SVB Leerink LLC Coverage List

(1)

Company Ticker Rating Analyst Sector Year

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

1 1Life Healthcare, Inc.@* ONEM Market Perform Stephen Tanal, CFA Tech-Enabled Healthcare

Services Dec 43.03 (1.85) (0.51) (0.34) NA NA NA 133.0 5,724

2 89bio, Inc. ETNB Outperform Thomas Smith Biopharma / Immunology

& Metabolism Dec 23.15 (24.49) (3.31) (4.19) NA NA NA 19.9 460

3 Abbott Laboratories## ABT Market Perform Danielle Antalffy Medical Supplies and

Devices Dec 112.27 3.25 3.55 4.35 34.5 31.6 25.8 1,772.4 198,983

4 AbbVie Inc.#^ ABBV Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Dec 107.04 8.94 10.47 12.27 12.0 10.2 8.7 1,765.5 188,967

5 Abcam plc#^ ABCM Outperform Puneet Souda Life Science Tools and

Diagnostics Jun 19.57 0.33 0.17 0.17 59.3 NA NA 226.7 4,436

6 AbCellera Biologics Inc. ABCL Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 39.51 0.15 0.72 0.92 NA 54.9 42.9 265.6 10,493

7 Abeona Therapeutics Inc. ABEO Outperform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 1.79 (1.53) (0.81) (0.54) NA NA NA 98.5 176

8 ABIOMED, Inc. ABMD Market Perform Danielle Antalffy Medical Supplies and

Devices Mar 325.36 5.61 4.43 A 4.40 58.0 73.4 73.9 45.2 14,703

9 AC Immune SA#~~ ACIU Outperform Marc Goodman Biopharma /

Neuroscience Dec 5.76 CHF 0.64 (CHF 0.85) (0.40) 9.0 NA NA 71.9 414

10 ACADIA Pharmaceuticals Inc.#~~ ACAD Outperform Marc Goodman Biopharma /

Neuroscience Dec 55.43 (1.60) (1.90) (0.75) NA NA NA 159.0 8,812

11 Acceleron Pharma Inc. XLRN Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Dec 120.21 (2.38) (2.78) (3.43) NA NA NA 60.3 7,243

12 Accolade, Inc. ACCD Market Perform Stephanie Davis, CFA Healthcare Technology Feb 47.63 NA NA (1.41) NA NA NA 55.3 2,635

13 Aclaris Therapeutics, Inc. ACRS Outperform Thomas Smith Biopharma / Immunology

14 Acorda Therapeutics, Inc.* ACOR Suspended Coverage Biotechnology Dec 4.18 NA NA NA NA NA NA 9.5 40

15 Adamas Pharmaceuticals, Inc.~^~ ADMS Outperform Marc Goodman Biopharma /

Neuroscience Dec 4.95 (3.80) (1.90) (1.35) NA NA NA 28.5 141

16 AdaptHealth Corp.@* AHCO Outperform Stephen Tanal, CFA Tech-Enabled Healthcare

Services Dec 38.31 0.32 0.54 1.44 NA 70.9 26.6 108.5 4,157

17 Adaptimmune Therapeutics plc# ADAP Market Perform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

Oncology Dec 6.05 (0.22) (0.15) (0.15) NA NA NA 154.7 935

18 Adverum Biotechnologies, Inc. ADVM Outperform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 12.14 ($1.00) ($1.30) (1.34) NA NA NA 97.5 1,183

19 Affimed N.V.# AFMD Outperform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec 6.37 (€ 0.49) (€ 0.27) (0.07) NA NA NA 88.3 563

20 Agilent Technologies, Inc.** A Outperform Puneet Souda Life Science Tools and

Diagnostics Oct 126.62 3.11 3.28 3.65 40.7 38.6 34.7 306.8 38,853

21 Agios Pharmaceuticals, Inc. AGIO Outperform Andrew Berens, M.D. Biopharma / Targeted

Oncology Dec 46.71 (6.86) (4.48) (6.60) NA NA NA 69.3 3,235

22 Alcon Inc.~#^ ALC Market Perform Richard Newitter Medical Supplies and

Devices Dec 68.20 1.84 1.05 1.65 37.1 65.0 41.3 499.7 34,080

23 Alexion Pharmaceuticals, Inc.#+ ALXN Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Dec 156.49 10.53 12.37 15.75 14.9 12.7 9.9 218.7 34,228

24 Align Technology, Inc. ALGN Outperform Richard Newitter Medical Supplies and

Devices Dec 560.51 5.97 4.50 7.93 93.9 NA 70.7 78.9 44,196

25 Alkermes plc< ALKS Market Perform Marc Goodman Biopharma /

Neuroscience Dec 20.66 0.71 0.42 0.55 29.1 49.2 37.6 159.1 3,288

26 Allakos Inc. ALLK Outperform Thomas Smith Biopharma / Immunology

& Metabolism Dec 127.28 (1.89) (3.11) (4.21) NA NA NA 52.5 6,683

27 AlloVir, Inc. ALVR Outperform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 40.95 (0.64) (9.68) (1.30) NA NA NA 65.1 2,666

28 Allscripts Healthcare Solutions, Inc.*# MDRX Market Perform Stephanie Davis, CFA Healthcare Technology Dec 15.51 0.66 0.68 0.72 23.5 22.8 21.5 158.0 2,450

29 Alnylam Pharmaceuticals, Inc.@* ALNY Market Perform Mani Foroohar, M.D. Biopharma / Genetic

30 Amarin Corporation plc*# AMRN Outperform Ami Fadia Biopharma / Other Dec 5.83 0.02 0.01 0.14 NA NA 41.6 391.2 2,279

31 Amgen Inc.`` AMGN Market Perform Geoffrey Porges, MBBS Biopharma / Diversified

32 Amicus Therapeutics, Inc. FOLD Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 23.87 (1.48) (1.04) (1.01) NA NA NA 260.6 6,220

(2)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

34 Anthem, Inc.@* ANTM Outperform Stephen Tanal, CFA Managed Care Dec 338.34 19.44 22.40 25.30 17.4 15.1 13.4 248.7 84,147

35 Applied Molecular Transport Inc. AMTI Outperform Joseph P. Schwartz Biopharma / Rare

36 Aptinyx Inc. APTX Outperform Marc Goodman Biopharma /

37 Arbutus Biopharma Corporation ABUS Suspended Coverage Biotechnology Dec 4.01 NA NA NA NA NA NA 84.9 340

38 Arcus Biosciences, Inc. RCUS Outperform Geoffrey Porges, MBBS Biotechnology Dec 30.79 (1.94) (1.35) 3.80 NA NA 8.1 64.9 1,999

