The webinar discusses the current dynamics of the oncology marketplace, focusing on immuno-oncology advancements and challenges. Key topics include promotional landscapes, treatment developments for various cancers, and the impact of new drugs and testing on oncologists' practices. The session aims to enhance understanding of market changes and prepare stakeholders for upcoming conferences and developments in 2016.

1. Immuno-Oncology and Emerging
Market Dynamics
AlphaImpactRx – Barclays Webinar
December 1, 2015

2. Introductions and Objective
Webinar Moderator: Stacy Mecham
Senior Vice President,
Oncology Franchise,
AlphaImpactRx
Objective
• To share our unique perspective on the dynamics of today’s oncology marketplace.
• To advance your understanding of the unprecedented changes emerging across
promotion, treatment and testing - and to provide a view into how 2016 is shaping
up.
2
Featured Presenter: Mark Purcell
Managing Director
and Head of Global
Pharmaceutical
Equity Research
Coverage, Barclays

3. Our Agenda
3
• A snapshot of the current Oncology Promotional Landscape
• The I/O Battlefield
NSCLC
Melanoma
PD-L1 Testing
• Preparing for ASH and San Antonio Breast Cancer Conferences
Breast Cancer
CLL
• Q&A

4. …and once earned, you need
to make the most of it.
The battle to earn the Oncologist’s
attention is becoming more challenging...
4

5. Novartis is emerging as the leader within a crowded oncology
promotional landscape.
n=Total sales representative product details BrandImpact Oncology panel had ~ 450 physicians in October 2015
ShareofDetails
Source: BrandImpact
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012 2013 2014 2015 (Jan-Oct)
Novartis GSK Genentech BMS Merck Celgene
Pfizer Boehringer Ing. Lilly Bayer Janssen Amgen
Eisai Pharmacyclics Medivation Millennium Sanofi Teva
Onyx Incyte AstraZeneca
n=35,979 n=33,970 n=34,408 n=31,103 n=30,028 n=28,498
Share of Attention – Company Level Detailing - Oncology (2010-2015)
March ‘15: Novartis
acquires Oncology
franchise from GSK
5

6. Is access to the Oncologist opening up?
6
After a decline through the end of
2013, the surge in new launches
and new indications starting 2014
may have required an increase in
time allocated to seeing reps…
…and, the average time allocated to each
detail has also increased.
20
40
60
80
100
120
140
160
180
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
5
6
7
8
9
10
Source: BrandImpact
Average Minutes Allotted to Detailing per Quarter (Oncologists)
Source: BrandImpact

7. Source: BrandImpact
7
2,894
1,842
1,305
1,034 942 893
643 574 572
414
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
Lung Cancer Breast Cancer CLL Colorectal
Cancer
Multiple
Myeloma
Renal Cell CML Mantle Cell
Lymphoma
Melanoma Gastric Cancer
Details by Indication (YTD October 2015)
Indication-level details reported most often
reflect the influx of new brands, the number
of players in certain tumor markets, and the
competitive nature of these market segments.
n=number of details reported by indication for the time period
NSCLC is the most frequently-
detailed tumor type so far in
2015, overtaking breast cancer.
Indication 2015 Rank
(YTD Oct)
2014 2013
NSCLC 1 2 3
Breast Cancer 2 1 1
CLL 3 4 11
Colorectal Cancer 4 5 2
Multiple Myeloma 5 3 4
Renal Cell 6 9 7
CML 7 7 5
Mantle Cell Lymphoma 8 11 13
Melanoma 9 8 8
Gastric Cancer 10 35 36
Understanding detailing at the indication level is critical.

