Ranks 326-350

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 326 Conba Pharma $2.3 bn $893 mn $140 mn Zhejiang Province, China Public Company Generics - China Naturals Broad 185 327 BIAL $2.3 bn $345 mn NA Portugal Private Company Branded Pharma Small Molecules CNS 604 328 Zhejiang Medicine $2.3 bn $989 mn $127 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 364 329 Adamed $2.3 bn $343 mn NA Poland Private Company Generics - Branded Small Molecules Broad NA 330 ASK Pharm $2.2 bn $526 mn $107 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 233 331 Hile Bio-Technology $2.2 bn $36 mn NA Shanghai, China Public Company Animal Health Small Molecules Animal Health NA 332 China Animal Husb. $2.2 bn $644 mn $64 mn Beijing, China Public Company Animal Health Small Molecules Animal Health 371 333 bluebird bio $2.2 bn $239 mn -$657 mn Boston Area, US Public Company Branded Pharma Gene Therapy Rare Disease 113 334 Liomont $2.2 bn $600 mn NA Mexico Private Company Generics - Branded Small Molecules Broad 271 335 Stallergenes Greer $2.2 bn $326 mn NA London, United Kingdom Private Company Branded Pharma Biologics Allergy 612 336 Haiyao $2.1 bn $298 mn -$74 mn Hainan Province, China Public Company Generics - China Small Molecules Broad 339 337 Bailing Group Pharma $2.1 bn $393 mn $56 mn Guizhou, China Public Company Generics - China Small Molecules Broad 259 338 Aristo Pharma $2.1 bn $590 mn NA Berlin, Germany Private Company Generics - Branded Small Molecules Broad 336 339 Nhwa Pharma $2.1 bn $500 mn $113 mn Jiangsu Province, China Public Company Generics - China Small Molecules CNS 335 340 Huvepharma $2.1 bn $320 mn NA Bulgaria Private Company Animal Health Small Molecules Animal Health 192 341 PharmaMar $2.1 bn $240 mn $128 mn Madrid, Spain Public Company Branded Pharma Naturals Oncology 657 342 Aimmune Therapeutics* $2.1 bn $0.5 mn -$277 mn Bay Area, US Public Company Branded Pharma Biologics Allergy 370 343 Xinbang Pharma $2.1 bn $860 mn $86 mn Guizhou, China Public Company Generics - China Small Molecules Broad 328 344 Haohai Biotech $2.1 bn NA NA Shanghai, China Public Company Biosimilars Biologics Broad 471 345 Myovant Sciences $2 bn $33 mn -$229 mn Bay Area, US Public Company Biotechnology Small Molecules Womens Health 340 346 ROVI $2 bn $444 mn $82 mn Madrid, Spain Public Company Branded Pharma Small Molecules Hospital 379 347 SSY Group $2 bn $528 mn $151 mn Hong Kong Public Company Generics - China Small Molecules Broad 200 348 Norbrook Laboratories $2 bn $305 mn NA Northern Ireland, UK Private Company Animal Health Small Molecules Animal Health 248 349 Intra-Cellular Therapies $2 bn $3 mn -$191 mn New York Area, US Public Company Branded Pharma Small Molecules CNS 726 350 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. 69 Pharma 1000: Ranks 351-375

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 351 Mesoblast $2 bn $32 mn -$73 mn Melbourne, Australia Public Company Biotechnology Cell Therapy Rare Disease 690 352 Micro Labs $2 bn $558 mn NA Bangalore, India Private Company Generics - Branded Small Molecules Broad 305 353 Cheezheng Tibetan Med $2 bn $198 mn $47 mn Nyingchi, Tibet, China Public Company Generics - China Naturals Broad 302 354 Agios $2 bn $185 mn -$339 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 195 355 Kodiak Sciences $1.9 bn $NA -$80 mn Palo Alto, CA Public Company Biotechnology Biologics Ophthalmology 738 356 Taiji Group $1.9 bn $1.5 bn $54 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 358 357 Revance $1.9 bn $0.4 mn -$203 mn Bay Area, US Public Company Biotechnology Biologics Dermatology 588 358 Apellis Pharma $1.9 bn $NA -$389 mn Boston Area, US Public Company Biotechnology Small Molecules Rare Disease 555 359 Natco $1.9 bn $262 mn $74 mn Hyderabad, India Public Company Generics - INN Small Molecules Broad 352 360 MSN Laboratories $1.9 bn $520 mn NA Hyderabad, India Private Company Generics - Branded Small Molecules Broad 478 361 Karuna Therapeutics $1.9 bn $NA -$46 mn Boston Area, US Public Company Biotechnology Small Molecules Neurology NA 362 Sorrento Therapeutics $1.9 bn $35 mn -$172 mn San Diego, US Public Company Branded Pharma Biologics Oncology 808 363 IGM Biosciences $1.9 bn $NA -$63 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA 364 Shyndec $1.8 bn $1.7 bn $234 mn Shanghai, China Public Company Generics - China Small Molecules Broad 275 365 CK Life Sciences $1.8 bn $612 mn $44 mn Hong Kong Public Company Generics - China Small Molecules Oncology 417 366 Bukwang Pharma $1.8 bn $142 mn $9.7 mn South Korea Public Company Generics - Branded Small Molecules Broad 378 367 Ironwood Pharma $1.8 bn $426 mn $167 mn Boston Area, US Public Company Branded Pharma Small Molecules Gastroenterology 221 368 Advanz Pharma $1.8 bn $503 mn $232 mn London, United Kingdom Public Company Generics - Branded Small Molecules Broad 252 369 Medochemie $1.8 bn $500 mn NA Cyprus Private Company Generics - Branded Small Molecules Broad NA 370 Brilliant Pharma $1.8 bn $500 mn NA Sichuan Province, China Private Company Generics - China Small Molecules Broad NA 371 Grupo Uriach $1.8 bn $271 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Cardiometabolic 885 372 Square Pharma $1.8 bn $545 mn $191 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 234 373 Acino $1.8 bn $495 mn NA Zurich, Switzerland Private Company Generics - Branded Small Molecules Broad 386 374 Zhongheng Group $1.8 bn $530 mn $100 mn Guangxi Province, China Public Company Generics - China Small Molecules Broad 373 375 Ajanta Pharma $1.8 bn $350 mn $95 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 374

70 Pharma 1000: Ranks 376-400

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 376 Xencor $1.8 bn $70 mn -$85 mn Los Angeles, US Public Company Biotechnology Biologics Rheumatology 322 377 SL Pharm $1.7 bn $214 mn $27 mn Hainan Province, China Public Company Generics - China Small Molecules Broad 230 378 Hisoar Pharma $1.7 bn $356 mn $116 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 398 379 Xiangxue Pharma $1.7 bn $464 mn $58 mn Guangdong Province, China Public Company Generics - China Small Molecules Oncology 367 380 Eidos Therapeutics $1.7 bn $26 mn -$61 mn Bay Area, US Public Company Biotechnology Small Molecules Cardiovascular NA 381 ZBD Pharmaceutical $1.7 bn $450 mn $91 mn Heilongjiang Prov, China Public Company Generics - China Small Molecules Broad 316 382 IDT Biologika $1.7 bn $259 mn NA Dessau-Roßlau, Germany Private Company Animal Health Small Molecules Animal Health 528 383 Siam Bioscience $1.7 bn $169 mn NA Thailand Private Company Biosimilars Biologics Oncology NA 384 JT Pharma / Torii $1.7 bn $815 mn NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Renal 268 385 Theramex $1.7 bn $258 mn NA London, United Kingdom Private Company Branded Pharma Small Molecules Womens Health 544 386 HIPRA $1.7 bn $256 mn NA Spain, Other Private Company Animal Health Small Molecules Animal Health 567 387 Zhongsheng Pharma $1.7 bn $284 mn $51 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 407 388 Quantum Hi-Tech $1.7 bn $195 mn $37 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 360 389 Biotest / Creat Group $1.7 bn $516 mn $17 mn Berlin, Germany Public Company Branded Pharma Blood Products Blood Products 422 390 Sebela Pharma $1.7 bn $250 mn NA Atlanta, US Private Company Branded Pharma Small Molecules Gastroenterology 334 391 Tecnoquimicas $1.6 bn $458 mn NA Colombia Private Company Generics - Branded Small Molecules Broad 272 392 Corcept Therapeutics $1.6 bn $351 mn $141 mn Bay Area, US Public Company Branded Pharma Small Molecules Rare Disease 388 393 SINQI $1.6 bn $74 mn $12 mn Liaoning Province, China Public Company Generics - China Small Molecules Ophthalmology 896 394 Towa Pharma $1.6 bn $1.1 bn $220 mn Osaka, Japan Public Company Generics - Branded Small Molecules Broad 298 395 Nichi-Iko $1.6 bn $1.7 bn $160 mn Toyama, Japan Public Company Generics - Branded Small Molecules Broad 288 396 Kolmar Medicine Unit $1.6 bn $567 mn NA South Korea Private Company Branded Pharma Vaccines Gastroenterology 341 397 Hugel $1.6 bn $162 mn $62 mn South Korea Public Company Branded Pharma Biologics Dermatology 456 398 Alphamab Oncology $1.6 bn $1.4 mn -$51 mn Jiangsu Province, China Public Company Biotechnology Biologics Oncology NA 399 Aurinia Pharma $1.6 bn $0.3 mn -$95 mn Vancouver, Canada Public Company Biotechnology Small Molecules Rheumatology 700 400 AnGes $1.6 bn $1.5 mn -$30 mn Osaka, Japan Public Company Biotechnology Nucleic Acids Rare Disease 505

71 Pharma 1000: Ranks 401-425

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 401 USV $1.6 bn $446 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Broad 385 402 Arkopharma $1.6 bn $241 mn NA Lyon, France Private Company Branded Pharma Small Molecules ENT 507 403 Kimia Farma $1.6 bn $662 mn $46 mn Sumatera Utara, Indonesia Public Company Generics - Branded Small Molecules Broad 320 404 Bavarian Nordic $1.6 bn $226 mn $106 mn Copenhagen, Denmark Public Company Branded Pharma Vaccines Oncology 644 405 Dezhan Healthcare $1.6 bn $221 mn NA Beijing, China Public Company Generics - China Small Molecules Broad 244 406 SpringWorks $1.6 bn $NA -$68 mn New York Area, US Public Company Biotechnology Small Molecules Oncology NA 407 Zixin Pharma $1.6 bn $65 mn $13 mn Jilin Province, China Public Company Generics - China Naturals Broad 279 408 HanAll Biopharma $1.6 bn $82 mn $12 mn South Korea Public Company Branded Pharma Small Molecules Cardiometabolic 308 409 Cytokinetics $1.6 bn $18 mn -$108 mn Bay Area, US Public Company Biotechnology Small Molecules Neurology 863 410 Gebro Pharma $1.6 bn $236 mn NA Austria Private Company Branded Pharma Small Molecules Pain 368 411 Clinigen $1.5 bn $624 mn $151 mn Northern UK Public Company Branded Pharma Small Molecules Mature Products 289 412 Revolution Medicines $1.5 bn $46 mn -$79 mn Bay Area, US Public Company Branded Pharma Small Molecules Broad NA 413 Isdin $1.5 bn $232 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Dermatology 566 414 Laboratorio Elea $1.5 bn $232 mn NA Argentina Private Company Branded Pharma Biologics Broad NA 415 ALX Oncology $1.5 bn $3.6 mn NA Bay Area, US Public Company Biotechnology Biologics Oncology NA 416 Forma Therapeutics $1.5 bn $10 mn NA Boston Area, US Public Company Biotechnology Small Molecules Oncology NA 417 FujiFilm Pharma $1.5 bn NA NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Oncology 324 418 Laboratorios Sanfer $1.5 bn NA NA Mexico Private Company Generics - Branded Small Molecules Generics NA 419 Sanovel $1.5 bn $227 mn NA Turkey Private Company Branded Pharma Small Molecules Broad 510 420 SPIMACO $1.5 bn $417 mn $19 mn Mosadia, Saudi Arabia Public Company Generics - Branded Small Molecules Broad 384 421 Abiogen Pharma $1.5 bn $223 mn NA Pisa, Italy Private Company Branded Pharma Small Molecules Bone & Osteo 548 422 Akcea Therapeutics* $1.5 bn $336 mn -$39 mn Boston Area, US Public Company Branded Pharma Nucleic Acids Hematology 247 423 uniQure $1.5 bn $5.3 mn -$130 mn Netherlands Public Company Biotechnology Gene Therapy Rare Disease 354 424 Innocare $1.5 bn $0.1 mn -$63 mn Hong Kong Public Company Biotechnology Small Molecules Oncology NA 425 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. 72 Pharma 1000: Ranks 426-450

