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`IPR2015-00644
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`108
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`M O R G A N S T A N L E Y R E S E A R C H
`
`March 3, 2014
`Spec Pharmaceuticals
`
`
`
`
`
`
`Specialty Pharmaceuticals and Generic Pharmaceuticals Comp Sheet ...........................................................................p. 6
`Key products from specialty pharma companies ...............................................................................................................p. 7
`Key branded products from generic pharma companies ...................................................................................................p. 8
`Branded pharmaceutical 3-month rolling YOY volume vs. sales dollar growth .................................................................p. 9
`3-month rolling IMS sales dollar growth (Mylan, Teva, Actavis) ........................................................................................p. 9
`3-month rolling TRx growth (Mylan, Teva, Actavis) ...........................................................................................................p. 10
`Total market 3-month rolling YOY volume vs. sales dollar growth ....................................................................................p. 10
`Generic pharmaceutical 3-month rolling YOY volume vs. sales dollar growth ..................................................................p. 11
`
`Actavis (ACT)
`Total ACT (brand + generics) sales and TRx (pro forma for acquisitions).........................................................................p. 12
`Total ACT brands (inc. branded generics) sales and TRx.................................................................................................p. 12
`Total ACT generics (ex-branded generics) sales and TRx................................................................................................p. 13
`Total Women's Health sales and TRx................................................................................................................................p. 13
`Total Urology sales and TRx .............................................................................................................................................p. 14
`Total GI sales and TRx ......................................................................................................................................................p. 14
`Total Derm and Established Products (Doryx plus other brands)......................................................................................p. 15
`Cymbalta generic conversion ............................................................................................................................................p. 15
`Lidoderm generic conversion.............................................................................................................................................p. 16
`Concerta generic conversion .............................................................................................................................................p. 16
`Asacol vs. HD vs. Delzicol ................................................................................................................................................p. 17
`Asacol HD 52 week performance ......................................................................................................................................p. 17
`Asacol Franchise vs. Lialda TRx Market Share.................................................................................................................p. 18
`
`Alkermes (ALKS)
`Byetta-Bydureon conversion .............................................................................................................................................p. 19
`Byetta-Bydureon-Victoza TRx performance ......................................................................................................................p. 19
`Ampyra TRx and NRx performance...................................................................................................................................p. 20
`Risperdal Consta + Invega Sustenna TRx share and YOY combined TRx growth ...........................................................p. 20
`
`Allergan (AGN)
`Allergan IMS dollar sales and TRx growth trend ...............................................................................................................p. 21
`Lumigan TRx share ...........................................................................................................................................................p. 21
`Lumigan Franchise 52 week TRx performance .................................................................................................................p. 22
`Restasis 52 week TRx performance..................................................................................................................................p. 22
`
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`YEDA EXHIBIT NO. 2141
`MYLAN PHARM. v YEDA
`IPR2015-00644
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 3, 2014
`Spec Pharmaceuticals
`
`Endo (ENDP)
`ENDP Brand sales and TRx growth ..................................................................................................................................p. 23
`ENDP Generics sales and TRx growth..............................................................................................................................p. 23
`Lidoderm 52-week YOY performance ...............................................................................................................................p. 24
`Generic Lidoderm TRx Conversion ...................................................................................................................................p. 24
`Generic Lidoderm NRx conversion....................................................................................................................................p. 25
`Generic Lidoderm TRx conversion vs. generic Concerta and Lipitor TRx conversion ......................................................p. 25
`Voltaren Gel 52-week performance ...................................................................................................................................p. 26
`Fortesa Gel 52-week performance ....................................................................................................................................p. 26
`Opana ER 52-week performance ......................................................................................................................................p. 27
`Opana ER (oxymorphone HCl ER) generic conversion.....................................................................................................p. 27
`Boca 3-month rolling YOY sales performance...................................................................................................................p. 28
`300mg HYCD/APAP TRx market share ............................................................................................................................p. 28
`325 and >325mg HYCD/APAP TRx market share ............................................................................................................p. 29
`
`Forest (FRX)
`Forest’s recent launches....................................................................................................................................................p. 30
`Tudorza vs. Breo Ellipta TRx launch chart ........................................................................................................................p. 30
`Namenda/XR NRx conversion...........................................................................................................................................p. 31
`Linzess TRx and NRx ........................................................................................................................................................p. 31
`Tudorza TRx and NRx .......................................................................................................................................................p. 32
`Daliresp NRx and refills .....................................................................................................................................................p. 32
`Bystolic 52-week performance...........................................................................................................................................p. 33
`Canasa 52-week performance...........................................................................................................................................p. 33
