U.S. Pharmaceuticals. Monday Rx Quarterback

Transcription

1 U.S. Pharmaceuticals July 20, 2009 Jon LeCroy, M.D. Senior Analyst Katherine Wearne Research Associate Hugo Ong, Ph.D. Research Associate Monday Rx Quarterback For the four weeks ending July 10, the overall NRx market was up 3.9% (four-week average, year-over-year) and the TRx market was up 3.7%. This week s data is impacted by the Fourth of July holiday. Cholesterol Market: Generic simvastatin s (Zocor) NRx share was down 20 bp (basis points) versus the previous week to 39.3%. Crestor s NRx share was flat at 11.1% after having been steadily increasing following positive JUPITER data that was presented at the 20 annual AHA meeting. Lipitor s (PFE) NRx share was up 20 bp to 23.5%. Pravachol (BMY), including generic pravastatin, was unchanged at an 8.6% NRx share this week. In the fifty-first full week of Rxs since the SEAS data was presented on July 21, the market share of Zetia (SGP/MRK) was 4.7% (up 10 bp), and Vytorin (SGP/MRK) was 5.0% (up 10 bp). The cholesterol NRx market was up 2.4% yearover-year. Diabetes Market: Avandia s NRx market share declined 10 bp to 2.7% this week, while Actos NRx market share was up 20 bp to 10.5%. Byetta s NRx share was 2.0% (down 10 bp). Januvia s (MRK) NRx market share increased 10 bp to 5.3%, and Janumet s (MRK) NRx market share also increased 10 bp to 2.0%. The NRx share of metformin and metformin ER gained 60 bp to 42.0% this week. The diabetes NRx market was up 2.4% year-over-year. Branded Insomnia Market: Lunesta s (SEPR) NRx share of the insomnia market was 6.7% (down 10 bp), and the TRx share was 6.7% (flat). Ambien s (Sanofi) NRx share was down 10 bp to 0.8%, and Ambien CR s (Sanofi) NRx share was down 20 bp to 8.9%. Rozerem s NRx share was flat at 1.0% this week. Generic Ambien s NRx share gained 50 bp to 48.0%. Year-over-year growth of the NRx insomnia market was 3.6%. Antidepressant Market: In its sixty-sixth week on the market, Pristiq (WYE) was flat at a 1.4% NRx market share. Lexapro (FRX) was down 20 bp to a 12.3% NRx share this week, and Effexor (WYE) was also down 10 bp to 6.5%. Year-over-year growth of the NRx antidepressant market was 1.7%. Asthma Market: Asmanex s (SGP) NRx share was unchanged at 1.5%, while the TRx share was up 10 bp to 1.4% versus the previous week. Xopenex HFA s (SEPR) NRx was flat at 3.2%, and the TRx share was flat at 2.6%. ProAir s (CFC-free albuterol from Teva) NRx share also remained flat at 24.0%, while the TRx share was down 10 bp to 19.4%. HIV Market: Norvir s (ABT) NRx market share decreased 10 bp versus the previous week to 13.2%, while Reyataz s (BMY) NRx share was flat at 8.9%. Isentress NRx share remained at 3.9%, while the TRx share gained 20 bp to 3.9% in its ninety-first week on the market. Selzentry (PFE) was flat at a 0.4% NRx share in its ninety-seventh week on the market. Atripla s (BMY/GILD) overall NRx market share was up 30 bp to 11.4% versus the previous week, and Kaletra (ABT) was down 10 bp to a 7.0% NRx share this week. DISCLOSURES ARE LOCATED ON THE PAGE PRECEDING THE BACK PAGE STAFF LIST