8. Source: BrandImpact
8
Measuring details at the brand level is no longer enough.
Top 10 Detailed
Brands
2015 Rank
(YTD Oct)
Opdivo 1
Afinitor 2
Imbruvica 3
Keytruda 4
Avastin 5
Cyramza 6
Ibrance 7
Revlimid 8
Xtandi 9
Neulasta 10
Top 10 Detailed
Brands by Ind
Indication 2015 Rank
(YTD Oct)
Opdivo NSCLC 1
Afinitor Breast Cancer 3
Ibrance Breast Cancer 3
Imbruvica CLL 4
Keytruda Melanoma 5
Xtandi Prostate Cancer 6
Neulasta Neutropenia 7
Gazyva CLL 8
Cyramza NSCLC 9
Kyprolis Multiple Myeloma 10

9. Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be
aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
This research report has been prepared in whole or in part by equity research analysts based outside the US who are not registered/qualified as research analysts
with FINRA.
PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 52.
Equity Research
Barclays Global Pharmaceuticals
Mark Purcell
Barclays, UK
+44 203 1347189
mark.purcell@barclays.com
Thinking ahead in oncology
An analyst’s perspective
1 December 2015

10. • Introduction
• Lung cancer – Opdivo versus the competition
• Key questions / perspectives in an increasingly crowded indication; 1L data in 2016
• Melanoma battleground
• Opdivo vs Keytruda; Immunotherapy versus targeted treatments; emerging combos
• Breast cancer
• Ibrance launch perspectives in HER2-ve patients
• Perjeta perspectives –a race against time
• Chronic Lymphocytic Leukemia
• Where next for Imbruvica?
Thinking ahead in oncology
Overview
December 1, 201510
Source: Barclays Research

11. Introduction
December 1, 201511

12. The role of a stock market analyst
An overview of my role and what I do
Source: Barclays Research
December 1, 201512
Financial
analysis
Therapeutic
analysis
Industry analysisReports/presentations
Breadth of analysis… …requires a team approach
Stock recommendations
Investment ideas
US pharma
US biotech
US medtech
etc
Japan pharma
India pharma
etc
Global
research
US biopharma Asia biopharma
Distribution
EU pharma
EU generics
EU medtech
etc
EU biopharma
GibsonPurcell Capra Ak’sola KlebanLeuchten

13. December 1, 201513
Therapeutic market analysis
• Prescription data
• IMS Smart Solutions (US), MIDAS (global), NPA (US)
• AlphaImpactRx (US)
• Customer perspectives
• KOL calls/surveys; conference feedback
• PBM/managed care (US); NICE/IQWIG assessment (EU)
• Company reports and meetings
• Quarterly earnings releases and conference calls
• Analyst meetings; company field trips
Market data
Physician /
payor feedback
Company
perspective
Which data sources do we use?
Source: Barclays Research

14. December 1, 201514
Immuno-oncology a key focus
Consensus estimates exceed $20bn - looking ahead to 1L NSCLC data, new indications
and novel combo approaches in 2016
Source: Barclays Research; Company data (based off ASCO 2015 analyst meeting statements
Overview of anti-PD(L)-1 programsfrom BMY, MRK, ROG and AZN
BMY MRK ROG AZN
Take-away from analyst
meeting
“Positive results from 8
registrational trials, >50
trials ongoing”
“>14,000 patients, 85 trials,
30 tumour types”
“ 15 phase 2/ 3 studies –
going deep where strong
scientific rationale”
“>8,300 patients including
>5,600 patients in NSCLC”
Lung 3 reg (4 reg planned) 3 ph3 6 ph3, 3 ph2 8 phase 3, 1 ph2
Melanoma 1 reg 3 ph3
Bladder 1 reg (1 reg planned) 1 ph3 2 ph3, 2 ph2 1 ph3
SCCHN 1 reg (1 reg planned) 2 ph3 1 ph3, 2 ph2
Gastric 1 reg (1 reg planned) 1 ph3 1 ph2
Renal 2 reg(1 reg planned) 1 ph3, 1 ph2
GBM 1 reg (1 reg planned)
HCC 1 reg planned
HL 1 reg (1 reg planned)
NHL 1 reg (1 reg planned)
Breast (TNBC) 1 ph3
Pancreas 1 ph2
Mesothelioma 1 ph2
Immunoncology revenue outlook – top-down projections
($m) 2014A 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E
Opdivo 6 714 2,838 3,552 4,890 5,918 6,819 7,577 8,181 8,593
Keytruda 50 528 1,460 2,662 3,296 4,024 4,694 5,425 6,073 6,628
atezolizumab 0 0 759 1,465 2,322 3,668 4,274 4,884 5,241
durvalumab 0 0 0 0 157 420 779 969 1,087
avelumab 0 0 0 0 131 297 397 640 743
Total 56 1,242 4,298 6,973 9,651 12,552 15,897 18,452 20,747 22,292
Source: Barclays Research; Company data