`Carafate 52-week performance .........................................................................................................................................p. 34
`Zenpep 52-week performance...........................................................................................................................................p. 34
`
`Mallinckrodt (MNK)
`Mallinckrodt IMS dollar sales and TRx growth trend .........................................................................................................p. 35
`Opioid prescription volumes ..............................................................................................................................................p. 35
`Controlled substances market share .................................................................................................................................p. 36
`Hydrocodone by strength...................................................................................................................................................p. 36
`IMS Pricing on morphine and oxycodone + APAP, and oxycodone..................................................................................p. 37
`Unit volume trends- morphine, oxy + APAP, and oxycodone............................................................................................p. 37
`Hydrocodone mix of <=325mg and >325mg......................................................................................................................p. 38
`Extended unit share on hydrocodone with <=325 mg of acetaminophenn........................................................................p. 38
`
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`YEDA EXHIBIT NO. 2141
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`IPR2015-00644
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 3, 2014
`Spec Pharmaceuticals
`
`Mylan (MYL)
`3-month rolling YOY generics sales dollar growth.............................................................................................................p. 39
`Mylan 3-month rolling YOY generics TRx growth..............................................................................................................p. 39
`Generic Lipitor TRx conversion .........................................................................................................................................p. 40
`EpiPen IMS monthly sales and TRx growth trend .............................................................................................................p. 41
`EpiPen 52-week performance ...........................................................................................................................................p. 41
`EpiPen vs. Auvi-Q NRx market share................................................................................................................................p. 42
`Perforomist 52-week performance.....................................................................................................................................p. 42
`
`Perrigo (PRGO)
`Perrigo total IMS dollar sales and TRx growth trend .........................................................................................................p. 43
`Duac TRx share trend........................................................................................................................................................p. 43
`Imiquimod TRx share trend ...............................................................................................................................................p. 44
`
`Salix (SLXP)
`Xifaxan 550 mg TRx and NRx ...........................................................................................................................................p. 45
`Xifaxan 550 mg 4-wk rolling TRx YOY trend .....................................................................................................................p. 45
`
`Teva (TEVA)
`3-month rolling YOY sales dollar growth ...........................................................................................................................p. 46
`3-month rolling YOY generics TRx growth ........................................................................................................................p. 46
`Copaxone 52-week performance.......................................................................................................................................p. 47
`Azilect 52-week performance ............................................................................................................................................p. 47
`Copaxone 3TW NRx conversion .......................................................................................................................................p. 48
`Copaxone 3TW TRx conversion .......................................................................................................................................p. 48
`Multiple Sclerosis NRx Share ............................................................................................................................................p. 49
`Multiple Sclerosis TRx share .............................................................................................................................................p. 49
`Nuvigil TRx and NRx .........................................................................................................................................................p. 50
`Nasal steroid inhaler TRx share ........................................................................................................................................p. 50
`ProAir 52-week performance .............................................................................................................................................p. 51
`Temodar (temozolomide) TRx share chart ........................................................................................................................p. 51
`
`Valeant (VRX)
`Total U.S. pro forma sales dollar vs. volume trend (including Medicis) .............................................................................p. 52
`Proforma U.S. Derm sales dollar vs. volume trend............................................................................................................p. 52
`Proforma U.S. Ophthalmics dollar vs. volume trend..........................................................................................................p. 53
`Proforma U.S. Neuro/ Other sales dollar vs. volume trend................................................................................................p. 53
`Zovirax ointment (acyclovir) TRx share chart ....................................................................................................................p. 54
`Zovirax (ointment versus ointment+cream) IMS sales performance .................................................................................p. 54
`
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`Page 4 of 60
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`YEDA EXHIBIT NO. 2141
`MYLAN PHARM. v YEDA
`IPR2015-00644
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`111
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`M O R G A N S T A N L E Y R E S E A R C H
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`March 3, 2014
`Spec Pharmaceuticals
`
`Solodyn 52-week TRx performance ..................................................................................................................................p. 55
`Lotemax 52-week YOY TRx performance .........................................................................................................................p. 55
`B&L Branded Bromfenac Franchise (Bromday+Prolensa+Xibrom) 52-week YOY TRx trend...........................................p. 56
`Bromday to Prolensa NRx conversion...............................................................................................................................p. 56
`
`
`
`Morgan Stanley will receive a fee from Forest Laboratories, Inc. ("Forest") in connection with its agreement to be acquired by Actavis
`plc, as announced on February 18, 2014. The proposed transaction is subject to approval by the shareholders of both companies, as
`well as customary regulatory approvals, including Hart-Scott-Rodino review. This report and the information provided herein is not
`intended to (i) provide voting advice, (ii) serve as an endorsement of the proposed transaction, or (iii) result in the procurement,
`withholding or revocation of a proxy or any other action by a security holder. The fees to be paid to Morgan Stanley by Forest for its
`financial services are contingent on consummation of the transaction. Please refer to the notes at the end of the report.
