ABBVIE INC.

Transcription

1 ABBVIE INC

2 AbbVie is a global, research-based biopharmaceutical company. They are focused on developing and marketing advanced therapies for some of the world s most complex and serious diseases such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis; as well as other serious health conditions. The company also has a pipeline of prospective medicines, including more than 50 investigational programs in clinical development across such important medical specialities as immunology, virology, oncology, and neurology, with additional targeted investment in cystic fibrosis and women s health. AbbVie s strategic aim is to be an innovation-driven, patient-focused speciality biopharmaceutical company which is capable of achieving top-tier financial performance through outstanding execution and a steady stream of outstanding new medicines. AbbVie intends to continue to advance its objective in several ways, including: I. Growing revenues through continued strong performance from its existing portfolio of on-market products, which include its flagship brands, HUMIRA and IMBRUVICA as well as growth from pipeline products. II. III. IV. Expanding operating margins Continued investment in its pipeline in support of opportunities in immunology, oncology, virology, and neurology as well as continued investment in key on-market products. Development of its pipeline through concerted focus on strategic licensing, acquisition and collaborating activity with a focus on identifying compelling programs that fit the company s strategic criteria. V. Returning cash to shareholders via dividends and share repurchases. Key Data: BUY EPIC: ABBV Share Price: week High/ Low Listing: NYSE Shares in Issue: 1,590,000,000 Market Cap: 189,600,000,000 Sector: Biopharmaceuticals AbbVie Inc is not a client of Gofera Limited. There is no business relationship between the two entities and Gofera does not own any shares in AbbVie. The company expects to achieve its strategic objectives by the following: HUMIRA sales growth by driving biologic assimilation across disease categories, which will have the result of increasing market leadership and strong commercial execution. IMBRUVICA revenue growth driven by increasing market share within its five currently approved indications. The favourable impact of pipeline products approved in 2016 or currently under regulatory review where approval is expected in Investigación & Análisis Independiente de Acciones Published 5/03/2018 1

3 Net Revenues 19,960 22,859 25,638 28,216 31,057 34,687 38,467 Cost of Products Sold 4,426 4,500 5,833 7,040 7,838 9,041 10,764 Selling, general and adminstrative 7,724 6,387 5,855 6,275 6,529 6,271 5,995 Research and development 3,297 4,285 4,366 4,982 5,725 6,571 7,312 Acquired in-process research and development Total operating costs and expenses 16,549 15,322 16,254 18,624 20,394 22,174 24,414 Operating earnings Earnings before income tax expense 2,369 6,645 7,884 7,727 8,478 9,302 10,117 Income tax expense 595 1,501 1,931 2, ,209 Net earnings 1,774 5,144 5,953 5,309 5,600 5,877 5,908 Basic earnings per share $ Diluted earnings per share $ AbbVie remains committed to driving continued expansion of operating margins and expects to achieve this objective through productivity initiatives in supply chain, ongoing efficiency programs to optimise manufacturing, commercial infrastructure, administrative costs, and general corporate expenses and continued leverage from revenue growth. The company has a broad range of products which are currently being used to treat some of the world s most complex and serious diseases and which are detailed below. Humira HUMIRA (adalimumab) is a biologic therapy which is administered as a subcutaneous injection. It has been approved to treat the following autoimmune diseases in the United States, Canada, and Mexico and in the European Union. HUMIRA is estimated to cost around $4,370 per month and from 2012 until its US patent expired in 2016, it was consistently top of the list of the top-selling pharmaceutical products. In 2016, it had around $16 billion of global sales. It is estimated that the US treatment for Rheumatoid Arthritis is set to increase in value from around $6.4 billion in 2013 to $9.3 billion by In 2016, HUMIRA accounted for approximately 63% of AbbVie s total net revenues. Condition Rheumatoid Arthritis (moderate to severe) Psoriatic Arthritis Ankylosing Spondylitis Adult Crohn s disease (moderate to severe) Plaque Psoriasis (moderate to severe chronic) Juvenile Idiopathic arthritis (moderate to severe polyarticular) Ulcerative Colitis (moderate to severe) Axial Spondyloarthropathy Paediatric Crohn s disease (moderate to severe) Paediatric Enthesitis-related arthritis Non-infectious intermediate, posterior and panuveitis Hidradenitis Suppurativa (moderate to severe) Principal Markets European Union North America, European Unio European Union Investigación & Análisis Independiente de Acciones Published 5/03/2018 2

