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

$1.24 $6.65
pharmaceutical sector.

The value of the commercial side of the drug sector is approximately $6.65
trillion. Of this, $5.65 trillion is associated with publicly-traded companies.
Trillion Putting it in Perspective:
Trillion
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

$5.28 $5.35
$5.16
$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
Mitsubishi Tanabe
$9
$9
2011
Servier
Mylan
Yangtze River
$22
$20
$24
2015
Seattle Genetics
Astellas
Hansoh Pharma
$26
$28
$29
2020
Vertex $9
Chugai $9 Baxalta $23 ($billions) Menarini $30 ($billions)
($billions) Perrigo Zhifei Bio $30
Alexion $10 $24
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
Created $240+ billion in
value since 2003. This is
equivalent to a whole new
large pharma and accounts
for more than five percent
of all value created in the
industry in this time.
Introduction of numerous
new high-value biologics.
No giant mergers but
company has diversified
and stayed decentralized.
Benefited greatly from
Centocor acquisition. Has
a stronger credit rating
than U.S. government.
China
Hengrui’s market cap in
2003 was $279 million.
Today, it is worth $71 billion.
Up over 250 times. The
company has brought
oncology drugs to China
when they were needed. No
M&A. Pure internal
innovation and strong
marketing across China.
Today, Hengrui is actively
diversifying into NCEs and
other therapeutic
categories where there is an
unmet need among the
Chinese people.
Branded Pharma
Was worth $780 million in
2003. Today is worth $69
billion (up 88-fold). Spent a
number of years in small
molecule chemistry, then
virology, then introduced
CFTR modulators for cystic
fibrosis, effectively curing
part of the disease. Today,
focused on a wide range of
severe, niche diseases such
as sickle cell anemia, kidney
disease, Alpha-1 Antitrypsin
Deficiency and Type 1
diabetes.
Generics
Up 500 times since its IPO
in 1995. Sun has navigated
an extremely challenging
environment for INN
generics well and maintains
a $16.5bn market cap. Sun
is the #1 marketer of
pharmaceuticals in India
and the world’s 4th largest
INN generic player. Serves
over 100 markets with over
2000 products. Moving
into innovation products
and recently did an
impressive antibody deal
with Merck.
Niche
Has an enterprise value
of $29 billion after its
recent IPO. This
company buys royalties
from inventors,
universities and
biotechs. Started with a
very small financing in
the early 2000s and
today generates over $2
billion in free cash flow
with less than 50
employees. Has kept
focus on royalties
involving drugs for
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% 0% 3% Health
democratized since 2%
1%
China Pharma Animal Health Biotechnology
2003. While large 1% 0% 6%
pharma has grown,
other parts of the Branded
Branded
Generics
industry have grown 1%
Pharma
14%
even faster. The fastest Biotechnology China Pharma
5% 11%
growth areas include Branded Big Pharma
48%
China Pharma, branded Generics ex-
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
Nucleic Acids 20 81,734 1.4% 16,918 0.4% 630 0.03%
products, and vaccines.
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 ($
Subsector 2020 Millions, 2020) 2020 Millions, 2015) Value Share 2015
Switzerland, Japan and the
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
Germany 25 322,319 5.4% 298,656 6.2%
UK have held steady.
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
Disposition of the Pharma 500 Class of 2015 Five Years Later
The Top 500 Pharmas by Value in 2015
Where are They Now? Acquired
Survived but Survived but
10% Not in Top
out of 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
59%
life on brands, the industry is fragile.
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:
$70 Billion in value (2020)
16.8% of biotech sector value
$18 Billion in value (2015)
47 biotechs in the top 1000
Myokardia is the biggest player
#4 New York Area:
$32 Billion in value (2020)
8% of biotech sector value
$10 Billion in value (2015)
21 biotechs in the top 1000
Roivant is the biggest player
#7 Jiangsu Province, China
$11 Billion in value (2020)
3% of biotech sector value
$0 Billion in value (2015)
6 biotechs in the top 1000
Legend Bio is the biggest player
#2: Boston Area:
$69 Billion in value (2020)
16.7% of biotech sector value
$28 Billion in value (2015)
48 biotechs in the top 1000
Moderna is biggest player
#5: Denmark:
$30 Billion in value (2020)
7% of biotech sector value
$8 Billion in value (2015)
3 biotechs in the top 1000
Genmab is the biggest player
#8 South Korea:
$11 Billion in value (2020)
3% of biotech sector value
$4 Billion in value (2015)
11 biotechs in the top 1000
Genexine is the biggest player
#3: San Diego:
