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Generic Manufacturers Benchmark Report Financial Benchmarking & Competitive Analysis of the Leading Generic Players in 2013
GDHC001PLR / Published March 2013
Executive Summary
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 2 GDHC001PLR / Published MAR 2013
A Challenging Landscape
Generic pharmaceutical manufacturing has become
increasingly crucial in the present economic climate due
to various factors that have necessitated the reduction of
healthcare expenditures. Financial austerity in Europe,
slowed economic growth in the US, a growing aging
population, and an associated increase in the demand for
healthcare, are some of the key drivers responsible for
governments’ initiatives aimed at drastically reducing
their healthcare spending. Pharmaceutical companies
are often the parties on the receiving end of these price
cuts, while generic manufacturers reap the benefits, as
their products enjoy improved sales as a result of these
initiatives.
Furthermore, the patent cliff is hindering the growth of
branded pharmaceutical companies, as many
blockbusters that were launched in the 1990s have either
lost or are expected to lose patent protection over the
next few years. Blockbusters like Lipitor (atorvastatin),
Plavix (clopidogrel), Singulair (montelukast sodium), and
Diovan (valsartan) have already lost patent protection
and have left revenue gaps in their respective
companies. This situation does not look like it will
improve in the short term, leading most companies to
seek alternative sources of revenue – including generic
pharmaceutical manufacturing – as they brace
themselves for the full impact of what has become a
crisis to some companies.
Generic Pharmaceutical Companies Step Up
Increase in ANDA filings and strategic deals by generics manufacturers snatch market share from branded pharmaceutical companies
Generic pharmaceutical manufacturers have been quick
to capitalize on the misfortunes of their branded
pharmaceutical counterparts by increasing their
Abbreviated New Drug Application (ANDA) filings in a bid
to capture market share in the highly competitive global
pharmaceuticals space. In 2012, the top 30 generic
pharmaceutical manufacturers covered in this report
collectively witnessed an 8.6% year-to-year (YTY)
growth, from $134.3 billion in 2011 to $145.9 billion in
2012. While many large branded pharmaceutical
companies, including Novartis, Eli Lilly, and Pfizer,
recorded declines in FY2012 sales, most generics
manufacturers witnessed surges in their revenues during
the year. The Indian-based trio of Glenmark, Sun
Pharmaceuticals, and Ranbaxy led the pack in terms of
YTY revenue growth in 2012, posting increases of
71.6%, 47.6%, and 32.9%, respectively, from 2011 sales.
Executive Summary
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 3 GDHC001PLR / Published MAR 2013
The figure below presents an illustration of the
competitive landscape of generic manufacturing in 2012,
based on corporate revenue growth versus operating
margin.
Generics Manufacturing Landscape Assessment – FY2012 Corporate Revenue Growth vs. Operating Margin
Actavis
Hospira
Valeant
Ranbaxy
Sun
Wockhardt
Sanofi
Teva
Covidien
Sandoz
Mylan
Fresenius
Perrigo
Stada
Dr Reddy'sHypermacas
Aspen
Lupin
Gedeon
Krka
Cipla
Pharmstandard
Zydus
Nichi-Iko
Hikma
Aurobindo
Glenmark
Adcock
Simcere
Fuji
-20%
-10%
0%
10%
20%
30%
40%
50%
-20% -10% 0% 10% 20% 30% 40% 50% 60% 70%
Operating Margin
Cor
pora
te R
even
ue G
row
th
Average Operating Margin = 15.5%
Average Revenue Growth = 18.4%
Source: Company Data Note: Sphere size depicts size of revenue
Executive Summary
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 4 GDHC001PLR / Published MAR 2013
Furthermore, most of the companies are actively getting
involved in strategic acquisitions, licensing, and other
business collaborations as they seek to increase their
scale and presence in certain markets. Valeant’s
completion of a $2.6 billion acquisition of Medicis in
December 2012 is an example of how far companies are
ready to go to boost their performance, considering the
low-margin nature of the generics business. The
company, which made over 15 acquisitions in 2012,
including Natur Produkt, Probiotica Laboratórios, and
OralPharma in Russia, Brazil, and the US, respectively,
aims to achieve cost synergies through scale and scope
economies through its acquisition of Medicis.