39 Ardelyx, Inc. ARDX Outperform Ami Fadia Biopharma / Other Dec 7.00 (1.47) (1.02) (1.48) NA NA NA 90.2 631

40 Arena Pharmaceuticals, Inc. ARNA Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 77.71 7.69 (7.05) (6.99) 10.1 NA NA 58.2 4,520

41 Arrowhead Pharmaceuticals, Inc. ARWR Market Perform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Sep 79.10 0.69 (0.84) 1.17 NA NA 67.6 102.8 8,128

42 Ascendis Pharma A/S ASND Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 169.11 (€ 4.69) (€ 7.12) (6.43) NA NA NA 53.4 9,033

43 Assembly Biosciences, Inc. ASMB Outperform Geoffrey Porges, MBBS Biotechnology Dec 6.12 (3.72) (1.59) (2.97) NA NA NA 33.0 202

44 AstraZeneca PLC^^# AZN Outperform Andrew Berens, M.D. Biopharma / Targeted

Oncology Dec 50.51 1.75 2.04 2.62 28.9 24.8 19.3 2,624.0 132,538

45 Athenex, Inc. ATNX Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

46 AtriCure, Inc.~ ATRC Outperform Danielle Antalffy Medical Supplies and

Devices Dec 56.49 (0.94) (0.99) (0.65) NA NA NA 45.0 2,543

47 Aurinia Pharmaceuticals Inc. AUPH Outperform Joseph P. Schwartz Biopharma / Rare

48 Avadel Pharmaceuticals plc AVDL Outperform Ami Fadia Biopharma / Other Dec 6.87 (0.89) (0.17) (1.36) NA NA NA 58.2 400

49 AVEO Pharmaceuticals, Inc. AVEO Outperform Andrew Berens, M.D. Biopharma / Targeted

Oncology Dec 7.27 0.61 (1.80) (1.70) 11.9 NA NA 28.8 209

50 Avidity Biosciences, Inc. RNA Outperform Joseph P. Schwartz Biotechnology Dec 26.19 (9.12) (1.53) (1.66) NA NA NA 37.5 983

51 AVROBIO, Inc.@* AVRO Market Perform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 15.82 ($2.67) ($3.63) (3.16) NA NA NA 41.5 656

52 Axcella Health Inc. AXLA Outperform Thomas Smith Biopharma / Immunology

53 Axogen, Inc. AXGN Outperform Richard Newitter Medical Supplies and

Devices Dec 20.00 (0.74) (0.61) (0.59) NA NA NA 40.1 803

54 Axonics Modulation Technologies, Inc. AXNX Outperform Danielle Antalffy Medical Supplies and

55 Axsome Therapeutics, Inc.#~~ AXSM Outperform Marc Goodman Biopharma /

56 Baxter International Inc.^ BAX Outperform Danielle Antalffy Medical Supplies and

Devices Dec 81.75 3.31 3.03 3.50 24.7 27.0 23.4 510.8 41,759

57 Becton, Dickinson and Company^ BDX Market Perform Richard Newitter Medical Supplies and

Devices Sep 255.88 11.68 10.20 12.47 21.9 25.1 20.5 290.9 74,423

58 BeiGene, Ltd.~+ BGNE Outperform Andrew Berens, M.D. Biopharma / Targeted

59 Biogen Inc.@* BIIB Outperform Marc Goodman Biopharma /

Neuroscience Dec 250.20 33.57 33.35 24.35 7.5 7.5 10.3 153.9 38,501

60 Biohaven Pharmaceutical Holding Company

Ltd.~^~ BHVN Outperform Marc Goodman

Biopharma /

61 BioMarin Pharmaceutical Inc. BMRN Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 91.12 (0.13) 4.48 (0.95) NA 20.3 NA 181.5 16,541

62 BioNTech SE# BNTX Market Perform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec 98.27 (0.85) (0.30) 10.87 NA NA 9.0 238.2 23,404

63 Bio-Rad Laboratories, Inc.** BIO Suspended Coverage Life Science Tools and

Diagnostics Dec 629.40 NA NA NA NA NA NA 29.8 18,775

64 Bio-Techne Corporation** TECH Outperform Puneet Souda Life Science Tools and

Diagnostics Jun 335.49 4.51 4.55 5.78 74.4 73.7 58.0 38.6 12,953

65 bluebird bio, Inc.@* BLUE Outperform Mani Foroohar, M.D. Biopharma / Genetic

66 Blueprint Medicines Corporation BPMC Outperform Andrew Berens, M.D. Biopharma / Targeted

Oncology Dec 107.37 (7.27) 5.06 (4.83) NA 21.2 NA 55.7 5,984

67 Boston Scientific Corporation^ BSX Market Perform Danielle Antalffy Medical Supplies and

(3)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

68 BridgeBio Pharma, Inc. BBIO Outperform Mani Foroohar, M.D. Biopharma / Genetic

69 Bristol-Myers Squibb Company^ BMY Suspended Coverage Biopharma /

Immuno-Oncology Dec 62.21 NA NA NA NA NA NA 2,259.8 140,586

70 Bruker Corporation** BRKR Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 58.31 1.57 1.26 1.55 37.1 46.3 37.6 153.1 8,928

71 Calithera Biosciences, Inc. CALA Market Perform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

72 Cardiovascular Systems, Inc. CSII Outperform Danielle Antalffy Medical Supplies and

Devices Jun 46.48 (0.01) (0.79) (0.27) NA NA NA 40.1 1,865

73 CareDx, Inc. CDNA Suspended Coverage Life Science Tools and

74 Castle Biosciences, Inc. CSTL Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 76.98 (0.21) (0.36) 0.08 NA NA NA 24.8 1,906

75 Castlight Health, Inc.^^ CSLT Suspended Coverage Healthcare IT Dec 1.66 NA NA NA NA NA NA 153.8 256

76 Celldex Therapeutics, Inc. CLDX Suspended Coverage Biotechnology Dec 17.73 NA NA NA NA NA NA 39.6 702

77 Centene Corporation*# CNC Outperform Stephen Tanal, CFA Managed Care Dec 69.60 4.42 4.99 5.25 15.7 13.9 13.3 579.8 40,354

78 Centogene N.V.# CNTG Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 11.45 (1.27) (1.26) (1.50) NA NA NA 21.9 250

79 Cerner Corporation*# CERN Outperform Stephanie Davis, CFA Healthcare Technology Dec 79.75 2.68 2.86 3.21 29.8 27.9 24.8 306.6 24,451

