68   PHARMACEUTICAL EXECUTIVE         Megamergers shook up the industry in 2009, shuffling the deck         of pharma’s to...
MAY 2010 www.pharmexec.com   69                                                                                        The...
70   PHARMACEUTICAL EXECUTIVE                                                                                             ...
72   PHARMACEUTICAL EXECUTIVE                                                                                             ...
74   PHARMACEUTICAL EXECUTIVE                                                                                             ...
76   PHARMACEUTICAL EXECUTIVE                                                                                       MAY 20...
78   PHARMACEUTICAL EXECUTIVE                                                                                    MAY 2010 ...
80   PHARMACEUTICAL EXECUTIVE                                                                                             ...
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World Top 50 Pharmaceutical Companies 2009

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World Top 50 Pharmaceutical Companies 2009

  1. 1. 68 PHARMACEUTICAL EXECUTIVE Megamergers shook up the industry in 2009, shuffling the deck of pharma’s top companies. Find out which companies emerged on top, who might be next, and how those best positioned to weather a challenging business environment are poised to rip the rankings apart over the next few years By Patrick Clinton and Mark Mozeson
  2. 2. MAY 2010 www.pharmexec.com 69 The PHARM EXEC 50T he Pharm Exec 50 ranks the world’s largest pharmaceutical companies by global sales of prescription drugs. The most striking theme in this year’s list 1. Pfizer is the continued pace of sector consolidation: many companies have disap- 2. Sanofi -Aventispeared from the list as a result of mergers over the course of 2009. And not just 3. Novartissmaller companies: Wyeth, last year’s number 10, is now part of Pfizer, providing 4. GlaxoSmithKlineour almost perennial number one company with a solid entrée into biologics and 5. Rochevaccines as well as a return to OTC medicines. Schering-Plough (last year’s num- 6. AstraZenecaber 15) has been combined in a reverse merger with Merck, creating a company 7. Merckthat should rise to the number-four slot next year, with Rx revenues of about 8. Johnson & Johnson$40 billion. Genentech (19) was acquired by Roche, and Solvay (32) by Abbott, 9. Eli Lillywhile Procter & Gamble’s pharmaceutical unit (39) has become part of Warner- 10. Bristol-Myers SquibbChilcott, an Irish firm that has never appeared on the 50 before—but will jump 11. Abbottto the middle of the list next year thanks to P&G’s Avonex business. 12. Bayer Growth by acquisition is not always a sign of strength, of course, and it 13. Boehringer Ingelheimdoesn’t always feed into continued organic growth. The track record of the in- 14. Amgendustry is mixed when it comes to mergers, but in the current climate, with new 15. Takedadrug approvals slowing to a trickle, the merger wave is far from over. Where in 16. Tevarecent years, Pharma M&A has been dominated by mid-size deals and “bolt- 17. Novo Nordiskon” acquisitions, the transformational deals of the past year seem likely to 18. Astellasinspire renewed interest in