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 426 Intercept Pharma $1.5 bn $283 mn -$296 mn New York Area, US Public Company Branded Pharma Small Molecules Cardiometabolic 207 427 Zymeworks $1.4 bn $30 mn -$180 mn Vancouver, Canada Public Company Biotechnology Biologics Oncology 753 428 Sobhan Pharma $1.4 bn $397 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA 429 Viela Bio $1.4 bn $30 mn -$143 mn Gaithersburg, MD, US Public Company Biotechnology Biologics Immunology NA 430 Bimeda Animal Health $1.4 bn $216 mn $87 mn Ireland Private Company Animal Health Small Molecules Animal Health NA 431 Y-mAbs Therapeutics $1.4 bn $NA -$115 mn New York Area, US Public Company Biotechnology Biologics Oncology 577 432 Northeast Pharma $1.4 bn $1.1 bn $92 mn Shenyang Province, China Public Company Generics - China Small Molecules Broad 342 433 Sunflower Pharma $1.4 bn $507 mn $104 mn Heilongjiang Province, China Public Company Generics - China Small Molecules Broad 351 434 Biological E. $1.4 bn $140 mn NA Hyderabad, India Private Company Biosimilars Vaccines Vaccines 559 435 Editas Medicine $1.4 bn $32 mn -$148 mn Boston Area, US Public Company Biotechnology Gene Editing Rare Disease 541 436 Cortexyme $1.4 bn $NA -$59 mn Bay Area, US Public Company Biotechnology Small Molecules Neurology NA 437 Yungjin Pharm $1.4 bn $147 mn $13 mn South Korea Public Company Generics - Branded Naturals Broad 387 438 Kymera $1.4 bn $ NA Boston Area, US Public Company Biotechnology Nucleic Acids Immunology NA 439 Lukang Pharma $1.4 bn $549 mn $36 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 423 440 AlloVir $1.4 bn $0 mn NA Boston Area, US Public Company Biotechnology Small Molecules Virology NA 441 Hybio Pharma $1.4 bn $85 mn -$60 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 366 442 URSAPHARM $1.4 bn $206 mn NA Saarbrücken, Germany Private Company Branded Pharma Small Molecules Opthalmology 603 443 União Química $1.4 bn $376 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Broad 426 444 HEC Pharma $1.4 bn $741 mn $315 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 278 445 Zhongxin Pharma $1.3 bn $955 mn $87 mn Tianjin, China Public Company Generics - China Small Molecules Broad 600 446 MacroGenics $1.3 bn $77 mn -$158 mn Rockville MD, US Public Company Biotechnology Biologics Oncology 488 447 Kern Pharma $1.3 bn $368 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 550 448 Medison $1.3 bn $200 mn NA Israel Private Company Branded Pharma Biologics Broad 381 449 Theravance Biopharma $1.3 bn $76 mn -$275 mn Bay Area, US Public Company Biotechnology Small Molecules Respiratory 355 450 Cosmo Pharma $1.3 bn $75 mn $7.1 mn Lugano, Switzerland Public Company Branded Pharma Small Molecules Gastroenterology 419

73 Pharma 1000: Ranks 451-475

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 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

74 Pharma 1000: Ranks 476-500

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 476 GuangYuYuang $1.2 bn $156 mn $14 mn Shaanxi Province, China Public Company Generics - China Naturals Broad 329 477 Mayinglong Pharma $1.2 bn $341 mn $51 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 476 478 Zeria Pharma $1.2 bn $543 mn $71 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Gastroenterology 397 479 Laboratoire Aguettant $1.2 bn $177 mn NA Lyon, France Private Company Branded Pharma Small Molecules Hospital 424 480 Adaptimmune $1.2 bn $2.2 mn -$122 mn Oxford, UK Public Company Biotechnology Cell Therapy Oncology 865 481 Duchesnay $1.2 bn $175 mn NA Quebec, Canada Private Company Branded Pharma Small Molecules Womens Health 591 482 Mezzion $1.2 bn $17 mn -$18 mn South Korea Public Company Biotechnology Small Molecules Rare Disease 498 483 Rocket Pharma $1.2 bn $NA -$86 mn New York Area, US Public Company Biotechnology Gene Therapy Rare Disease 582 484 Akero Therapeutics $1.2 bn $NA NA Bay Area, US Public Company Biotechnology Biologics Hepatology NA 485 Alvotech $1.2 bn $NA NA Iceland Private Company Biosimilars Biologics Broad NA 486 Kanion Pharma $1.1 bn $545 mn $96 mn Jiangsu Province, China Public Company Generics - China Small Molecules Oncology 375 487 Hansa BioPharma $1.1 bn $0.3 mn -$42 mn Lund, Sweden Public Company Biotechnology Blood Products Rare Disease 455 488 Synthon $1.1 bn $316 mn NA Netherlands Private Company Generics - INN Small Molecules Broad 457 489 Innoviva $1.1 bn $299 mn $286 mn Bay Area, US Public Company Royalty Company Small Molecules Respiratory 285 490 Heron Therapeutics $1.1 bn $125 mn -$200 mn San Diego, US Public Company Branded Pharma Small Molecules Oncology 286 491 Athenex $1.1 bn $140 mn -$98 mn New York Area, US Public Company Biotechnology Small Molecules Oncology 487 492 SAIDAL $1.1 bn $313 mn NA Algeria Private Company Generics - Branded Small Molecules Broad NA 493 Faes Farma $1.1 bn $458 mn $118 mn Madrid, Spain Public Company Branded Pharma Small Molecules Allergy 420 494 VTR Bio-tech $1.1 bn $298 mn $53 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 495 495 Helixsmith $1.1 bn $4.4 mn -$42 mn South Korea Public Company Biotechnology Cell Therapy Pain 162 496 Amarin $1.1 bn $545 mn -$17 mn New York Area, US Public Company Branded Pharma Small Molecules Cardiology 106 497 Haw Par Corporation $1.1 bn $130 mn $39 mn Singapore Public Company Generics - Branded Small Molecules CNS 297 498 Sam Chun Dang Pharm $1.1 bn $152 mn $20 mn South Korea Public Company Generics - Branded Small Molecules Broad 443 499 Rhythm Pharma $1.1 bn $NA -$134 mn Boston Area, US Public Company Biotechnology Small Molecules Rare Disease 525 500 iTeos Therapeutics $1.1 bn $0 mn NA Boston Area, US Public Company Biotechnology Biologics Oncology NA

75 Pharma 1000: Ranks 501-525

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 501 Strides $1.1 bn $377 mn $72 mn Bangalore, India Public Company Generics - Branded Small Molecules Broad 458 502 Kyorin $1.1 bn $1 bn $104 mn Tokyo, Japan Public Company Branded Pharma Small Molecules ENT 416 503 Kaken Pharma $1.1 bn $788 mn $256 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Dermatology 338 504 Epizyme $1.1 bn $13 mn -$202 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 492 505 Nurix Therapeutics $1.1 bn $19 mn NA Bay Area, US Public Company Biotechnology Nucleic Acids Oncology NA 506 Camurus $1.1 bn $22 mn -$28 mn Lund, Sweden Public Company Branded Pharma Small Molecules Endocrinology NA 507 Arbor Pharma $1.1 bn $300 mn $30 mn Atlanta, US Private Company Branded Pharma Small Molecules Neurology 266 508 Stendhal Pharma $1.1 bn $300 mn NA Mexico Private Company Generics - Branded Small Molecules Broad 435 509 Chengdu Baiyu $1.1 bn $300 mn NA Sichuan Province, China Private Company Generics - China Small Molecules Broad NA 510 Pulike Biological $1.1 bn $108 mn $25 mn Henan Province, China Public Company Animal Health Vaccines Vaccines 560 511 Bharat Biotech $1.1 bn $106 mn NA Hyderabad, India Private Company Biosimilars Vaccines Vaccines 637 512 Phibro Animal Health $1.1 bn $800 mn $98 mn New York Area, US Public Company Animal Health Small Molecules Animal Health 327 513 Vianex $1.1 bn $297 mn NA Greece Private Company Generics - Branded Small Molecules Broad 444 514 Mithra $1.1 bn $108 mn $31 mn Belgium Public Company Branded Pharma Small Molecules Womens Health 376 515 LACER $1.1 bn $162 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Cardiometabolic 620 516 Mayoly Spindler $1.1 bn $161 mn NA Paris, France Private Company Branded Pharma Small Molecules Gastroenterology 622 517 Lummy Pharma $1.1 bn $235 mn $3.3 mn Sichuan Province, China Public Company Generics - China Small Molecules Oncology 547 518 DONGKOOK Pharma $1.1 bn $433 mn $76 mn South Korea Public Company Generics - Branded Small Molecules Broad 723 519 TECNIMEDE $1 bn $290 mn NA Portugal Private Company Generics - Branded Small Molecules Broad 789 520 Oscotec $1 bn $15 mn -$7.9 mn South Korea Public Company Biotechnology Small Molecules Immunology 520 521 Eczacıbaşı Ilaç Sanayi $1 bn $157 mn NA Levent, Turkey Private Company Branded Pharma Small Molecules Oncology 625 522 Eurocept $1 bn $288 mn NA Netherlands Private Company Branded Pharma Small Molecules Hospital 345 523 IBI $1 bn $288 mn NA Aprilia, Italy Private Company Generics - Branded Small Molecules Broad 791 524 Science Sun $1 bn $161 mn $20 mn Beijing, China Public Company Generics - China Small Molecules Broad 532 525 Cristalia $1 bn $287 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Gastroenterology 486