`
`5
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`Page 5 of 60
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`YEDA EXHIBIT NO. 2141
`MYLAN PHARM. v YEDA
`IPR2015-00644
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`

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`112
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`M O R G A N S T A N L E Y R E S E A R C H
`
`March 3, 2014
`Spec Pharmaceuticals
`
`Exhibit 1
`Specialty and Generic Pharmaceuticals Comp Sheet
`
`Ticker
`
`Company Name
`
`Price
`as of
`2/28/14
`
`2014
`Ytd
`Perf.
`
`Shares
`
`M
`
`Mkt.
`Cap.
`B
`
`Net
`Debt
`B
`
`2013
`Perf.
`
`EV
`
`B
`
`Curr.
`Div.
`Yield
`
`Curr.
`Payout
`Ratio
`
`2013
`FCF
`Yield
`
`2014E
`EV/
`EBITDA
`
`EV/
`REV
`
`EPS
`
`P/E
`
`2015E
`EV/
`EBITDA
`
`EV/
`REV
`
`EPS
`
`P/E
`
`U.S. Specialty Pharma
`ACRX Acelrx
`AERI Aerie
`ALKS Alkermes
`AGN Allergan
`ANTS Antares
`BDSI Biodelivery Sciences
`COO Cooper
`ENDP Endo
`FRX Forest
`HZNP Horizon
`INSY Insys
`JAZZ Jazz
`KYTH Kythera
`MNK Mallinckrodt
`MNTA Momenta
`OPHT Ophthotech
`QCOR Questcor
`SLXP Salix
`VRX Valeant
`ZTS Zoetis
`ZGNX Zogenix
`Median
`U.S. Generic Pharma
`(HSP & SGNT covered by David Lewis)
`10.3x
`
`3.4x
`
`16.9x
`
`11.1x
`
`3.5x
`
`13%
`0.0%
`$221
`95%
`31%
`ACT Actavis
`
`14.0x
`
`4.6x
`
`30.3x
`
`17.1x
`
`5.2x
`0%
`0.0%
`$26
`84%
`5%
`AKRX Akorn
`
`10.6x
`
`2.0x
`
`20.7x
`
`11.0x
`
`2.0x
`2%
`0.0%
`$43
`32%
`5%
`HSP Hospira
`
`13.8x
`
`2.3x
`
`37.9x
`
`13.6x
`
`2.4x
`2%
`0.0%
`$26
`23%
`3%
`IPXL Impax
`
`10.6x
`
`4.2x
`
`23.2x
`
`12.2x
`
`4.8x
`1%
`0.0%
`$43
`567%
`30%
`LCI Lannett
`
`11.3x
`
`3.2x
`
`16.0x
`
`11.8x
`
`3.4x
`4%
`0.0%
`$56
`58%
`28%
`MYL Mylan
`
`14.5x
`
`4.9x
`
`20.5x
`
`16.7x
`
`5.4x
`4%
`0.3%
`$164
`48%
`7%
`PRGO Perrigo
`
`12.0x
`
`1.7x
`NM
`
`28.7x
`
`2.0x
`-5%
`0.0%
`$21
`58%
`-17%
`SGNT Sagent
`
`10.7x
`
`2.8x
`12.0x
`
`
`10.2x
`
`2.7x
`3%
`2.6%
`$50
`7%
`24%
`TEVA Teva
`
`11.3x
`
`3.2x
`
`20.6x
`
`12.2x
`
`3.4x
`2.0%
`0.0%
`58%
`7%
`Median
`For ACT, ALKS, AGN, ENDP, FRX, MNK, PRGO, VRX, HSP, MNK, MYL, SGNT, TEVA and ZTS all metrics except Shares Outstanding, Market cap, Net Debt, Dividend per Share, Dividend Yield and Payout Ratio are MS estimates.