80 Change Healthcare Inc. CHNG Outperform Stephanie Davis, CFA Healthcare Technology Mar 23.85 1.63 1.57 1.28 14.6 15.2 18.6 320.6 7,645

81 ChemoCentryx, Inc.@* CCXI Outperform Joseph P. Schwartz Biopharma / Rare

82 Chinook Therapeutics, Inc. KDNY Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 16.77 NA (0.72) (1.77) NA NA NA 42.2 707

83 Cidara Therapeutics, Inc. CDTX Suspended Coverage Biotechnology Dec 2.34 NA NA NA NA NA NA 43.9 103

84 Cigna Corporation~^~ CI Market Perform Stephen Tanal, CFA Managed Care Dec 221.46 17.05 18.70 20.80 13.0 11.8 10.6 361.3 80,006

85 Clovis Oncology, Inc. CLVS Underperform Andrew Berens, M.D. Biopharma / Targeted

86 Cogent Biosciences, Inc. COGT Outperform Christopher Liu, Pharm.D. Biopharma / Targeted

Oncology Dec 11.88 NA (2.91) (1.50) NA NA NA 29.7 352

87 Compugen Ltd. CGEN Outperform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec 13.52 (0.43) (0.38) (0.39) NA NA NA 82.9 1,120

88 Computer Programs and Systems, Inc.*# CPSI Outperform Joy Zhang, CFA, Vice President Healthcare Technology Dec 29.49 2.53 2.37 2.62 11.7 12.4 11.3 14.5 428

89 CONMED Corporation CNMD Market Perform Richard Newitter Medical Devices Dec 114.68 2.64 2.03 3.09 43.4 56.5 37.1 28.6 3,280

90 Crinetics Pharmaceuticals, Inc. CRNX Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 14.66 (2.09) (2.27) (2.22) NA NA NA 32.9 483

91 CVS Health Corporation*# CVS Market Perform Stephen Tanal, CFA Managed Care Dec 75.04 7.09 7.45 7.50 10.6 10.1 10.0 1,308.9 98,217

92 Cryoport, Inc. CYRX Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 56.03 (0.55) (0.86) 0.43 NA NA NA 39.7 2,222

93 CymaBay Therapeutics, Inc.*## CBAY Outperform Thomas Smith Biopharma / Immunology

94 CytoSorbents Corporation CTSO Outperform Danielle Antalffy Medical Supplies and

95 Danaher Corporation^ DHR Suspended Coverage Life Science Tools and

96 DBV Technologies S.A.# DBVT Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 3.41 (€ 4.15) (€ 3.17) (2.84) NA NA NA 109.9 374

97 Deciphera Pharmaceuticals, Inc. DCPH Market Perform Andrew Berens, M.D. Biopharma / Targeted

98 DexCom, Inc.^ DXCM Outperform Danielle Antalffy Medical Supplies and

Devices Dec 390.80 1.10 2.43 3.25 NA NA NA 96.0 37,527

99 Dicerna Pharmaceuticals, Inc.@* DRNA Outperform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 23.04 (1.76) 0.14 1.79 NA NA 12.9 75.0 1,729

100 Edwards Lifesciences Corporation^ EW Outperform Danielle Antalffy Medical Supplies and

Devices Dec 89.62 1.86 1.90 2.20 48.2 47.2 40.7 623.2 55,856

101 eHealth, Inc. EHTH Outperform Stephen Tanal, CFA Tech-Enabled Healthcare

(4)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

102 Eidos Therapeutics, Inc.@* EIDX Market Perform Mani Foroohar, M.D. Biopharma / Genetic

103 Enanta Pharmaceuticals, Inc. ENTA Suspended Coverage Biotechnology Sep 46.87 NA NA NA NA NA NA 20.1 941

104 Endo International plc## ENDP Market Perform Ami Fadia Biopharma / Generics Dec 7.97 2.38 2.55 2.11 3.3 3.1 3.8 230.3 1,835

105 Epizyme, Inc. EPZM Market Perform Andrew Berens, M.D. Biopharma / Targeted

106 Equillium, Inc.*## EQ Outperform Thomas Smith Biopharma / Immunology

107 Evolent Health, Inc.~~~ EVH Suspended Coverage Tech-Enabled Healthcare

Services Dec 17.27 NA NA NA NA NA NA 85.8 1,481

108 Evolus, Inc.#~~ EOLS Outperform Marc Goodman Biopharma /

109 EXACT Sciences Corporation^ EXAS Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 129.37 (0.64) (2.95) (0.27) NA NA NA 159.0 20,574

110 Exelixis, Inc. EXEL Suspended Coverage Biotechnology Dec 22.74 NA NA NA NA NA NA 310.2 7,055

111 Fate Therapeutics, Inc. FATE Outperform Daina Graybosch, Ph.D. Biopharma /

112 FibroGen, Inc. FGEN Outperform Geoffrey Porges, MBBS Biotechnology Dec 39.47 (0.89) (2.16) 0.83 NA NA 47.6 91.0 3,592

113 Five Prime Therapeutics, Inc. FPRX Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

114 Fluidigm Corporation** FLDM Suspended Coverage Life Science Tools and

Diagnostics Dec 6.27 NA NA NA NA NA NA 74.1 465

115 Forma Therapeutics Holdings, Inc. FMTX Outperform Andrew Berens, M.D. Biopharma / Targeted

116 Forward Pharma A/S FWP Suspended Coverage Specialty Pharmaceuticals Dec 8.00 NA NA NA NA NA NA 6.9 55

117 Fulcrum Therapeutics, Inc.#~~ FULC Outperform Joseph P. Schwartz Biopharma / Rare

118 Galapagos NV*## GLPG Suspended Coverage Biopharma / Immunology

& Metabolism Dec 101.47 NA NA NA NA NA NA 65.4 6,637

119 Galecto, Inc. GLTO Outperform Thomas Smith Biopharma / Immunology

& Metabolism Dec 13.12 NA (3.35) (2.45) NA NA NA 25.3 331

120 Genmab A/S# GMAB Market Perform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

Oncology Dec 41.62 DKK 34.04 DKK 70.12 DKK 43.13 1.2 0.6 1.0 65.5 2,728

121 GENFIT S.A.# GNFT Outperform Thomas Smith Biopharma / Immunology

& Metabolism Dec 5.49 (€ 1.76) (€ 2.23) (€ 1.27) NA NA NA 38.9 213

122 Genocea Biosciences, Inc. GNCA Outperform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec 2.55 (1.89) (0.98) (0.72) NA NA NA 51.6 132