mega-mergers. “Big Pharma” is getting bigger, and 19. Daiichi Sankyothe question is whether it makes sense to try to keep up. 20. Otsuka Meanwhile, the next round of mergers has already begun, with Novartis 21. Eisaiprepared to take on ophthalmology specialist Alcon (this year’s number 38), 22. Merck KGaAbringing the Swiss giant to the $40 billion Rx revenue range, and giving the 23. Gilead Sciencescompany additional reach into a growing field. And Teva (number 16) contin- 24. Baxter Internationalues to merge its way up the list. This year’s target was Germany’s Ratiopharm 25. Mylan(42, after an abysmal year). Look for the world’s largest generics company to 26. Servierclose in on a top-ten spot within the next year or two. 27. Chugai Look, too, for the largest pharma companies to hit a new revenue bench- 28. Genzymemark. It’s not quite visible in this year’s figures, but once the impact of mergers 29. Mitsubishi Tanabeis taken into consideration, five of the top six pharma companies have revenues 30. UCBhovering around $40 billion, with Pfizer leaping ahead to more than $60 bil- 31. CSLlion. Ten years ago, the smallest companies on the 50 had revenues in the $500 32. Allerganmillion range. Today, all but four brought in $2 billion or more. Revenue rank- 33. Forestings will also be influenced by the success of some companies in large biologi- 34. Menarinicals, which appear set to replace small molecule drugs like Lipitor as top sellers 35. Nycomedwithin the next few years. 36. Biogen Idec Finally, look for companies to respond aggressively to the most important 37. Shirepiece of pharma news in recent years: Sales in emerging markets, which have 38. Alconbeen growing at a faster rate than sales in established markets, have finally 39. Apotexcaught up. According to IMS Health, over the next five years the “pharmerg- 40. Lundbecking” markets will generate as many new dollars in pharma sales as the tradi- 41. Celgenetional markets. Though there’s considerable variation, pharma companies have 42. Ratiopharmbeen investing in emerging markets for several years—not just in the “BRIC” 43. Cephaloncountries (Brazil, Russia, India, China), but in an expanded roster of countries 44. Dainippon Sumitomoincluding Saudi Arabia, Vietnam, Chile, Venezuela, Malaysia, Thailand, Tur- 45. Hospirakey and Mexico. These countries present many challenges, including getting 46. Watsondrugs approved, building distribution systems, protecting intellectual prop- 47. Actaviserty, and pricing. But given the sharp trend toward further cost containment in 48. Shionogithe US, Japan and Europe, it is hard to turn away from such an opportunity, 49. Kyowa Hakko Kirinno matter what the difficulty. 50. Meda
  3. 3. 70 PHARMACEUTICAL EXECUTIVE MAY 2010 www.pharmexec.com The Pharm Exec 50 Rank Company & Headquarters [website] 2009Rx Sales (Billions 2009 R&D spend 2009 Top-Selling Drugs [2009 Rank] of USD) [change from 2008] (Millions of USD) [Billions of USD] Lipitor [11.4] Pfizer 1 [1] New York, New York [pfizer.com] $45.4 [2.7%] $7845 Lyrica [2.8] Celebrex [2.4] Lantus [4.4] Sanofi -Aventis 2 [3] Paris, France [sanofi -aventis.com] $42.0 [8.5%] $6567 Lovenox [4.4] Plavix [3.8] Diovan/Co-Diovan [6.0] Novartis 3 [4] Basel, Switzerland [novartis.com] $38.4 [6.7%] $6308 Gleevec/Glivec [3.9] Zometa [1.5] Seretide/Advair [7.9] GlaxoSmithKline 4 [2] Brentford, England [gsk.com] $37.8 [26.1%] $6286 Valtrex [2.1] Pandemic flu vaccine [1.4] Avastin [6.0] Roche 5 [8] Basel, Switzerland [roche.com] $37.6 [78.9%] $8570 MabThera/Rituxan [5.9] Herceptin [5.1] Nexium [5.0] AstraZeneca 6 [6] London, England [astrazeneca.com] $32.8 [3.8%] $4409 Seroquel [4.9] Crestor [4.5] Merck Singulair [4.7] 7 [7] Whitehouse Station, New Jersey [merck.com] $25.2 [6.9%] $5845 Corzaar/Hyzaar [3.6] Januvia [1.9] Remicade [4.3] Johnson & Johnson 8 [6] New Brunswick, New Jersey [jnj.com] $22.5 [-8.5%] $4591 Procrit/Eprex [2.2] Levaquin/Floxin [1.6] Zyprexa [4.9] Eli Lilly 9 [9] Indianapolis, Indiana [lilly.com] $21.2 [9.7%] $4300 Cymbalta [3.1] Humalog [2.0] Plavix [6.1] Bristol-Myers Squibb 10 [11] New York [bms.com] $18.8 [6.3%] $3647 Abilify [2.6] Reyataz [1.4] Note about the listings: Companies ed in 2009. For most American and US dollars, we have converted their in the Pharm Exec 50 are ranked ac- European pharmaceutical companies, numbers using the average interbank cording to global human prescription that means the year ending December rate for the last day of the fi scal year. drug sales. As far as company docu- 31, 2009; for most Japanese compa- Some charts that appear in this arti- mentation allows, generics and vac- nies, it means the year ending March cle are based on numbers from IMS. cines are included; over-the-counter 31, 2009. In the case of private compa- These are calculated differently from products, royalties, and contract man- nies that do not report results, we have our sales figures. Percentage growth ufacturing are not. In most cases, num- relied on outside estimates, including figures should be treated with caution, bers are taken from annual reports or IMS reports. For companies that re- as they can be affected by fluctuating SEC fi lings for the fi scal year that end- port revenue in currencies other than exchange rates. *Estimate About the Authors: Patrick Clinton is marketing director, Health & Life Sciences, Oliver Wyman. He can be reached at patrick.clinton@oliverwyman.com. Mark Mozeson is partner, Health & Life Sciences, Oliver Wyman. He can be reached at mark.mozeson@oliverwyman.com
  4. 4. 72 PHARMACEUTICAL EXECUTIVE MAY 2010 www.pharmexec.com Abbott 11 [12] Abbott Park, Illinois [abbott.com] $15.6 [-6.7%] $2744 Humira [5.5] Bayer Yaz/Yasmin/Yasminelle 12 [13] Leverkusen, Germany [bayer.com] $15.0 [-0.7%] $2253 [1.8] Boehringer Ingelheim 13 [16] Ingelheim, Germany [boehringer-ingelheim.com] $14.4 [12.3%] $3010 Spiriva [3.4] Amgen 14 [14] Thousand Oaks, California [amgen.com] $14.4 [-2.4%] $2864 Neulasta/Neupogen [4.6] Takeda 15 [17] Osaka, Japan [takeda.com] $14.2 [16.6%] $4657 Pioglitazone [4.0] GLOBAL PHARMACEUTICAL SALES BY REGION, 2009 SOURCE: IMS Health Percent of Global Sales Market 2009 Sales (US$B) % Growth from 2008 North America $323.8 1.9% Europe $263.9 7.0% Asia/Africa/Australia $106.6 15% Japan $95.0 2.1% Latin America $47.8 12.7% 30.6 39.8 12.7 11.2 5.7 TOP 15 U.S. PHARMACEUTICAL PRODUCTS BY SALES US Prescription sales Total US Prescription Market 1 Lipitor US$ in Billions 7.5 grew by 2 3 4 Nexium Plavix Advair Diskus 4.7 5.6 6.3 5.1 percent 5 6 7 Seroquel Abilify Singulair 3.7 4.2 4.0 to approximately 8 Actos 3.4 SOURCE: IMS Health 9 Enbrel 3.3 $300 billion 10 11 12 13 Epogen Remicade Crestor Avastin 3.0 3.0 3.2 3.2 14 Neulasta 3.0 15 Oxycontin 2.9 Teva 16 [18] Petach Tikva, Israel [tevapharm.com] $13.9 [25.2%] $802 Copaxone [2.8] Novo Nordisk 17 [22] Bagsvaerd, Norway [novonordisk.com] $9.8 [14.4%] $1521 Insulin analogs [4.1] Astellas 18 [20] Tokyo, Japan [astellas.com] $9.8 [1.4%] $1635 Prograf [2.1] Daiichi Sankyo 19 [21] Tokyo, Japan [daiichisankyo.com] $8.1 [-7.5%] $1897 Olmesartan [2.2] Otsuka 20 [25] Tokyo, Japan [otsuka-global.com] $7.9 [21.1%] N/A N/A