15. December 1, 201515
Common questions with immunoncology
• PD-(L)-1 treatment benefits 25-65% of refractory non-
squamous NSCLC relative to standard chemotherapy
• Will patient triaging based on an imperfect diagnostic enrichment
approach take off? Who has the best approach?
• Will chemotherapy be squeezed or be used in combo?
• Payors have targeted therapeutic areas such as respiratory
and diabetes – how about oncology?
• Will payors start using exclusions in oncology eg CML?
• Will payors restrict use based on diagnostic enrichment?
• Oncology is clearly a crowded pipeline area
• Speed of uptake for immunoncology approaches?
• Are refractory patient shares representative of potential front line
patient shares?
• Will third/fourth to market use price to gain market share?
• How will costs be divided in combination approaches?
Patient triaging
Payor influence
Competition
Will patients be triaged? Can payors influence prescribing? Will competition act rationally?
Source: Barclays Research

16. Comparative Testing Rates for PD-L1 and Established
Biomarkers in mNSCLC and mM
Source: Barclays Research; BrandImpact / BrandImpactDx
;
December 1, 201516

17. December 1, 201517
PD-L1 Testing Rates for mNSCLC and mM Among PD-L1
Testers and Percent of Their Patients Tested
Source: Barclays Research , BrandImpact/BrandImpactDx
PD-L1 testing is more common in NSCLC patients (48% oncologists) versus melanoma (25%)

18. Lung cancer
December 1, 201518

19. December 1, 201519
Key questions / perspectives in lung cancer
• Pivotal data H2 2016; 60% of patients; diverse strategies
• BMY and MRK PD-L1+ve mono initially; chemo combo
studies now started
• ROG main focus chemo combos; AZN treme / EGFRi /
chemo combos
• PD-L1 biomarker debate in non-squamous (76% of patients)
• PD-L1 enrichment suggests relative benefit for 68% (ROG),
36% (BMY), 23% (MRK) non-squamous patients vs chemo
• BMY all comers approach – lack of reimbursement concerns
• Treat all-comers (better tolerability than chemo) or
diagnostically enrich for PD-L1 responders?
• Are all diagnostic approaches equal (ROG IC/TC approach)
• Duration of therapy an issue – median number doses just 6?
• Q3W preferred versus Q2W dosing? % of patients
contraindicated with autoimmune conditions?
Front-line
NSCLC
Refractory
NSCLC
Triaging/
duration
Most intense and potentially crowded battleground for i/o therapies
Source: Barclays Research

20. NSCLC Market Shares Based on PD-L1 Status (squamous)
December 1, 201520
Opdivo treated patients – 46% untested, 33% PD-L1 –ve, 20% PD-L1 +ve
Keytruda – approved for PD-L1 +ve patients only
Only 20% of PD-L1 testing occurs in the 2L+ setting
PD-L1 Positive: R6M May-Oct 2015
n=217
dr=28
PD-L1 Negative/Other: R6M May-Oct 2015
n=517
dr=70
Untested Patients: R6M May-Oct 2015
n=757
dr=99
PD-L1 Tested Patients Untested Patients
Keytruda,
1%
Tarceva,
1%
Cyramza,
1%
Opdivo,
49%
Abraxane,
10%
Other
Chemo,
35%
Untreated,
4%
Tarceva,
1% Cyramza,
2%
Opdivo,
32%
Abraxane,
13%
Other
Chemo,
39%
Untreated,
11%
Tarceva,
2% Cyramza,
1%
Opdivo,
34%
Abraxane,
15%
Other
Chemo,
39%
Untreated,
9%
Overall mNSCLC Shares (R6M Through October 2015)
Source: Barclays Research , AlphaImpactRx
Report Definition: (n = number of Patient Visits diagnosed and receiving systemic therapy; dr = number of physicians
reporting,
based on a sample of 170 oncologists, of whom 81(43%) have tested for PD-L1 in some patients).
“Other Chemo’ includes Gemzar, Navelbine, Taxol, and Taxotere. Results may vary from 100% due to rounding.
“PD-L1 Negative/Other” includes patients where the results are negative, pending or inconclusive.
Overall shares include all patients, treated and untreated, and excludes patients on maintenance therapy.