2 Therapeutic Category 10-Jul-09 Market Share Growth Product Company Rx's Current Week Last Week 4 Week (Y-O-Y) 4 Weeks Rolling NRx Total Market All 35,645, % 100.0% 3.9% -4.8% TRx 75,212, % 100.0% 3.7% -1.6% Cholesterol Lowering NRx Market 1,167, % 100.0% 2.4% -3.3% TRx 4,046, % 100.0% 5.7% 0.0% NRx Lipitor PFE 274, % 23.3% -12.1% -4.0% TRx 980, % 24.2% -10.6% -0.9% NRx simvastatin (Zocor) generics 459, % 39.5% 13.7% -3.1% TRx 1,587, % 39.2% 25.2% 0.6% NRx Pravachol & pravastatin 100, % 8.6% 30.8% -1.6% TRx 321, % 7.9% 29.9% 0.8% NRx Mevacor & lovastatin 75, % 6.6% -2.7% -3.6% TRx 271, % 6.8% -3.0% -0.4% NRx Crestor AZN 129, % 11.1% 24.3% -2.5% TRx 415, % 10.3% 26.4% 0.8% NRx Zetia SGP/MRK 54, % 4.6% -13.2% -3.7% TRx 200, % 4.9% -15.1% -0.6% NRx Vytorin SGP/MRK 57, % 4.9% -29.9% -5.0% TRx 212, % 5.2% -30.3% -1.9% Non-insulin Diabetes Therapies NRx Market 725, % 100.0% 2.4% -2.8% TRx 2,382, % 100.0% 1.6% 0.4% NRx Januvia MRK 38, % 5.2% 13.2% 1.0% TRx 126, % 5.3% 22.2% -1.6% NRx Janumet MRK 14, % 1.9% 36.8% 2.5% TRx 45, % 1.9% 53.1% 1.1% NRx metformin/er generics 305, % 41.4% 5.1% -2.6% TRx 988, % 41.5% 5.5% 0.5% NRx sulfonylureas generics 205, % 29.2% -0.8% -3.4% TRx 673, % 28.2% -0.8% 0.4% NRx Actos Takeda 75, % 10.3% -3.7% -2.6% TRx 262, % 11.1% -2.8% 0.0% NRx Avandia GSK 19, % 2.8% -21.1% -2.9% TRx (incl. Avandamet) 70, % 3.0% -21.1% -1.0% NRx Byetta AMLN/LLY 14, % 2.1% -19.2% -2.9% TRx 44, % 2.0% -15.6% 0.2% Insomnia NRx Market 663, % 100.0% 3.6% -2.6% TRx 1,425, % 100.0% 5.9% -0.1% NRx Ambien SNY 5, % 0.9% -39.8% -6.3% TRx 13, % 0.9% -37.2% -2.1% NRx Ambien CR SNY 59, % 9.1% -18.8% -4.5% TRx 126, % 8.8% -15.0% -2.1% NRx Generic Ambien generics 318, % 47.5% 16.9% -1.8% TRx 660, % 46.0% 20.5% 1.0% NRx Sonata KG % 0.1% -78.9% -5.4% TRx % 0.1% -78.6% -1.2% NRx Lunesta SEPR 44, % 6.8% -19.0% -3.5% TRx 95, % 6.7% -15.5% -1.1% NRx Rozerem Takeda 6, % 1.0% -37.0% -4.5% TRx 13, % 0.9% -34.2% -3.6% NRx trazodone generics 155, % 23.2% 9.4% -1.8% TRx 364, % 25.5% 8.1% 0.1% NRx Other generics 72, % 11.5% -2.4% -5.0% TRx 150, % 11.0% -0.5% -1.9% Other Recent Product Launches Last Week Two Weeks Ago NRx Vivitrol ALKS % 22.1% TRx % 12.2% 2

3 Therapeutic Category 10-Jul-09 Market Share Growth Product Company Rx's Current Week Last Week 4 Week (Y-O-Y) 4 Weeks Rolling Antipsychotics NRx Market 457, % 100.0% 3.3% -2.2% TRx 982, % 100.0% 5.1% -0.3% NRx Zyprexa LLY 45, % 10.0% -2.8% -1.7% TRx 111, % 11.3% -3.7% 0.0% NRx Geodon PFE 28, % 6.2% 1.5% -1.7% TRx 57, % 5.9% 2.9% -0.3% NRx Abilify BMY 81, % 17.7% 22.1% -2.9% TRx 154, % 15.6% 24.8% -0.6% NRx Seroquel AZN 133, % 29.4% -4.5% -3.1% TRx 295, % 30.2% -1.9% -0.9% NRx Risperdal JNJ 7, % 1.8% -90.4% -23.1% TRx 21, % 2.3% -88.2% -16.5% NRx Symbyax LLY 2, % 0.5% 3.9% -3.4% TRx 4, % 0.4% 4.3% 0.7% NRx Invega JNJ 7, % 1.8% 3.3% -3.0% TRx 15, % 1.6% 5.1% -1.0% Antidepressants NRx Market 1,522, % 100.0% 1.7% -2.7% TRx 3,987, % 100.0% 3.2% -0.3% NRx fluoxetine generics 162, % 10.6% 1.7% -3.1% TRx 423, % 10.6% 0.8% -0.7% NRx Cymbalta LLY 123, % 8.1% 2.0% -1.9% TRx 316, % 7.9% 5.7% 0.2% NRx citalopram (Celexa) generics 195, % 12.7% 22.7% -1.1% TRx 509, % 12.7% 22.3% 0.6% NRx Lexapro FRX 187, % 12.5% -6.6% -3.8% TRx 525, % 13.2% -5.2% -1.0% NRx Pristiq WYE 21, % 1.4% NM NM TRx 45, % 1.1% NM NM NRx Effexor WYE 99, % 6.6% -20.6% -4.2% TRx 281, % 7.1% -17.4% -1.6% NRx Paxil GSK 1, % 0.1% -61.9% -5.7% TRx 4, % 0.1% -56.0% -5.1% NRx paroxetine generics 109, % 7.4% -2.5% -4.0% TRx 306, % 7.7% -2.3% -0.6% NRx bupropion generics 86, % 5.4% 9.0% 0.0% TRx 210, % 5.2% 8.0% 0.9% NRx Welbutrin All GSK 9, % 0.7% -42.7% -5.3% TRx 25, % 0.6% -40.4% -3.2% NRx sertraline (Zoloft) generics 225, % 14.8% 2.8% -6.0% TRx 607, % 15.2% 1.9% -3.7% Osteoporosis NRx Market 91, % 100.0% -20.8% -2.8% TRx 345, % 100.0% -20.9% -0.7% NRx Actonel P&G 36, % 39.9% -21.0% -3.3% TRx 137, % 39.6% -23.3% -1.1% NRx Evista LLY 23, % 23.6% -8.5% -1.9% TRx 91, % 24.0% -10.0% -0.3% NRx Forteo LLY 3, % 3.0% -30.9% -0.1% TRx 10, % 2.7% -19.5% 0.5% NRx Fosamax MRK 2, % 2.8% -74.0% -4.4% TRx 10, % 2.7% -73.5% -1.5% NRx Boniva Roche 25, % 30.6% -10.8% -3.1% TRx 95, % 31.0% -8.5% -0.4% 3