GlobalData’s Generic Manufacturers Benchmark Report Leader: Sun Pharmaceuticals
The market leader in GlobalData’s Generic
Manufacturers Benchmark Report is Sun
Pharmaceuticals, with a score of 6.97. The company led
the pack due to an impressive performance across the
Financial Management (FM) and Capital Management
(CM) metrics utilized in this report. The company’s
aggregated CM composite score was 7.93, significantly
greater than the peer group average of 5.27.
Furthermore, Sun Pharmaceuticals’ FM composite score
was 7.95, higher than the peer average of 5.06.
Executive Summary
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 5 GDHC001PLR / Published MAR 2013
GlobalData Benchmark Rankings, 2012
Rank Company Financial Management Expense Management
Capital Management Overall Score
1 Sun Pharmaceuticals 7.95 5.04 7.93 6.97
2 Sandoz 5.07 5.74 8.48 6.43
3 Pharmstandard 6.15 6.15 6.95 6.41
4 Wockhardt 6.15 6.04 5.24 5.81
5 Cipla 5.90 5.28 5.89 5.69
6 Aspen Pharmacare 5.00 5.67 6.35 5.67
7 Adcock Ingram 4.15 5.65 7.09 5.63
8 Perrigo 5.05 6.27 5.33 5.55
9 Glenmark 6.42 5.37 4.54 5.44
10 Sanofi 7.64 2.85 5.65 5.38
11 Lupin Pharmaceuticals 5.28 5.26 5.54 5.36
12 Fresenius Kabi 4.46 6.87 4.51 5.28
13 Covidien 5.13 4.86 5.72 5.24
14 Zydus Cadila 4.88 5.83 4.86 5.19
15 Gedeon Richter 4.27 4.35 6.86 5.16
16 Fuji Pharma 3.81 5.73 5.75 5.10
17 Hypermacas 5.46 4.36 5.10 4.97
18 Dr Reddy's 5.03 4.87 4.95 4.95
19 Krka Pharmaceuticals 4.37 4.69 5.47 4.85
20 Mylan 5.46 5.50 3.50 4.82
21 Aurobindo Pharma 4.42 5.59 4.35 4.78
22 Ranbaxy Labs 6.12 2.39 5.69 4.73
23 Hospira 3.65 6.00 4.37 4.68
24 Actavis 4.82 4.85 4.14 4.61
25 Teva Pharmaceuticals 5.65 3.87 4.15 4.56
26 Nichi-Iko 4.36 3.30 5.71 4.45
27 Stada Arzneimittel 5.23 4.79 3.10 4.37
28 Hikma 3.93 5.19 3.70 4.28
29 Simcere 3.44 2.80 4.96 3.73
30 Valeant Pharmaceuticals 3.93 4.84 2.33 3.70
Source: GlobalData
Executive Summary
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 6 GDHC001PLR / Published MAR 2013
However, Valeant Pharmaceuticals rounded up the list of
top 30 companies with a score of 3.70, which was
attributable to the company’s relatively poor financial
performance, particularly its capital management, when
benchmarked against its peers.
Table below displays GlobalData’s benchmark rankings
of the top 30 generic pharmaceutical companies in 2012
and their overall scores.