123 Gilead Sciences, Inc.#+ GILD Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Dec 62.90 6.63 6.90 7.15 9.5 9.1 8.8 1,253.5 78,847

124 GlaxoSmithKline plc~~# _GSK Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Dec £13.94 123.90 p 117.20 p NA 11.3 11.9 NA 4,977.0 £69,399

125 Globus Medical, Inc.^ GMED Outperform Richard Newitter Medical Supplies and

Devices Dec 66.91 1.68 1.34 1.86 39.8 49.9 36.0 98.7 6,602

126 GoodRx Holdings, Inc.+ GDRX Outperform Stephanie Davis, CFA Healthcare Technology &

Distribution Dec 41.51 0.00 0.34 0.34 NA NA NA 434.4 18,032

127 Gossamer Bio, Inc.@* GOSS Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 10.36 ($3.29) ($3.50) (3.33) NA NA NA 75.9 787

128 Graybug Vision, Inc. GRAY Outperform Marc Goodman Biopharma /

Neuroscience Dec 26.06 ($33.81) ($16.45) (2.50) NA NA NA 21.0 547

129 Guardant Health, Inc.**^ GH Outperform Puneet Souda Life Science Tools and

130 GW Pharmaceuticals plc~+ GWPH Outperform Marc Goodman Biopharma /

131 Harpoon Therapeutics, Inc. HARP Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

(5)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

133 HealthEquity, Inc.*# HQY Market Perform Stephanie Davis, CFA Healthcare Technology Jan 77.51 1.19 1.72 1.61 65.1 45.1 48.1 77.0 5,968

134 Heron Therapeutics, Inc. HRTX Outperform Ami Fadia Pain Dec 19.59 (2.51) (2.34) (1.51) NA NA NA 90.9 1,780

135 HMS Holdings Corp.*# HMSY Market Perform Stephanie Davis, CFA Healthcare Technology Dec 36.64 1.32 1.24 1.39 27.8 29.5 26.4 88.6 3,245

136 Hologic, Inc.^ HOLX Outperform Richard Newitter Medical Supplies and

Devices Sep 80.23 2.43 4.00 5.70 33.0 20.1 14.1 257.0 20,620

137 HOOKIPA Pharma Inc.@* HOOK Outperform Andrew Berens, M.D. Biopharma / Targeted

138 Horizon Pharma plc+++ HZNP Suspended Coverage Specialty Pharmaceuticals Dec 79.54 NA NA NA NA NA NA 220.7 17,555

139 HTG Molecular Diagnostics, Inc.``` HTGM Outperform Puneet Souda Life Science Tools and

140 Humana Inc. HUM Outperform Stephen Tanal, CFA Managed Care Dec 444.84 17.86 18.64 21.80 24.9 23.9 20.4 132.3 58,871

141 Illumina, Inc.** ILMN Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 381.41 6.56 4.31 5.76 58.1 88.5 66.2 146.0 55,686

142 IMARA Inc. IMRA Outperform Joseph P. Schwartz Biopharma / Rare

143 Immatics N.V.# IMTX Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

Oncology Dec 11.07 (€ 27.13) (€ 4.75) (€ 1.05) NA NA NA 62.9 696

144 Immunic, Inc. IMUX Outperform Thomas Smith Biopharma / Immunology

& Metabolism Dec 17.56 (€ 4.52) (€ 3.03) (€ 3.50) NA NA NA 20.7 364

145 ImmunoGen, Inc. IMGN Market Perform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

146 Immunovant, Inc.@* IMVT Outperform Thomas Smith Biopharma / Immunology

& Metabolism Mar 48.13 (0.52) (1.54) (1.23) NA NA NA 97.9 4,712

147 Inari Medical, Inc.# NARI Outperform Danielle Antalffy Medical Supplies and

Devices Dec 81.77 (0.03) 0.19 0.21 NA NA NA 48.7 3,983

148 Incyte Corporation INCY Market Perform Andrew Berens, M.D. Biopharma / Targeted

Oncology Dec 91.15 2.05 (1.54) 2.64 44.5 NA 34.5 219.0 19,961

149 inflaRx N.V.# IFRX Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 5.87 (€ 2.05) (€ 1.16) (0.88) NA NA NA 26.1 153

150 Innate Pharma S.A.# IPHA Market Perform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec € 3.82 (€ 0.31) (€ 0.04) (0.99) NA NA NA 79.0 302

151 Innoviva, Inc. INVA Suspended Coverage Biotechnology Dec 12.80 NA NA NA NA NA NA 101.4 1,298

152 Inogen, Inc. INGN Market Perform Danielle Antalffy Medical Supplies and

Devices Dec 48.93 0.94 (0.31) (0.60) 52.1 NA NA 22.1 1,082

153 Inovalon Holdings, Inc.*# INOV Outperform Stephanie Davis, CFA Healthcare Technology Dec 20.33 0.52 0.59 0.74 39.1 34.5 27.5 149.7 3,043

154 Insmed Incorporated INSM Outperform Joseph P. Schwartz Biopharma / Rare

155 Inspire Medical Systems, Inc. INSP Outperform Richard Newitter Medical Devices Dec 186.43 (1.39) (2.56) (2.59) NA NA NA 26.9 5,022

156 Insulet Corporation~ PODD Market Perform Danielle Antalffy Medical Supplies and

Devices Dec 260.73 0.19 0.20 0.77 NA NA NA 65.9 17,189

157 Intellia Therapeutics, Inc.@* NTLA Outperform Mani Foroohar, M.D. Biopharma / Genetic

158 Intercept Pharmaceuticals, Inc.*## ICPT Market Perform Thomas Smith Biopharma / Immunology

159 Intersect ENT, Inc.^ XENT Market Perform Richard Newitter Medical Supplies and

160 Intra-Cellular Therapies, Inc.#~~ ITCI Outperform Marc Goodman Biopharma /

161 Intuitive Surgical, Inc.^ ISRG Market Perform Richard Newitter Medical Supplies and

Devices Dec 810.52 12.77 9.70 13.11 63.5 83.6 61.8 117.6 95,281

162 Invitae Corporation NVTA Outperform Puneet Souda Life Science Tools and

163 Ionis Pharmaceuticals, Inc.@* IONS Market Perform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 59.91 2.08 (0.51) 0.16 28.8 NA NA 139.8 8,377