4 The following table lists the top ten companies and total worldwide anti-rheumatic sales for the period This information has been sourced from the 2017 Evaluate report. Rank Company CAGR AbbVie 16,078 16,805 +1% 30.2% 30.4% 2 Johnson & Johnson 8,127 6,244-4% 15.2% 11.3% 3 Pfizer 5,781 5,684-0% 10.8% 10.3% 4 Amgen 5,965 4,611-4% 11.2% 8.3% 5 Celgene 1,017 3, % 1.9% 6.6% 6 Bristol Myers Squibb 2,265 2,457 +1% 4.2% 4.4% 7 UCB 1,446 1,398-1% 2.7% 2.5% 8 Roche 1,434 1,380-1% 2.7% 2.5% 9 Merck & Co 2,484 1,310-10% 4.7% 2.4% 10 Bayer 972 1,107 +2% 1.8% 2.0% Top 10 45,571 44,670-0% 85.5% 80.7% Other 7,753 10,691 +6% 14.5% 19.3% Total Industry 53,324 55,361 +1% 100.0% 100.0% Also from the Evaluate 2017 report, the following table lists the top 5 Anti-rheumatic products as per 2016 along with their projected revenue and market share for Rank Product Generic Name 1 Humira adalimimab AbbVie + Eisal 2 Enbrel etanercept WW Sales ($m) CAGR WW Market Share Company Pharma Class Amgen + Pfizer + +Takeda 3 Otezla apremilast Celgene 4 Simponi golimumab 5 Remicade Infltximab Johnson & Johnson + Merck & Co Johnson & Johnson + Merck & Co + Mitsubishi Tanabe Pharma Anti-tumour necrosis factor alpha (TNFa)Mab Tumor necrosis factor alpha (TNFa) inhibitor Phosphodiesterase (PDE) 4 inhibitor Anti-tumour necrosis factor alpha (TNFa) MAb Anti-tumour necrosis factor alpha (TNFa) Mab % 31.0% 28.7% % 17.3% 9.5% % 1.9% 6.6% % 4.7% 6.5% % 15.1% 5.0% Investigación & Análisis Independiente de Acciones Published 5/03/2018 3

5 The top 5 R&D Anti-Rheumatic products worldwide in 2022 with their projected sales and market share are detailed below as per the Evaluate 2017 report. Rank Product Generic name Company Pharma Class WW Sales ($m) 2022 WW Market Share 2022 Status 1 ABT-494 Upadacitinib tartrate AbbVie Janus Kinase (JAK) 1 inhibitor % Phase III 2 Slrukumab slrukumab Johnson & Johnson Anti-IL-6 MAb % Filed 3 Zilretta Triamcinoclone acetonide Flexion Therapeutics Corticosteroid % Filed 4 ABP 710 Inflximab Amgen Anti-tumour necrosis factor alpha (TNFa) MAb % Phase III 5 Filgotinib filgotinib Gilead Sciences + Galapagos Janus Kinase (JAK) 1 inhibitor % Phase III Oncology Products IMBRUVICA IMBRUVICA (Ibrutinib) is an oral, once-daily therapy that restricts a protein called Bruton s tyrosine Kinase (BTK). IMBRUVICA is currently approved for the treatment of patients with chronic lymphocytic leukaemia (CLL), who have del 17p (which is the deletion of the short arm of chromosome 17) and patients with Waldenstrom s macroglobulinemia (which is a type of cancer which affects two types of B cells, lymphoplasmacytoid cells and plasma cells). IMBRUVICA is also approved for the treatment of patients with mantle cell lymphoma (MCL)(which is a type of non-hodgkin s lymphoma) who have received at least one prior therapy. In January 2017, the FDA also approved IMBRUVICA for the treatment of patients with relapsed/refractory marginal zone lymphoma (MZL) (which is a slow-growing non-hodgkin B-cell lymphoma) who require systemic therapy and have received at least one prior anti-cd20 based therapy. IMBRUVICA was one of the first medicines to receive a US FDA approval after being granted a breakthrough therapy designation and IMBRUVICA is one of the few therapies to receive four separate designations. VENCLEXTA Venclexta (Venetoclax) is also approved to treat people with chronic lymphocytic leukaemia (CLL) with the 17p deletion, who have received at least one prior treatment. Venclexta is the first FDA approved treatment that targets the B-cell lymphoma (BCL-2) protein, which is known to support cancer cell growth and is shown to be overexpressed in many patients with CLL. Venclexta has recently been approved in the EU for the treatment of chronic lymphocytic leukaemia (CLL) in patients with the 17p deletion or TP53 mutation (the TP53 gene is crucial in the prevention of cancer formation) and are unsuitable for or have failed a B-cell receptor pathway inhibitor and for the treatment of CLL in absence of 17p deletion or TP53 mutation who have failed both chemoimmunotherapy and a B-cell receptor pathway inhibitor. The below table which was obtained from the Evaluate 2017 report details the top 10 Oncological companies and their estimated total worldwide oncological sales in 2016 and in Investigación & Análisis Independiente de Acciones Published 5/03/2018 4