`LT EPS growth for MS covered companies is 2012-2016E EPS CAGR. FRX and PRGO estimates are FY14 and FY15 for 2013E and 2014E.
`*Thomson Reuters Consensus LT EPS growth: The growth rate reflects a 3-5 year horizon calculated from broker data over the previous 100 days. It is expressed as an annual percentage and is not associated with a given fiscal year.
`
`NM
`NM
`54.0x
`
`
`23.2x
`NM
`NM
`18.8x
`
`
`19.7x
`
`25.0x
`
`16.4x
`
`22.5x
`
`18.4x
`NM
`22.9x
`
`
`17.4x
`NM
`8.5x
`
`16.8x
`
`
`16.6x
`
`20.4x
`NM
`
`
`19.3x
`
`
`7.8x
`NM
`10.2x
`
`
`4.9x
`
`5.6x
`
`6.2x
`
`3.6x
`
`4.5x
`
`5.1x
`
`2.1x
`
`5.5x
`
`6.9x
`
`12.2x
`
`2.1x
`
`1.4x
`NM
`2.9x
`
`
`3.7x
`
`7.3x
`
`3.8x
`
`3.9x
`
`4.9x
`
`
`38.2x
`NM
`43.5x
`
`
`13.4x
`NM
`NM
`12.4x
`
`
`11.1x
`
`13.2x
`
`9.5x
`
`24.6x
`
`11.6x
`NM
`10.5x
`
`
`2.3x
`NM
`5.1x
`
`
`8.1x
`
`13.7x
`
`12.7x
`
`30.6x
`
`12.6x
`
`($0.82)
`($1.59)
`$0.90
`$5.47
`($0.12)
`($0.58)
`$6.81
`$4.05
`$3.90
`$0.75
`$2.99
`$8.24
`($2.34)
`$2.95
`$0.85
`($3.02)
`$7.12
`$6.41
`$8.72
`$1.52
`($0.30)
`
`$13.10
`$0.85
`$2.10
`$0.68
`$1.85
`$3.47
`$8.04
`($0.06)
`$4.15
`
`($0.28)
`($1.70)
`$1.10
`$6.22
`$0.10
`$0.02
`$7.73
`$4.26
`$4.73
`$1.02
`$3.36
`$10.10
`($1.12)
`$3.15
`$2.81
`($3.64)
`$7.96
`$7.69
`$10.56
`$1.70
`($0.07)
`
`$14.67
`$1.18
`$2.17
`$0.82
`$2.08
`$3.70
`$9.44
`$0.32
`$3.87
`
`NM
`NM
`44.3x
`
`
`20.4x
`
`44.5x
`NM
`16.6x
`
`
`18.7x
`
`20.6x
`
`12.0x
`
`20.0x
`
`15.1x
`NM
`21.5x
`
`
`5.3x
`NM
`7.6x
`
`
`14.0x
`
`13.7x
`
`18.3x
`NM
`
`
`18.3x
`
`15.1x
`
`
`22.0x
`
`20.0x
`
`31.3x
`
`20.6x
`
`15.0x
`
`17.4x
`NM
`12.9x
`
`
`18.7x
`
`LT EPS
`Growth*
`
`P/E / total
`return
`(LT growth
`+YIELD)
`
`N/A
`N/A
`12%
`13%
`10%
`N/A
`16%
`-1%
`42%
`20%
`21%
`20%
`8%
`10%
`N/A
`N/A
`28%
`26%
`19%
`10%
`25%
`17%
`
`18%
`21%
`15%
`6%
`23%
`15%
`15%
`N/A
`-5%
`15%
`
`NM
`NM
`4.4x
`
`
`1.8x
`NM
`NM
`
`1.2x
`NM
`0.6x
`
`
`0.8x
`
`1.1x
`
`0.9x
`NM
`
`2.3x
`NM
`NM
`0.3x
`
`
`0.7x
`
`0.9x
`
`2.1x
`NM
`
`
`1.0x
`
`1.0x
`
`
`1.4x
`
`1.4x
`
`6.1x
`
`1.0x
`
`1.0x
`
`1.4x
`NM
`NM
`
`
`1.4x
`
`
`
`$11
`$23
`$49
`$127
`$4
`$9
`$128
`$80
`$98
`$12
`$67
`$152
`$50
`$68
`$15
`$34
`$61
`$108
`$145
`$31
`$4
`
`165%
`80%
`120%
`21%
`17%
`37%
`34%
`157%
`70%
`227%
`384%
`138%
`23%
`21%
`50%
`47%
`104%
`122%
`96%
`26%
`159%
`80%
`
`1%
`28%
`20%
`14%
`0%
`59%
`4%
`18%
`63%
`60%