  5. 5. 74 PHARMACEUTICAL EXECUTIVE MAY 2010 www.pharmexec.com Eisai 21 [24] Tokyo, Japan [eisai.co.jp] $7.8 [8.7%] $1605 Aricept [3.2] Merck KGaA 22 [23] Darmstadt, Germany [merck.de] $7.7 [0.8%] $1724 Rebif [2.2] Gilead Sciences 23 [28] Foster City, California [gilead.com] $6.5 [26.8%] $940 Truvada [2.5] Baxter International 24 [26] Deerfield, Illinois [baxter.com] $5.6 [5.2%] $917 Advate [1.5] Mylan 25 [29] Canonsburg, Pennsylvania [mylan.com] $4.8 [11.4%] * $275 Generics [N/A] Mergers have been a clear TOP GLOBAL THERAPEUTIC CLASSES, 2009 part of the growth strategy Therapeutic Class 2009 Sales (US$M) % Growth from 2008 of the top ten pharmas. Oncologics $52,372 8.8 Easily visible in the chart Lipid Regulators $35,281 4.9 Respiratory Agents $33,596 11.0 below are Pfizer’s merg- Antidiabetics $30,406 13.4 ers with Warner Lambert Anti-ulcerants $29,610 0.6 Antiotensin II Antagonists $25,209 11.5 (completed in 2000, with Antipsychotics $23,248 4.6 results appearing in the Antidepressants $19,416 -1.3 2001 Pharm Exec 50) and SOURCE: IMS Health AutoImmune agents $17,961 18.0 Platelet Aggr. Inhibitors $14,604 9.0 Pharmacia (with revenue HIV Antivirals $13,758 14.9 jumping up in 2005). Anti-epileptics $12,995 -19.8 Other key mergers during Narcotic analgesics $11,235 8.6 Non-narcotic analgesics $11,174 7.3 the period include Sanofi Eythropoietins $10,806 -4.1 Synthelabo with Aventis, Novartis with Chiron, Glaxo Wellcome with SmithKline Beecham, and Roche with TEN YEARS OF THE 2010 TOP 10 Genentech. 50 45 Prescription drug revenue 40 in billions of USD 35 30 25 20 15 10 5 0 Pfizer Aventis Novartis GSK Roche AstraZeneca Merck J&J Lilly BMS Servier 26 [27] Neuilly-sur-Seine [servier.com] $4.6 [-10.9%] * N/A N/A Chugai 27 [35] Tokyo, Japan [chugai-pharm.co.jp] $4.3 [23.1%] $599 Tamiflu [0.8] Genzyme 28 [31] Cambridge, Massachusetts [genzyme.com] $4.1 [-2.9%] $856 Cerezyme [0.8] Mitsubishi Tanabe 29 [34] Osaka, Japan [mt-pharma.co.jp] $3.9 [9.1%] $751 Remicade [0.4] UCB 30 [30] Brussels. Belgium [ucb.com] $3.8 [-10.6%] $966 Keppra [1.3]
  6. 6. 76 PHARMACEUTICAL EXECUTIVE MAY 2010 www.pharmexec.com CSL 31 [38] Victoria, Australia [csl.com.au] $3.7 [9.4%] $251 Gardasil [0.1] Allergan 32 [36] Irvine, California [allergan.com] $3.7 [5.3%] $706 Botox [1.3] Forest 33 [37] New York, New York [frx.com] $3.6 [3.9%] $661 Lexapro [2.3] Menarini 34 [41] Florence, Italy [menarini.com] $3.6 [16.1%] * N/A N/A Nycomed 35 [40] Zurich, Switzerland $3.5 [0.9%] $285 Pantaprazole [N/A] THE TOP TEN POST-MERGER Pfizer + Wyeth Sanofi-Aventis Major mergers are reshaping the top ten. This chart shows the impact recent and Novartis + Alcon recently announced mergers would have had on the top ten if they’d taken place January Merck + Schering-Plough 1, 2008. Pfizer leaps forward, Merck jumps from seventh place to fourth. Roche (which GlaxoSmithKline + reported a full year of Genentech revenue) Stiefel moves from