MYLAN - EXHIBIT 1096
`Mylan Laboratories Limited v. Aventis Pharma S.A. IPR2016-00712
`
`

`

`WELLS FARGO SECURITIES, LLC
`—_____—________—__._._.—.._.—_——————-uw—-—--—-—-
`EQUITY RESEARCH DEPARTMENT
`Medical Technology
`
`Company Deecription:
`
`New Brunswick-based Johnson 8r Johnson, through its more than 250 operating companies. is the world's
`most comprehensive and broadly based manufacturer of health care products, as well as a provider of related
`services, for the consumer, pharmaceutical, and medical devices and diagnostics markets. The medical devices
`and diagnostics segment consists of a range of products including Cardiovascular Care. DePuy Synthes
`orthopedics, surgical and infection prevention products, LifeScan blood glucose monitoring and insulin
`delivery products. Ortho—Clinical Diagnostics products. and Vistakon disposable contact lenses. The company
`reported 2012 sales of $67.28. up 3% yearv-over-year.
`
`Continued from the previous page.
`
`0
`
`IMS prescription (Rx) data shows continued rise in overall Zytiga demand. Weekly TM data
`still shows solid Zytiga uptake in the US. while NRx ramp following the Dec 2012 pro-chemo approval has
`flattened some (Figure 6]. For the 4-week period ended Gin/13, Zytiga TRx totaled 8,097. up 3996 WY,
`whfle 4—week NRx totaled 2,726. up 36% YfY. Note that Nib: growth slowed in mid-Oct through early Dec
`(as low as mid-single digit Yfi’ growth in Nov 2012) but had rcaccelcratcd to close to 40% level following
`approval of the pre~chemo indication in mid-Dec 2012 (Figure 7). The 4Q12 slowdown suggests some
`impact from the launch of competitor MDVN’s Xtandi. While [MS data dorm not break out pre- vs. post-
`chcmo usage, we note that urologists now account for 5% of Zytiga NR3, up from 2% in December 2013.
`Continued uptick in urologist Rx should help Zytiga to further penetrate the ore-chemo segment.
`
`t Update on JNJ’s prostate cancer therapeutic franchise. Zytiga has been one of JNJ‘s best new
`drug launches with global sales totaling nearly $18 in its second year on the market. JNJ reported US
`Zytiga sales of $161M (+61% WY) in Q1 and we expect the positive momentum to continue through 2013,
`driven by pro-chemo uptake in the US and EU. Based on reported Q1 sales of key competing products. the
`global prostate cancer market grew 5896 WY {Figure 8). Looking ahead, JNJ expects final overall Survival
`analysis from the Zytiga [are-chemo study to be completed in early 2014. If the data is positive and added
`to the label, we expect potential further boost to Zytiga’s leadership in the prostate cancer market.
`Additionally, JNJ recently announced plans to acquire privately—held Aragon, whose leading asset ARN—
`509 is in Phase 2 for prostate cancer. JNJ will pay $650M upon deal close (expected in 3013] and up to
`$350M in milestone payments. We see the move as a positive for JNJ in its effort to enhance its successful
`Zytiga franchise, both in terms of the potential to expand the treatment spectrum and extend the life ofthe
`franchise beyond Zytiga‘s 2016 US patent expiration. ARR—509 is a second-generation androgen receptor
`signaling inhibitor with a mechanism of action that may be complimentary to current therapies like Zytiga
`and have broader utility vs. Zytiga (i.e. earlier and/or later line of treatment).
`- 1. Overall Month CRPC MarketShares Ma 20
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`CabRef0012610
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`

`

`WELLS FARGO SECURITIES, LLC
`——-———__._.___.__._.__——__________________m______
`EQUITY RESEARCH DEPARTMENT
`Juhnson & Johnson
`
`re 2. Monthl Chemo-Naive CRPC Market Shares=
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`Source: Symphony Health Solutions
`Note: In IQ13, Xtandi received NCCN (National Comprehensive Cancer Network} compendium listing for pre—
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`share in recent months.
`
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`CabRef0012611
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`