21. Anti-PD-1 US revenue progression – NSCLC inflection?
December 1, 201521
NCCN support and FDA approval in squamous and then non-squamous NSCLC has
driven an acceleration in anti-PD-1 revenues in the US
Source: Barclays Research
NCCN
supports 1L
melanoma
Opdivo FDA
approval sq
NSCLC
0
20
40
60
80
100
120
140
160
$m
Keytruda Opdivo Total
FDA approval
Keytruda
NSCLC 2 Oct;
Opdivo non-sq
NSCLC 9 Oct
$m Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
Keytruda IMS estimated 7 47 72 89 109
Keytruda reported 44 66 86 109
Opdivo IMS estimated - 0 19 112 239
Opdivo reported 1 38 107 268
Opdivo non-sq
NSCLC data
at ASCO

22. December 1, 201522
What next?
• How strong will the OS benefit be in KN-010 trial? (920pts, PD-
L1+ve vs Taxotere; Opdivo has set all-comer OS benchmark:
HR of 0.62 in sq and 0.73 in non-sq 2L+NSCLC vs Taxotere)
• Will Keytruda launch first in PD-L1+ve 1L NSCLC and be
reimbursed for all vs just PS>50% pts (KN-024 June’16)?
• Can Roche file atezo with FDA based on BIRCH/FIR data?
• How strong will the OS benefit be in the OAK trial mid’16
(1225pts, all comers vs Taxotere; Opdivo the benchmark)
• Front-line data from Impower trials 2017
• Can AZN file durva based on 3L+ PD-L1+ ATLANTIC trial?
Keytruda
(Merck)
atezolizumab
(Roche)
durvalumab
(AstraZeneca)
Data pending for refractory NSCLC ahead of front-line data H2’16
Source: Barclays Research
• Front-line data in PDL-1+ve (PS>1%) from Checkmate-024
trial expected August’16
Opdivo
(BMY)

23. December 1, 201523
Overall mNSCLC Market Shares (Non-Squamous Histology)
Opdivo penetration has expanded to 13% in non-squamous NSCLC following FDA
approval 9 October, taking share from chemotherapy and capturing untreated patients;
targeted therapies for patients expressing EGFR / ALK mutations broadly stable
Source: Barclays Research, AlphaImpactRx

24. December 1, 201524
1st Line mNSCLC Market Shares (Non-Squamous)
Alimta-containing regimens have the largest share in 1st line therapy. Opdivo currently
has 2% penetration off-label in this segment
Source: Barclays Research, AlphaImpactRx

25. December 1, 201525
2nd Line+ mNSCLC Market Shares (Non-Squamous)
Opdivo catapulted to first place in refractory non-squamous patients, largely at the
expense of cytotoxic agents. Keytruda 4% share in first month post-approval.
Source: Barclays Research, AlphaImpactRx

26. December 1, 201526
Overall mNSCLC Market Shares (Squamous Cell Histology)
Opdivo has surpassed chemotherapy regimens to become the leading treatment for
patients with squamous cell NSCLC
Source: Barclays Research, AlphaImpactRx

27. December 1, 201527
1st Line mNSCLC Market Shares (Squamous Cell Histology)
Cytotoxic chemotherapy remains the standard approach in 1st line therapy. Abraxane is
currently used in over a quarter of patients. Opdivo has a modest presence to date .
Source: Barclays Research, AlphaImpactRx