$37 Billion in value (2020)
9% of biotech sector value
$9 Billion in value (2015)
12 biotechs in the top 1000
Samumed is the biggest player
#6: Rhine Region:
$13 Billion in value (2020)
3% of biotech sector value
$0 Billion in value (2015)
1 biotech in the top 1000
BioNTech is the biggest player
#9 Washington DC Area:
$11 Billion in value (2020)
3% of biotech sector value
$10 Billion in value (2015)
6 biotechs in the top 1000
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 Great Consolidation Of Talent, Capital, &
Returns
By Bruce Booth, March 2017
“Boston and San Francisco are now the
preeminent biotech clusters. And their gravity in
the ecosystem is only getting stronger.
Beyond having great science and the right “pixie
dust” in the local environment, two fundamentally
important ingredients to the success of any
cluster are capital and talent – and both are
aggregating into the two key clusters.”
Link to Article
THE BIOCLUSTER DEBATE
Yes. Booth is correct. Bay Area and Boston already
have a third of the industry’s value. No other region
comes close. The structure of the industry is set for
good. A two-pole system. Different than Silicon
Valley for tech but just as powerful. These areas have
the VC’s, the universities and now pretty much every
pharma wants to move there.
No. Booth was correct. The Bay Area and Boston
have actually given up three points of value share
since 2018. The places are too crowded with
biotech. Space and scientists are too expensive.
Other locations are likely to gain share in the years
ahead. Think fresh biofriendly locales like San Diego,
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
Taiwan Japan
United Kingdom The first is that over half of the value of the biotech sector resides in
1.4%
Netherlands
2.5%
2.4% 2.3% the United States. Perhaps this is not a surprise but the scale of the
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
5.0%
Secondly, the #2 company in the world for biotech value today is
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%
Endocrinology 2 2.91% 11,966 310 3765%
virology are included then one can say that
Broad 3 2.26% 9,311 4,956 88%
the top five therapeutic areas account for
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
3 Chi-Med Small Molecules Hong Kong 4,505
with expertise in advanced drug development
4 Oneness Biotech Small Molecules Taiwan 3,863
methods.
5 Legend Biotech Cell Therapy China 3,627
6 Chipscreen Biologics South Korea 3,528
South Korea, for example, has become a world
7 Akeso Small Molecules China 3,364
center of expertise in the fields of cell therapy and
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
9 Italfarmaco Italy Cardiometabolic 3,732 864
cardiometabolic sales with strong results from its Trajenta®
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
13 Atnahs United Kingdom Cardiovascular 1,566 362
Sanofi.
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 $4.8bn in
17 Lantheus United States Spec. Cardiology 1,009 332
revenues from Bayer’s Xarelto®.
26
Top Branded Pharmaceutical Companies in CNS Care
The table here lists the most valuable branded players whose
Value Revenue
leading product(s) are for the treatment of central nervous
Rank Company HQ Country Focus Area ($mm) ($mm)
system (CNS) diseases.
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
7 Grünenthal Germany Pain $10,292 $1,652
UCB is the third-largest player with $2.8 billion in neurology
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
2 Pierre Fabre France Aesths, Med derm $17,643 $2,832
(absorbed Allergan’s aesthetic business), BMS, Lilly (plus
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
9 Isdin Spain Medical Derm $1,445 $232
Galderma tops the list following its recent spinout from
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,
1 Takeda Japan $102,300 $30,091
Janssen and Pfizer.
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
7 Kolmar Medicine Unit South Korea $1,613 $567
Crohn’s disease.
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
14 ASKA Pharmaceutical Japan $474 $485
Cosmo, Zeria, Sebela, Mayoly Spindler, Ardelyx, RedHill and Romark.
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
7 Chugai Japan Antibodies 70,880 6,809
Similarly, Hengrui has become quite large on the
8 Hengrui Medicine China Diversified 69,196 3,478
back of selling a deep portfolio of cytotoxics and
9 Qilu Pharma China Diversified 62,280 3,600
kinase inhibitors into the China market. Like
10 Daiichi Sankyo Japan ADCs 51,134 8,993
Hengrui, Qilu has become an increasingly
11 Merck KGaA Germany Immuno-oncology 32,551 7,535
important player in the China market, selling
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 $3.5 Bn $2.0 Bn $1.6 Bn