76 Pharma 1000: Ranks 526-550

Value Estimate Lead Rank Rank Name (Sep 15, 2020) Revenue Profit (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 526 Pharmicell $1 bn $23 mn -$6.1 mn South Korea Public Company Biotechnology Cell Therapy Cardiology 526 527 Sanjin $1 bn $226 mn $67 mn Guangxi Province, China Public Company Generics - China Naturals Broad 403 528 Pharmathen $1 bn $285 mn NA Netherlands Private Company Generics - INN Small Molecules Broad 509 529 Precigen $1 bn $95 mn -$114 mn Germantown MD, US Public Company Biotechnology Nucleic Acids Oncology NA 530 KPC $1 bn $1.1 bn $74 mn Yunnan Province, China Public Company Generics - China Small Molecules Cardiovascular 460 531 Jiuzhitang $1 bn $471 mn $61 mn Hubei Province, China Public Company Generics - China Naturals Broad 349 532 C Labs $1 bn $283 mn NA Madrid, Spain Private Company Generics - Branded Small Molecules Dermatology 803 533 Dr. Kade $1 bn $154 mn NA Berlin, Germany Private Company Branded Pharma Small Molecules Gastroenterology 652 534 Generation Bio $1 bn $0 mn NA Boston Area, US Public Company Biotechnology Gene Therapy Rare Disease NA 535 BioXcel Therapeutics $1 bn $NA -$53 mn New York Area, US Public Company Biotechnology Small Molecules Psychiatry NA 536 Adimmune $1 bn $53 mn $4.3 mn Taiwan Public Company Biotechnology Vaccines Vaccines 851 537 Cadila Pharma $1 bn $280 mn NA Ahmedabad, India Private Company Generics - INN Small Molecules Broad 319 538 Sana $1 bn $ NA Seattle, US Private Company Biotechnology Cell Therapy Broad NA 539 AYUMI Pharmaceutical $1 bn $239 mn NA Tokyo, Japan Private Company Generics - Branded Small Molecules Generics NA 540 Adverum Biotechnologies $1 bn $0.2 mn -$87 mn Bay Area, US Public Company Biotechnology Gene Therapy Opthalmology NA 541 Karyopharm $999 mn $82 mn -$169 mn Boston Area, US Public Company Branded Pharma Small Molecules Oncology 1072 542 Haixin Group $998.3 mn $146 mn NA Shanghai, China Public Company Generics - China Small Molecules Generics NA 543 Lantheus $997.3 mn $331 mn $53 mn Boston Area, US Public Company Branded Pharma Radiopharmaceuticals Cardiology 401 544 Zogenix $994.7 mn $4.8 mn -$205 mn Bay Area, US Public Company Branded Pharma Small Molecules Neurology 321 545 Tris Pharma $990 mn $150 mn NA Monmouth Junction NJ, US Private Company Branded Pharma Small Molecules Pediatrics 454 546 Zhejiang Int'l Group $989.3 mn $3.6 bn $93.8 mn Zhejiang Province, China Public Company Generics - Branded Small Molecules Generics NA 547 Annexon $988.4 mn $0 mn NA Bay Area, US Public Company Biotechnology Biologics Neurology NA 548 Guanhao Biotech $985.3 mn $61 mn -$2.5 mn Guangdong Province, China Public Company Biosimilars Cell Therapy Other 653 549 Clovis Oncology $983.4 mn $159 mn -$345 mn Colorado, U.S. Public Company Branded Pharma Small Molecules Oncology 359 550 Bottu $981 mn $272 mn NA Morocco Private Company Generics - Branded Small Molecules Broad 820

77 Pharma 1000: Ranks 551-575

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 551 NGM Biopharmaceuticals $979.7 mn $96 mn -$69 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA 552 Normon $979.2 mn $272 mn NA Madrid, Spain Private Company Generics - Branded Small Molecules Broad 946 553 Zentalis Pharma $974 mn $0 mn NA New York Area, US Public Company Biotechnology Small Molecules Oncology NA 554 Pharscin Pharma $971.8 mn $115 mn $21 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 394 555 Oncopeptides $970.7 mn $NA -$119 mn Sweden Public Company Biotechnology Peptides Oncology 573 556 Huaren Pharma $968.4 mn $189 mn $30 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 553 557 Fudan Forward $964.2 mn $139 mn $11 mn Shanghai, China Public Company Generics - China Naturals Broad 522 558 Wockhardt $964.1 mn $359 mn -$22 mn Mumbai, India Public Company Generics - INN Small Molecules Broad 383 559 Yipinhong Pharma $960.8 mn $214 mn $24 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 506 560 TerSera Therapeutics $957 mn $145 mn NA Chicago Area Private Company Branded Pharma Small Molecules Oncology 542 561 Eris Lifesciences Limited $956.1 mn $142 mn $47 mn Ahmedabad, India Public Company Generics - Branded Small Molecules Broad 391 562 Dexa Medica $951 mn $NA NA Medan City, Indonesia Private Company Generics - Branded Small Molecules Broad 434 563 Avidity Biosciences $949.2 mn $4.9 mn NA San Diego, US Public Company Biotechnology Nucleic Acids Neurology NA 564 Tonghua Golden-Horse $943.7 mn $213 mn -$15 mn Jilin Province, China Public Company Generics - China Naturals Broad 414 565 Shandong Shanda $941.4 mn $257 mn $79 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 517 566 Sosei $940.1 mn $66 mn $5 mn Tokyo, Japan Public Company Biotechnology Small Molecules Respiratory 513 567 Beijing Beilu Pharma $937.2 mn $111 mn $23 mn Beijing, China Public Company Generics - China Small Molecules Broad 624 568 Amphastar Pharma $936.9 mn $334 mn $26 mn Los Angeles, US Public Company Generics - INN Small Molecules Broad 389 569 Takata Pharmaceutical $936 mn NA NA Saitama, Japan Private Company Branded Pharma Small Molecules Broad NA 570 Tabuk Pharma $936 mn $260 mn NA Riyadh, Saudi Arabia Private Company Generics - Branded Small Molecules Broad 494 571 Omeros $935 mn $100 mn -$84 mn Seattle, US Public Company Branded Pharma Small Molecules Opthalmology 480 572 Healios $932.4 mn $2.3 mn NA Tokyo, Japan Public Company Biotechnology Cell Therapy Opthalmology 475 573 Nippon Kayaku Pharma $928 mn $444mm $38 mn Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Oncology 274 574 Kiniksa Pharma $926.3 mn NA -$121 mn Boston Area, US Public Company Biotechnology Biologics Immunology 557 575 Boston Scientific Pharma $924 mn $140 mn NA Boston Area, US Public Company Segment Branded Pharma Small Molecules Hospital 259

78 Pharma 1000: Ranks 576-600

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 576 Renhe $921.5 mn $577 mn $107 mn Jiangxi Province, China Public Company Generics - China Small Molecules Broad 437 577 Applied Molecular Transport $920.5 mn $0 mn NA Bay Area, US Public Company Biotechnology Biologics Immunology NA 578 Tai'an Tang Pharma $918.6 mn $547 mn $30 mn Shanghai, China Public Company Generics - China Naturals Broad 431 579 Arcus Biosciences $914.1 mn $15 mn -$111 mn Bay Area, US Public Company Biotechnology Biologics Oncology 835 580 Arcturus Therapeutics $910.4 mn $11 mn -$39 mn San Diego, US Public Company Biotechnology Nucleic Acids Rare Disease NA 581 Vétoquinol $906.1 mn $444 mn $65 mn Paris, France Public Company Animal Health Small Molecules Animal Health 536 582 JW Holdings $905.5 mn $618 mn $38 mn South Korea Public Company Generics - Branded Small Molecules Broad 405 583 Esperion $904.9 mn $216 mn -$69 mn Ann Arbor, MI, US Public Company Branded Pharma Small Molecules Cardiometabolic 396 584 Apsen $900 mn $250 mn NA Sao Paolo, Brazil Private Company Generics - Branded Small Molecules Broad 691 585 Dexcel Pharma $900 mn $250 mn NA Israel Private Company Generics - INN Small Molecules Broad 477 586 Agenus $897.9 mn $96 mn -$103 mn Boston Area, US Public Company Biotechnology Biologics Oncology 741 587 J. B. Chemicals $897.5 mn $245 mn $58 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 766 588 Jingxin Pharm $895.1 mn $485 mn $69 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 439 589 Intellia Therapeutics $894.5 mn $50 mn -$115 mn Boston Area, US Public Company Biotechnology Gene Editing Rare Disease 784 590 Mochida $892.1 mn $952 mn $107 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Cardiometabolic 311 591 Osiris $888.3 mn $134 mn NA Columbia MD, US Private Company Branded Pharma Cell Therapy Cardiology 598 592 SKK $887.3 mn $424 mn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Renal 280 593 Stoke Therapeutics, Inc. $887 mn $NA -$44 mn Boston Area, US Public Company Biotechnology Nucleic Acids Neurology NA 594 Ampharco U.S.A. $885.5 mn $245 mn NA Nhon Trach, Vietnam Private Company Generics - Branded Small Molecules Broad 400 595 Oxford BioMedica $885.1 mn $81 mn -$9 mn Oxford, UK Public Company Biotechnology Cell Therapy Neurology 601 596 Shanghai Furen $884.9 mn $529 mn $140 mn Shanghai, China Public Company Generics - China Small Molecules Broad 310 597 Binex $884.1 mn $107 mn $16 mn South Korea Public Company Branded Pharma Small Molecules Other 772 598 Daewoong $884 mn $890 mn $43 mn South Korea Public Company Generics - Branded Small Molecules Broad 243 599 Zhendong Pharma $881.9 mn $622 mn $39 mn Shanxi Province, China Public Company Generics - China Small Molecules Broad 549 600 Sangamo Therapeutics $881.8 mn $111 mn -$105 mn Bay Area, US Public Company Biotechnology Nucleic Acids Rare Disease 660

