Nycomed A/S (incl. Altana Pharma AG): PharmaVitae Profile

CHAPTER 1 EXECUTIVE SUMMARY 2
Key findings 2
Historical and forecast ethical sales performance 3
Therapeutic strategy 5
Launch and expiry outlook 8
Externalization, geographic and molecule type strategies 11
Externalization strategy 12
Geographic strategy 14
Molecule type strategy 14
SWOT analysis 16
Strengths 17
Weaknesses 17
Opportunities 18
Threats 19
CHAPTER 2 CORPORATE HISTORY 24
Key findings 24
Background 25
Key corporate developments 25
M&A history 26
Altana 27
M&A strategy 29
Current management team 29
CHAPTER 3 HISTORICAL PERFORMANCE 31
Key findings 31
Introduction 32
Revenue and growth rate analysis, 2001-06 32
Revenue and growth rate vs. peer set 33
Product analysis, 2001-06 35
Growth drivers 35
Pantozol 35
Operating revenue and cost analysis, 2003-06 36
Operating revenue/cost analysis 38
CHAPTER 4 FORECAST PERFORMANCE 40
Key findings 40
Introduction 41
Revenue and growth rate, 2006-12 41
Product analysis, 2006-12 43
Growth drivers 47
Alvesco/Omnaris 47
Preotact 47
Matrifen 48
TachoSil 48
Growth resistors 49
Pantozol 49
Therapy area analysis, 2006-12 51
Respiratory 53
Urology & sexual health 54
CNS 54
CV & hematology 55
Gastroenterology 55
Therapy area focus 56
Launches and expiries analysis, 2006-12 59
Launch portfolio 59
Core portfolio 62
Expiry portfolio 64
Launch/core/expiry configuration 66
Externalization analysis, 2006-12 69
Geographic analysis, 2006-12 75
Molecule type analysis, 2006-12 79
CHAPTER 5 KEY PRODUCTS AND COMPETITORS 84
Key findings 84
Overview 85
Respiratory 86
Alvesco 86
Overview 86
Sales forecast 87
News flow 88
Competitive landscape 89
Gastroenterology 93
Pantozol 93
Overview 93
Sales forecast 94
News flow 95
Competitive landscape 96
Cardiovascular & hematology 100
Ebrantil/Mediatensyl 100
Overview 100
Sales forecast 101
News flow 101
Competitive landscape 102
Musculoskeletal 103
Preotact 103
Overview 103
Sales forecast 104
News flow 105
Competitive landscape 106
R&D pipeline 108
CHAPTER 6 APPENDIX 109
IMS vs. company-reported data reconciliation 109
References 112
Abbreviations 112
Exchange rates 113
List of Tables
Table 1: Nycomed Corporate Executive Committee 29
Table 2: Peer set overview 33
Table 3: Operating revenue/cost analysis ($m), 2003-06 36
Table 4: Operating cost ratio analysis (% of total revenues), 2003-06 38
Table 5: Product portfolio overview, sales ($m), 2006-12 43
Table 6: Therapy area overview, sales ($m), 2006-12 51
Table 7: Launch portfolio overview, sales ($m), 2006-12 59
Table 8: Core portfolio overview, sales ($m), 2006-12 62
Table 9: Expiry portfolio overview, sales ($m), 2006-12 64
Table 10: Externally developed portfolio ($m), 2006-12 69
Table 11: Molecule type overview, sales ($m), 2006-12 79
Table 12: Key products overview 85
Table 13: Alvesco: overview 86
Table 14: Alvesco: sales forecast ($m), 2006-12 87
Table 15: Alvesco/Omnair: news flow 88
Table 16: Pantozol: overview 93
Table 17: Pantozol: sales forecast ($m), 2006-12 94
Table 18: Pantozol: news flow 95
Table 19: Ebrantil/Mediatensyl: overview 100
Table 20: Ebrantil/Mediatensyl: sales forecast ($m), 2006-12 101
Table 21: Ebrantil/Mediatensyl: news flow 101
Table 22: Preotact: overview 103
Table 23: Preotact: sales forecast ($m), 2006-12 104