28. December 1, 201528
2nd Line+ mNSCLC Market Shares (Squamous Cell Histology)
Opdivo has quickly become the preferred treatment option in 2nd line+ squamous NSCLC
with a 75% market penetration, taking share from chemotherapy and Abraxane.
Keytruda 7% share in first month post-approval
Source: Barclays Research, AlphaImpactRx

29. Melanoma
December 1, 201529

30. December 1, 201530
Key questions / perspectives in melanoma
• Opdivo monotherapy PDUFA 27 Nov; Keytruda monotherapy
PDUFA 19 Dec
• Opdivo and Keytruda both beat Yervoy monotherapy in CM-
066 and KN-066, respectively
• Opdivo+Yervoy superior to Opdivo alone based on PFS but
with a tolerability penalty (30% discontinuation due to AEs)
• Keytruda launched first and has maintained leading share
• Opdivo/Keytruda monotherapy data look comparable
• Is Q3W dosing an advantage for Keytruda?
• In CM-067, one third PD-L1>5% and two thirds PD-L1<5%.
Opdivo comparable mPFS to Opdivo+Yervoy (14.0m) in pts
PD-L1>5% patients – if replicated in OS data, will combo be
reserved for PD-L1<5%
• BRAF+MEKi trial COMBI-d shows 25.1m median OS in V600E
mutation positive patients – with a lower 13% discontinuation
rate, can BRAF+MEKi hold onto (PD-L1-ve) market share?
Front-line
melanoma
Refractory
melanoma
Triaging
Straight Opdivo versus Keytruda battle; how much share will BRAF/MEKi combos retain?
Source: Barclays Research

31. Melanoma Market Shares Based on PD-L1 Status
December 1, 201531
Opdivo treated patients – 50% untested, 27% PD-L1 –ve, 23% PD-L1 +ve
Keytruda treated patients – 52% untested, 26% PD-L1 –ve, 23% PD-L1 +ve
Source: Barclays Research , AlphaImpactRx AlphaImpact

32. December 1, 201532
What next?
• 1L PDUFA 19 Dec; Yervoy-refractory PDUFA 24 Dec
• Phase 3 “go decision” taken on Keytruda + Incyte’s IDO
inhibitor epacadostat based on 53% ORR in 19 patients (c.79%
PD-L1+ve)
• 1L monotherapy PDUFA 27 Nov based on CM-066 trial
• 76% ORR and 20.9m DOR in combination with Zelboraf in 1L
BRAFV600 mutant patients; awaiting data from phase 1b trial of
atezo+Zelboraf+Cotellic data before assessing next steps
Keytruda
(Merck)
atezolizumab
(Roche)
Following additional monotherapy approvals, focus shifts to future combinations
Source: Barclays Research
Opdivo
(BMY)

33. December 1, 201533
Overall Metastatic Melanoma Shares
Keytruda has surpassed Yervoy as the leader metastatic melanoma treatment, but is facing
increasing competition from Mekinist/Tafinlar, Opdivo and the Opdivo/Yervoy combination
Source: Barclays Research, AlphaImpactRx

34. December 1, 201534
1st Line Metastatic Melanoma Shares
Keytruda and Mekinist/Tafinlar were essentially tied for the lead position in the frontline
setting. Use of single agent Opdivo has declined and Yervoy monotherapy shares have
plummeted, in part because these two brands are increasingly being used in combination
Source: Barclays Research, AlphaImpactRx

35. December 1, 201535
2nd Line+ Metastatic Melanoma Shares
Keytruda remained the most frequently prescribed treatment in this segment, albeit with a
drop in share to 35% as Opdivo and the Opdivo/Yervoy combination gained share
Source: Barclays Research, AlphaImpactRx