4 Therapeutic Category 10-Jul-09 Market Share Growth Product Company Rx's Current Week Last Week 4 Week (Y-O-Y) 4 Weeks Rolling PPIs NRx Market 781, % 100.0% 5.4% -4.1% TRx 2,378, % 100.0% 5.7% -0.3% NRx omeprazole generics 292, % 35.7% 32.0% -3.1% TRx 882, % 35.8% 31.5% 0.7% NRx Protonix WYE 19, % 2.6% -0.8% -5.2% TRx 69, % 2.9% -4.4% -0.5% NRx pantoprazole (Protonix) generics 103, % 13.4% NM NM TRx 305, % 12.7% NM NM NRx Aciphex JNJ 30, % 4.1% -9.3% -2.7% TRx 100, % 4.3% -10.6% -0.5% NRx Prevacid ABT 99, % 13.3% -16.0% -8.0% TRx 311, % 13.3% -14.6% -2.7% NRx Nexium AZN 185, % 23.6% 0.1% -3.1% TRx 578, % 24.4% 0.9% -0.5% Allergy NRx Market 437, % 100.0% 3.6% -22.7% TRx 957, % 100.0% 3.3% -13.6% NRx Clarinex SGP 17, % 4.1% -20.8% -23.6% TRx 43, % 4.4% -20.9% -14.3% NRx Allegra SNY 28, % 6.7% -26.5% -26.6% TRx 79, % 8.3% -12.0% -18.0% NRx fexofenadine HCL generics 104, % 24.2% -4.8% -20.5% TRx 306, % 31.9% -3.1% -10.3% NRx Zyrtec PFE % 0.1% -91.5% -32.8% TRx % 0.1% -93.5% -24.3% Asthma/COPD NRx Market 850, % 100.0% 6.0% -12.6% TRx 2,051, % 100.0% 5.6% -6.1% NRx Singulair MRK 160, % 19.2% 1.3% -17.6% TRx 510, % 24.9% 2.9% -8.1% NRx Flovent GSK 40, % 4.8% 8.6% -14.0% TRx 88, % 4.3% 9.7% -8.1% NRx Advair GSK 137, % 16.1% 0.1% -7.5% TRx 376, % 18.3% 2.4% -3.0% NRx Spiriva PFE/BI 49, % 5.8% 2.6% -3.6% TRx 159, % 7.8% 4.2% -0.3% NRx Asmanex SGP 12, % 1.5% 9.6% -11.8% TRx 28, % 1.3% 11.0% -6.7% NRx Xopenex HFA SEPR 27,2 3.2% 3.2% 3.9% -11.7% TRx 53, % 2.6% 9.3% -6.5% NRx ProAir HFA TEVA 203, % 24.0% 70.3% -12.9% TRx 398,0 19.4% 19.5% 80.6% -6.9% Interferon NRx Market 2, % 100.0% -10.7% -2.8% TRx 6, % 100.0% -7.3% -3.2% NRx SGP Interferons SGP % 26.6% -29.5% -1.8% TRx 1, % 27.1% -29.9% -5.6% NRx Pegasys Roche 1, % 73.4% -0.6% -3.2% TRx 4, % 72.9% 5.2% -2.2% PDE-5 Inhibitors (ED) NRx Market 131, % 100.0% 0.0% -2.8% TRx 358, % 100.0% 1.5% 0.0% NRx Viagra PFE 62, % 47.9% -6.1% -3.7% TRx 181, % 50.8% -3.2% -0.7% NRx Levitra GSK/SGP 22, % 17.1% -5.2% -3.2% TRx 53, % 15.1% -1.5% -0.3% NRx Cialis LLY 44, % 34.2% 14.8% -1.2% TRx 120, % 33.6% 11.8% 1.2% 4

5 Therapeutic Category 10-Jul-09 Market Share Growth Product Company Rx's Current Week Last Week 4 Week (Y-O-Y) 4 Weeks Rolling Epilepsy / Pain NRx Market 289, % 100.0% 4.5% -2.6% TRx 676, % 100.0% 7.7% 0.0% NRx Neurontin PFE 1, % 0.7% -9.8% -6.0% TRx 6, % 0.9% -11.6% -0.9% NRx gabapentin PFE 95, % 33.2% 276.8% -1.0% TRx 221, % 32.4% 252.8% 4.0% NRx gabapentin others 102, % 35.1% -29.6% -3.0% TRx 257, % 38.3% -26.9% -2.4% NRx Lyrica PFE 89, % 31.0% -14.3% -3.6% TRx 192, % 28.5% -6.2% -1.0% HIV NRx Market 47, % 100.0% 6.9% -3.8% TRx 170, % 100.0% 8.6% 0.9% NRx Norvir ABT 6, % 13.3% 18.2% -3.7% TRx 21, % 12.9% 19.9% 1.4% NRx Reyataz BMY 4, % 8.9% 6.5% -5.8% TRx 14, % 8.9% 8.5% 0.0% NRx Selzentry PFE % 0.4% 23.9% 9.7% TRx % 0.4% 49.2% 7.7% NRx Isentress MRK 1, % 3.9% 60.1% -2.9% TRx 6, % 3.7% 79.7% 3.2% NRx Atripla BMY/GILD 5, % 11.1% 22.8% -3.8% TRx 19, % 11.6% 26.1% 1.9% NRx Kaletra ABT 3, % 7.1% -3.2% -2.3% TRx 11,2 6.6% 6.7% -4.8% -0.4% ADHD TRx Market 750, % 100.0% 10.6% -8.5% TRx Adderall XR SHIRE 61, % 8.2% -56.4% -13.9% TRx Concerta JNJ 123, % 16.5% 4.8% -12.3% TRx Vyvanse SHIRE 84, % 11.3% 69.8% -8.9% TRx Strattera LLY 49, % 6.5% -6.5% -6.1% COX-2s/NSAIDs NRx Market 1,010, % 100.0% 3.3% -2.9% TRx 1,677, % 100.0% 3.2% -1.3% NRx Celebrex PFE 85, % 8.8% -11.4% -4.6% TRx 215, % 13.0% -8.4% -1.6% 5