6 WW Sales ($m) WW Market Share Rank Company CAGR Rank Chg Roche 26,411 27,822 +1% 28.2% 14.5% - 2 Celgene 10,097 19, % 10.8% 10.1% - 3 Johnson & Johnson 4,963 12, % 5.3% 6.7% +2 4 Pfizer 4,924 12, % 5.3% 6.5% +2 5 Bristol Myers Squibb 6,907 12, % 7.4% 6.4% -1 6 Novartis 9,330 11,270 +3% 10.0% 5.9% -3 7 AstraZeneca 3,383 10, % 3.6% 5.5% +1 8 Merck & Co 1,716 9, % 1.8% 5.1% +4 9 AbbVie 2,409 8, % 2.6% 4.3% Eli Lilly 3,616 5,308 +7% 3.9% 2.8% -3 Top 10 73, ,949 10% 78.7% 67.6% Other 19,991 62,281 21% 21.3% 32.4% Total Industry 93, ,230 13% 100% 100% As can be seen from the highlighted row in the above table, AbbVie is expected to more than triple its revenues derived from its oncology products for the period which will in turn lead to a nearly doubling of its market share to just under 5% by the year Also obtained from the Evaluate 2017 report, the top 5 oncology products worldwide in 2022 are expected to be as shown in the below table. WW Sales ($m) Rank Product Generic name Company Pharma Class CAGR WW Market Share Revlimid lenalidomide Celgene Immunomodulator % 7% 7% 2 Opdivo Nivolumab 3 Keytruda Pembroltzumab 4 Imbruvica Ibrutinib 5 Ibrance Palboctcltb Pfizer Bristol Myers Squibb + Ono Pharmaceutical Merck & Co + Otsuka Holdings Abbie + Johnson & Johnson Anti-programmed cell death-1 (PD-1) MAb Anti-programmed cell death-1 (PD-1) MAb Bruton s tyrosine Kinase (BTK) inhibitor Cyclin-dependent Kinase (CDK) 4 & 6 inhibitor % 5% 5% % 1% 5% % 2% 4% % 2% 4% Investigación & Análisis Independiente de Acciones Published 5/03/2018 5