`74%
`20%
`34%
`30%
`-16%
`4%
`12%
`20%
`23%
`-5%
`26%
`20%
`
`NM
`NM
`1%
`3%
`NM
`NM
`3%
`6%
`2%
`NA
`NA
`4%
`-6%
`3%
`-1%
`NA
`12%
`4%
`4%
`5%
`6%
`3%
`
`NM
`NM
`11.4x
`
`
`5.4x
`
`11.6x
`
`13.9x
`
`3.9x
`
`4.6x
`
`5.5x
`
`2.6x
`
`6.4x
`
`8.3x
`NM
`2.0x
`
`
`2.4x
`NM
`3.3x
`
`
`4.5x
`
`7.8x
`
`4.0x
`
`6.3x
`
`5.4x
`
`NM
`NM
`60.7x
`
`
`15.0x
`NM
`16.5x
`
`
`13.5x
`
`11.4x
`
`15.7x
`
`11.8x
`
`12.6x
`
`13.8x
`NM
`10.9x
`
`
`4.3x
`NM
`5.9x
`
`
`11.0x
`
`15.8x
`
`14.0x
`NM
`
`
`13.5x
`
`41
`23
`136
`301
`127
`47
`50
`120
`273
`65
`23
`62
`19
`58
`51
`33
`62
`67
`334
`500
`105
`
`134
`114
`167
`67
`34
`396
`134
`33
`848
`
`$0.5
`$0.5
`$6.6
`$38.3
`$0.6
`$0.4
`$6.4
`$9.6
`$26.6
`$0.8
`$1.5
`$9.3
`$0.9
`$4.0
`$0.8
`$1.1
`$3.8
`$7.2
`$48.3
`$15.5
`$0.5
`
`$29.7
`$2.9
`$7.2
`$1.7
`$1.4
`$22.0
`$22.0
`$0.7
`$42.3
`
`($0.1)
`$0.0
`$0.0
`($1.1)
`($0.1)
`($0.0)
`$0.3
`$2.5
`($1.7)
`($0.0)
`($0.0)
`($0.0)
`($0.1)
`$0.6
`($0.3)
`($0.2)
`($0.2)
`$0.1
`$17.3
`$3.3
`$0.0
`
`$5.9
`$0.0
`$1.2
`($0.4)
`($0.1)
`$4.8
`$2.7
`($0.1)
`$11.4
`
`$0.4
`$0.5
`$6.6
`$37.2
`$0.5
`$0.4
`$6.7
`$12.1
`$24.9
`$0.8
`$1.5
`$9.3
`$0.9
`$4.6
`$0.5
`$0.9
`$3.6
`$7.3
`$65.7
`$18.8
`$0.5
`
`$35.6
`$3.0
`$8.4
`$1.3
`$1.3
`$26.7
`$24.7
`$0.6
`$53.8
`
`0.0%
`0.0%
`0.0%
`0.2%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`2.0%
`0.0%
`0.0%
`0.0%
`0.0%
`0.0%
`
`0%
`0%
`0%
`4%
`NM
`NM
`1%
`0%
`0%
`0%
`0%
`0%
`0%
`0%
`0%
`0%
`22%
`0%
`NM
`NM
`NM
`
`0%
`0%
`0%
`0%
`0%
`0%
`7%
`0%
`26%
`
`6
`
`Source: Company Data, Morgan Stanley Research
`
`
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`113
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`
`
`
`
`
`M O R G A N S T A N L E Y R E S E A R C H
`
`March 3, 2014
`Spec Pharmaceuticals
`
`AGN
`
`ALKS
`
`Alphagan P Franchise
`Combigan
`Alphagan + Combigan Franchise
`Latisse
`Lumigan+Lumigan X
`Restasis
`Ampyra
`Bydureon
`Focalin XR
`Invega Sustenna
`Risperdal Consta
`Tricor
`Vivitrol
`Lidoderm
`Opana ER
`Voltaren Gel
`Fortesta Gel
`Benicar
`Bystolic
`Daliresp
`Lexapro
`Namenda
`Savella
`Viibryd
`Acanya
`Aldara
`Atralin
`Dysport
`Elidel
`Solodyn old strengths^
`Solodyn new strengths^
`Solodyn Total
`Wellbutrin XL
`Ziana
`Zovirax
`Zyclara
`SHPGY Adderall XR
`Intuniv
`Lialda
`Vyvanse
`Source: IMS Health, Morgan Stanley Research
`
`Exhibit 2