36. December 1, 201536
1st Line Metastatic Melanoma Shares (BRAF Mutation+)
Led by the Mekinist/Tafinlar combination, BRAF-mutation targeted agents have
continued to make share gains supported by the COMBI-d and coBRIM pivotal data
(25.1 month and 22.3 month median overall survival, respectively)
Source: Barclays Research, AlphaImpactRx

37. December 1, 201537
2nd Line+ Metastatic Melanoma Shares (BRAF Mutation+)
The Mekinist/Tafinlar combination and Keytruda were tied for the top spot among
patients expressing BRAF V600 mutations who have received prior therapy
Source: Barclays Research, AlphaImpactRx

38. Ibrance in breast cancer
December 1, 201538

39. December 1, 201539
Key perspectives for Ibrance in HER2-ve breast cancer
• Ibrance Q3 2015 US revenues $229m following first-line
accelerated approval – where next?
• Positive 2L+ PALOMA-3 data (ASCO) and PALOMA-2 data
(Q4’15E) should further support the launch
• Using Afinitor as a proxy: 55% sales in breast cancer =>
c.$120m US sales per quarter from 11% share. Implied
Ibrance quarterly sales circa $270m (circa $229m currently)
• PENELOPE-B trial in neo-adjuvant breast cancer data 2020
• Trials outside breast cancer – eg lung cancer
• Afinitor generics 2019 onwards could drive pricing pressure
• LLY abemaciclib – MONARCH 2 data in breast cancer H1’17,
JUNIPER 2L+ lung data H2’16; monotherapy activity,
continuous dosing, brain penetration advantages?
• NOVN ribociclib (LEE011) – MONALEESA-2 and -7 data in
breast cancer H2’17 / H1’18
Ibrance in
context
Opportunities
Threats
Off to a strong start, but what is the revenue and competitive outlook?
Source: Barclays Research

40. December 1, 201540
Overall HR+/HER2- mBC Shares (Post-Menopausal)
Ibrance has assumed the second position in the overall ER+/HER2- mBC market ,
having overtaken AI monotherapy, Faslodex and Afinitor
Source: Barclays Research, AlphaImpactRx

41. December 1, 201541
1st Line HR+/HER2- mBC Shares (Post-Menopausal)
Ibrance is closing in on AI monotherapy for the lead in the 1st line setting, with a share of
nearly 30% in October
Source: Barclays Research, AlphaImpactRx

42. December 1, 201542
1st Line HR+/HER2- mBC Shares - New Starts (Post-Menopausal)
Ibrance also leads in the share of new prescriptions for 1st line therapy, having captured
37% of NWRXs in October.
Source: Barclays Research, AlphaImpactRx

43. December 1, 201543
2nd / 3rd Line HR+/HER2- mBC Shares (Post-Menopausal)
Ibrance use has also steadily increased in the 2nd line setting, where it is now in the third
position, ahead of Afinitor. Pre-treated patients on 3rd line therapy or greater tend to
receive cytotoxic therapy
Source: Barclays Research, AlphaImpactRx Source: Barclays Research, AlphaImpactRx
• 2nd Line HR+/ HER2- Post-Menopausal mBC Patients
(Through October 2015)
• 3rd Line+ HR+/ HER2- Post-Menopausal mBC Patients
(Through October 2015)

44. Perjeta in breast cancer
December 1, 201544

45. December 1, 201545
Protecting Roche’s breast cancer franchise – Perjeta update
• Perjeta and Kadcyla have accelerated revenue growth of
Roche’s HER2 franchise to 19% - however Herceptin remains
68% US / 78% ex-US franchise by value:
• Perjeta penetration >50% on-label (>70% neo-adjuvant)
• Subcutaneous Herceptin >30% conversion
• Kadcyla+Perjeta 1L trial MARIANNE failed
• Perjeta driving Herceptin duration of use
• Perjeta 2L+ PHEREXA trial 2015/16
• Perjeta APHINITY trial H1 2016 (55% of Herceptin use)
• The race against time – Herceptin biosimilars!
• Herceptin COMP 2014 EU (2ndry patents?), 2019 US
• Samsung bioepsis (Jan’16; NA); Amgen ABP-980 (Mar’16;
NA); Celltrion (Dec’16; NA), Pfizer (Oct’16; 1L / Dec’16 NA)
Perjeta in
context
Opportunities
Threats
Off to a strong start, but what is the revenue and competitive outlook?
Source: Barclays Research