7 Virology Products AbbVie s virology products are designed for patients living with the Hepatitis C virus and HIV-1 and are principally made up of the following products: HCV Products VIEKIRA PAK (Ombitasvir, Paritaprevir and Ritonavir tablets; Dasabuvir tablets) is an all-oral, short course, interferon (proteins)-free therapy, with or without ribavirin, for the treatment of adult patients with genotype 1 chronic HCV, including those with compensated cirrhosis. In Europe, AbbVie s HCV treatment is marketed as VIEKIRAX + EXVIERA and is approved for use in patients with genotype-1 (most prevalent in North America, Central Africa and Europe) and genotype-4 HCV (found principally in Central Africa). In July 2015, the FDA approved AbbVie s Technivie (ombitasvir, paritaprevir and ritonavir) for use in combination with ribavirin for the treatment of adults with genotype-4 HCV infection in the United States. The company s additional virology products include: Kaletra (Lopinavir/Ritonavir), which is also marketed as Aluvia in emerging markets. It is a prescription anti-hiv-1 medicine that contains two protease (enzymes that perform protein catabolism (the breakdown of molecules into smaller units)) inhibitors: Lopinavir and Ritonavir. Kaletra is used with other anti-hiv-1 medications as a treatment that maintains viral suppression in people with HIV-1. Norvir (ritonavir) is a protease inhibitor that is used in combination with other antiretroviral agents for the treatment of HIV-1 infection. Synagis (palivizumab) is a product marketed by AbbVie outside of the United States that protects at-risk infants from severe respiratory disease caused by Respiratory Syncytial (multinucleated cells) Virus (RSV). The following table details the top ten companies involved in Anti-virology and shows the estimated total sales and market share for 2016 and WW Sales ($m) Rank Company CAGR WW Market Share Rank Chg Gilead Sciences 27,727 19,789-5% 57.1% 46.2% +0 2 GlaxoSmithKline 5,260 9, % 10.8% 21.8% +0 3 Merck & Co 2,097 2,844 +5% 4.3% 6.6% +3 4 Johnson & Johnson 2,680 2,566-1% 5.5% 6.0% +1 5 AbbVie 3,003 2,396-4% 6.2% 5.6% -1 6 Sino Biopharmaceutical % 1.8% 2.3% +2 7 Bristol-Myers-Squibb 3, % 7.9% 1.8% -4 8 Shlonogl % 0.1% 1.4% Aurobindo Pharma % 0.4% 0.9% AstraZeneca % 0.7% 0.7% -1 Top 10 46,004 40,045-2% 94.8% 93.5% Other 2,536 2,786 +2% 5.2% 6.5% Total Industry 48,540 42,831-2% 100.0% 100.0% As can be seen from the above table, the company is expecting to suffer a decline in revenues generated from their anti-viral products of around 4% which in turn is expected to result in a decline of their market share of around 0.6% for the period 2016 to Investigación & Análisis Independiente de Acciones Published 5/03/2018 6

8 The top 5 R&D anti-viral products in 2022 are expected to be as shown below: Rank Product Generic name Company Pharma Class Bictegravir/F/ TAF Glecaprevir & pibrentasvir Sofosbuvir, Velpatasvir & voxilaprevir Bictegravir sodium; emtricitabine; tenofovir alafenamide fumarate Glecaprevir; pibrentasvir Sofosbuvir, velpatasvir, voxilaprevir Gilead Sciences AbbVie Gilead Sciences 4 S Shlonogl 5 Fostemsavir Tromethamine Fostemsavir tromethamine Glaxo SmithKline Nucleoside reverse transcriptase inhibitor (NRT) and HIV integrase inhibitor Hepatitis C NS3/4A protease & hepatitis C NS5A inhibitor Hepatitis C NS3 protease, Hepatitis C nucleoside NS5A & NS5B POLYMERASE INHIBITOR Cap-dependent endonuclease inhibitor HIV attachment inhibitor WW Sales ($M) 2022 WW Market Share 2022 Status 4, % Phase III 1, % Filed 1, % Filed % Phase III % Phase III Metabolic and Hormone Products These products are used to target several conditions which include testosterone deficiency due to certain underlying conditions, exocrine pancreatic insufficiency and hypothyroidism. The principal products are detailed below: Androgel (Testosterone gel) is a testosterone replacement therapy for males diagnosed with symptomatic low testosterone due to certain underlying conditions that is available in two strengths: 1 percent and 1.62 percent. Creon (Pancrelipase) is a pancreatic enzyme therapy for exocrine pancreatic insufficiency, a condition that occurs in patients with cystic fibrosis, chronic pancreatitis, and several other conditions. Synthroid (levothyroxine sodium tablets, USP) is used in the treatment of hypothyroidism. AbbVie only has the rights to sell Androgel, Creon and Synthroid in the United States. Endocrinology products Lupron (leuprolide acetate), which is also marketed as Lucrin and lucron depot, is a product for the palliative treatment of advanced prostate cancer, treatment of endometriosis and central precocious puberty (a condition where puberty starts too early) and for the preoperative treatment of patients with anaemia caused by uterine fibroids. Lupron is approved for daily subcutaneous injection and one month, three-month, four-month and six-month intramuscular injection. AbbVie s other products include: Duopa and Duodopa (Carbidopa and Levodopa). AbbVie s Levodopa-Carbidopa intestinal gel for the treatment of advanced Parkinson s disease is marketed as Duopa in the United States and as Duodopa outside of the United States. Anaesthesia products Sevoflurane (sold under the trademarks Ultane and Sevorane) is an anaesthesia product that AbbVie sells worldwide for human use. Zinbryta (daclizumab) is a once-monthly, self-administered, subcutaneous treatment for relapsing forms of multiple Investigación & Análisis Independiente de Acciones Published 5/03/2018 7