(6)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

165 Itamar Medical Ltd.^** ITMR Outperform Richard Newitter Medical Supplies and

166 iTeos Therapeutics, Inc. ITOS Outperform Daina Graybosch, Ph.D. Biopharma /

167 Iterum Therapeutics plc ITRM Market Perform Ami Fadia Infectious Diseases Dec 1.21 (7.10) (2.66) (0.22) NA NA NA 49.1 59

168 Jazz Pharmaceuticals plc*# JAZZ Outperform Ami Fadia Biopharma / Other Dec 162.84 16.24 12.67 17.04 10.0 12.9 9.6 55.7 9,072

169 Johnson & Johnson^ JNJ Outperform Danielle Antalffy Medical Supplies and

Devices Dec 160.61 8.69 7.95 8.90 18.5 20.2 18.0 2,632.5 422,813

170 KalVista Pharmaceuticals, Inc. KALV Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Apr 17.85 (1.38) (1.64) (2.42) NA NA NA 17.9 320

171 Karyopharm Therapeutics Inc. KPTI Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

172 Keros Therapeutics, Inc.@* KROS Outperform Thomas Smith Biopharma / Immunology

173 Kinnate Biopharma Inc. KNTE Outperform Andrew Berens, M.D. Biopharma / Targeted

174 Kura Oncology, Inc. KURA Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

175 Luminex Corporation** LMNX Suspended Coverage Life Science Tools and

176 H. Lundbeck A/S^* LUN-DK Market Perform Marc Goodman Biopharma /

Neuroscience Dec DKK 204.90 DKK 19.46 DKK 17.60 DKK 12.70 10.5 11.6 16.1 199.1 DKK 40,805

177 MacroGenics, Inc. MGNX Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

Oncology Dec 21.27 (3.16) (2.73) 0.08 NA NA NA 56.2 1,195

178 Madrigal Pharmaceuticals, Inc.*## MDGL Outperform Thomas Smith Biopharma / Immunology

179 MannKind Corporation*## MNKD Outperform Thomas Smith Biopharma / Immunology

180 Marinus Pharmaceuticals, Inc.#~~ MRNS Outperform Marc Goodman Biopharma /

181 Medtronic plc^ MDT Market Perform Danielle Antalffy Medical Supplies and

Devices Apr 119.08 5.22 4.59 4.14 22.8 25.9 28.8 1,346.0 160,284

182 Merck & Co., Inc. MRK Outperform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec 83.64 3.79 4.61 3.97 22.1 18.1 21.1 2,530.0 211,612

183 Mereo BioPharma Group plc MREO Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 3.50 -£0.39 -£0.52 (0.12) NA NA NA 13.5 47

184 Mersana Therapeutics, Inc. MRSN Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

185 Millendo Therapeutics, Inc. MLND Market Perform Joseph P. Schwartz Biopharma / Rare

186 Mirati Therapeutics, Inc.@* MRTX Outperform Andrew Berens, M.D. Biopharma / Targeted

187 Moderna, Inc. MRNA Underperform Mani Foroohar, M.D. Biotechnology Dec 116.27 (1.55) (1.14) 10.81 NA NA 10.8 395.7 46,009

188 Molecular Partners AG MOLN-SWX Outperform Daina Graybosch, Ph.D. Biopharma /

Immuno-Oncology Dec CHF 21.00 (CHF 1.55) (CHF 1.35) CHF 0.10 NA NA NA 29.1 CHF 612

189 Molina Healthcare, Inc.^*~ MOH Outperform Stephen Tanal, CFA Managed Care Dec 242.00 11.57 13.15 14.10 20.9 18.4 17.2 59.3 14,351

190 MorphoSys AG# MOR GY Outperform Geoffrey Porges, MBBS Biotechnology Dec € 98.62 (€ 3.25) € 0.43 (3.04) NA NA NA 32.9 3,244

191 Myovant Sciences Ltd. MYOV Market Perform Ami Fadia Women's Health Mar 24.95 (3.37) (2.78) (2.85) NA NA NA 90.6 2,260

192 Myriad Genetics, Inc.~ MYGN Market Perform Puneet Souda Life Science Tools and

Diagnostics Jun 24.04 1.67 (0.09) (0.11) 14.4 NA NA 75.2 1,808

193 Nabriva Therapeutics plc# NBRV Suspended Coverage Biotechnology Dec 2.81 NA NA NA NA NA NA 21.1 59

194 NanoString Technologies, Inc.^ NSTG Suspended Coverage Life Science Tools and

195 Natera, Inc. NTRA Outperform Puneet Souda Life Science Tools and

196 Nektar Therapeutics NKTR Market Perform Daina Graybosch, Ph.D. Biopharma /

(7)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

198 NeoGenomics, Inc. NEO Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 54.52 0.32 0.06 0.30 NA NA NA 111.0 6,053

199 Neovasc Inc. NVCN Outperform Danielle Antalffy Medical Supplies and

200 Neurocrine Biosciences, Inc.~# NBIX Market Perform Marc Goodman Biopharma /

Neuroscience Dec 107.05 0.33 1.15 3.90 NA 93.1 27.4 93.4 10,002

201 Nevro Corp. NVRO Outperform Danielle Antalffy Medical Supplies and

202 Novartis AG NVS Suspended Coverage Pharmaceuticals/ Major Dec 93.86 NA NA NA NA NA NA 2,467.1 231,558

203 Novo Nordisk A/S NVO Suspended Coverage Pharmaceuticals/ Major Dec DKK 425.55 NA NA NA NA NA NA 2,456.0 1,045,151

204 Nuance Communications, Inc.`` NUAN Outperform Stephanie Davis, CFA Healthcare Technology Sep DKK 46.41 1.14 0.83 0.76 40.7 55.9 61.1 284.9 13,222

205 NuVasive, Inc.^ NUVA Outperform Richard Newitter Medical Supplies and

Devices Dec 56.32 2.47 1.16 2.46 22.8 48.6 22.9 51.3 2,888

206 Oak Street Health, Inc.*# OSH Outperform Stephen Tanal, CFA Tech-Enabled Healthcare

Services Dec 59.93 (0.64) (0.46) (0.39) NA NA NA 240.8 14,433

207 ObsEva SA*# OBSV Outperform Ami Fadia Women's Health Dec 2.11 (2.50) (1.69) (1.15) NA NA NA 55.0 116

208 Opthea Limited^* OPT Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Jun 12.21 (AUD 0.09) (AUD 0.06) (AUD 0.09) NA NA NA 42.2 515