GlobalData, Benchmark Rankings, Top 30 Generic Pharmaceutical Companies, FY2012 Rank Company Score Rank Company Score
1 Sun Pharmaceuticals 6.97 16 Fuji Pharma 5.10
2 Sandoz 6.43 17 Hypermacas 4.97
3 Pharmstandard 6.41 18 Dr. Reddy's 4.95
4 Wockhardt 5.81 19 Krka Pharmaceuticals 4.85
5 Cipla 5.69 20 Mylan 4.82
6 Aspen Pharmacare 5.67 21 Aurobindo Pharma 4.78
7 Adcock Ingram 5.63 22 Ranbaxy Labs 4.73
8 Perrigo 5.55 23 Hospira 4.68
9 Glenmark 5.44 24 Actavis 4.61
10 Sanofi 5.38 25 Teva Pharmaceuticals 4.56
11 Lupin Pharmaceuticals 5.36 26 Nichi-Iko 4.45
12 Fresenius Kabi 5.28 27 Stada Arzneimittel 4.37
13 Covidien 5.24 28 Hikma 4.28
14 Zydus Cadila 5.19 29 Simcere 3.73
15 Gedeon Richter 5.16 30 Valeant Pharmaceuticals 3.70 Source: GlobalData Note: Scale = 1.00–10.00, Average Score = 5.00
Table of Contents
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 7 GDHC001PLR / Published MAR 2013
1 Table of Contents
1 Table of Contents ............................................................................................................... 7
1.1 List of Tables ............................................................................................................. 10
1.2 List of Figures ........................................................................................................... 12
2 Introduction ....................................................................................................................... 14
2.1 Report Scope ............................................................................................................ 14
2.2 Upcoming Related Reports ........................................................................................ 16
2.3 Recently Published Reports ...................................................................................... 16
2.4 GlobalData’s Benchmarking Methodology ................................................................. 17
3 GlobalData Benchmark Rankings ..................................................................................... 18
3.1 Sun Pharmaceuticals Emerges as Generics Leader .................................................. 18
4 Financial Management ...................................................................................................... 20
4.1 Competitive Framework ............................................................................................. 20
4.2 Overview ................................................................................................................... 20
4.3 Financial Management: Heat Map ............................................................................. 23
4.4 Financial Metrics ....................................................................................................... 25
4.4.1 Revenue Leaders ................................................................................................ 25
4.4.2 Revenue Laggards .............................................................................................. 27
4.4.3 Revenue Growth Leaders ................................................................................... 29
4.4.4 Revenue Growth Laggards.................................................................................. 31
4.4.5 Operating Income Leaders .................................................................................. 33
4.4.6 Operating Income Laggards ................................................................................ 34
4.4.7 Operating Income YTY Growth Leaders .............................................................. 36
4.4.8 Operating Income YTY Growth Laggards ............................................................ 37
4.4.9 Operating Margin Leaders ................................................................................... 40
4.4.10 Operating Margin Laggards ................................................................................. 41
5 Expense Management ...................................................................................................... 44
5.1 Competitive Framework ............................................................................................. 44
Table of Contents
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5.2 Overview ................................................................................................................... 44
5.3 Expense Management: Heat Map.............................................................................. 47
5.4 Expense Metrics ........................................................................................................ 49
5.4.1 SG&A Spending Leaders .................................................................................... 49
5.4.2 SG&A Spending Laggards .................................................................................. 50
5.4.3 SG&A YTY Change Leaders ............................................................................... 52
5.4.4 SG&A YTY Change Laggards ............................................................................. 53
5.4.5 Operating Expense Leaders ................................................................................ 55
5.4.6 Operating Expense Laggards .............................................................................. 56
6 Capital Management ......................................................................................................... 59
6.1 Competitive Framework ............................................................................................. 59
6.2 Overview ................................................................................................................... 59
6.3 Competitive Framework: Heat Map ............................................................................ 61
6.4 Capital Management Metrics ..................................................................................... 62
6.4.1 Debt-to-Assets Leaders....................................................................................... 62
6.4.2 Debt-to-Assets Laggards ..................................................................................... 64
6.4.3 Cash Ratio Leaders ............................................................................................ 66
6.4.4 Cash Ratio Laggards .......................................................................................... 68
6.4.5 ROI Leaders ....................................................................................................... 70
6.4.6 ROI Laggards ..................................................................................................... 71
7 Key Players ...................................................................................................................... 73
7.1 Strategic Analysis of Leading Generics Players ......................................................... 73
7.1.1 Sun Pharmaceuticals: The Benchmark Leader .................................................... 73
7.1.2 Sandoz ............................................................................................................... 77
7.1.3 Pharmstandard ................................................................................................... 80
7.1.4 Teva Pharmaceuticals ......................................................................................... 82
7.1.5 Actavis ................................................................................................................ 87
7.1.6 Mylan .................................................................................................................. 91
Table of Contents
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 9 GDHC001PLR / Published MAR 2013
7.1.7 Ranbaxy ............................................................................................................. 94
7.1.8 Dr. Reddy’s ......................................................................................................... 95
7.1.9 Covidien.............................................................................................................. 96
7.1.10 Hospira ............................................................................................................... 97
8 Outlook ............................................................................................................................. 98