`

`WELIS FARGO SECURITIES, LLC
`EQUITY RESEARCH DEPARTMENT
`Medical Technology
`___________________,_____H__.__._.—————-—————--——v——'—~—
`
`F1 __ re . Growin Usa ein I'm-Chemo CRPC Market
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`Source: Symphony Health Solutions
`* Although not promoted in pro-chemo setting, Xtandi received NCCN (National Comprehensive Cancer
`Network) compendium listing for pre-chemo setting in Q1, which facilitates reimbursement for off-label use.
`
`Figure 5. CRPC Line ofTherapy By Brand
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`Sou-Ice for both charts: Symphony Health Solutions
`
`

`

`WELLS FARGO SECURITIES, LLC
`‘
`Johnson «E: Johnson EQUITY RESEARCH DEPARTMENT
`
`
`
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`4—week ended
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`Source: [MS Health inc. Weils Fargo Securities. LLC
`
`2124/13
`
`4.120113
`
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`
`CabRef0012613
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`

`

`WELIS FARGO SECURITIES, LLC
`Medical Technology EQUITY RESEARCH DEPARTMENT
`
`
`
`8m1
`
`GUS Rev
`
`Pramemo [Dec-12: PusIvChemo (Apr-11)
`Pre‘ and Post-Chemo
`
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`WW Rev
`US Rev
`
`Past-Chemo (Aug-12). Prat-Chemo tn‘als
`Post—Chemo (Jum13)
`
`Pre-Chemo (Apt-10)
`
`PoshChemo (Jun-10]
`
`Pest-OIan (Mar-10 m EU}
`
`Source: Company reports. Wells Fargo Securities, LLC
`{a} Xtandi 1013 sales include $4.4M favorable gram-tomcat adjustment reiating tn prim- quarters.
`(b) Provenge sales in 4012 include $3.8M favorable adjustment to chargeback reserve.
`
`
`
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`

`WELLS FARGO SECURITIES, LLC
`Johnson 8: Johnson EQUITY RESEARCH DEPARTMENT
`
`
`
`Required Disclosures
`
`Johnson a. Johnson
`
`
`Price Performance-
`
`
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`Additional Information Available Upon Request
`
`I certify that:
`1} All flaws expressed in this research report accurately reflect my personal views about any and all of the subject semnrities or
`issuers discusmd; and
`2) No part of my compensation writs. is, or will be. directly or indirectly, related to the specific remmmendations or views expressed
`by me in this research report.
`‘
`
`- Wells Fargo Securities. LLC maintains a market in the common stock ofJohnson &Johnson.
`- Johnson &Johnson currently is, or during the 12-month period preceding the date of distribution of the research report was, a
`client of WclLs Fargo Securities. LLC. Weils Fargo Securities, LLC provided noninvestmcnt banking securities-related senioes to
`Johnson & Johnson.
`
`- Wells Fargo Securities. LLC received compensation for products or services other than investment banking services from Johnson
`& Johnson in the past 12 months.
`- Wells Fargo Securities. LLC or its affiliates has a significant financial interest in Johnson &Johnson.
`
`JNJ : Risks include delays to pipeline products, additional product recalls and unexpected deterioration in the industry.
`
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`