eighth place in 2009 to sixth. (This chart omits several minor mergers.) Roche + Genentech Even without additional mergers, Pharma’s Top Six should all have revenues of $40 bil- AstraZeneca lion and up. Johnson & Johnson SOURCE: Oliver Wyman Eli LIlly 2009 pro forma 2009 actuals Bristol-Myers Squibb 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Biogen Idec 36 [42] Cambridge, Massachusetts [biogenidec.com] $3.2 [12.6%] $1283 Avonex [2.3] Shire 37 [43] Dublin, Ireland [shire.com] $2.7 [-3.8%] $638 Adderall [0.6] Alcon 38 [44] Hünenberg, Switzerland [alcon.com] $2.7 [3.0%] $665 Glaucoma products [1.1] Apotex 39 North York, Ontario [apotex.com] $2.6 [74.3%] * N/A Generics [N/A] Lundbeck 40 [45] Copenhagen, Denmark [lundbeck.com] $2.6 [23.5%] $615 Cipralex/Lexapro [1.5]
  7. 7. 78 PHARMACEUTICAL EXECUTIVE MAY 2010 www.pharmexec.com The Top 10: The Year In Review Pfizer Acquired Wyeth in $68 billion Roche Completed $47 billion acquisi- Johnson & Johnson Acquired deal, giving company entrée to the vac- tion of Genentech. Fifty-nine new molec- Elan’s rights and assets in the Al- cines and (again) consumer products ular entities in clinical testing, including zheimer’s Immunotherapy Program, a markets. Launched Toviaz for overactive eight in Phase III/registration. Actemra/ joint venture with Wyeth, Completed bladder in the US. Prevnar 13 approved RoActemra for rheumatoid arthritis ap- acquisition of Cougar, a biotech with in 40 countries. 133 R&D programs, proved in EU (and in January 2010 in a Phase III drug for metastatic pros- Phase I through registration. Created the US). Signed 51 new research/tech- tate cancer. Launched Nucynta, a nov- regenerative medicine unit, and signifi- nology deals, including a partnership el oral drug for chronic pain, co-de- cantly boosted licensing partnerships. with Tekmira Pharmaceuticals to bring veloped with Gruenenthal. Simponi, a Roche’s first RNA interference products monthly, injectable anti-TNF drug for into human testing. rheumatoid arthritis, approved in the US, EU, and Canada. Sanofi-Aventis Multiple acquisitions of generics companies including Medley (Brazil’s largest), Kendricks (Mexico), AstraZeneca Launched Onglyza (for and Zentiva (Czech republic). Announced diabetes) in the US & EU. Launched Ir- Eli Lilly Launched translational purchase of Chattanooga-based OTC essa for non-small cell lung cancer in medicine unit and opened new biotech company Chattem for $1.9 billion. Ac- the EU after having withdrawn its ap- center in San Diego. Adcirca (with quired Oenobrol, French maker of nu- plication in 2005 Divested portfolio of the same active ingredient as Cialis— tritional beauty supplements. Launched over-the-counter products. Submitted tadalafil) approved for pulmonary ar- Multaq, anti-arrhythmia drug, in US, EU, US NDA for ticagrelor (tentatively to be terial hypertension in the US, EU, and and Canada. known as Brilinta) an oral antiplatelet Japan. Co-promotion deal with Kowa treatment. Announced acquisition of for the statin Livalo. Effient, an anti- infection-research company Novexel platelet agent co-developed with Dai- and expanded anti-infective partnership ichi-Sankyo, approved in the US. Novartis Joe Jimenez appointed new with Forest. CEO. Approvals include Afinitor (for renal cell cancer), Ilaris (cryopyrin-as- sociated periodic syndromes), Onbrez Bristol-Myers Squibb Acquired Breezhaler (EU, for COPD), Valturna (hy- Merck Merged with Schering-Plough the shares it did not already own of pertension). Acquired EBEWE Pharma’s in $41 billion deal. Announced acquisi- Medarex, a biotech focused on fully specialty generics business. 