`Key products from Specialty Pharma companies (Shire covered by Amy Walker)
`TRx Market Share*
`Weekly Yr/Yr % Change
`4-Wk Rolling % Change
`Current Wk Rolling 4-Wk Rolling 12-Wk
`NRx
`TRx
`NRx
`TRx
`-2%
`-4%
`6.0%
`6.1%
`6.2%
`-5%
`-7%
`4%
`2%
`7.4%
`7.5%
`7.5%
`3%
`-1%
`1%
`-1%
`13.5%
`13.6%
`13.7%
`0%
`-4%
`-19%
`-15%
`NA
`NA
`NA
`-18%
`-13%
`1%
`0%
`13.4%
`13.4%
`13.6%
`-19%
`-18%
`0%
`-2%
`NA
`NA
`NA
`-1%
`-5%
`NA
`NA
`NA
`-13%
`-3%
`-8%
`-2%
`41%
`43%
`19.5%
`19.4%
`18.5%
`45%
`46%
`-23%
`-27%
`4.3%
`4.3%
`4.5%
`-23%
`-27%
`20%
`24%
`0.9%
`0.9%
`0.9%
`16%
`18%
`1%
`1%
`0.9%
`0.9%
`0.9%
`5%
`0%
`-45%
`-44%
`0.2%
`0.2%
`0.2%
`-52%
`-53%
`24%
`14%
`NA
`NA
`NA
`26%
`15%
`-78%
`-79%
`NA
`NA
`NA
`-83%
`-84%
`-14%
`-19%
`NA
`NA
`NA
`-14%
`-19%
`24%
`20%
`NA
`NA
`NA
`20%
`15%
`-12%
`-4%
`NA
`NA
`NA
`-36%
`-28%
`-9%
`-10%
`8.8%
`8.9%
`9.1%
`-7%
`-9%
`-2%
`-3%
`NA
`NA
`NA
`-2%
`-6%
`21%
`17%
`0.9%
`0.9%
`0.9%
`11%
`8%
`-45%
`-46%
`0.3%
`0.3%
`0.3%
`-47%
`-47%
`2%
`1%
`NA
`NA
`NA
`8%
`4%
`-12%
`-13%
`NA
`NA
`NA
`-13%
`-15%
`4%
`4%
`0.7%
`0.7%
`0.8%
`0%
`-1%
`-16%
`-17%
`NA
`NA
`NA
`-18%
`-18%
`-21%
`-34%
`0.5%
`0.5%
`0.4%
`-16%
`-31%
`-28%
`-30%
`NA
`NA
`NA
`-28%
`-31%
`27%
`4%
`NA
`NA
`NA
`0%
`-22%
`-8%
`-5%
`NA
`NA
`NA
`-9%
`-5%
`-82%
`-87%
`0.0%
`0.0%
`0.0%
`-70%
`-80%
`-34%
`-31%
`100.0%
`100.0%
`100.0%
`-33%
`-33%
`-34%
`-31%
`2.0%
`2.1%
`2.2%
`-33%
`-33%
`-27%
`-28%
`2.8%
`2.8%
`3.0%
`-31%
`-36%
`-31%
`-31%
`1.0%
`1.0%
`1.1%
`-33%
`-33%
`-64%
`-64%
`NA
`NA
`NA
`-65%
`-66%
`-33%
`-39%
`3.4%
`3.3%
`3.4%
`-33%
`-39%
`-6%
`-10%
`4.8%
`4.8%
`4.8%
`-6%
`-10%
`-2%
`-4%
`4.1%
`4.2%
`4.3%
`-5%
`-7%
`31%
`28%
`22.0%
`21.7%
`21.6%
`39%
`38%
`-1%
`-6%
`16.2%
`15.9%
`16.0%
`-1%
`-6%
`
`ENDP
`
`FRX
`
`VRX
`
`12-Wk Rolling % Change
`NRx
`TRx
`-4%
`-6%
`2%
`0%
`-1%
`-3%
`-11%
`-1%
`0%
`-11%
`1%
`-2%
`-7%
`2%
`45%
`46%
`-20%
`-20%
`26%
`21%
`0%
`1%
`-48%
`-53%
`17%
`17%
`-76%
`-81%
`-16%
`-16%
`23%
`18%
`26%
`-2%
`-9%
`-9%
`-2%
`-5%
`18%
`4%
`-53%
`-55%
`9%
`5%
`-12%
`-15%
`9%
`3%
`-7%
`-9%
`-50%
`-49%
`-24%
`-25%
`2%
`-23%
`-3%
`-4%
`-91%
`-89%
`-28%
`-29%
`-28%
`-30%
`-27%
`-37%
`-28%
`-30%
`-63%
`-65%
`-43%
`-44%
`-7%
`-7%
`0%
`-3%
`28%
`34%
`-2%
`-2%
`
`7
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`YEDA EXHIBIT NO. 2141
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`114
