【英文】瑞信报告：全球制药业：跟上生物仿制药的步伐Global Pharmaceuticals Keeping Up With the Biosimilars（40P）

PFE has exclusive rights to the majority of their biosimilars over the three major markets (US/EU/Japan) that helps them potentially be the biggest beneficiary of all biosimilar makers − Majority of players develop and/or market jointly with partners, thus the economic  benefits are shared among multiple players Presence of many notable branded biopharma company in Top 20 list highlights potentially lucrative nature of biosimilar market.

Scoring methodology: For a company, we have given a score of ‘1’ for each of the  three major regions (US, EU and Japan) for each biosimilar in P2 or above. If there  are multiple partners for a single biosimilar, the score is divided equally among the  partners in the respective regions. Finally a weighting of 50/35/15 is allocated for  US/EU/Japan to arrive at aggregate score • Players having exclusive economic rights gets a higher score and players who  share the economic benefits gets a lower score • Players having rights across all three major regions get the highest score  Caveats: We do not factor in the market size of each biosimilar and so applied equal  weight to all biosimilars. We limited our analysis to the top 12 key biosimilar  opportunities discussed at the back of this slide deck.

Six Humira biosimilars (with nine trade names) are approved in the EU and four (by Amgen, Novartis, Samsung Bioepis and Mylan) have already launched in the EU market in Oct 2018 − One more is under EMA review and several others are in development, setting up a tough commercial battle − Boehringer has announced dropping its plan to market its biosimilar version, Cyltezo, in Europe During earnings calls, ABBV talked about aggressive pricing of Humira biosimilars in the EU, and guided for a 30% erosion in 2019 international Humira sales (which will likely moderate in 2020 and beyond) Discounts have been c.10-80%, with recent entrants at the higher end of this range. The UK is reported to save ~75% (£300mm savings on £400mm annual spend) after the launch of Humira biosimilars From 2019-2022, Consensus estimates Humira sales growth in the US will offset erosion in Europe − Credit Suisse expects 2023 WW Humira sales of $16.3Bn ($14.5Bn US, $1.8Bn Ex-US), down from $19.9Bn in 2018.