8.1 Leverage Improvement will Significantly Alter 2013 Benchmark Rankings.................. 98
8.2 Generic Manufacturers in Emerging Markets will continue to Challenge for Top Spots ...
........................................................................................................................... 98
9 Appendix ........................................................................................................................ 100
9.1 Bibliography ............................................................................................................ 100
9.2 Abbreviations .......................................................................................................... 101
9.3 Research Methodology ............................................................................................ 103
9.3.1 Coverage .......................................................................................................... 103
9.3.2 Secondary Research ......................................................................................... 104
9.3.3 Expert Panel Validation ..................................................................................... 104
9.4 About the Authors ................................................................................................... 105
9.4.1 Analyst .............................................................................................................. 105
9.4.2 Director of Healthcare Industry Dynamics .......................................................... 105
9.4.3 Global Head of Healthcare Research and Consulting ........................................ 106
9.5 About the Industry Dynamics Team ......................................................................... 107
9.6 About GlobalData .................................................................................................... 108
9.7 Contact Us .............................................................................................................. 108
9.8 Disclosure Information ............................................................................................. 108
9.9 Disclaimer ............................................................................................................... 109
Table of Contents
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 10 GDHC001PLR / Published MAR 2013
1.1 List of Tables
Table 1: GlobalData Benchmark Rankings, FY2012 ............................................................. 19
Table 2: Top 15 Companies FM Composite Scores and Overall FM Score, 2012 .................. 23
Table 3: Bottom 15 Companies’ FM Composite Scores and Overall FM Score, 2012 ............ 24
Table 4: FY2012 Top Three Revenue Leaders ..................................................................... 25
Table 5: FY2012 Top Three Revenue Laggards ................................................................... 27
Table 6: FY2012 Top Three Revenue Growth Leaders ......................................................... 29
Table 7: FY2012 Top Three Revenue Growth Laggards ....................................................... 31
Table 8: FY2012 Top Three Operating Income Leaders........................................................ 33
Table 9: FY2012 Top Three Operating Income Laggards ...................................................... 34
Table 10: FY2012 Top Three YTY Operating Income Growth Leaders .................................... 36
Table 11: FY2012 Top Three YTY Operating Income Growth Laggards .................................. 37
Table 12: FY2012 Top Three Operating Margin Leaders ........................................................ 40
Table 13: FY2012 Top Three Operating Margin Laggards ...................................................... 41
Table 14: Top 15 Companies’ EM Composite Scores and Overall EM Score, 2012 ................. 47
Table 15: Bottom 15 Companies’ EM Composite Scores and Overall EM Score, 2012............ 48
Table 16: FY2012 Top SG&A Spending Leaders as a Percentage of Revenue ....................... 49
Table 17: FY2012 Top R&D Spending Laggards as a Percentage of Revenue ....................... 50
Table 18: FY2012 Top SG&A YTY Change Leaders ............................................................... 52
Table 19: FY2012 Top SG&A YTY Change Laggards ............................................................. 53
Table 20: FY2012 Top Operating Expense Leaders as a Percentage of Revenue................... 55
Table 21: FY2012 Top Operating Expense Laggards as a Percentage of Revenue................. 56
Table 22: Top 15 Companies’ CM Composite Scores and Overall CM Score, 2012 ................ 61
Table 23: Bottom 15 Companies’ CM Composite Scores and Overall CM Score, 2012 ........... 62
Table 24: FY2012 Top Debt-to-Assets Leaders ...................................................................... 62
Table 25: FY2012 Debt-to-Assets Laggards ........................................................................... 64
Table 26: FY2012 Cash Ratio Leaders ................................................................................... 66
Table 27: FY2012 Cash Ratio Laggards ................................................................................. 68