209 Organogenesis Holdings Inc. ORGO Outperform Richard Newitter Medical Supplies and

Devices Dec 7.90 (0.44) 0.01 (0.03) NA NA NA 125.3 990

210 Osmotica Pharmaceuticals plc OSMT Outperform Ami Fadia Women's Health Dec 4.55 (5.20) (0.65) (0.89) NA NA NA 62.6 285

211 Outset Medical, Inc.*# OM Outperform Danielle Antalffy Medical Supplies and

Devices Dec 51.31 NA (2.98) (2.40) NA NA NA 42.7 2,191

212 Pacira BioSciences, Inc.+ PCRX Outperform Ami Fadia Pain Dec 68.98 1.67 2.08 4.77 41.3 33.2 14.5 43.4 2,997

213 Pandion Therapeutics, Inc. PAND Outperform Geoffrey Porges, MBBS Biopharma / Diversified

Biotechnology Dec 17.71 NA (3.07) (1.66) NA NA NA 29.5 523

214 Paratek Pharmaceuticals, Inc. PRTK Outperform Ami Fadia Infectious Diseases Dec 6.38 (3.93) (2.15) (1.07) NA NA NA 45.6 291

215 PerkinElmer, Inc.** PKI Suspended Coverage Life Science Tools and

216 Perrigo Company plc PRGO Outperform Ami Fadia Biopharma / Generics Dec 45.98 4.02 4.10 4.17 11.4 11.2 11.0 136.5 6,275

217 Pfizer Inc.^ PFE Market Perform Geoffrey Porges, MBBS Pharmaceuticals/ Major Dec 37.24 2.95 2.88 2.91 12.6 12.9 12.8 5,558.4 207,020

218 Phreesia, Inc. PHR Outperform Stephanie Davis, CFA Healthcare Technology Jan 57.39 (16.82) (4.50) (0.65) NA NA NA 43.0 2,466

219 Premier, Inc.*# PINC Outperform Stephanie Davis, CFA Healthcare Technology Jun 37.08 2.66 2.72 2.19 13.9 13.6 16.9 122.5 4,542

220 Progyny, Inc.*# PGNY Outperform Stephen Tanal, CFA Tech-Enabled Healthcare

Services Dec 45.01 0.11 0.12 0.34 NA NA NA 99.0 4,456

221 Protagonist Therapeutics, Inc. PTGX Outperform Joseph P. Schwartz Biopharma / Rare

222 Provention Bio, Inc.*## PRVB Outperform Thomas Smith Biopharma / Immunology

223 Puma Biotechnology, Inc. PBYI Market Perform Andrew Berens, M.D. Biopharma / Targeted

224 QIAGEN N.V.** QGEN Suspended Coverage Life Science Tools and

225 Quanterix Corporation*# QTRX Outperform Puneet Souda Life Science Tools and

226 R1 RCM Inc.*# RCM Outperform Stephanie Davis, CFA Healthcare Technology Dec 23.91 (0.03) 0.19 0.37 NA NA 64.6 116.7 2,789

227 Radius Health, Inc.+ RDUS Market Perform Geoffrey Porges, MBBS Biotechnology Dec 21.98 (1.98) (1.32) (0.13) NA NA NA 46.5 1,023

228 Reata Pharmaceuticals, Inc. RETA Outperform Joseph P. Schwartz Biopharma / Rare

229 Regeneron Pharmaceuticals, Inc.< REGN Outperform Geoffrey Porges, MBBS Biopharma / Diversified

230 REGENXBIO Inc.@* RGNX Market Perform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 47.52 (2.59) 2.61 (4.12) NA 18.2 NA 37.4 1,778

231 Relmada Therapeutics, Inc.#~~ RLMD Outperform Marc Goodman Biopharma /

Neuroscience Jun 35.18 (1.63) (4.00) (7.15) NA NA NA 16.0 563

232 Repligen Corporation*# RGEN Outperform Puneet Souda Life Science Tools and

(8)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

233 Replimune Group, Inc. REPL Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

Oncology Mar 41.01 (1.54) (1.81) (1.88) NA NA NA 46.0 1,885

234 Revolution Medicines, Inc. RVMD Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

235 Rigel Pharmaceuticals, Inc. RIGL Suspended Coverage Biotechnology Dec 3.53 NA NA NA NA NA NA 169.0 597

236 Rocket Pharmaceuticals, Inc.@* RCKT Outperform Mani Foroohar, M.D. Biopharma / Genetic

237 Rubius Therapeutics, Inc. RUBY Market Perform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

238 Sage Therapeutics, Inc.#~~ SAGE Market Perform Marc Goodman Biopharma /

239 Sanofi SAN FP Market Perform Geoffrey Porges, MBBS Pharmaceuticals/ Major Dec € 78.34 € 5.99 € 6.19 € 6.26 13.1 12.7 12.5 1,259.0 € 98,627

240 Sarepta Therapeutics, Inc. SRPT Outperform Joseph P. Schwartz Biopharma / Rare

241 Satsuma Pharmaceuticals, Inc. STSA Market Perform Marc Goodman Biopharma /

242 scPharmaceuticals Inc.*# SCPH Market Perform Ami Fadia Biopharma / Other Dec 6.37 (1.78) (1.38) (1.32) NA NA NA 27.3 174

243 Seagen Inc. SGEN Outperform Andrew Berens, M.D. Biopharma / Targeted

Oncology Dec 176.10 (0.96) 3.17 0.28 NA 55.6 NA 180.3 31,751

244 Senseonics Holdings, Inc. SENS Outperform Danielle Antalffy Medical Supplies and

245 Sientra, Inc. SIEN Outperform Richard Newitter Aesthetic Devices Dec 4.26 (2.63) (1.68) (0.98) NA NA NA 50.5 215

246 Silk Road Medical, Inc. SILK Outperform Danielle Antalffy Medical Supplies and

247 Silverback Therapeutics, Inc. SBTX Outperform Daina Graybosch, Ph.D. Biopharma /

248 Sio Gene Therapies, Inc. SIOX Outperform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Mar 3.08 (2.93) (0.70) (0.99) NA NA NA 46.7 144

249 Solid Biosciences Inc. SLDB Market Perform Joseph P. Schwartz Biopharma / Rare

250 Spruce Biosciences, Inc. SPRB Outperform Joseph P. Schwartz Biopharma / Rare

Diseases Dec 21.80 NA (5.53) (2.55) NA NA NA 23.3 507

251 Stryker Corporation^ SYK Outperform Richard Newitter Medical Supplies and

Devices Dec 243.57 8.25 7.14 9.08 29.5 34.1 26.8 375.8 91,531

252 Sunesis Pharmaceuticals, Inc. SNSS Suspended Coverage Biotechnology Dec 2.38 NA NA NA NA NA NA 18.1 43

253 Synlogic, Inc. SYBX Outperform Joseph P. Schwartz Biopharma / Rare

254 T2 Biosystems, Inc. TTOO Outperform Puneet Souda Life Science Tools and

255 Tabula Rasa HealthCare, Inc.*# TRHC Market Perform Stephanie Davis, CFA Healthcare Technology Dec 47.41 0.79 0.05 0.30 60.0 NA NA 23.8 1,130