79 Pharma 1000: Ranks 601-625

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 601 TaiMed Biologics $878.8 mn $28 mn -$3.3 mn Taiwan Public Company Biotechnology Biologics Virology 344 602 PharmaEssentia $877.2 mn $11 mn -$26 mn Taiwan Public Company Biotechnology Biologics Hematology 377 603 Jiangzhong Pharma $870.6 mn $349 mn $91 mn Jiangxi Province, China Public Company Generics - China Naturals Broad 427 604 Pharm-Sintez $865.8 mn $240 mn NA Moscow, Russia Private Company Branded Pharma Small Molecules Generics NA 605 Dong-A Socio $860 mn $659 mn $93 mn South Korea Public Company Generics - Branded Small Molecules Broad 483 606 Jingfeng Pharma $858 mn $172 mn -$82 mn Shanghai China Public Company Generics - China Small Molecules Hospital 468 607 Jiudian Pharma $846.8 mn $126 mn $14 mn Changsha, China Public Company Generics - China Small Molecules Generics 659 608 Incepta Pharma $843.7 mn $234 mn NA Bangladesh Private Company Generics - Branded Small Molecules Broad 500 609 Black Diamond Tx $842.4 mn $NA -$46 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology NA 610 Immunocore $839.4 mn $NA NA Oxford, UK Private Company Biotechnology Cell Therapy Oncology NA 611 Bosnalijek $837.7 mn $232 mn NA Bosnia-Herzegovina Private Company Generics - Branded Small Molecules Broad 879 612 Bilim Pharmaceuticals $836.2 mn $232 mn NA Turkey Private Company Generics - Branded Small Molecules Broad 428 613 Qianhong Biopharma $835.6 mn $210 mn $26 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 481 614 Akorn $833 mn $682 mn NA Chicago Area Private Company Generics - INN Small Molecules Broad 404 615 Supernus $832.6 mn $424 mn $168 mn Rockville MD, US Public Company Branded Pharma Small Molecules Neurology 267 616 Jinhe Biotech $830.8 mn $254 mn $45 mn Liaoning Province, China Public Company Animal Health Small Molecules Animal Health 576 617 Repare Therapeutics $830.4 mn $0 mn NA Toronto, Canada Public Company Biotechnology Small Molecules Oncology NA 618 REGENXBIO $828.4 mn $60 mn -$147 mn Rockville MD, US Public Company Biotechnology Gene Therapy Opthalmology 361 619 Poseida Therapeutics $828.2 mn $0 mn NA San Diego, US Public Company Biotechnology Nucleic Acids Oncology NA 620 Atara Biotherapeutics $827.8 mn $NA -$297 mn Bay Area, US Public Company Biotechnology Gene Therapy Rare Disease 343 621 Beijing Tong Ren Tang $825.3 mn $600 mn $123 mn Hebei Province, China Public Company Generics - China Naturals Broad 123 622 Tong Ren Tang Tech $825.3 mn $600 mn $123 mn Beijing, China Public Company Generics - China Naturals Broad 337 623 Lingrui Pharma $824.3 mn $306 mn $54 mn Henan Province, China Public Company Generics - China Naturals Broad 540 624 Xinhua Pharm $823.7 mn $816 mn $108 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 546 625 Cstone Pharma $822.9 mn $3.2 mn -$267 mn Jiangsu Province, China Public Company Biotechnology Small Molecules Oncology NA

80 Pharma 1000: Ranks 626-650

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 626 Chong Kun Dang Pharm $821.1 mn $662 mn $104 mn South Korea Public Company Generics - Branded Small Molecules Broad 415 627 Yoshindo $817 mn $391 mn NA Toyama, Japan Private Company Generics - Branded Small Molecules Broad NA 628 Atea Pharma $817 mn NA NA Boston Area, US Private Company Biotechnology Small Molecules Virology NA 629 SanBio $814 mn $0.1 mn -$53 mn Tokyo, Japan Public Company Biotechnology Small Molecules Neurology 369 630 Nihon Chouzai Generics $808.8 mn $2.5 bn NA Tokyo, Japan Public Company Segment Generics - Branded Small Molecules Broad 99 631 Laboratoires Brothier $805.8 mn $223 mn NA Fontevraud-l'Abbaye, France Private Company Generics - Branded Small Molecules Broad 1042 632 Bioibérica $803.7 mn $223 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 515 633 Arvinas $802 mn $46 mn -$64 mn New York Area, US Public Company Biotechnology Nucleic Acids Oncology 464 634 Jolly Pharmaceutical $801.4 mn $134 mn $14 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 564 635 Pharmaceutical Associates $800 mn $100 mn $40 mn Washington DC Area Private Company Generics - Branded Small Molecules Broad NA 636 Collegium Pharmaceutical $797.7 mn $301 mn $48 mn Boston Area, US Public Company Branded Pharma Small Molecules Pain 704 637 Komipharm International $797.6 mn $31 mn -$1.8 mn South Korea Public Company Animal Health Small Molecules Animal Health 365 638 Guidotti $797.1 mn $221 mn NA Pisa, Italy Private Company Generics - Branded Small Molecules Broad 518 639 AOP Orphan $794.3 mn $120 mn NA Austria Private Company Branded Pharma Small Molecules Rare Disease 747 640 Zdrowie $793 mn $220 mn NA Poland Private Company Generics - Branded Small Molecules Broad NA 641 Farmigea $790.2 mn $119 mn NA Pisa, Italy Private Company Branded Pharma Small Molecules Opthalmology 1106 642 Vectura $784.2 mn $218 mn $43 mn London, United Kingdom Public Company Royalty Company Small Molecules Respiratory 565 643 Keros Therapeutics $782.5 mn $5 mn -$26 mn Boston Area, US Public Company Biotechnology Biologics Oncology NA 644 The GPO $779.7 mn $216 mn NA Thailand Private Company Generics - Branded Small Molecules Broad NA 645 Tolmar / Tecnofarma $778.8 mn $118 mn NA Colombia Private Company Branded Pharma Small Molecules Urology NA 646 Eusa Pharma $778.8 mn $87 mn NA London, United Kingdom Private Company Branded Pharma Small Molecules Oncology 596 647 Ji Yao Holding $774 mn $9.5 bn NA Jilin Province, China Private Company Generics - China Small Molecules Broad 25 648 Laboratoire Renaudin $772 mn $214 mn NA Itxassou, France Private Company Generics - Branded Small Molecules Broad 1049 649 Lannett $771.9 mn $545 mn $112 mn Philadelphia Area, US Public Company Generics - INN Small Molecules Broad 418 650 Yibai Pharmaceutical $770 mn $456 mn $66 mn Guizhou, China Public Company Generics - China Small Molecules Broad 453

81 Pharma 1000: Ranks 651-675

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 651 BioArctic $768.9 mn $9.8 mn -$6.6 mn Norway Public Company Biotechnology Naturals Neurology 452 652 Wohua Pharma $765.8 mn $131 mn $26 mn Shandong Province, China Public Company Generics - China Small Molecules Broad NA 653 Vericel $765.7 mn $116 mn $0.9 mn Boston Area, US Public Company Branded Pharma Cell Therapy Bone & Osteo 489 654 Havea Group $764.6 mn $212 mn NA Boufféré, France Private Company Branded Pharma Naturals Broad NA 655 Prati, Donaduzzi & Cia. $763.2 mn $212 mn NA Toledo, Brazil Private Company Generics - Branded Small Molecules Broad NA 656 Lionco Pharma $762.4 mn $180 mn $20 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 593 657 Innovis Pharma $760.3 mn $211 mn NA Greece Private Company Generics - INN Small Molecules Broad 509 658 RAPT Therapeutics $756.9 mn $2.2 mn -$47 mn Bay Area, US Public Company Biotechnology Small Molecules Oncology NA 659 Farmak $756 mn $236 mn $54 mn Kiev, Ukraine Private Company Generics - Branded Small Molecules Broad 529 660 Medis o.o.o. $755.4 mn $114 mn NA Llubjana, Slovenia Private Company Branded Pharma Small Molecules Broad 539 661 Retrophin $754.5 mn $187 mn -$52 mn San Diego, US Public Company Branded Pharma Small Molecules Rare Disease 574 662 Kocak Farma $752.4 mn $209 mn NA Istanbul, Turkey Private Company Branded Pharma Small Molecules Broad 693 663 Clinuvel Pharma $751.1 mn $22 mn $8.3 mn Zurich, Switzerland Public Company Branded Pharma Small Molecules Rare Disease 482 664 VBI Vaccines $749.5 mn $1.8 mn -$35 mn Boston Area, US Private Company Biotechnology Vaccines Vaccines NA 665 Replimune $745 mn $NA -$57 mn Boston Area, US Public Company Biotechnology Cell Therapy Oncology 813 666 Pharming $743.8 mn $202 mn $82 mn Netherlands Public Company Branded Pharma Biologics Rare Disease 558 667 Valenta Pharma $743.4 mn $206 mn NA Moscow, Russia Private Company Generics - Branded Small Molecules Broad NA 668 Inhibrx $743.1 mn $ NA San Diego, US Public Company Biotechnology Biologics Oncology NA 669 Desitin $742.5 mn $112 mn NA Hamburg, Germany Private Company Branded Pharma Small Molecules Neurology 733 670 CrystalGenomics $740.2 mn $77 mn -$3.3 mn South Korea Public Company Biotechnology Small Molecules Pain 569 671 FDC $739.3 mn $173 mn $45 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 758 672 Kai Bao Pharma $739.1 mn $156 mn $31 mn Shanghai, China Public Company Generics - China Small Molecules Respiratory 586 673 Blau Farmacêutica $738.7 mn $205 mn NA Cotia, Brazil Private Company Generics - Branded Small Molecules Broad 674 674 Fatro $735.9 mn $111 mn NA Milan, Italy Private Company Animal Health Small Molecules Animal Health 800 675 Arcutis Bio $735.7 mn $NA -$91 mn Los Angeles, US Public Company Biotechnology Small Molecules Dermatology NA

82 Pharma 1000: Ranks 676-700

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 676 NantKwest $735.4 mn $NA -$62 mn Los Angeles, US Public Company Biotechnology Cell Therapy Oncology 1130 677 Translate Bio $734.3 mn $26 mn NA Lexington, MA Public Company Biotechnology Gene Therapy Pulmonary 881 678 SIFI $731.1 mn $203 mn NA Sicily, Italy Private Company Generics - Branded Small Molecules Broad 910 679 Liminal BioSciences $729.1 mn NA NA Quebec, Canada Public Company Branded Pharma Blood Products Blood Products 797 680 Jiangsu Sihuan Bio $729 mn $68 mn $9.1 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 534 681 Geropharm $727.2 mn $72 mn NA Russia Private Company Biosimilars Biologics Diabetes Care 873 682 Maruishi Pharma $726.3 mn $347 mn NA Osaka, Japan Private Company Branded Pharma Small Molecules Hospital 392 683 Currax Pharma $726 mn $110 mn NA New York Area, US Private Company Branded Pharma Small Molecules Cardiometabolic NA 684 Yabao Pharmaceutical $722 mn $370 mn $52 mn Shanxi Province, China Public Company Generics - China Small Molecules Broad 496 685 Exela Pharma $720 mn $200 mn NA Lenoir, NC Private Company Generics - Branded Small Molecules Generics NA 686 Nippon Zoki $718.9 mn $199 mn NA Osaka, Japan Private Company Generics - Branded Small Molecules Broad NA 687 Hengkang Medical $716.6 mn $437 mn $19 mn Sichuan Province, China Public Company Generics - China Naturals Broad 346 688 Senju Pharma $710.6 mn $401 mn NA Osaka, Japan Private Company Branded Pharma Small Molecules Opthalmology 399 689 Phathom Pharma $710.4 mn $NA NA New York Area, US Public Company Biotechnology Small Molecules Gastroenterology NA 690 Cosunter $709.8 mn $52 mn $2.1 mn Fujian Province, China Public Company Branded Pharma Small Molecules Broad 616 691 Farabi Pharma $709.2 mn $197 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA 692 Teuto $705.6 mn $196 mn NA Goiás, Brazil Private Company Generics - Branded Small Molecules Broad 605 693 Acme Pharmaceuticals $704.5 mn $195 mn NA Bangladesh Private Company Generics - Branded Small Molecules Broad NA 694 Julphar $703.8 mn $102 mn -$75 mn United Arab Emirates Public Company Generics - Branded Small Molecules Broad 497 695 AB Science $703.1 mn $1.7 mn -$19 mn Paris, France Public Company Biotechnology Small Molecules Rare Disease 996 696 Jinghua Pharma $698.9 mn $159 mn -$12 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 449 697 Dicerna Pharma $692.1 mn $89 mn -$130 mn Boston Area, US Public Company Biotechnology Nucleic Acids Rare Disease 633 698 Boryung Pharma $689.9 mn $456 mn $52 mn South Korea Public Company Generics - Branded Small Molecules Broad 664 699 Beximco Pharma $689.9 mn $295 mn $74 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 594 700 MiMedx $687.8 mn $280 mn $26 mn Atlanta, US Public Company Branded Pharma Small Molecules Wound Care 770