6 40.0% Cholesterol NRX Effects 35.0% simvastatin 30.0% 25.0% New Rx's 20.0% 15.0% Vytorin Lipitor Crestor 10.0% 5.0% 0.0% Dec- 07 Jan- Feb- Mar- Apr- May- Jul- Aug- Lipitor Simvastatin Pravachol & pravastatin Mevacor and lovastatin Crestor Zetia Vytorin Zetia Sep- Week Oct- Nov- Dec- Jan- 09 Mar- 09 Apr- 09 May- 09 Jun- 09 NRx 360, , , , , ,000 Insomnia Market 120,000 80,000 40, /5/07 4/5/07 7/5/07 10/5/07 1/5/ 4/5/ 7/5/ 10/5/ 1/5/09 4/5/09 7/5/09 Ambien Ambien CR Generic Ambien Rozerem Sonata Lunesta 6

7 RISK At any given time, the following risks could affect our valuation of the subject companies. Clinical: Failures of late-stage and early-stage products and delays in clinical development could occur. Uncertainty regarding the timing, efficacy, and safety aspect of new products and long-term safety issues could emerge after approval. Competition, new health treatments: Newer, better products could displace existing drugs. More knowledge about a disease could make a drug less used. A firm could be out-marketed by rivals. Generic competition and pricing pressure could erode prices and margins. New developments in health treatments or new non-diagnostic products could reduce or eliminate demand for a product. Environmental: Changes in environmental regulations, stringent environmental laws, and potential exposure to environmental liabilities could have a negative effect. Litigation: Outcomes of intellectual property litigation could cause product sales to be halted these lawsuits are common in the healthcare industry. Third parties may claim that products that a company has sought FDA approval to market or is currently marketing may infringe on the third parties proprietary rights and patents. Management/financial: A company could be adversely affected by inability to control costs, management s lack of experience, the discontinuation of partnerships, continued financial losses, insufficient capital to fund its clinical pipeline, inability to raise additional capital or favorable terms, the influence of large shareholders, and disruptions in connection with changes to executive management and board membership. Manufacturing: Manufacturing controls may be weak, and manufacturing licenses could become suspended. If the current Good Manufacturing Practices are not maintained, the FDA could refuse to approve marketing applications. Marketing/R&D: The timing of R&D milestones, failure to successfully commercialize early-stage drug candidates, and limited marketing infrastructure could affect sales. Patents: A generic could enter the market through natural patent expiry or a loss of a challenged patent in the courts. A company could be unsuccessful in protecting intellectual property and proprietary rights. The government could change patent laws at any time. Payer: Insurance companies and the government may not pay for a company s product. The success of