Table of Contents
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Table 28: FY2012 ROI Leaders .............................................................................................. 70
Table 29: FY2012 ROI Laggards ............................................................................................ 71
Table of Contents
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 12 GDHC001PLR / Published MAR 2013
1.2 List of Figures
Figure 1: Generics Manufacturing Landscape Assessment – FY2012 Corporate Revenue
Growth vs. Operating Margin .................................................................................. 21
Figure 2: Generics Manufacturing Landscape Assessment – FY2012 Generics Sales Growth
vs. Operating Margin............................................................................................... 22
Figure 3: FY2011 and FY2012 Leading Generic Pharmaceutical Companies by Revenue ..... 28
Figure 4: FY2012 Leading Generic Pharmaceutical Companies by YTY Revenue Growth ..... 32
Figure 5: FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by Operating
Income ($m) ........................................................................................................... 36
Figure 6: FY2012 Leading Generic Pharmaceutical Companies by YTY Operating Income
Growth .................................................................................................................... 39
Figure 7: FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by Operating
Margin .................................................................................................................... 43
Figure 8: Top 30 Generic Pharmaceutical Landscape Assessment – FY2012 SG&A Expense
vs. Operating Expense as a Percentage of Revenue ............................................... 45
Figure 9: FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by SG&A
Spending ($m) ........................................................................................................ 46
Figure 10:FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by SG&A
Spending as a Percentage of Revenue ................................................................... 51
Figure 11:FY2012 Leading Generic Pharmaceutical Companies by SG&A Spending as a
Percentage of Revenue, YTY Change..................................................................... 54
Figure 12:FY2011 and FY2012 Leading Generic Pharmaceutical Companies by Operating
Expense as a Percentage of Revenue .................................................................... 58
Figure 13:FY2011 and FY2012 Leading Generic Pharmaceutical Companies by Debt-to-Assets
Ratio ....................................................................................................................... 66
Figure 14:FY 2011 and FY2012, Leading Generic Pharmaceutical Companies by Cash Ratio 69
Figure 15:FY 2011 and FY2012 Leading Generic Pharmaceutical Companies by ROI............ 72
Figure 16:Sun Pharmaceuticals: SWOT Analysis ................................................................... 74
Figure 17:Sandoz: SWOT Analysis ........................................................................................ 77
Figure 18:Pharmstandard: SWOT Analysis ............................................................................ 80
Figure 19:Teva Pharmaceuticals: SWOT Analysis.................................................................. 83
Table of Contents
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Figure 20:Teva Generics Sales in US vs. Rest-of-World (ROW)1, 2009–2012 ........................ 86
Figure 21:Actavis: SWOT Analysis ......................................................................................... 88
Figure 22:Mylan: SWOT Analysis ........................................................................................... 91
Figure 23:Ranbaxy: SWOT Analysis ...................................................................................... 94
Figure 24:Dr. Reddy’s: SWOT Analysis .................................................................................. 95
Figure 25:Covidien: SWOT Analysis ...................................................................................... 96
Figure 26:Hospira: SWOT Analysis ........................................................................................ 97
Introduction
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 14 GDHC001PLR / Published MAR 2013
2 Introduction
2.1 Report Scope
This report is an essential source of information and analysis on global generic pharmaceutical
manufacturing. Using detailed company data, financial analysis, corporate strategy, and market
trends analysis, GlobalData has highlighted 30 companies in the generic pharmaceuticals space,
forming a basis for in-depth analysis of the current and future growth drivers of the generic
pharmaceuticals market in certain markets. The report discusses the key factors shaping and
driving the generic pharmaceutical industry, and provides insight on the competitive landscape and
emerging strategies expected to significantly alter the market position of industry leaders.