46. December 1, 201546
Neoadjuvant / Adjuvant HER2+ Breast Cancer Shares
• The Perjeta/Herceptin combination now dominates the neoadjuvant HER2+ space
• In the adjuvant setting Herceptin remains the most widely used option- APHINITY
data are needed to tap this key (55% Herceptin revenues) opportunity
Source: Barclays Research, AlphaImpactRx

47. December 1, 201547
1st Line HER2+/HR- mBC Shares
The Perjeta/Herceptin combination has become the dominant regimen in frontline
treatment of HER2+/HR- mBC; the MARIANNE data precludes Keytruda moving into this
setting; other Herceptin-based regimens gained share in October
Source: Barclays Research, AlphaImpactRx

48. December 1, 201548
1st Line HER2+/HR+ mBC Shares
The Perjeta/Herceptin combination has a commanding 60% share in 1st line treatment
among HER2+ mBC patients who are also HR+
Source: Barclays Research, AlphaImpactRx

49. December 1, 201549
2nd Line+ HER2+/HR- mBC Shares
Kadcyla is being used in a majority of the patients on 2nd line+ therapy for HER2+/HR-
mBC on the back of the EMILIA trial; Perjeta 2L+ PHEREXA trial reports 2015/16 and
could boost penetration
Source: Barclays Research, AlphaImpactRx

50. December 1, 201550
2nd Line+ HER2+/HR+ mBC Shares
Other treatment options come into play in 2nd line+ therapy for patients who are
HER2+/HR+. Herceptin is still widely used, particularly in combination with HT or Perjeta
Source: Barclays Research, AlphaImpactRx

51. Imbruvica in CLL
December 1, 201551

52. December 1, 201552
Imbruvica label expansion in focus post ABBV+PCYC deal
• ABBV acquired PCYC for Imbruvica =>1bn revenues in 2015E,
>$7bn peak sales guidance (implied >$10bn globally) ahead of
LOE end 2026:
• Rapid penetration in refractory CLL and p17 del 1L CLL
• Competition from GILD’s Zydelig
• Expanded indications: 1L CLL (RESONATE-2; H2’15;
ECOG1912 H1’17; 1L CLL >35% larger in terms of patient
numbers than 2L/3L); non-GCB NHL (PHOENIX; mid’18); 1L
MCL (SHINE; mid’18); FL (DAWN H2’15, SELENE HE’17)
• Duration of use - >>14 months in 1L CLL? 94% 2yr DFS!!
• Combination trials with ABBV assets ABT-199 (bcl-2 inhibitor)
and duvelisib (PI3K δ,γ inhibitor like Zydelig)
• GILD – in-licensed BTK inhibitor ONO-4059 end 2014
• BTK inhibitors with improved selectivity – Acerta Pharma,
Beigene, Eternity Biosciences etc
Imbruvica in
context
Opportunities
Threats
Imbruvica standard of care in refractory CLL – so where next?
Source: Barclays Research

53. December 1, 201553
CLL Patients by 17p Deletion Status
Most patients with CLL are being tested and 20% express the 17p deletion [higher than
the 5-10% expected, possibly as the CLL panel represents patients treated with systemic
therapy (as opposed to “watchful waiting”)]
Source: Barclays Research, AlphaImpactRx

54. December 1, 201554
Overall CLL Market Shares
Imbruvica has become the leading therapeutic option within the overall CLL space,
followed in turn by Treanda and Rituxan
Source: Barclays Research, AlphaImpactRx

55. December 1, 201555
CLL Market Shares (1st Line)
Treanda-based treatment held onto the lead position in October, but Imbruvica penetration
continues to rise at the expense of Rituxan-based treatments ahead of RESONATE-2
Source: Barclays Research, AlphaImpactRx