9 sclerosis (MS), which was approved by the FDA in May The use of Zinbryta is generally reserved for patients who have had an inadequate response to two or more therapies indicated for the treatment of MS. The European commission granted marketing authorisation for Zinbryta in July AbbVie believes that it currently has no single customer that, if the customer were lost, would have a materially adverse effect on the company s business. AbbVie licences or owns a patent portfolio of thousands of patent families, but it believes that no single patent, licence, trademark (or related group of patents, licences, or trademarks), except for those related to Adalimumab (which is sold under the trademark HUMIRA), are material in relation to the company s business. The United States composition of matter patent covering Adalimumab expired in December 2016, and the equivalent European Union patent is expected to expire in the majority of European countries in October In the United States, non-composition of matter patents covering Adalimumab are expected to expire no earlier than The company currently believes that the following patents, licences and trademarks are significant: those related to Ibrutinib (which is sold under the trademark IMBRUVICA), those related to ombitasvir/paritaprevir/ ritonavir and dasabuvir (which are sold under the trademarks VIEKIRA PAK, VIEKIRAX, EXVIERA and HOLKIRA PAK), and those related to testosterone (which is sold under the trademark Androgel). The United States composition of matter patent covering Ibrutinib is expected to expire in The United States composition of matter patents covering Ombitasvir, Paritaprevir and Dasabuvir are expected to expire in 2032, 2031 and 2029 respectively. The filling and packaging of HUMIRA syringes to be sold outside of the United States and Puerto Rico is performed by a single supplier at its two different facilities. AbbVie does not currently believe that this agreement is material because AbbVie s business is not substantially at risk without access to these facilities because the company currently maintains a significant inventory of HUMIRA syringes to reduce the risk of any supply disruption and its own syringe-filling and packaging facility in the United States is approved to supply syringes to primary markets outside of the United States and Puerto Rico. AbbVie does depend on alliances with several pharmaceutical and biotechnology companies for a portion of the products in its near term pharmaceutical pipeline. Failures by these parties to meet their contractual, regulatory, or other obligations to AbbVie, or any disruption in the relationships between AbbVie and these third parties, would have an adverse effect on AbbVie s pharmaceutical pipeline and business and so it is a matter of strategic importance that the company maintains these relationships in a good manner. AbbVie uses many products in its pharmaceutical and biologic manufacturing processes that are sourced from single suppliers. The failure of these single-source suppliers to fulfil their contractual obligations in a timely manner or because of regulatory noncompliance or physical disruption at a manufacturing site may impair AbbVie s ability to deliver its products to customers on a timely and competitive basis, which could adversely affect AbbVie s business and results of operations. AbbVie s business is subject to risks associated with doing business internationally. The risks associated with AbbVie s operations outside the United States include: Fluctuations in currency exchange rates. Changes in medical reimbursement policies and programs. Multiple legal and regulatory requirements that are subject to change and that could restrict AbbVie s ability to manufacture, market and sell its products. Differing local product preferences and product requirements. Trade protection measures and import or export licensing requirements. Difficulty in establishing, staffing, and managing operations. Differing labour regulations. Potentially negative consequences from changes in or interpretations of tax laws. Political and economic instability, including sovereign debt issues. Price and currency exchange controls, limitations on participation in local enterprises, expropriation, nationalization, and other governmental action. Inflation, recession, and fluctuations in interest rates. Potential deterioration in the economic position and credit quality of certain non-us countries, including in Europe and Latin America; and Potential penalties or other adverse consequences for violations of anti-corruption, anti-bribery and other similar laws and regulations, including the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act. Investigación & Análisis Independiente de Acciones Published 5/03/2018 8