GlobalData’s Generic Manufacturers Benchmark Report – Financial Benchmarking & Competitive
Analysis of the leading generic players in 2013 Report applies GlobalData’s proprietary ranking
methodology to compare the competitive position of 30 generic pharmaceutical companies across
various markets on 12 financial metrics. The performances of these companies are analyzed based
on financial performance, cost-containment, capital structure, and efficiency to illustrate the
different strategies these companies are using to increase shareholder value and capture market
share from branded pharmaceuticals manufacturers. In addition to the financial metrics, this report
presents SWOT analyses of the major players, and describes the operations strategy of these
companies.
Throughout the report, GlobalData’s analysts provide you with expert insight, expanding on each
strategy and factor discussed, with the aim of providing you with the tools needed for making
informed business decisions.
Key Questions Answered
What are the drivers of generic pharmaceutical manufacturing?
What specific strategies are generic pharmaceutical companies employing to gain market
share from branded and other generic pharmaceutical companies?
How are these companies dealing with cost containment to increase their margin?
How does my assets utilization and overall manufacturing efficiency match up with theirs?
How are these generic pharmaceutical companies maximizing their capital spending to attain a
competitive advantage?
Introduction
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 15 GDHC001PLR / Published MAR 2013
Key Benefits
This report will enable you to:
Benchmark your company’s performance against other generic pharmaceutical companies to
identify strengths that can be leveraged and/or areas of possible improvement
Analyze and track the strategies that successful generic pharmaceutical companies are using
to gain share in the increasingly competitive market
Understand the underlying financial metrics that differentiate certain companies from the pack
in terms of growth and profitability, spending, asset structure, and efficiency
Use this information as an independent source for your due diligence and transaction strategy
GlobalData Selection Criteria
After extensive exploratory research and client feedback, GlobalData identified 30 generic
pharmaceutical manufacturing companies based on their revenue size and/or growth and
leadership positions in certain markets. GlobalData believes these 30 companies comprise a
representative cross-section of generic pharmaceutical drug makers that vary by market focus and
corporate strategy, providing a foundation for strategic discussion and analysis. GlobalData’s
coverage examines these drug makers from a unique company-centric lens – combining financial
performance, leverage, and efficiency with M&A activity to assess a company’s overall strategy.
This type of coverage is unlike any other analysis currently available and will deliver a consistent
view into the evolution of these companies’ corporate growth. Moving forward, GlobalData plans to
update this list of 30 generic pharmaceutical companies based on market dynamics and customer
feedback in order to provide our clients with the most current information and analysis on major
players in the generic manufacturing space and guide their corporate decision-making.
Companies covered: Actavis, Adcock Ingram, Aspen Pharmacare, Aurobindo, Cipla, Covidien, Dr.
Reddy’s, Fresenius Kabi, Fuji Pharma, Gedeon Ritcher, Glenmark, Hikma, Hospira, Hypermacas,
Krka, Nichi-Iko, Perrigo, Pharmstandard, Ranbaxy, Sandoz, Sanofi (generics business only), Stada
Arzneimittel, Sun, Teva, Valeant, Wockhardt, and Zydus Cadila.
Please note that our list of companies includes generics businesses of branded pharmaceutical
companies with revenues of over $1 billion.
If there is a specific company you would like GlobalData to cover and include in our next report,
kindly contact GlobalData’s Industry Dynamics Team directly and we will make every attempt to
add it to our coverage.