83 Pharma 1000: Ranks 701-725

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 701 Staidson $686.8 mn $68 mn -$13 mn Beijing, China Public Company Generics - China Small Molecules Broad 521 702 Emisphere Tech $675.7 mn $1 mn -$6.2 mn New York Area, US Public Company Biotechnology Biologics Hematology 825 703 Konruns Pharma $673.8 mn $123 mn $23 mn Beijing, China Public Company Generics - China Naturals Hospital 609 704 Exir Pharmaceutical $671 mn $186 mn NA Iran Private Company Generics - Branded Small Molecules Broad NA 705 DOC Generici $669.6 mn $186 mn NA Milan, Italy Private Company Generics - Branded Small Molecules Broad 570 706 Radius $669 mn $200 mn -$110 mn Boston Area, US Public Company Branded Pharma Small Molecules Bone & Osteo 472 707 SillaJen $667.8 mn $1.9 mn -$43 mn South Korea Public Company Biotechnology Cell Therapy Oncology 149 708 Basilea $667.6 mn $148 mn -$3.6 mn Basel, Switzerland Public Company Branded Pharma Small Molecules Anti-Infectives 599 709 Vaxart $667.3 mn $7.7 mn -$11 mn Bay Area, US Public Company Biotechnology Small Molecules Vaccines NA 710 Pharmasyntez $666 mn $185 mn NA Irkutsk, Russia Private Company Generics - Branded Small Molecules Hospital NA 711 Cisen Pharmaceutical $663 mn $539 mn $76 mn Shandong Province, China Public Company Generics - China Small Molecules Hospital 413 712 Tchaikapharma $662.3 mn $NA NA Bulgaria Public Company Generics - Branded Small Molecules Broad NA 713 MedDay Pharma $660 mn NA NA Paris, France Private Company Branded Pharma Small Molecules Neurology 579 714 Pharmacosmos $660 mn $100 mn NA Copenhagen, Denmark Private Company Branded Pharma Small Molecules Hematology 578 715 Eumedica $660 mn $100 mn NA Belgium Private Company Branded Pharma Small Molecules Hospital 767 716 Shilpa $658.2 mn $128 mn $33 mn Bangalore, India Public Company Generics - Branded Small Molecules Broad 702 717 Alector $655.1 mn $19 mn -$149 mn Bay Area, US Public Company Biotechnology Biologics Neurology 348 718 Senhwa $653.1 mn $NA -$10 mn Taiwan Public Company Biotechnology Small Molecules Oncology 1010 719 Dr. August Wolff $649.5 mn $98 mn NA Bielefield, Germany Private Company Branded Pharma Small Molecules Dermatology NA 720 Cellectis $648.2 mn $73 mn -$83 mn Paris, France Public Company Biotechnology Cell Therapy Oncology 781 721 Kissei $647.1 mn $586 mn $36 mn Matsumoto, Japan Public Company Branded Pharma Small Molecules Urology 465 722 SPARC $644.4 mn $32 mn -$20 mn Mumbai, India Public Company Biotechnology Small Molecules Oncology 562 723 Nobel $644.4 mn $179 mn NA Turkey Private Company Generics - Branded Small Molecules Broad 459 724 Indofarma $642.9 mn $99 mn $4.7 mn Indonesia Public Company Generics - Branded Small Molecules Broad 390 725 Medigen Vaccine $639.9 mn $NA -$17 mn Taiwan Public Company Biotechnology Biologics Vaccines NA

84 Pharma 1000: Ranks 726-750

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 726 Flexion Therapeutics $639.8 mn $81 mn -$122 mn Boston Area, US Public Company Branded Pharma Small Molecules Bone & Osteo 684 727 Laboratoires Genévrier $639.4 mn $96 mn NA Lyon, France Private Company Branded Pharma Small Molecules Dermatology 776 728 Kadmon $632.1 mn $11 mn -$83 mn New York Area, US Public Company Branded Pharma Small Molecules Oncology 864 729 Mayne Pharma $624.6 mn $315 mn $43 mn Melbourne, Australia Public Company Generics - Branded Small Molecules Broad 402 730 Morphic Therapeutics $622.4 mn $18 mn -$63 mn Boston Area, US Public Company Biotechnology Small Molecules Gastroenterology NA 731 Ozon Pharmaceuticals $622 mn $172 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA 732 OBI Pharma $617.4 mn $2 mn -$44 mn Taiwan Public Company Biotechnology Small Molecules Oncology 446 733 Albireo Pharma $616.9 mn $11 mn -$78 mn Boston Area, US Public Company Biotechnology Small Molecules Hepatology 1003 734 Sinovac $615 mn $213 mn $38 mn Beijing, China Public Company Biosimilars Vaccines Vaccines 552 735 Krystal Biotech $614.6 mn $NA mn -$23 mn Pittsburgh Area, US Public Company Biotechnology Gene Therapy Dermatology 819 736 Provention Bio, Inc. $614 mn $NA NA New York Area, US Public Company Biotechnology Biologics Immunology NA 737 ZENOAQ $612.3 mn $293 mn NA Tokyo, Japan Private Company Animal Health Small Molecules Animal Health 441 738 Alora Pharma $612 mn $170 mn NA Atlanta, US Private Company Branded Pharma Small Molecules Womens Health 614 739 Pliant Therapeutics $608.7 mn $89 mn NA Bay Area, US Public Company Biotechnology Small Molecules Respiratory NA 740 Sciclone $605 mn $ NA Shanghai, China Private Company Generics - Branded Small Molecules Hepatology NA 741 Dynavax $604.1 mn $34 mn -$77 mn Bay Area, US Public Company Branded Pharma Vaccines Vaccines 581 742 Handok $602.5 mn $405 mn $42 mn South Korea Public Company Generics - Branded Small Molecules Broad 661 743 BioCryst $602.3 mn $49 mn -$113 mn North Carolina, US Public Company Biotechnology Small Molecules Rare Disease 440 744 Weixinkang Medicine $601.2 mn $95 mn $8 mn Lhasa, Tibet, China Public Company Generics - China Naturals Broad 511 745 PKU HealthCare Corp. $600.2 mn $311 mn $12 mn Sichuan Province, China Public Company Generics - China Small Molecules Broad 634 746 Inozyme Pharma $597.4 mn $0 mn NA Boston Area, US Public Company Biotechnology Small Molecules Rare Disease NA 747 Protagonist Therap $594.4 mn $16 mn -$71 mn Bay Area, US Public Company Biotechnology Peptides Rare Disease 1119 748 HRA Pharma $594 mn $90 mn NA New York Area, US Private Company Branded Pharma Small Molecules Womens Health 795 749 Molecular Templates $592.7 mn $20 mn -$82 mn Austin, Texas Public Company Biotechnology Biologics Oncology 1054 750 Boiron $590.4 mn $623 mn $180 mn Lyon, France Public Company Branded Pharma Naturals ENT 466

85 Pharma 1000: Ranks 751-775

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 751 Nephron Pharma $589.3 mn $163 mn NA West Columbia, SC Private Company Generics - INN Small Molecules Broad 796 752 CCM Duopharma Biotech $586.4 mn $135 mn $23 mn Malaysia Public Company Generics - Branded Small Molecules Broad 893 753 Hiteck Biological Pharma $585.7 mn $69 mn -$1.1 mn Wuhan, China Public Company Generics - China Small Molecules Generics 762 754 Deva Holding $585.4 mn $230 mn $78 mn Turkey Public Company Generics - Branded Small Molecules Broad 858 755 Laboraoires Majorelle $583.2 mn $30 mn NA Paris, France Private Company Branded Pharma Small Molecules Women's Health 1021 756 SOHO Global Healthcare $578.8 mn $ NA Indonesia Private Company Generics - Branded Small Molecules Broad NA 757 Teikoku Senyaku $576.8 mn $276 mn NA Higashikagawa, Japan Private Company Branded Pharma Small Molecules Pain 493 758 Alliance Pharma $571.8 mn $162 mn $61 mn London, United Kingdom Public Company Branded Pharma Small Molecules Mature Products 595 759 Caplin Point Laboratories $568.7 mn $120 mn $35 mn Chennai, India Public Company Generics - Branded Small Molecules Broad 727 760 Nativa $567.3 mn $157 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA 761 Cara Therapeutics $565.9 mn $24 mn -$120 mn New York Area, US Public Company Biotechnology Small Molecules Pain 647 762 Grupo Medinfar $565.4 mn $157 mn NA Portugal Private Company Generics - Branded Small Molecules Broad 984 763 Gongwin Biopharm $564.9 mn $NA -$4.1 mn Taiwan Public Company Biotechnology Small Molecules Oncology 919 764 Cassiopea S.p.A. $564.7 mn $0.7 mn -$10 mn Milan, Italy Public Company Branded Pharma Small Molecules Dermatology 711 765 Bath ASU $564.5 mn $156 mn NA London, United Kingdom Private Company Branded Pharma Vaccines Oncology NA 766 Frequency Therapeutics $563.9 mn $44 mn -$18 mn Boston Area, US Public Company Biotechnology Small Molecules ENT NA 767 Foci Pharmaceutical $562.6 mn $91 mn $0.5 mn Gansu Province, China Public Company Generics - China Naturals Broad 531 768 DEMO $561.5 mn $155 mn NA Greece Private Company Generics - Branded Small Molecules Broad 638 769 Newbridge Pharma $561 mn $85 mn NA United Arab Emirates Private Company Branded Pharma Small Molecules Neurology 1069 770 Inibsa $560.6 mn $155 mn NA Barcelona, Spain Private Company Generics - Branded Small Molecules Broad 986 771 Taloph $559 mn $193 mn $21 mn Henan Province, China Public Company Generics - China Naturals Broad 668 772 Famar $557.3 mn $154 mn NA Greece Private Company Generics - Branded Small Molecules Broad NA 773 Akouos Therapeutics $557.1 mn $0 mn NA Boston Area, US Public Company Biotechnology Gene Therapy ENT NA 774 TTY Biopharm $555.9 mn $144 mn $41 mn Taiwan Public Company Generics - Branded Small Molecules Broad 538 775 Amryt Pharma $554.4 mn $NA NA Ireland Public Company Branded Pharma Biologics Cardiometabolic NA