10 The following is a breakdown of the company s pipeline and the relevant phase. IMMUNOLOGY Molecule Name Potential Indication Phase (1,2,3, Submitted, Approved) ABBV-323 Crohn s Disease (CD) Phase 1 ABBV-599 Rheumatoid Arthritis Phase 1 ABT-981 Osteoarthritis (OA) Phase 2 Risankizumab Psoriasis Phase 3 Psoriatic Arthritis Phase 2 Crohn s Disease Phase 2 Upadacitinib Rheumatoid Arthritis (RA) Phase 3 Crohn s Disease (CD) Phase 2 Ulcerative Colitis Phase 2 Atopic Dermatitis Phase 2 Psoriatic Arthritis Phase 3 ONCOLOGY ABBV-085 Solid Tumours Phase 1 ABBV-181 Solid Tumours Phase 1 ABBV-221 Solid Tumours Phase 1 ABBV-368 Solid Tumours Phase 1 ABBV-428 Solid Tumours Phase 1 ABBV-621 Solid and Hematologic Tumours Phase 1 ABBV-927 Solid Tumours Phase 1 ABT-165 Solid Tumours Phase 1 ABT-RTA 408 Melanoma Phase 1 Depatuxizumab Mafodotin Glioblastoma (GBM) Phase 2 Pediatric Brain Tumours Phase 1 Empliciti Multiple Myeloma (MM) second line Approved Multiple Myeloma (MM) First Line Phase 3 Imbruvica Diffuse Large B Cell Lymphoma (DLBCL) Phase 3 Follicular Lymphoma (FL) Phase 3 Relapsed/refractory marginal Zone Lymphoma (MZL) Approved Acute Myeloid Leukaemia (AML) Phase 2 Multiple Myeloma (MM) Phase 2 Pancreatic cancer Phase 3 Solid Tumours Phase 2 Chronic Graft versus Host Disease (cgvhd) Approved Investigación & Análisis Independiente de Acciones Published 5/03/2018 9

11 MIvebresib (ABBV-075) Acute Myeloid Leukaemia (AML) Phase 1 Multiple Myeloma (MM) Phase 1 Solid Tumours Phase 1 Rova T Small Cell Lung Cancer (1L SCLC) Phase 3 Small Cell Lung Cancer (3L SCLC) Phase 2 Neuroendocrine Tumours Phase 1 Small Cell Lung Cancer (2L SCLC) Phase 2 SC 002 Small Cell Lung Cancer Phase 1 SC 003 Ovarian Cancer Phase 1 SC 004 Solid Tumours Phase 1 SC 006 Colorectal Cancer Phase 1 Telisotuzumab Vedotin (ABBV-399) Solid Tumours Phase 1 Veliparib Breast Cancer Phase 3 Lung Cancer Phase 3 Ovarian Cancer Phase 3 Venclexta Chronic Lymphocytic Leukaemia (CLL) with 17p deletion (US, EU) Approved Chronic Lymphocytic Leukaemia (CLL) relapsed refractory and First line Phase 3 Multiple Myeloma (MM) Phase 3 Acute Myeloid Leukaemia (AML) Phase 3 Follicular Lymphoma (FL) Phase 2 Diffuse Large B-cell Lymphoma (DLBCL) Phase 2 Myelodysplatic Syndrome (MDS) Phase 2 NEUROSCIENCE ABBV 8E12 Progressive Supranuclear Palsy Phase 2 Alzheimer s Disease (AD) Phase 2 ABBV 951 Parkinson s Disease Phase 1 ABT RTA 408 Mitochondrial Myopathy Phase 2 Friedreich s Ataxia Phase 2 Duodopa Parkinson s Approved Elezanumab (ABT 555) Multiple Sclerosis (MS) Phase 1 Spinal Cord Injury Phase 1 Zinbryta Multiple Sclerosis (MS) Approvwed VIROLOGY Mavyret Hepatitis C Approved Investigación & Análisis Independiente de Acciones Published 5/03/

12 General Medicine ABBV 2222 Cystic Fibrosis Phase 2 ABBV 2451 Cystic Fibrosis Phase 1 ABBV 2737 Cystic Fibrosis Phase 1 ABBV 3067 Cystic Fibrosis Phase 1 Atrasentan Diabetic Nephopathy Phase 3 Elagolix Endometriosis Phase 3 Uterine Fibroids Phase 3 Disclaimer: As an independent analyst, it is our aim to write reports on companies which we believe have potential which can be realised either on their own or through working with partners. It must be remembered that the value of securities may go up and down. Past performance is no guarantee of future performance. Nothing in this report should be taken as an offer, or the solicitation of an offer, to buy or sell these securities. This is purely for informational purposes only. You should not make any investment decision without contacting a qualified financial advisor. Investigación & Análisis Independiente de Acciones Published 5/03/