Introduction
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 16 GDHC001PLR / Published MAR 2013
2.2 Upcoming Related Reports
Report titles are subject to change:
GlobalData (2013). Academic Tech Transfer Deals and Strategy Analyses, March 2013
GlobalData (2013). Contract Research Organizations Benchmark Report, April 2013
GlobalData (2013). Biosimilars Strategy 2013: Global Manufacturing Trends and Key Drivers,
May 2013
Benchmarking Top 10 Domestic Players in China, June 2013
Benchmarking Top 10 Domestic Players in India, July 2013
GlobalData (2013). Early-Stage Biotech Funding and Strategy, August 2013
2.3 Recently Published Reports
GlobalData (2013). PharmaSphere: Global Generics Strategy – Key Drivers, Markets and
Trends in 2013, March 2013, GDHC001PSR
GlobalData (2013). PharmaLeaders: Innovative Mid-Cap Biotechnology Benchmark Report –
Financial Benchmarking, Pipeline Assessment & Competitive Analysis of Innovative Biotechs’
Biotech Strategy 2012 – Licensing, Collaboration, and M&A Trends, January 2013,
GDHC001SAC.
GlobalData (2012). Biotech Strategy 2012 – Licensing, Collaboration, and M&A Trends,
November 2012, GDHC0001MAL.
GlobalData (2012). Pharmaceutical Leaders 2012 – Key Trends, Emerging Strategies and
Financial Analysis of Top Performers, July 2012, GDHC0001BR.
GlobalData (2012). Rare and Niche Disease Catalyst Monitor – Key Events Analysis 1H12,
May 2012, GDHC487PRT.
Introduction
© GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form. Page 17 GDHC001PLR / Published MAR 2013
2.4 GlobalData’s Benchmarking Methodology
GlobalData’s Generic Manufacturers Benchmark Report ranks 30 generic companies on 12
financial metrics. These metrics include company-specific data such as revenues, margins,
expenses and balance sheet ratios that are weighted and combined into an aggregate
composite score that leads to a rank of each company’s overall financial performance. The
ranking scale ranges from 1.00–10.00, with the average being 5.00, and higher rankings
representing better overall performance. Please note that GlobalData placed more emphasis
on company growth and efficiency. Consequently, revenue size – one of the financial metrics
utilized in this report – was weighted less than revenue growth, thereby rewarding companies
that are more efficient in their operations and growing faster than their peers in the industry.
GlobalData believes one of the many strengths of our proprietary ranking methodology is that
company rankings are data-driven and empirical, not subjective or whimsical. It is important to
note that these rankings are retrospective and are intended to help illustrate the strategies that
companies are using to succeed financially, and should not be considered as an endorsement
by GlobalData, or a recommendation to purchase any securities. It is essential to recognize
that there are many factors that determine the success of any company, not just financial
performance, such as clinical pipeline, leadership of management and organizational structure,
which are not accounted for directly in our methodology. The rankings are primarily intended to
serve as an impetus for analytical discussion, and for examining a company’s relative
competitive position in a very dynamic industry.
Appendix
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9.6 About GlobalData
GlobalData is a leading global provider of business intelligence in the Healthcare industry.
GlobalData provides its clients with up-to-date information and analysis on the latest developments
in drug research, disease analysis, and clinical research and development. Our integrated business
intelligence solutions include a range of interactive online databases, analytical tools, reports and
forecasts. Our analysis is supported by a 24/7 client support and analyst team.
GlobalData has offices in New York, Boston, London, India, and Singapore.
9.8 Disclosure Information
GlobalData is a product of GlobalData Ltd, a UK-registered company. GlobalData Ltd has no
current or intended investment banking or corporate finance relationships or operations. The
material presented in this report is provided for information purposes only and is not to be used or
considered as a recommendation to buy, hold, or sell any securities or other financial instruments.
No GlobalData Ltd directors, officers or employees are on the Board of Directors of a covered
company, and no one at a covered company is on the Board of Directors of GlobalData Ltd.
Appendix
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9.9 Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any
form by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior
permission of the publisher, GlobalData.