many products depends on Medicare reimbursement. Should any changes occur in Medicare reimbursement codes, product sales could be affected. Pipeline: There is no guarantee that any investigational product will make it through the regulatory process. A company could have insufficient capital to fund its clinical pipeline. Product launch hiccups: Risks associated with a new product launch include higher than expected costs, lower than expected sales/overestimated demand for products, and lack of customer acceptance. There could also be limited uptake due to patient non-compliance. Product liability: All products have side effects, and companies are often liable for damage due to side effects, which may emerge after approval. Product liability claims are possible related to the testing, manufacturing, marketing, and use of a company s products. Product withdrawal: Unforeseen side effects could cause drugs to be pulled from the market. Regulatory: The FDA may not approve a product, manufacturing, or an indication, and can change a product s label. The government may not like a firm s marketing practices and penalize it. Manufacturing sites could be deemed unsuitable. Legislative or regulatory reform of the healthcare system and drug industry could affect the ability to sell products profitably. Third-party manufacturers: Companies without manufacturing facilities may have to rely on contract manufacturers to manufacture their products and product candidates for clinical trials and commercial sales. These relationships may be difficult to build and maintain. 7

8 PRICES OF COMPANIES MENTIONED IN THIS REPORT Closing prices as of: 7/17/2009 Company Close Company Close Abbott Labs $44.47 Nektar $6.51 Alkermes $10.47 Novartis CHF AstraZeneca GBP Pfizer $14.96 Amylin $12.63 Procter & Gamble $55.92 Bayer Roche CHF Biogen Idec $46.07 Sanofi Bristol-Myers $20.00 Schering-Plough $25.27 Eli Lilly $33.53 Sepracor $16.39 Forest Labs $24.75 Shire $41.19 GlaxoSmithKline GBP Takeda JPY 3,630 Johnson & Johnson $59.23 Teva $49.37 King $9.10 Wyeth $45.97 Merck $27.68 Source: Reuters Full reports of covered companies are available on request. IMPORTANT DISCLOSURES AND INFORMATION ABOUT THE USE OF THIS DOCUMENT The views expressed in this report accurately reflect the personal views of the author(s) of this report. The author(s) of this report received no investment banking-related compensation or other supplemental payments in connection with the specific views expressed herein. This Communication is only made to or directed at Market Counterparties/Intermediate Customers (Investment Professionals) whose ordinary business activities involve carrying on investments in shares, bonds and associated securities and/or derivative financial products and who have professional experience in such investments. The investments and investment services to which this Communication relates are only available to such investment professionals. Any person who is not an investment professional must not rely upon this Communication. Natixis Bleichroeder Inc. and/or its affiliates make an over-the-counter market in the stock of this company: Alkermes, Amylin, Biogen Idec, Gilead, Roche Hldg. ADR, Sepracor, Shire ADS, Nektar, Novartis AG, Teva ADS, Bayer AG NBI RATING DEFINITIONS % OF STOCKS COVERED % IB SERVICES BUY: potential return is >15% above the current price 60% 