$11 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
Value Revenue
(Eylea®) is in ophthalmology. They have built a significant
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
5 IBSA Switzerland Fertility $3.8 billion $572 million
Grupo Insud based in Argentina has built a significant global
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
17 Starpharma Australia Bact. Vaginosis $435.8 million $4.5 million
Pfizer (Premarin®), Merck/Organon (NuvaRing® /
18 Fuji Pharma Japan Diversified $365.8 million $314 million
Nexplanon® / Follistim®), Merck KGAA (fertility) and AbbVie
19 Agile Therapeutics, Inc. United States Contraception $252.4 million $NA
(Estrace® cream).
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

Relative Share Price (vs Sep 8, 2015)

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

Sep-18
Nov-18

Sep-19
Nov-19
Sep-17
Nov-17

Jan-20
Sep-16
Nov-16

Jul-18

Jul-19
Sep-15
Nov-15

Jul-17
Jul-16

May-18

May-19

Mar-20
May-17
May-16

Jul-20
Jan-18

Jan-19
Jan-17
Jan-16

May-20
Mar-18

Mar-19
Mar-16

Mar-17
that is not thriving amidst global growth -20%
and increasing life spans. -40%

-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
Rank Rank Revenue
We have included divisions of pharma companies
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
2 3 Teva Generic Segment Israel Diversified $33,574 $9,326
private companies (using the industry median
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
increasingly important role as investors in the
biopharmaceutical industry.
These investors facilitate value creation and
transitions for family owned companies.
Private equity funds have been particularly
important in the pharmaceutical services
area, funding growth plans and exits in the
CDMO / CMO sector.
We looked at news stories for each company Percent of
in the Pharma 1000 and relevant databases
commercial stage
to determine if a private equity investor or
companies in the
family office (aside from the core ownership
group) was invested in the company. Pharma 1000
that have a
We found that more than 10% of the private equity
companies had such an investor involved. investor in the
cap table:
Many others had worked with private equity

14%
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
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
Investments ($ billions) Investment
Investor

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.

Sources:. AUTM Report , DRI Capital and Torreya analysis. 41

 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

14
Royalty Monetization Volume ($mm)

3500

3000 12

Number of Deals
2500 10

2000 8

1500 6

1000 4

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

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About Torreya and
Acknowledgements

96
Torreya is a Global Life Sciences Investment Bank
Representative Transaction Advisory Roles
We are known for: Mergers &
Acquisitions
• Deep Relationships Acquisition of
generics business of
Sale to Purchase of Option to be acquired by
Sale of majority stake to

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
& JVs Sale of License of NOV03 in License of Navicixizumab JV Partnership
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
Asset Sale / Biotech
Divestiture /
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
Pharmaceuticals from
Credit facility from Sale of majority stake to Sale to

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
New York 3 MTS Health Partners 30 $9,632 $321
Beijing
Seoul 4 Rothschild 28 $14,124 $504
Shanghai Tokyo
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
tom.bird@torreya.com kelly.curtin@torreya.com masaki.doi@torreya.com pete.garrambone@torreya.com benj.garrett@torreya.com

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
leslie.gautam@torreya.com kylor.hua@torreya.com hetal.vora@torreya.com allen.lefkowitz@torreya.com stephanie.leouzon@torreya.com

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