56. December 1, 201556
CLL Market Shares (2nd Line and 3rd line)
Imbruvica has far and away become the leading therapeutic option for previously treated
patients with CLL and far surpasses the performance of Zydelig in these settings
Source: Barclays Research, AlphaImpactRx Source: Barclays Research, AlphaImpactRx

57. December 1, 201557
CLL Market Shares (17p del+ / 1st Line)
Imbruvica has come to dominate treatment among patients who express the 17p deletion
Source: Barclays Research, AlphaImpactRx

58. December 1, 201558
CLL Market Shares 17p del+ (1st Line)
Imbruvica continues to own the 1st line therapy space for 17p del+ CLL and is now being
used in nearly 3 out of 4 patients
Source: Barclays Research, AlphaImpactRx

59. December 1, 201559
CLL Market Shares in 17p del+ Patients (2nd Line and 3rd Line+)
Imbruvica is likewise the market leader among previously treated patients who are 17d
del+, particularly in the 2nd line setting. Other treatment options saw a spike in October
Source: Barclays Research, AlphaImpactRx Source: Barclays Research, AlphaImpactRx

60. December 1, 201560
Analyst Certifications and Important Disclosures
Analyst(s) Certification(s):
I, Mark Purcell, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or
issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or
views expressed in this research report.
Important Disclosures:
Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be
aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues, a portion
of which is generated by investment banking activities.
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research, whether as a result of differing time horizons, methodologies, or otherwise.

61. December 1, 201561
Important Disclosures (continued)
Risk Disclosure(s)
Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unit holders may
be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units.
Mentioned Stocks (Ticker, Date, Price)
AbbVie Inc. (ABBV, 25-Nov-2015, USD 60.29), Overweight/Neutral, A/C/D/J/K/L/M/O
AstraZeneca (AZN.L, 26-Nov-2015, GBP 45.20), Underweight/Neutral, C/D/J/K/L/M/N
Bristol-Myers Squibb (BMY, 25-Nov-2015, USD 68.08), Equal Weight/Neutral, A/C/D/J/K/L/M/N
Johnson & Johnson (JNJ, 25-Nov-2015, USD 101.96), Equal Weight/Neutral, C/J/K/M/N
Merck & Co. (MRK, 25-Nov-2015, USD 53.72), Equal Weight/Neutral, C/D/J/K/L/M/N/O
Merck KGaA (MRCG.DE, 26-Nov-2015, EUR 96.46), Equal Weight/Neutral, A/D/E/J/K/L/M/N
Pfizer Inc. (PFE, 25-Nov-2015, USD 32.87), Equal Weight/Neutral, C/D/J/K/L/M/O
Roche (ROG.VX, 26-Nov-2015, CHF 274.00), Overweight/Neutral, A/D/E/J/K/L/M/N
Other Material Conflicts: Barclays Bank and or its affiliate is advising GeneWEAVE BioSciences Inc in relation to their potential acquisition by Roche (SIX:ROG.)
The ratings, price targets and estimates on Roche (SIX:ROG) do not incorporate this transaction.

62. December 1, 201562
Important Disclosures (continued)
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issuer as of the end of the month prior to the research report's issuance.

63. December 1, 201563
Important Disclosures (continued)
Guide to the Barclays Fundamental Equity Research Rating System:
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Stock Rating
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Distribution of Ratings:
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period.

64. December 1, 201564
Important Disclosures (continued)
Top Picks:
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Barclays Bank PLC, Singapore branch (Barclays Bank, Singapore)
Barclays Bank PLC, Australia branch (Barclays Bank, Australia)

65. December 1, 201565
Disclaimer
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66. December 1, 201566
Disclaimer (continued)
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67. December 1, 201567
Disclaimer (continued)
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68. Our Agenda
68
• A snapshot of the current Oncology Promotional Landscape
• The I/O Battlefield
NSCLC
Melanoma
PD-L1 Testing
• Preparing for ASH and San Antonio Breast Cancer Conferences
Breast Cancer
CLL
• Q&A