SGM0 US 19.85 21.40. 2>2
SGM0 US 19.85 21.40. 2>2
t 19.80 2,907,036
mmaz4,- etr, 95) Save As_ Linz96I riActions - 91) Edit -
03/25/2014 “ Last Price
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II• Last Price 19.80
T High on 03/19/14.23.86
+- Average 12.1209
1 Low on 06/26/13 7.31 9131 Table Line Chart
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e Secifity/Sicy
News Zoom M Event PI US) PI
-24.00
19.80
.18.00
.16.00
.14.00
.12.00
.10.00
0-8.00
• Volume 2.907M
SNAVG (15) 2.71iM
Jun Sep Dec
2013 2014 Mar 2.907M
Healthcare sector has outperformed S&P500 last 4 years and has been the best-performing sector
YTD
Improving R&D returns
Ongoing efficiency gains due to various 'self-help' measures
More supportive regulatory and payor environment
Increasing number of financings and IPOs in Q1
Frequent upward revisions lately to sales estimates at the largest biotechnology companies
Nasdaq Biotech Index (NBI) dropped 4.4% Friday
Sharpest decline since Oct-11
• Triggered by a letter from congressional representatives to a biotech company Gilead Sciences,
questioning its plans to sell a hepatitis C drug (named Sovaldi) for $84,000 per dose
Gilead required to give briefing by 03-Apr
Sovaldi expected to generate >$4bn in sales this year
The drug's expense might saddle state Medicaid programs with steep costs
The whole sector is as risk
US is the only major health-care market remaining without any meaningful drug price controls
• Risk for the whole sector once the Congress gets involved, especially if focused primarily on
pricing
The biggest NBI firms sold-off significantly
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 110994
CONFIDENTIAL SDNY_GM_00257178
EFTA01453423