256 Tandem Diabetes Care, Inc. TNDM Market Perform Danielle Antalffy Medical Supplies and

Devices Dec 96.31 (0.42) (0.71) 0.16 NA NA NA 62.2 5,990

257 TCR2 Therapeutics Inc. TCRR Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

258 Teladoc Health, Inc.@* TDOC Outperform Stephanie Davis, CFA Healthcare Technology Dec 225.05 (1.38) (1.57) (0.33) NA NA NA 145.0 32,623

259 Teleflex Incorporated^ TFX Outperform Richard Newitter Medical Supplies and

Devices Dec 405.66 11.15 10.50 12.48 36.4 38.6 32.5 46.6 18,890

260 Teva Pharmaceutical Industries Ltd.*# TEVA Market Perform Ami Fadia Biopharma / Generics Dec 11.09 2.41 2.52 2.58 4.6 4.4 4.3 1,096.0 12,154

261 Theravance Biopharma, Inc. TBPH Outperform Geoffrey Porges, MBBS Biotechnology Dec 17.27 (4.25) (4.53) (3.04) NA NA NA 64.0 1,105

262 Thermo Fisher Scientific Inc.** TMO Outperform Puneet Souda Life Science Tools and

Diagnostics Dec 511.59 12.35 18.45 19.94 41.4 27.7 25.7 396.3 202,761

263 Tocagen Inc. TOCA Suspended Coverage Biopharma /

Immuno-Oncology Dec 35.45 NA NA NA NA NA NA 12.8 455

264 Translate Bio, Inc.``` TBIO Outperform Geoffrey Porges, MBBS Biotechnology Dec 21.76 (2.10) (0.83) (1.34) NA NA NA 74.3 1,617

265 Travere Therapeutics, Inc. TVTX Outperform Joseph P. Schwartz Biopharma / Rare

266 Trovagene, Inc.@@ TROV Suspended Coverage Life Science Tools and

Diagnostics Dec 18.70 NA NA NA NA NA NA 35.3 661

267 Turning Point Therapeutics, Inc. TPTX Outperform Andrew Berens, M.D. Biopharma / Targeted

(9)

($) ($) ($) ($) 2019 2020E 2021E (MM) ($MM)

268 Twist Bioscience Corporation^ TWST Market Perform Puneet Souda Life Science Tools and

Diagnostics Sep 161.93 (3.99) (3.06) (3.06) NA NA NA 48.6 7,872

269 Ultragenyx Pharmaceutical Inc. RARE Outperform Joseph P. Schwartz Biopharma / Rare

270 uniQure N.V. QURE Outperform Joseph P. Schwartz Biopharma / Rare

271 UnitedHealth Group Incorporated@* UNH Outperform Stephen Tanal, CFA Managed Care Dec 365.85 15.11 16.75 18.15 24.2 21.8 20.2 962.0 351,948

272 Veeva Systems Inc.*# VEEV Market Perform Stephanie Davis, CFA Healthcare Technology Jan 281.32 1.63 2.19 2.83 NA NA 99.4 161.7 45,490

273 Veracyte, Inc. VCYT Outperform Puneet Souda Life Science Tools and

274 Verastem, Inc. VSTM Suspended Coverage Biotechnology Dec 2.32 NA NA NA NA NA NA 169.8 394

275 Vericel Corporation VCEL Outperform Danielle Antalffy Medical Supplies and

Devices Dec 35.28 (0.21) 0.00 0.36 NA NA 98.0 45.4 1,603

276 Vertex Pharmaceuticals Incorporated#+ VRTX Market Perform Geoffrey Porges, MBBS Biopharma / Diversified

277 Viatris Inc. VTRS Market Perform Ami Fadia Biopharma / Generics Dec 18.49 4.42 4.68 4.61 4.2 4.0 4.0 1,200.0 22,188

278 Vical, Incorporated VICL Suspended Coverage Biotechnology Dec 1.09 NA NA NA NA NA NA 53.5 58

279 Viking Therapeutics, Inc.*## VKTX Outperform Thomas Smith Biopharma / Immunology

280 Vocera Communications, Inc.*# VCRA Underperform Stephanie Davis, CFA Healthcare Technology Dec 43.72 0.30 0.45 0.51 NA 97.2 85.7 32.5 1,421

281 Waters Corporation** WAT Market Perform Puneet Souda Life Science Tools and

Diagnostics Dec 261.42 8.97 8.14 9.06 29.1 32.1 28.9 62.0 16,221

282 Wave Life Sciences Ltd.@* WVE Market Perform Mani Foroohar, M.D. Biopharma / Genetic

Medicine Dec 9.70 (5.72) (3.78) (1.76) NA NA NA 48.8 473

283 Xencor, Inc. XNCR Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

Oncology Dec 48.83 0.46 (1.87) (0.96) NA NA NA 57.5 2,806

284 Xenon Pharmaceuticals Inc.#~~ XENE Outperform Marc Goodman Biopharma /

285 Xeris Pharmaceuticals, Inc.*# XERS Outperform Ami Fadia Biopharma / Other Dec 5.98 (4.80) (2.22) (1.81) NA NA NA 49.0 293

286 Zai Lab Ltd ZLAB Outperform Jonathan Chang, Ph.D., CFA Biopharma / Emerging

287 Zentalis Pharmaceuticals, Inc@* ZNTL Outperform Andrew Berens, M.D. Biotechnology Dec 49.39 (8.16) (4.06) (3.25) NA NA NA 40.6 2,006