86 Pharma 1000: Ranks 776-800

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 776 Intersect ENT $552.9 mn $85 mn -$52 mn Bay Area, US Public Company Branded Pharma Small Molecules ENT 432 777 HAL Allergy $552.4 mn $83 mn NA Netherlands Private Company Branded Pharma Biologics Allergy 914 778 Hansen Pharm $551.2 mn $110 mn $29 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 516 779 Biosidus $551 mn $54 mn NA Argentina Private Company Biosimilars Biosimilars Broad NA 780 Northwest Bio $548 mn $2 mn -$28 mn Bethesda MD, US Public Company Biotechnology Small Molecules Oncology 983 781 Farmfirma Soteks $544.6 mn $151 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA 782 Jianmin Group $542.5 mn $304 mn $4.7 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 730 783 Cau Technology $541.9 mn $7.6 mn -$1.7 mn Guangdong Province, China Public Company Generics - Branded Small Molecules Broad 912 784 WAVE Life Sciences $541.1 mn $12 mn -$191 mn Boston Area, US Public Company Biotechnology Nucleic Acids Rare Disease 409 785 Elpen Pharma $540 mn $150 mn NA Greece Private Company Generics - Branded Small Molecules Broad 491 786 Petrovax $538.5 mn $149 mn NA Russia Private Company Branded Pharma Biologics Vaccines NA 787 Autolus Therapeutics $537.7 mn $1.2 mn -$147 mn London, United Kingdom Public Company Biotechnology Cell Therapy Oncology 461 788 Berlin Pharma $536.4 mn $149 mn NA Thailand Private Company Generics - Branded Small Molecules Broad NA 789 Recursion Pharma $529 mn $NA NA Salt City, Utah Private Company Biotechnology Small Molecules Rare Disease NA 790 Saol Therapeutics $528 mn $80 mn NA Atlanta, US Private Company Branded Pharma Biologics Rare Disease 930 791 Sito Bio $527.8 mn $124 mn $11 mn Shandong Province, China Public Company Generics - China Small Molecules Broad 571 792 TaiGen $526.2 mn $0.7 mn -$8.5 mn Taiwan Public Company Biotechnology Small Molecules Anti-Infectives 715 793 Taiwan Biotech $525.4 mn $145 mn NA Taiwan Private Company Generics - Branded Small Molecules Broad 646 794 ImmunoGen $525 mn $86 mn -$45 mn Boston Area, US Public Company Biotechnology Biologics Oncology 568 795 Kyowa Pharmaceutical $525 million $230 mm NA Osaka, Japan Private Company Generics - Branded Small Molecules Broad NA 796 JGL $523.5 mn $145 mn NA Croatia Private Company Generics - Branded Small Molecules Broad 740 797 Lepu Bio $523 mn $NA NA Shanghai, China Private Company Generics - China Small Molecules Broad NA 798 Honz Pharma $521.8 mn $127 mn $7.5 mn Guangdong Province, China Public Company Generics - China Small Molecules Pediatrics 683 799 Getz Pharma $520.2 mn $144 mn NA Pakistan Private Company Generics - Branded Small Molecules Broad NA 800 ANI Pharmaceuticals $519.6 mn $197 mn $33 mn Minnesota, US Public Company Generics - INN Small Molecules Broad 451

87 Pharma 1000: Ranks 801-825

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 801 PharmaResearch Prod. $519.4 mn $76 mn $25 mn South Korea Public Company Generics - Branded Naturals Dermatology 782 802 Yakult Pharma $519 mn $NA NA Tokyo, Japan Public Company Segment Branded Pharma Small Molecules Oncology 479 803 Freeline Therapeutics $518.3 mn $0 mn NA Stevenage, UK Public Company Biotechnology Gene Therapy Hematology NA 804 Gossamer Bio $516.6 mn $NA -$205 mn San Diego, US Public Company Biotechnology Small Molecules Immunology 309 805 Shenqi Pharmaceutical $516.2 mn $262 mn $26 mn Guizhou, China Public Company Generics - China Small Molecules Broad 677 806 DHG Pharma $516 mn $164 mn $35 mn Can Tho, Vietnam Public Company Generics - Branded Small Molecules Broad 608 807 Valneva $515.7 mn $134 mn -$20 mn Lyon, France Public Company Branded Pharma Vaccines Vaccines 728 808 Ocular Therapeutix $515.5 mn $7.2 mn -$76 mn Boston Area, US Public Company Biotechnology Small Molecules Opthalmology 1028 809 Hua Medicine $513 mn $3.1 mn -$53 mn Hong Kong Public Company Biotechnology Small Molecules Diabetes Care 333 810 Enanta $512.2 mn $150 mn -$11 mn Boston Area, US Public Company Biotechnology Small Molecules Hepatology 303 811 Hana Pharm $511.2 mn $142 mn NA South Korea Private Company Generics - Branded Small Molecules Broad 669 812 Cosar Pharmaceutical $511.2 mn $142 mn NA Iran Private Company Generics - Branded Small Molecules Anti-Infectives NA 813 Aerie Pharmaceuticals $510.2 mn $81 mn -$152 mn North Carolina, US Public Company Branded Pharma Small Molecules Opthalmology 307 814 Organogenesis $508.1 mn $269 mn -$19 mn Boston Area, US Public Company Branded Pharma Cell Therapy Wound Care 470 815 TherapeuticsMD $506.2 mn $62 mn -$164 mn Boca Raton, FL Public Company Branded Pharma Small Molecules Womens Health 372 816 Consilient Health $506.2 mn $76 mn NA Ireland Private Company Branded Pharma Small Molecules Broad 508 817 Huons $505.1 mn $402 mn $86 mn South Korea Public Company Generics - Branded Small Molecules Broad 587 818 SIGA Technologies $504.9 mn $55 mn $22 mn New York Area, US Public Company Branded Pharma Small Molecules Biodefense 615 Syndax 819 $504.6 mn $1.5 mn -$58 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 1107 Pharmaceuticals 820 Corium $504 mn NA NA Bay Area, US Private Company Branded Pharma Small Molecules Neurology NA 821 Genor Biopharma $503 million NA NA Shanghai, China Private Company Biotechnology Biologics Oncology NA 822 IE Ulagay $501.4 mn $139 mn NA Turkey Private Company Generics - Branded Small Molecules Broad NA 823 Ambiopharm $500 mn $NA NA North August, SC, US Private Company Generics - Branded Small Molecules Broad 626 824 Odin Pharmaceuticals $500 mn $80 mn $25 mn Somerset NJ Private Company Generics - Branded Small Molecules Broad NA 825 NKMax $496.5 mn $7.6 mn -$24 mn Los Angeles, US Public Company Generics - INN Small Molecules Generics 764 88 Pharma 1000: Ranks 826-850

Value Estimate Lead Rank Rank Name (Sep 15, 2020) Revenue Profit (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 826 Teyi Pharmaceutical Group $496 mn $105 mn $26 mn Guangdong Province, China Public Company Generics - Branded Small Molecules Broad 617 827 Jeil $495.1 mn $624 mn $17 mn South Korea Public Company Branded Pharma Small Molecules Cardiometabolic 642 828 TCR2 Therapeutics $494.3 mn $NA -$60 mn Boston Area, US Public Company Biotechnology Cell Therapy Oncology 656 829 Celon Pharma $494.2 mn $25 mn $7.1 mn Poland Public Company Biotechnology Small Molecules Oncology NA 830 Hicin $493.8 mn $119 mn $17 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 673 831 Fengyuan Pharmaceutical $493.3 mn $459 mn $23 mn Anhui Province, China Public Company Generics - China Small Molecules Broad 798 832 kaleo $492.2 mn $125 mn NA Richmond, Virginia Private Company Branded Pharma Small Molecules Allergy NA 833 Aprea Therapeutics, Inc. $491.8 mn $NA -$45 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology NA 834 AMAG Pharma $489.7 mn $297 mn -$73 mn Boston Area, US Public Company Branded Pharma Small Molecules Womens Health 671 835 Aprogen Pharmaceuticals $486.4 mn $45 mn $0 mn South Korea Public Company Generics - Branded Small Molecules Broad 892 836 Pandion Therapeutics $484.9 mn $4.9 mn NA Boston Area, US Public Company Biotechnology Biologics Immunology NA 837 Green Cross Cell $483 mn $31 mn $3.8 mn South Korea Public Company Branded Pharma Cell Therapy Oncology 572 838 Arterium $482.7 mn $134 mn NA Kiev, Ukraine Private Company Generics - Branded Small Molecules Broad NA 839 Sopharma $480.7 mn $775 mn $53 mn Bulgaria Public Company Generics - Branded Small Molecules Broad 650 840 OM Pharm $478 mn $101 mn NA Zurich, Switzerland Private Company Branded Pharma Biologics Anti-Infectives NA 841 ZIOPHARM Oncology $476.2 mn $NA -$66 mn Boston Area, US Public Company Biotechnology Biologics Oncology 554 842 ASKA Pharmaceutical $474.7 mn $484 mn $52 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Gastroenterology 697 843 Dongwha Pharm $473.6 mn $245 mn $23 mn South Korea Public Company Generics - Branded Small Molecules Generics 1005 844 Relmada Therapeutics $471.4 mn $NA -$30 mn New York, NY Public Company Biotechnology Small Molecules CNS NA 845 YungShin Global $470.4 mn $280 mn $45 mn Taiwan Public Company Branded Pharma Small Molecules ENT 662 846 Vertice Pharma $468 mn $130 mn NA New York Area, US Private Company Generics - INN Small Molecules Broad 712 847 Farmac-Zabban $467.8 mn $129 mn NA Bologna, Italy Private Company Generics - Branded Small Molecules Broad 1026 848 MannKind $466 mn $61 mn -$33 mn Los Angeles, US Public Company Branded Pharma Small Molecules Cardiometabolic 706 849 Ansun Biopharma $466 million NA NA San Diego, US Private Company Biotechnology Small Molecules Virology NA 850 BiondVax Pharmaceuticals $464.8 mn NA -$25 mn Israel Public Company Biotechnology Biologics Vaccines NA