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`
`
`
`
`
`M O R G A N S T A N L E Y R E S E A R C H
`
`March 3, 2014
`Spec Pharmaceuticals
`
`ACT
`
`MYL
`
`TEVA
`
`Exhibit 3
`Key branded products from Generic Pharma companies
`TRx Market Share*
`Weekly Yr/Yr % Change
`Current Wk Rolling 4-Wk Rolling 12-Wk
`NRx
`TRx
`-33%
`8.2%
`8.4%
`8.8%
`-34%
`-18%
`2.6%
`2.6%
`2.7%
`-25%
`-30%
`10.9%
`11.1%
`11.5%
`-32%
`-32%
`24.0%
`24.3%
`25.6%
`-36%
`-1%
`NA
`NA
`NA
`10%
`-43%
`1.4%
`1.4%
`1.6%
`-49%
`-44%
`2.8%
`2.9%
`3.1%
`-42%
`1%
`7.1%
`7.0%
`7.1%
`1%
`0%
`NA
`NA
`NA
`-1%
`-41%
`0.4%
`0.3%
`0.4%
`-46%
`-100%
`0.0%
`0.0%
`0.0%
`-100%
`13%
`3.5%
`3.5%
`3.6%
`3%
`-60%
`3.5%
`3.5%
`3.6%
`-58%
`NM
`3.0%
`3.0%
`3.2%
`NM
`-26%
`6.5%
`6.5%
`6.8%
`-28%
`-26%
`6.6%
`6.6%
`6.9%
`-28%
`7%
`NA
`NA
`NA
`0%
`-4%
`NA
`NA
`NA
`-30%
`-1%
`NA
`NA
`NA
`0%
`13%
`NA
`NA
`NA
`14%
`-3%
`10.1%
`10.3%
`10.8%
`11%
`-1%
`NA
`NA
`NA
`-4%
`5%
`53.9%
`54.0%
`54.0%
`0%
`15%
`27.0%
`27.0%
`26.2%
`15%
`-43%
`0.1%
`0.1%
`0.1%
`-44%
`-48%
`0.0%
`0.0%
`0.0%
`-50%
`24%
`15.8%
`15.8%
`14.5%
`19%
`-83%
`NA
`NA
`NA
`-82%
`-47%
`2.3%
`3.4%
`3.9%
`-47%
`61%
`NA
`NA
`NA
`72%
`-4%
`43.6%
`42.9%
`43.5%
`-3%
`-7%
`42.6%
`41.9%
`42.3%
`-8%
`-39%
`2.0%
`2.0%
`2.1%
`-39%
`45%
`NA
`NA
`NA
`0%
`
`Actonel
`Atelvia
`Actonel/Atelvia Franchise
`Asacol Franchise
`Crinone
`Doryx
`Enablex
`Estrace
`Total HRT Franchise
`Gelnique
`Loestrin 24 Fe
`Lo Loestrin Fe
`Total Loestrin Franchise
`Minastrin
`Total Loestrin+Minastrin Fra
`O.C. Franchise
`Rapaflo
`Trelstar Franchise
`EpiPen Franchise
`Perforomist
`Copaxone
`Azilect
`Proair
`Qvar
`Seasonique
`LoSeasonique
`Total Seasonique
`Plan B Franchise
`Actiq
`Amrix
`Fentora
`Nuvigil
`Provigil
`Treanda
`Source: IMS Health, Morgan Stanley Research
`
`4-Wk Rolling % Change
`NRx
`TRx
`-34%
`-35%
`-17%
`-25%
`-31%
`-33%
`-33%
`-38%
`-3%
`4%
`-42%
`-51%
`-46%
`-44%
`-2%
`-2%
`-3%
`-4%
`-44%
`-49%
`-100%
`-100%
`14%
`5%
`-60%
`-58%
`NM
`NM
`-26%
`-28%
`-26%
`-3%
`8%
`0%
`-7%
`-6%
`-7%
`-7%
`-5%
`-10%
`-11%
`-5%
`-1%
`-6%
`2%
`-4%
`14%
`14%
`-41%
`-43%
`-49%
`-47%
`13%
`8%
`-80%
`-79%
`-38%
`-39%
`59%
`76%
`-14%
`-14%
`-10%
`-11%
`-44%
`-46%
`60%
`12%
`
`12-Wk Rolling % Change
`NRx
`TRx
`-34%
`-33%
`-17%
`-24%
`-30%
`-31%
`-29%
`-35%
`1%
`2%
`-30%
`-39%
`-49%
`-48%
`0%
`1%
`-1%
`-1%
`-41%
`-45%
`-99%