9% HOLD: potential return is -15% to +15% of the current price 37% 4% SELL: potential return is >15% below the current price 3% 0% 2009 Natixis Bleichroeder Inc. All rights reserved. Printed in U.S.A. Reproduction or quotation in whole or in part without prior written permission by Natixis Bleichroeder Inc. is forbidden. All information in this report is subject to change at any time without prior notice. The information contained herein, while not guaranteed, has been obtained from sources we consider reliable. This information is taken from company reports and documents and/or Natixis Bleichroeder Inc. or any of its affiliates estimates, unless otherwise noted. This is not a solicitation of any order to buy or sell. Past performance is not indicative of future results. Additional information is available upon request from Natixis Bleichroeder Inc., 1345 Avenue of the Americas, New York, NY /

9 [CONTINUED FROM BACK PAGE] Healthcare Dr. Ashim Anand Medical Equipment, Devices and Diagnostics, U.S Jim Chen Biotechnology, U.S Dr. Corey Davis Specialty Pharmaceuticals, U.S Uy Ear Specialty Pharmaceuticals, U.S Sylvain Goyon Pharmaceuticals, Europe Philippe Lanone Pharmaceuticals, Europe Jon LeCroy, M.D. Pharmaceuticals, Biotechnology, U.S Oren Livnat Specialty Pharmaceuticals, U.S Sébastien Malafosse Pharmaceuticals, Europe Cédric Moreau Pharma, Healthcare Services and Equipment, Europe Béatrice Muzard Pharmaceuticals, Europe Hugo Ong Biotechnology, U.S Ethan Roth Medical Equipment, Devices and Diagnostics, U.S Stephen B. Shankman Healthcare Services, U.S Katherine Wearne Pharmaceuticals, Biotechnology, U.S Joshua Zable Medical Equipment, Devices and Diagnostics, U.S Hotels and Tourism, Catering, Leisure Supplies Geoffrey d'halluin Hotels and Tourism, Europe Sarah Emsellem Hotels and Tourism, Leisure Supplies, Europe André Juillard Hotels and Tourism, Catering, Europe Information Technology Services, Software Richard Maxime Beaudoux Software, IT Services, Europe Gwénaël Giard Software, IT Services, Europe Thomas le Quang Software, IT Services, Europe Luxury Goods, Cosmetics and Personal Care Shamina Bhaidjy Luxury Goods, Cosmetics and Personal Care, Europe Tamare Evren Luxury Goods, Europe Media and Entertainment Jérome Bodin TV, Other Media, Europe Johann Choux Publishing, Support Services, Other Media, Europe Chris Ferris Media and Entertainment, U.S Alan Gould, CFA Media and Entertainment, U.S Richard Houbron Advertising, Publishing, Other Media, Europe Jeffrey Shelton, CFA Media and Entertainment, U.S Telecommunications Equipment and Services, Electronic Equipment, Semiconductors Eric Beaudet Telecommunication Services, Europe Emmanuel de Feydeau Telecommunication Services, Europe Jacques de Greling Telecommunication Services, Europe Stéphane Houri Semiconductors, Europe Benoît Maynard Telecommunication Services, Europe

10 TRANSATLANTIC EQUITY RESEARCH Natixis Bleichroeder research is provided by a group of industry-oriented experts with a mid cap and small cap focus. Based in the United States and France, our team of more than 85 analysts works closely with each other to offer our clients a transatlantic approach that examines the effects of technological, market and regulatory developments across both continents on the companies under coverage. Our analysts make frequent visits to the managements of companies under coverage