Table 24: Preotact: news flow 105
Table 25: Nycomed’s R&D pipeline (Phase I-registration) 108
Table 26: Exchange rates, 2006 113
List of Figures
Figure 1: Historical and forecast ethical sales performance (% CAGR), Nycomed and Mid Pharma peer set 3
Figure 2: Therapeutic focus vs. Mid Pharma peer set (%), 2006 6
Figure 3: Launch, core and expiry, absolute sales growth, 2006-12 (sales as % of 2006 sales), Nycomed 8
Figure 4: Launch, core and expiry, absolute sales growth, 2006-12 (sales as % of 2006 sales), peer set 9
Figure 5: Molecule type, externalization and geographic market dependency (%) vs. peer set, 2006 11
Figure 6: Molecule type, externalization and geographic market dependency (%) vs. peer set, 2012 12
Figure 7: SWOT analysis of Nycomed 16
Figure 8: Revenue & growth rate (ethical sales) ($m), 2001-06 32
Figure 9: Ethical revenue ($m) and growth rate (%) vs. peer set, 2001-06 34
Figure 10: Growth drivers/resistor products of historical revenue performance ($m), 2001-06 35
Figure 11: Operating revenue/cost analysis ($m), 2003-06 37
Figure 12: Operating cost ratio analysis (% of total revenues), 2003-06 39
Figure 13: Ethical revenue ($m) and growth rate (%), 2006-12 41
Figure 14: Top five products by sales ($m), 2006 44
Figure 15: Top five products by sales ($m), 2012 45
Figure 16: Growth drivers and resistors by product, 2006-12 46
Figure 17: Key strategic products, sales ($m), 2006-12 50
Figure 18: Ethical sales by therapy area ($m), 2006-12 52
Figure 19: Growth drivers and resistors by therapy area ($m), 2006-12 53
Figure 20: Ethical sales by therapy area (%), 2006-12 56
Figure 21: Therapy area focus compared with peer set (% total ethical sales), 2006 57
Figure 22: Therapy area focus compared with peer set (% total ethical sales), 2012 58
Figure 23: Launch schedule, sales ($m), 2006-12 61
Figure 24: Core products sales growth ($m), 2006-12 63
Figure 25: Expiry schedule, sales ($m), 2006-12 65
Figure 26: Launch, core and expiry, sales ($m), 2006-12 66
Figure 27: Launch, core and expiry, absolute sales growth, 2006-12 (sales as % of 2006 sales), Nycomed 67
Figure 28: Launch, core and expiry, absolute sales growth, 2006-12 (sales as % of 2006 sales), peer set 68
Figure 29: Externalization dependency, sales ($m), 2006-12 71
Figure 30: Growth drivers and resistors, externally vs. internally discovered products, sales ($m), 2006-12 72
Figure 31: Externalization dependency vs. peer set, % total sales, 2006 73
Figure 32: Externalization dependency vs. peer set, % total sales, 2012 74
Figure 33: Geographical sales by company ($m), 2006 75
Figure 34: Geographical sales breakdown ($m), 2006-12 76
Figure 35: Growth drivers and resistors by geography, sales ($m), 2006-12 77
Figure 36: US dependency vs. peer set, % total sales, 2006 78
Figure 37: US dependency vs. peer set, % total sales, 2012 79
Figure 38: Molecule type sales breakdown ($m), 2006-12 80
Figure 39: Growth drivers and resistors by molecule type, sales ($m), 2006-12 81
Figure 40: Biologics dependency vs. peer set, % total sales, 2006 82
Figure 41: Biologics dependency vs. peer set, % total sales, 2012 83
Figure 42: IMS vs. company-reported ethical sales discrepancy ($m), 2006 110
Figure 43: IMS vs. company-reported ethical sales forecast growth rates (%), 2006-12 111