`-99%
`21%
`12%
`-59%
`-56%
`NM
`NM
`-23%
`-23%
`-23%
`-23%
`13%
`6%
`-2%
`-2%
`-6%
`-7%
`-1.4%
`-8%
`-12%
`-15%
`2%
`-2%
`2%
`-3%
`16%
`16%
`-37%
`-43%
`-48%
`-45%
`-2%
`-6%
`-82%
`-82%
`-32%
`-32%
`68%
`93%
`-14%
`-14%
`-8%
`-9%
`-49%
`-50%
`29%
`30%
`
`8
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`128
`
`4-week rolling YOY growth
`
`3%
`
`2%
`
`1%
`
`0%
`
`-1%
`
`-2%
`
`-3%
`
`-4%
`
`-5%
`
`4-week rolling YOY growth
`
`14%
`
`12%
`
`10%
`
`8%
`
`6%
`
`4%
`
`2%
`
`0%
`
`-2%
`
`-4%
`
`
`
`
`
`22
`
`
`
`
`
`
`M O R G A N S T A N L E Y R E S E A R C H
`
`March 3, 2014
`Spec Pharmaceuticals
`
`Exhibit 28
`Lumigan Franchise 52 week TRx YOY constrained by Xalatan generics
`
`Allergan (AGN)
`
`68
`
`67
`
`66
`
`65
`
`64
`
`63
`
`62
`
`61
`
`60
`
`4-week rolling TRx (thousands)
`
`3/1
`
`3/22 4/12
`
`5/3
`
`5/24 6/14
`
`7/26 8/16
`7/5
`4-wk rolling TRx
`
`9/27 10/18 11/8 11/29 12/20 1/10 1/31 2/21
`9/6
`4-wk rolling YOY growth
`
`Source: IMS Health, Morgan Stanley Research
`
`Exhibit 29
`Restasis 52 week TRx performance: YOY growth in single digits
`
`63
`
`62
`
`61
`
`60
`
`59
`
`58
`
`57
`
`56
`
`55
`
`54
`
`4-week rolling TRx (thousands)
`
`3/1
`
`3/22
`
`4/12
`
`5/3
`
`5/24
`
`6/14
`
`7/5
`
`7/26
`
`8/16
`
`9/6
`
`9/27 10/18 11/8 11/29 12/20 1/10
`
`1/31
`
`2/21
`
`4-wk rolling TRx
`
`4-wk rolling YOY growth
`
`Source: IMS Health, Morgan Stanley Research
`
`
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`148
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`
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`
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`M O R G A N S T A N L E Y R E S E A R C H
`
`March 3, 2014
`Spec Pharmaceuticals
`
`Mylan (MYL)
`
`Exhibit 66
`EpiPen vs Auvi-Q NRx market share; Auvi Q launch and Mylan’s aggressive marketing appears to have
`expanded the market
`100%
`
`
`
`4-week rolling YOY growth
`
`40%
`
`30%
`
`20%
`
`10%
`
`0%
`
`-10%
`
`-20%
`
`
`
`42
`
`93%
`
`7%
`
`4/21
`
`6/11
`
`8/1
`
`9/21
`
`11/11
`
`1/1
`
`2/21
`
`Epipen
`
`Auvi-Q
`
`80%
`
`60%
`
`40%
`
`20%
`
`0%
`
`3/1
`
`NRx share
`
`Source: IMS Health, Morgan Stanley Research
`
`Exhibit 67
`Perforomist (branded) 52 week performance
`
`3,700
`
`3,500
`
`3,300
`
`3,100
`
`2,900
`
`2,700
`
`2,500
`
`4-week rolling TRx
`
`3/1
`
`3/22 4/12
`
`5/3
`
`5/24 6/14