and receive information furnished by an extensive network of global contacts. Aerospace/Defense Olivier Brochet Aerospace/Defense olivier.brochet@sec.natixis.com Automotive Alexis Albert Automotive Components, Truck Makers, Europe alexis.albert@sec.natixis.com Georges Dieng Automotive Components, Car Makers, Europe georges.dieng@sec.natixis.com Michael Foundoukidis Automotive Components, Car Makers, Europe michael.foundoukidis@sec.natixis.com Banking, Insurance, Financial Services, REITs Pascale Decque Banks, Northern and Southern Europe pascale.decque@sec.natixis.com Alex Koagne Banks, Northern and Southern Europe alex.koagne@sec.natixis.com Sébastien Lemaire Banks, Northern and Southern Europe sebastien.lemaire@sec.natixis.com Christophe Ricetti Banks, Northern and Southern Europe christophe.ricetti@sec.natixis.com Benoît Valleaux Insurance, Europe benoit.valleaux@sec.natixis.com Elisabeth Zrihen Insurance, Europe elisabetht.zrihen@sec.natixis.com Chemicals & Gases Clément Célérier Chemicals & Gases, Europe clement.celerier@sec.natixis.com Construction & Concessions, Real Estate Marlène Benon Real Estate, Europe marlene.benon@sec.natixis.com Rafic El Haddad Building Materials, Europe rafic.elhaddad@sec.natixis.com Grégoire Thibault Construction & Concessions, Europe gregoire.thibault@sec.natixis.com Consumer Goods, Retailing Pierre-Edouard Boudot Food Retailing, Europe pierre-edouard.boudot@sec.natixis.com Boris Bourdet Non Food Retailing, Europe boris.bourdet@sec.natixis.com Claudie Casimir Food Retailing, Europe claudie.casimir@sec.natixis.com Olivier Lebrun Consumer Goods, Europe olivier.lebrun@sec.natixis.com Energy, Commodities, Utilities Julie Arav Utilities, Europe Julie.arav@sec.natixis.com Hager Bouali Oil & Gas downstream hager.bouali@sec.natixis.com Céline Chérubin Utilities, Europe celine.cherubin@sec.natixis.com Cyril Francin Utilities, Europe cyril.francin@sec.natixis.com Lauren Hendrix Oil Services, U.S. lauren.hendrix@blr.natixis.com Julien Laurent Energy Equipment and Services, Europe julien.laurent@sec.natixis.com Catherine Leveau Oil, Energy Equipment and Services, Europe catherine.leveau@sec.natixis.com Houston Netherland Exploration and Production, U.S. houston.netherland@blr.natixis.com Philippe Ourpatian Utilities, Europe philippe.ourpatian@sec.natixis.com Anne Pumir Oil, Energy Equipment and Services, Europe anne.pumir@sec.natixis.com Roger Read, CPA Oil Services, U.S. roger.read@blr.natixis.com Sunil Sibal Coal and Clean Tech, North America sunil.sibal@ blr.natixis.com Jeffrey Spittel Oil Services, U.S. jeffrey.spittel@blr.natixis.com Curtis Trimble Exploration and Production, U.S. curtis.trimble@blr.natixis.com Electrical Equipment Ludovic Debailleux Electrical Equipment, Europe ludovic.debailleux@sec.natixis.com Arnaud Schmidt Electrical Equipment, Europe arnaud.schmit@sec.natixis.com Food and Beverage, Tobacco Joséphine Chevallier Beverages, Other Consumer Goods, Europe josephine.chevallier@sec.natixis.com François Digard Food, Europe francois.digard@sec.natixis.com Alison Donohoe Beverages, Europe alison.donohoe@sec.natixis.com Virginia Heeribout Tobacco, Other Consumer Goods, Europe virginia.heeribout@sec.natixis.com Olivier Lebrun Food Midcaps, Europe olivier.lebrun@sec.natixis.com Orianne Segaud Tobacco, Other Consumer Goods, Europe orianne.segaud@sec.natixis.com [CONTINUED ON INSIDE BACK PAGE]