89 Pharma 1000: Ranks 851-875

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 851 Amlyx $464 million NA NA Boston Area, US Private Company Biotechnology Small Molecules Neurology NA 852 XOMA $463.8 mn $10 mn -$8.9 mn Bay Area, US Public Company Royalty Company Biologics Oncology 1047 853 Codupha $463.6 mn $128 mn NA Ho Chi Minh, Vietnam Private Company Generics - Branded Small Molecules Broad NA 854 Yatai Pharma $463.4 mn $55 mn -$39 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 448 855 SERB $463.3 mn $70 mn NA Belgium Private Company Branded Pharma Small Molecules Hospital 875 856 FangSheng Pharma $462.8 mn $160 mn $22 mn Hubei Province, China Public Company Generics - China Small Molecules Broad 729 857 CMG Pharma $462.5 mn $49 mn $3.8 mn South Korea Public Company Branded Pharma Small Molecules Urology 675 858 Romark $462 mn $70 mn NA Tampa, FL Private Company Branded Pharma Small Molecules Gastroenterology 687 859 Reig Jofre $461.8 mn $257 mn $28 mn Barcelona, Spain Public Company Generics - Branded Small Molecules Broad 902 860 Poly Pharmaceuticals $460.8 mn $128 mn NA Huntsville, AL Private Company Generics - Branded Small Molecules Other NA 861 Lianhuan Pharma $459.7 mn $191 mn $20 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 846 862 Eagle Pharma $458.4 mn $177 mn $11 mn New York Area, US Public Company Branded Pharma Small Molecules Oncology 535 863 Odonate Therapeutics $456.5 mn $NA -$120 mn San Diego, US Public Company Biotechnology Small Molecules Oncology 815 864 Qianjin Pharmaceutical $455.6 mn $497 mn $53 mn Hubei Province, China Public Company Generics - China Naturals Broad 649 865 Cue Biopharma $454.7 mn $4 mn -$39 mn Boston Area, US Public Company Biotechnology Small Molecules Oncology 1080 866 Longjin Pharmaceutical $452.3 mn $34 mn $0.8 mn Yunnan Province, China Public Company Generics - China Small Molecules Broad 719 867 ORIC Pharma $451.9 mn $NA -$35 mn Bay Area, US Public Company Biotechnology Small Molecules Oncology NA 868 Jiaying Pharmaceutical $451.6 mn $69 mn $2.7 mn Guangdong Province, China Public Company Generics - China Small Molecules Broad 688 869 Hanlim $448.5 mn $124 mn NA South Korea Private Company Generics - Branded Small Molecules Broad 696 870 Daito Pharmaceutical $448.3 mn $417 mn $77 mn Toyama, Japan Public Company Generics - Branded Small Molecules Broad 720 871 Guangji Pharma $448.2 mn $100 mn $17 mn Hubei Province, China Public Company Generics - Branded Small Molecules Broad 654 872 Silence Therapeutics $447.1 mn $1.7 mn -$33 mn London, United Kingdom Public Company Biotechnology Nucleic Acids Hematology NA 873 Bristol Laboratories $445.2 mn $123 mn NA London, United Kingdom Private Company Generics - INN Small Molecules Broad 698 874 Pengqi Technology $443.1 mn $121 mn -$37 mn Shanghai China Public Company Generics - China Small Molecules Broad 294 875 Soria Natural $442.7 mn $122 mn NA Garray, Spain Private Company Generics - Branded Small Molecules Broad 1039

90 Pharma 1000: Ranks 876-900

Value Estimate Lead Rank Rank Name (Sep 15, 2020) Revenue Profit (EBITDA)Location Company Type Sector Lead Modality Therapeutic Area 2019 876 MIP Group $442.4 mn $122 mn NA Blieskastel, Germany Private Company Generics - Branded Small Molecules Broad 1040 877 Osmotica $440.1 mn $211 mn $34 mn New York Area, US Public Company Branded Pharma Small Molecules Neurology 530 878 SALVAT $440 mn $66 mn NA Barcelona, Spain Private Company Branded Pharma Small Molecules Pediatrics 906 879 Jacobson Pharma $439.4 mn $202 mn $53 mn Hong Kong Public Company Generics - Branded Small Molecules Broad 640 880 Indivior $439.4 mn $634 mn $50 mn Richmond, Virginia Public Company Branded Pharma Small Molecules Addiction 771 881 Eutilex $439.1 mn $0.8 mn -$15 mn South Korea Public Company Biotechnology Cell Therapy Oncology 584 882 89bio $439.1 mn $NA -$40 mn Bay Area, US Public Company Biotechnology Biologics Hepatology NA 883 Aptose Biosciences $438.8 mn $NA -$42 mn Toronto Area, Canada Public Company Biotechnology Small Molecules Oncology NA 884 Pharma Foods International $437.7 mn $145 mn $9 mn Kyoto, Japan Public Company Generics - Branded Small Molecules Generics 1041 885 Anika Therapeutics $437 mn $125 mn $32 mn Boston Area, US Public Company Branded Pharma Biologics Bone & Osteo 757 886 Starpharma $435.8 mn $4.5 mn -$10 mn Melbourne, Australia Public Company Biotechnology Small Molecules Women's Health 857 887 Lisheng Pharma $435.1 mn $194 mn $28 mn Hebei Province, China Public Company Generics - China Small Molecules Broad 613 888 Taihe Health Tech $433.3 mn $101 mn $9.5 mn Sichuan Province, China Public Company Generics - Branded Small Molecules Broad 735 889 Farma de Colombia $432 mn $120 mn NA Colombia Private Company Generics - Branded Small Molecules Broad NA 890 Brainstorm Cell Tx $431.7 mn $NA -$28 mn New York Area, US Public Company Biotechnology Cell Therapy Neurology NA 891 RedHill Biopharma $431.1 mn $24 mn -$48 mn Tel-Aviv, Israel Public Company Branded Pharma Small Molecules Gastroenterology 938 892 Spectrum $430.1 mn $NA -$136 mn Las Vegas, NV Public Company Biotechnology Small Molecules Oncology 408 893 Anterogen $428.6 mn $3.4 mn -$2.6 mn South Korea Public Company Branded Pharma Cell Therapy Gastroenterology 561 894 Tricida $428 mn $NA -$232 mn Bay Area, US Public Company Biotechnology Small Molecules Renal 159 895 Panlong Pharmaceutical $426 mn $64 mn NA Shangluo, China Private Company Generics - China Small Molecules Generics 670 896 Alter Pharma $424.8 mn $118 mn NA Belgium Private Company Generics - Branded Small Molecules Broad NA 897 Passage Bio, Inc. $423.4 mn $NA -$70 mn Philadelphia Area, US Public Company Biotechnology Gene Therapy Rare Disease NA 898 Molecular Partners $422.3 mn $15 mn -$48 mn Zurich, Switzerland Public Company Biotechnology Biologics Opthalmology 844 899 Caregen $422.2 mn $53 mn $32 mn South Korea Public Company Biotechnology Cell Therapy Dermatology 590 900 Ferndale Pharma Group $421.7 mn $63 mn NA Michigan, US Private Company Branded Pharma Small Molecules Dermatology NA

91 Pharma 1000: Ranks 901-925

Value Estimate Lead Rank Rank Name (Sep 15, 2020) Revenue Profit (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 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

92 Pharma 1000: Ranks 926-950

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 926 Yisheng Pharma $398.9 mn $128 mn $17 mn Jilin Province, China Public Company Generics - China Naturals Broad 699 927 BioDelivery Sciences $397.8 mn $136 mn $25 mn North Carolina, US Public Company Branded Pharma Small Molecules Addiction 734 928 Cosette Pharma $396 mn $110 mn NA New York Area, US Private Company Generics - Branded Small Molecules Broad NA 929 Aft Pharm $395.4 mn $62 mn $6.9 mn New Zealand Public Company Generics - Branded Small Molecules Broad 976 930 Synmosa Biopharma $393.9 mn $97 mn $9.2 mn Taiwan Public Company Generics - Branded Small Molecules Broad 788 931 Ardelyx $391.9 mn $8.3 mn -$84 mn Bay Area, US Public Company Branded Pharma Small Molecules Gastroenterology NA 932 Bluefish Pharma $391.7 mn $108 mn NA Stockholm, Sweden Private Company Generics - Branded Small Molecules Broad 1062 933 Furui $390.6 mn $114 mn $24 mn Beijing, China Public Company Generics - China Small Molecules Hepatology 703 934 G1 Therapeutics $390.4 mn $2.1 mn -$132 mn North Carolina, US Public Company Biotechnology Small Molecules Oncology 722 935 Blue Pharma-Indústria $389.2 mn $108 mn NA Portugal Private Company Generics - Branded Small Molecules Broad 1063 936 Belupo $385.2 mn $107 mn NA Croatia Private Company Generics - Branded Small Molecules Broad NA 937 Ohara Pharma $384.3 mn $183 mn NA Tokyo, Japan Private Company Branded Pharma Small Molecules Oncology 575 938 Mirum Pharma $384.2 mn $NA -$79 mn Bay Area, US Public Company Biotechnology Small Molecules Rare Disease NA 939 Cellular Biomedicine $382.3 mn $0.2 mn -$47 mn Bay Area, US Public Company Biotechnology Cell Therapy Oncology 821 940 Sihuan Pharma $382.2 mn $323 mn $107 mn Beijing, China Public Company Generics - China Small Molecules Broad 331 941 Neutec Ilac $378.3 mn $105 mn NA Turkey Private Company Generics - Branded Small Molecules Respiratory NA 942 Ildong Pharmaceutical $378 mn $467 mn $9.2 mn South Korea Public Company Generics - Branded Small Molecules Broad 632 943 AC Immune $376.4 mn $50 mn -$23 mn Lausanne, Switzerland Public Company Biotechnology Small Molecules Neurology 1081 944 Lee's Pharmaceutical $376 mn $150 mn $47 mn Hong Kong Public Company Generics - China Small Molecules Oncology 663 945 VIVUS $375.5 mn $56 mn NA Bay Area, US Private Company Branded Pharma Small Molecules Gastroenterology 871 946 Scholar Rock Holding $371.4 mn $21 mn -$65 mn Boston Area, US Public Company Biotechnology Small Molecules Neurology 721 947 Therabel Pharma $370 mn $NA NA Netherlands Private Company Branded Pharma Small Molecules Hospital 701 948 Humanigen $369.6 mn $NA -$29 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA 949 Fortress Biotech $369.5 mn $43 mn -$96 mn New York Area, US Public Company Branded Pharma Biologics Oncology 1027 950 Savior Lifetec $368.7 mn $52 mn $11 mn Taiwan Public Company Generics - Branded Small Molecules Hospital 973

93 Pharma 1000: Ranks 951-975

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 951 Assembly Biosciences $368.2 mn $52 mn -$73 mn Bay Area, US Public Company Biotechnology Small Molecules Hepatology 774 952 Rigel Pharmaceuticals $367.8 mn $108 mn -$25 mn Bay Area, US Public Company Branded Pharma Small Molecules Hematology 814 953 Kala Pharmaceuticals $367.7 mn $4.5 mn -$82 mn Boston Area, US Public Company Biotechnology Small Molecules Opthalmology 852 954 Materia Medica $367.2 mn $102 mn NA Moscow, Russia Private Company Generics - Branded Naturals Broad NA 955 Fuji Pharma $365.8 mn $314 mn $43 mn Tokyo, Japan Public Company Branded Pharma Small Molecules Womens Health 618 956 Ovid Therapeutics $364.7 mn $NA -$77 mn New York Area, US Public Company Biotechnology Small Molecules Rare Disease NA 957 TransMedics Group $363.1 mn $24 mn NA Andover, MA Public Company Biotechnology Small Molecules Transplant NA 958 Kintor Pharma $362.5 mn $0 mn -$43 mn Jiangsu Province, China Public Company Biotechnology Small Molecules Hepatology NA 959 Urovant Sciences $362.3 mn $0 mn -$139 mn Irvine, CA Public Company Biotechnology Small Molecules Urology 836 960 Darnitsa $360 mn $100 mn NA Ukraine Private Company Generics - Branded Small Molecules Generics NA 961 MS Pharma - El Kendi $360 mn $100 mn NA Algeria Private Company Generics - Branded Small Molecules Broad 768 962 Ascendis Health $359.3 mn $427 mn $7.3 mn South Africa Public Company Generics - Branded Small Molecules Broad 589 963 Kolon Life Sciences $358.9 mn $128 mn -$4 mn South Korea Public Company Branded Pharma Cell Therapy Bone & Osteo 485 964 Nissin $358.1 mn $171 mn NA Tendo, Japan Private Company Generics - Branded Small Molecules Broad 602 965 Indoco $357.3 mn $149 mn $20 mn Mumbai, India Public Company Generics - Branded Small Molecules Broad 827 966 Atreca $357 mn $NA -$78 mn Bay Area, US Public Company Biotechnology Biologics Oncology NA 967 Alium Group $355.6 mn $98 mn NA Russia Private Company Generics - Branded Small Molecules Broad NA 968 The Searle Company $355.3 mn $98 mn NA Pakistan Private Company Generics - Branded Small Molecules Broad NA 969 Kwang Dong Pharma $353.9 mn $1 bn $50 mn South Korea Public Company Generics - Branded Small Molecules Broad 809 970 Jinling Pharma $353.7 mn $338 mn $35 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 627 971 Verona Pharma $351.5 mn $NA -$50 mn London, United Kingdom Public Company Biotechnology Small Molecules Respiratory NA 972 EIPICO $351.5 mn $192 mn $45 mn Egypt Public Company Generics - Branded Small Molecules Broad 680 973 HNSP $350.6 mn $40 mn $1.1 mn Hainan Province, China Public Company Generics - China Small Molecules Broad 761 974 AVROBIO $350.5 mn NA -$95 mn Boston Area, US Public Company Biotechnology Gene Therapy Rare Disease 926 975 Checkmate Pharma $350.4 mn NA NA Boston Area, US Private Company Biotechnology Biologics Oncology NA