288 Zimmer Biomet Holdings, Inc.^ ZBH Outperform Richard Newitter Medical Supplies and

Devices Dec 160.56 7.87 5.61 7.89 20.4 28.6 20.3 207.3 33,281

289 Zogenix, Inc.#~~ ZGNX Outperform Marc Goodman Biopharma /

290 Zymeworks Inc. ZYME Outperform Andrew Berens, M.D. Biopharma / Targeted

Notes: GAAP presented unless noted; ^ EPS excludes 1x items & other charges; + EPS excludes stock option expense & other stock charges; ~operating EPS excludes 1x items & other charges; * operating EPS excludes stock option expense & other charges; ^^pro forma EPS excludes 1x items and other charges; ** EPS excludes 1 time charges & amortization of intangibles; ## EPS excludes amortization of intangibles; # EPS IFRS; +++EPS net of royalties; ~~~EPS excludes stock comp, transaction expenses, & purchase accounting adjustments; @@ EPS excludes

changes in fair value of derivative instruments; < Pro forma non-GAAP diluted EPS; #+ EPS diluted, excludes option expense; ``EPS diluted non-GAAP, excludes option expense; ```EPS diluted non-GAAP including excluded items; ^*EPS fully diluted, as converted; #^ EPS excludes 1x items & other charges, but includes option expense; *# Adjusted non-GAAP EPS; **^ EPS diluted, adjusted FAS123R option expense included; +*diluted, adjusted EPS from continuing operations; ~+GAAP EPS per ADS; ~# USDEPS Fully diluted; #~~ EPS-Basic; ~^~ non-GAAP EPS- Basic; @* Diluted EPS; *## Pro forma EPS; ~#^ Adjusted/non-GAAP EPS, ex. 1x items; *** Adj. EPS excludes amortization, stock-based comp, & other items not reflective of core operations; *#* Adjusted EPS includes impact of RAC release and discreet tax benefits; ^*^ 2Q19 EPS adjusted for impact of IPO; ^^# Core EPS per ADR; ~~#EPS estimates reflect core EPS, Excl. extraordinary items & reflects IFRS restatement, Incl. options expense.; *#^ Adj. EBITDA; ^**Non-IFRS diluted EPS; ^*~ Cash EPS

Notes: P/E calculated using prior day closing price and EPS in local currency; Source: FactSet, Company Information, SVB Leerink LLC Research estimates

(10)

(Hold/Neutral) Perform(Hold/Neutral)

Underperform (Sell) 3 1.2% Underperform (Sell) 0 0.0%

Explanation of Ratings

Outperform (Buy): We expect this stock to outperform its benchmark over the next 12 months.

Market Perform (Hold/Neutral): We expect this stock to perform in line with its benchmark over the next 12 months.

Underperform (Sell): We expect this stock to underperform its benchmark over the next 12 months.

The degree of outperformance or underperformance required to warrant an Outperform or an Underperform rating should be commensurate with the risk profile of the company. For the purposes of these definitions the relevant benchmark will be the S&P 600®_Health

Care Index for issuers with a market capitalization of less than $2 billion and the S&P 500®

Health Care Index for issuers with a market capitalization over $2 billion.

Important Disclosures

This information (including, but not limited to, prices, quotes and statistics) has been obtained from sources that we believe reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. All information is subject to change without notice. The information is intended for Institutional Use Only and is not an offer to sell or a solicitation to buy any product to which this information relates. SVB Leerink LLC (“Firm”), its officers, directors, employees, proprietary accounts and affiliates may have a position, long or short, in the securities referred to in this report, and/or other related securities, and from time to time may increase or decrease the position or express a view that is contrary to that contained in this report. The Firm's research analysts, salespeople, traders and other professionals may provide oral or written market commentary or trading strategies that are contrary to opinions expressed in this report. The Firm's asset

management group and proprietary accounts may make investment decisions that are inconsistent with the opinions expressed in this document. The past performance of securities does not guarantee or predict future performance. Transaction strategies described herein may not be suitable for all investors. This document may not be

reproduced or circulated without SVB Leerink’s written authority. Additional information is available upon request by contacting the Editorial Department, SVB Leerink LLC, One Federal Street, 37th Floor, Boston, MA 02110.

(11)

provide industry and market insights to SVB Leerink and its clients.

(12)

[email protected] DIVERSIFIED BIOTECHNOLOGY Geoffrey C. Porges, MBBS (212) 277-6092 [email protected] TARGETED ONCOLOGY Andrew Berens, M.D. (212) 277-6108 [email protected] Gang Li, Ph.D. (212) 277-6185 [email protected]

Christopher Liu, Pharm.D.

(212) 277-6192 [email protected] IMMUNO-ONCOLOGY Daina M. Graybosch, Ph.D. (212) 277-6128 [email protected] Dilip Joseph (212) 277-6148 [email protected] Jeffrey La Rosa (212) 277-6103 [email protected] EMERGING ONCOLOGY Jonathan Chang, Ph.D., CFA

(617) 918-4015 [email protected] John C. Barrett, Ph.D. (617) 918-4039 [email protected] David Ruch (617) 918-4817 [email protected] Thomas J. Smith (212) 277-6069 [email protected] Dylan Dupuis, Ph.D. (212) 277-6151 [email protected] NEUROSCIENCE Marc Goodman (212) 277-6137 [email protected] Roanna Ruiz, Ph.D. (212) 277-6144 [email protected] Rudy Li, Ph.D. (212) 277-6127 [email protected] RARE DISEASE Joseph P. Schwartz (617) 918-4575 [email protected] Joori Park, Ph.D. (617) 918-4098 [email protected] Kelly Girskis, Ph.D. (617) 918-4838 [email protected]

GENERICS, INFECTIOUS DISEASE, PAIN, WOMEN’S HEALTH, OTHER

THERAPEUTICS Ami Fadia (212) 277-6047 [email protected] Eason Lee (212) 277-6070 [email protected]

LIFE SCIENCE TOOLS & DIAGNOSTICS Puneet Souda

(212) 277-6091

[email protected]

Westley Dupray, CFA

(617) 918-4549 [email protected] Scott Mafale (212) 277-6107 [email protected] Jaime L. Morgan (212) 277-6073 [email protected] Erin S. Fahey (212) 277-6136 [email protected]

HEALTHCARE TECHNOLOGY & DISTRIBUTION

Stephanie Davis, CFA

(212) 277-6153

[email protected]

Joy Zhang, CFA

(212) 277-6021

[email protected]

Joseph Civello

(212) 277-6093

[email protected]

PAYORS & PROVIDERS Stephen V. Tanal, CFA

(212) 277-6104

[email protected]

Harrison Zhuo, CFA

(212) 277-6013 [email protected] EDITORIAL SR. EDITOR/SUPERVISORY ANALYST Thomas A. Marsilio (212) 277-6040 [email protected] SUPERVISORY ANALYSTS Randy Brougher [email protected] Robert Egan [email protected] Amy N. Sonne [email protected] EDITORIAL ASSOCIATE Emily Singletary (212) 277-6115 [email protected]