`WELLS FARGO SECURITIES, LLC
`
`EQUITY RESEARCH DEPARTMENT
`Medical Technology
`
`Wells Fargo Securities. LtL‘ does not compensate its research analysts based on specific investment banking transactions.
`Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability
`and ravenue of the firm, which includes, but is not limited to investment banking revenue.
`
`STOCK RATING
`1=0utperforrnr The stock appears attractively valued, and we believe the stock‘s total return will exceed that ofthe market over the
`next 12 months. BUY
`2=Markct Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market
`over the next 12 months. HOLD
`3=Undcrpcrform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12
`months. SELL
`
`SECTOR RATING
`0=Ovcrwcight= Industry expected to outperform the relevant broad market benchmark Over the next 12 months.
`M=Markct Weight: Industry expected to perform in-linc with the relevant broad market benchmark over the next 12 months.
`U= Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months.
`
`VOLATILITY RATING
`V = A stock is defined as volatile if the dock price has fluctuated by +/-2o% or greater in at least 8 of the past 24 months or if the
`analyst expects significant volatility. All [PC stocks are automatically rated volatile within the first 24 months of trading.
`
`As of: June 27, 2013
`
`49% of companies covered by WclLs Fargo Securities, LLC Wells Fargo Securities, LLC has provided investment banking
`Equity Research are ratedOutpcrfonn.
`services
`for
`4896 of
`its Equity Research Outperform-rated
`companies.
`
`49% of companies covered by Wells Fargo Securities, LLC Wells Fargo Securities. LLC has provided investment banking
`Bruity ResearchareratedMar-kct Perform.
`services for 38% of its Equity Research Market Perform—rated
`companies.
`
`3% of companies covered by Wells Fargo Securities, LUZ Wells Fargo Securities, LLC has provided investment banking
`Equity Research are rated Underperform.
`services for 17% of
`its Equity Research Underperform-rated
`companies.
`
`Important Disclosure for International Clients
`EEA —— The securities and minted financial instruments described herein may not be eligible for sale in all jurisdictions or to certain
`categories of investors. For recipients in the EEA, this report
`is distributed by Wells Fargo Securities International limited
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`Instruments Direcch 2007. The FSA rules made under the Financial Services and Markets Act 2000 for the protection of retail
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`
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`incorporated investment firm licensed and regulated by the Securities and Futures Commission to cam; on types 1, 4, 6 and 9
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`be relied on by, any person other than professional investors (as defined in the SFO). Any securities and related financial
`instruments described herein are not intended for sale, nor will be sold. to any person other than professional investors (as defined
`in the SFO).
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`
`
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`

`WELLS FARGO SECURITIES, LLC
`
`Johnson 8: Johnson EQUITY RESEARCH DEPARTMENTw
`The ratings stated on the document are not provided by rating agencies registered with the Financial Services Agency of Japan
`{JFSA) but by group companies ofJFSA-registered rating agencies. These group companies may include Moody’s investors Services
`Inc, Standard & Poor‘s Rating Services and/or Fitch Ratings. Any decisions to invest in securities or transactions should be made
`after reviewing policies and methodologies used for assigning credit ratings and assumptions, significance and limitations of the
`
`About Wells Fargo Securities, LIJC
`Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo 8: Company and its
`subsidiaries, including but not limited to Wells Fargo Securities, LLC, a U.S. broker-dealer registered with the U.S. Securities and
`Exchange Commission and a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Institutional Securities. LLC, a member of
`l-‘INRA and SlPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Bank, NA. and Wells Fargo
`Securities International Limited, authorized and regulated by the Financial Services Authority.
`Wells Fargo Securities, LLC is a U.S. broker-dealer registera'l with the U.S. Securities and Exchange Commission and a member of
`the New York Stock Exchange, the Financial Industry Regulatory Authority and the Securities Investor Protection Corp.
`This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments
`named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that
`provided this report to them, if they desire further information. The infonnation in this report has been obtained or derived from
`sources believed by Wells Fargo Securities, LDC, to be reliable, but Wells Fargo Securities, LLC, does not represent that this
`information is accurate or complete. Any opinions or estimates contained in this report
`represent
`the judgment of
`Wells Fargo Securities. LLC. at this time, and are subject to change without notice. For the purposes of the U.K. Financial Services
`Authority's
`rules,
`this
`report constitutes
`impartial
`investment
`research. Each of Wells Fargo Securities. LIE. and
`Wells Fargo Securities International Limited is a separate legal entity and distinct from affiliated banks. Copyright © 2013
`Wells Fargo Securities. LLC.
`
`SFL'URI'I'IFS: NOT F'DIGINSURED/NOT BANK-GUARANTEED/MAY IDSEVAIUE
`
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