94 Pharma 1000: Ranks 976-1000

Value Estimate Profit Lead Rank Rank Name (Sep 15, 2020) Revenue (EBITDA) Location Company Type Sector Lead Modality Therapeutic Area 2019 976 Xinguan Pharma $350.2 mn $39 mn $14 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 792 977 Flynn Pharma $349.9 mn $59 mn $18 mn London, United Kingdom Private Company Branded Pharma Small Molecules Hospital 911 978 Tanvex $349.2 mn $NA -$77 mn Taiwan Public Company Biosimilars Biologics Broad 635 979 C&Y Group $347.7 mn $137 mn -$8 mn Shanxi Province, China Public Company Generics - China Small Molecules Broad 830 980 ACME Laboratories $347.5 mn $213 mn $55 mn Bangladesh Public Company Generics - Branded Small Molecules Broad 731 981 TAEJOON PHARM $347 mn $96 mn NA South Korea Private Company Generics - Branded Small Molecules Ophthalmology NA 982 Farmabase $346.5 mn $52 mn NA Jaguariuna, Brazil Private Company Animal Health Small Molecules Animal Health NA 983 Xbiotech $345.1 mn $28 mn -$25 mn Austin, TX, US Public Company Biotechnology Biologics Oncology 802 984 Apex Healthcare $343.6 mn $167 mn $17 mn Malaysia Public Company Generics - Branded Small Molecules Generics 867 985 Oyster Point Pharma $342.2 mn $NA NA Princeton, NJ, US Public Company Biotechnology Small Molecules Opthalmology NA 986 Athersys, Inc. $341.7 mn $0 mn -$55 mn Cleveland, Ohio Public Company Biotechnology Small Molecules Neurology 968 987 Paratek $341.7 mn $30 mn NA Boston Area, US Public Company Branded Pharma Small Molecules Anti-Infectives 960 988 PBF $340.3 mn $50 mn $6.2 mn Taiwan Public Company Generics - Branded Small Molecules Broad 878 989 Grupo Azevedos $339.8 mn $94 mn NA Portugal Private Company Generics - Branded Small Molecules Broad NA 990 Centaur Pharma $338.8 mn $94 mn NA Mumbai, India Private Company Generics - Branded Small Molecules Broad NA 991 SOTHEMA $338.4 mn $178 mn NA Morocco Public Company Generics - Branded Small Molecules Broad 748 992 Orchard Therapeutics $338.4 mn $3.1 mn -$169 mn London, United Kingdom Public Company Biotechnology Gene Therapy Rare Disease 313 993 Cantargia $338.4 mn $NA NA Lund, Sweden Public Company Biotechnology Biologics Oncology NA 994 Tiansheng Pharma $337.8 mn $199 mn -$27 mn Jiangsu Province, China Public Company Generics - China Small Molecules Broad 631 995 Tiziana Life Sciences $337.3 mn $NA -$9.9 mn London, United Kingdom Public Company Biotechnology Small Molecules Oncology NA 996 Aestura $336.9 mn $93 mn NA South Korea Public Company Segment Generics - Branded Small Molecules Generics NA 997 UroGen Pharma $336.5 mn $0.3 mn -$126 mn New York Area, US Public Company Branded Pharma Small Molecules Oncology 512 998 Telix $336.4 mn NA NA Melbourne, Australia Public Company Biotechnology Radiopharmaceuticals Oncology NA 999 China Chem & Pharma $336 mn $272 mn $23 mn Taiwan Public Company Generics - Branded Small Molecules Broad 839 1000 Shapuaisi Pharma $335.5 mn $55 mn -$3.9 mn Zhejiang Province, China Public Company Generics - China Small Molecules Broad 755

95 About Torreya and Acknowledgements

96 Torreya is a Global Life Sciences Investment Bank

Representative Transaction Advisory Roles We are known for: Mergers & Acquisitions Acquisition of Sale of majority stake to Deep Relationships Sale to Option to be acquired by • generics business of Purchase of We have strong personal relationships across the pharmaceutical and healthcare sectors. $1.05 billion $658 million $225 million $215 million $30 million • Operating Perspective June 2017 June 2014 September 2020 January 2019 February 2020 Many of our senior colleagues come from Generic Pharma Specialty Pharma Specialty Pharma Specialty Pharma Biotech industry and bring decades of experience. Licensing, Deal Excellence Asset Sales • Sale of License of NOV03 in License of Navicixizumab JV Partnership & JVs Sale of FXR program to Torreya is known as a firm that gets tough Intrathecal business to North America to to in China with deals done. Our team is skilled in highly

structured transactions. Up to $470 million $203 million Up to $306 million $50 Million January 2015 March 2017 December 2019 January 2020 December 2018

• Healthcare Focus Divestiture / Asset Sale / Biotech Licensing / Biotech Licensing / Biotech JV / China Our healthcare focus spans pharma, biotech, Specialty Pharma bioproduction, pharma services, physician Debt, Royalty

services and HCIT. Sales & Debt recapitalization & Private Equity Sale of majority stake to acquisition of NextWave Credit facility from Sale of majority stake to Sale to Pharmaceuticals from Deals

$125 million $125 million $70 million April 2019 September 2018 October 2019 February 2019 November 2019

Debt / Debt / PE Recap / PE Recap / Generics PE Recap / CRO Specialty Pharma Healthcare Services Bioproduction 97 Torreya: Active Global Presence With 45+ Persons Focused on the Pharma and Life Sciences Sector

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

Deals Total Value Average Deal Size Rank Financial Advisor Deal Count ($mm) ($mm) 1 Torreya 54 $5,545 $103 Moscow 2 Centerview 38 $97,016 $2,553 London 3 MTS Health Partners 30 $9,632 $321 New York Beijing Seoul 4 Rothschild 28 $14,124 $504 Tokyo Shanghai 5 JP Morgan 27 $130,139 $4,820 Mexico City Riyadh 6 BAML 25 $89,422 $3,577 Hong Kong Mumbai 6 Jefferies 25 $17,876 $715 8 Goldman Sachs 24 $97,870 $4,078 8 Morgan Stanley 24 $124,212 $5,176 Rio de Janeiro 10 Lazard 23 $54,499 $2,370 TORREYA 11 Evercore 17 $172,214 $10,130

AFFILIATE RELATIONSHIP* 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 • 34 people based in New York • We cover Latin America, South Africa and 16 PJT Partners 12 $58,729 $4,894 • 9 people based in London parts of Asia through affiliate relationships 17 RBC 10 $3,378 $338 • 5 people based in Mumbai • 4 people cover the China market from a home 17 Ladenburg 10 $498 $50 base in the United States 19 Barclays 9 $7,829 $870 • 1 person in Tokyo 19 Moelis 9 $4,338 $482 19 Piper Sandler 9 $1,710 $190

* 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. Source: CapitalIQ, Torreya analysis

98 Key Pharma Sector Contacts at Torreya

Tom Bird Kelly Curtin Masaki Doi, Ph.D. Peter Garrambone, Jr. Benj Garrett Co-Head Pharma Transactions Managing Director, Pharma Director, Japan Coverage Co-Head, Pharma Transactions Managing Director, Pharma M&A New York Office London Office Tokyo New York Office New York Office [email protected] [email protected] [email protected] [email protected] [email protected]

Leslie Gautam Kylor Hua Nitin Lath Allen Lefkowitz Stephanie Léouzon Director, Digital Therapeutics Director, Biotechnology Managing Director, India Managing Director, Generics Partner, Head of Europe New York Office New York Office Mumbai Office New York Office London Office [email protected] [email protected] [email protected] [email protected] [email protected]

Jie Liu Tim Opler, Ph.D. Alan Selby, M.B.Ch.B. Mark Simon Hetal Vora Managing Director, China Partner, Pharmaceuticals Director, Private Equity Partner, Biotechnology Executive Director, India New York Office New York Office London Office New York Office Mumbai Office [email protected] [email protected] [email protected] [email protected] [email protected] 99 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

The material in this presentation and accompanying “Pharma 1000” report has affiliates and accordingly information reflected or incorporated into these been prepared for general information on matters of interest only, and does materials may be shared with employees of Torreya and its affiliates and not constitute professional advice. You should not act upon the information agents regardless of location. This presentation speaks only as of the date it is contained in this publication without obtaining specific professional advice. given, and the views expressed are subject to change based upon a number of factors, including market conditions. The information used in preparing these materials was obtained from or through public sources. Torreya assumes no responsibility for independent This material must not be copied, reproduced, distributed or passed to others verification of such information and has relied on such information being at any time without the prior written consent of Torreya. This presentation has complete and accurate in all material respects. No representation, warranty or been prepared solely for informational purposes and is not to be construed as undertaking, express or implied, is made and no responsibility is accepted by a solicitation or an offer to buy or sell any securities or related financial Torreya as to or in relation to the accuracy or completeness or otherwise of instrument. You should not construe the contents of this presentation as legal, these materials or as to the reasonableness of any other information made tax, accounting or investment advice or a recommendation. Torreya does not available in connection with these materials (whether in writing or orally) to provide any tax advice. Any tax statement herein regarding any U.S. federal or any interested party (or its advisors). Torreya will not be liable for any direct, other tax is not intended or written to be used, and cannot be used, by any indirect, or consequential loss or damage suffered by any person as a result of taxpayer for the purpose of avoiding any penalties. Any such statement herein relying on any statement contained in these materials or any such other was written to support the marketing or promotion of the transaction(s) or information. None of these materials, the information contained in them or matter(s) to which the statement related. Each taxpayer should seek advice any other information supplied in connection with these materials, will form based on the taxpayer's particular circumstances from an independent tax the basis of any contract. To the extent such information includes estimates of advisor. This presentation does not purport to be all-inclusive or to contain all value and/or financial performance there is no guarantee that such estimates of the information that the Company may require. No investment, divestment can be achieved in the marketplace. Nothing contained herein is, or shall be or other financial decisions or actions should be based solely on the relied upon as, a promise or representation as to the past or future. Torreya information in this presentation. 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

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