145 projects tion of Avecia, a contract manufacturer human monoclonal antibody drugs in clinical development. Launched bi- of biologics. Divested itself of its stake for cancer, autoimmune diseases, in- osimilars in Japan and Canada. in Merial, an animal health joint ven- flammation, and infection. Divested ture with Sanofi-Aventis. In April, struck holdings in Mead Johnson Nutrition, ground-breaking, much-discussed deal completing a transition toward pure- with the health insurer Cigna over dia- play pharma. Onglyza (a drug for Type GlaxoSmithKline Product approvals betes drugs Januvia and Janumet, pro- II diabetes, developed and marketed include Votrient, an oral medication for viding bigger discounts to the plan for with AstraZeneca) approved. Entered renal cell cancer. Launched Arzerra (for achieving better patient results. partnerships with ZymoGenetics, Nis- refractory chronic leukocytic leukemia) san Chemical Industries, Teijin Phar- in the US. Filings include Benlysta, poten- ma, Adler Biopharmaceuticals. tially the first new drug for lupus in more than 60 years. Acquired Stiefel, a specialty dermatology company with revenues of $900 million. With Pfizer created ViiV, specialty company dedicated to HIV.
  8. 8. 80 PHARMACEUTICAL EXECUTIVE MAY 2010 www.pharmexec.com TOP 15 GLOBAL PRODUCTS, 2009 Product 1 2 Lipitor Plavix 2009 Sales (US$M) $9,100 $13,288 In 2009, there were 29 3 4 5 Nexium Seretide Seroquel $6,012 $8,236 $8,099 mergers & acquisitions 6 7 Enbrel Remicade $5,863 $5,453 in the pharmaceutical industry 8 Crestor $5,383 SOURCE: IMS Health 9 10 11 Zyprexa Humira Avastin $5,357 $5,032 $5,015 worth $126.5 billion 12 13 Singulair Mabithera $4,986 $4,681 That compares with 14 15 Abilify Lovenox $4,673 $4,572 48 mergers & acquisitions worth $51.1 billion in 2008 REVENUE DISTRIBUTION, THE TOP 50 50.0 45.0 Revenue continues to 40.0 be concentrated in the Prescription drug revenue 35.0 largest companies. In this in billions of USD 30.0 year’s Top 50, the Top 10 SOURCE: Oliver Wyman 25.0 accounted for just under 20.0 60 percent of revenue, 15.0 while the top 20 were 10.0 responsible for about 80 5.0 percent of sales. 0.0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 Ranking Celgene 41 Summit, New Jersey [celgene.com] $2.6 [20.1%] $471 Revlimid [1.7] Ratiopharm 42 [33] Ulm, Germany [ratiopharm.com] $2.4 [-35.4%] N/A Generics [N/A] Cephalon 43 [47] Frazer, Pennsylvania [cephalon.com] $2.2 [13.2%] $395 Provigil [1.0] Dainippon Sumitomo 44 [46] Osaka, Japan [ds-pharma.co.jp] $2.1 [1.2%] $543 Amlodin [0.6] Hospira 45 [48] Lake Forest, Illinois [hospira.com] $2.1 [15.2%] $241 N/A Watson 46 [49] Corona, California [watson.com] $2.0 [13.1%] $197 CNS generics [0.8] Actavis 47 [50] Hafnarfjörður, Iceland [actavis.com] $1.8 [0.9%] * N/A Generics [N/A] Shionogi 48 Osaka, Japan [shionogi.co.jp] $1.8 [-0.7%] $543 Crestor [0.2] Kyowa Hakko Kirin 49 Tokyo, Japan [kyowa-kirin.com.jp] $1.7 [55.7%] $497 Espo/Nesp [0.4] Meda 50 Solna, Sweden [meda.se] $1.7 [34.3%] N/A Astelin [0.2]

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