Novartis AG

GlaxoSmithKline’s (GSK) business is divided into three business segments: Pharmaceuticals, Vaccines, and Consumer Health.

AbbVie (ABBV) has completed enrollment in its Phase 3 pivotal trials testing investigational therapy risankizumab as a treatment option for psoriasis.

Teva Pharmaceutical’s (TEVA) generic research pipeline is expected to result in more than 30 first-to-file (or FTF) launches in 2016 and 2017.

Sandoz, the generics arm of Novartis (NVS), is the number-two generic medicines provider worldwide. It’s number one in differentiated generics.

In 3Q16, Biogen’s (BIIB) oral multiple sclerosis (or MS) drug, Tecfidera, managed to increase its global market share to ~15%, a year-over-year (or YoY) rise of about 1 point.

On August 26, 2011, the FDA approved Pfizer’s (PFE) Xalkori for patients suffering from late-stage NSCLC and who express abnormal ALK gene.

Alcon, Novartis’s (NVS) eye care segment, researches, develops, manufactures, and markets eye care products in over 180 countries worldwide.

With a share of about 14%, Teva Pharmaceutical Industries (TEVA) is currently the top-ranking player in the European generic pharmaceutical market.

As one of the early entrants in biosimilars, Teva Pharmaceutical Industries (TEVA) has managed to become one of the biggest players in the biosimilar space.

In addition to its robust strategy, Teva Pharmaceutical also boasts of an extensive presence across all levels of the value chain for its generics business.

Teva Pharmaceutical Industries plans to take advantage of market dynamics and unmet demand in generic pharmaceuticals by enacting a three-pronged strategy.

With improvements in the supply chain and successful launch of new products, GlaxoSmithKline (GSK) is optimistic about its consumer healthcare segment performance.

GlaxoSmithKline (GSK) is focused on strengthening its vaccines business, so it acquired Novartis’s (NVS) meningitis and other vaccines business.

The global pharmaceuticals franchise is GlaxoSmithKline’s (GSK) largest revenue contributor.

The U.S. Food and Drug Administration (or FDA) recently awarded the fast track status to aducanumab following the positive results of Biogen’s pre-clinical research.

Sanofi is swapping its animal health business with Boehringer Ingelheim’s consumer healthcare business. The asset swap deal was signed on June 27, 2016.

AbbVie (ABBV) expects its investigational drug Risankizumab to be a transformative therapy for psoriasis.

Sanofi’s Consumer Healthcare segment includes Allegra, Doliprane, Nasacort, and other products. It reported a 4.3% decline in revenues to 800 million euros.

After Sanofi’s reorganization, Genzyme now includes products for multiple sclerosis, rare diseases, and oncology. Genzyme’s sales increased ~19.5% in 2Q16.

Januvia and Janumet are two blockbuster drugs in Merck’s (MRK) diabetes franchise.

Amgen’s (AMGN) bone health drugs Prolia and Xgeva earn a combined $3 billion in revenue annually.

Ligand Pharmaceuticals (LGND) is a high-growth company with a comparatively low-risk business model. It earns most of its revenue from royalty and license fees.

As we’ve discussed, Novartis (NVS) is one of the largest pharmaceutical companies by revenue.

On April 11, 2016, Venclexta became the first BCL-2 inhibitor therapy to be approved by the FDA for chronic lymphocytic leukemia patients with 17p deletion.

Novartis (NVS) has restructured its entire business into two parts: continuing operations and discontinuing operations.

Novartis is exposed to legal risks, including patent litigations, other product-related litigation, commercial litigation, government investigations, and prohibition rules.

Novartis (NVS) has recorded direct product sales of over $1 billion for each of its ten pharmaceutical products in the last year.

Novartis’s new structure includes only three business segments: pharmaceuticals, Alcon, and Sandoz.

Incyte’s (INCY) product portfolio includes drugs for oncology as well as non-oncology. For oncology, its product portfolio includes targeted therapies as well as immunotherapies.

Januvia and Janumet are Merck & Co.’s (MRK) blockbuster diabetes drugs. They’re are used to lower blood sugar levels in patients with Type 2 diabetes.

Vyvanse, Shire’s (SHPH) key drug, earned $1.7 billion in 2015, a 21% annual growth. Analysts expect Vyvanse to add $1.9 billion and $2.1 billion to Shire’s top line in 2016 and 2017.

Based on the last five-year multiple range of ~9x to ~20x, Novartis’s current valuation is neither high nor low.

Wall Street analysts have projected that Teva Pharmaceutical Industries (TEVA) will earn about $3.5 billion in revenues from Copaxone sales in 2016

Amgen (AMGN) is expecting to strengthen Repatha’s brand position in the global cardiovascular market in 2016 through a multi-pronged strategy.

In 1Q16, Amgen expects to have data from its Phase 3 clinical trial exploring the use of innovative drug romosozumab for treating post-menopausal osteoporosis.

Amgen expects Kyprolis to continue capturing the global multiple myeloma (or MM) market in 2016. The drug has established itself as a backbone therapy for relapsed MM.

In 4Q15, Jublia added $68 million to the top line of Valeant—the sixth-largest revenue contributor in 4Q15, down from the second-largest in 3Q15.

As of March 8, Roche Holding was trading at a forward EV-to-EBITDA multiple of 9.73x—a discount compared to Bristol-Myers Squibb’s 16.09x.

Mylan is one of largest API (active pharmaceutical ingredient) manufacturers in the world, with nine API and intermediate manufacturing facilities.

Lesinurad, originally developed by Ardea Biosciences, was acquired by AstraZeneca through the acquisition of Ardea in June 2012. It works to reduce the uric acid levels in gout patients.

On November 24, Novartis announced that the European Commission had approved Entresto as a therapy for adult patients suffering from symptomatic chronic heart failure with reduced ejection fraction.

The JAVELIN series is a clinical trial program for the use of Avelumab for treatment of multiple types of cancer, including Merkel cell carcinoma.

The FDA has accepted Bristol-Myers Squibb’s (BMY) supplemental biologics license application, or sBLA, for Opdivo for the treatment of patients with advanced renal cell carcinoma.

Abraxane’s sales in the US market fell by 4.2% from 3Q14 to 3Q15, while its sales in the rest of the world’s markets rose by 39.7% in the same time period.

In 3Q15, Biogen saw several positive developments for the drugs developed under its various collaborative arrangements.

Aristada was approved by the FDA and is projected to account for 10% to 30% of the LAI atypical antipsychotic market for schizophrenia patients in the US.

Amgen’s key risks include market erosion due to generic competition for Neulasta and Neupogen. Its restructuring also involves a reduction of about 3,500–4,000 employees.

Recently, the safe haven currencies like the Swiss franc and the Japanese yen are the ones that are showing a greater correlation to gold.

Regeneron generates revenues in three ways: product sales, revenues earned through collaboration arrangements, and revenues earned from licensing proprietary technology.

Amgen’s (AMGN) business model generates revenues in two ways: product sales and other revenues mainly comprised of royalties and corporate partner income.