Table Of Contents
Part I: Industry Fundamentals And Core Research Universe Page
Hands Wide Open.......................................................................................................................................5
Biotech Price Performance .........................................................................................................................14
Investment Opinion Summaries.................................................................................................................15
News Recap And Upcoming Events ............................................................................................................23
Cowen Biotechnology Valuation Analysis...................................................................................................29
Upcoming Milestones, Events, and Conferences ........................................................................................32
Select Biotechnology Products Approved In The U.S. .................................................................................33
Quarterly Updates On Our Coverage Universe ...........................................................................................39

Achillion .................................................... 39
Acorda ....................................................... 49
Affymax ..................................................... 61
Alexion ...................................................... 71
Altus .......................................................... 83
Amgen....................................................... 93
Amylin .....................................................127
Anadys.....................................................145
Ardea Biosciences ....................................153
Arena Pharmaceuticals .............................175
Ariad Pharmaceuticals..............................183
Athersys...................................................193
Auxilium..................................................199
Biogen Idec ..............................................211
BioMarin Pharmaceutical .......................... 235
Cadence Pharmaceuticals.........................251
Celgene....................................................261
Cephalon .................................................299
CombinatoRx...........................................319
Cougar Biotechnology ..............................327
Cubist ......................................................337
CV Therapeutics.......................................349
Dyax ........................................................359
Emergent Biosolutions ............................369
Exelixis ....................................................381

Genentech................................................391
Genzyme..................................................419
Gilead Sciences ........................................443
GTx..........................................................465
Incyte.......................................................475
Infinity Pharmaceuticals ...........................497
Isis Pharmaceuticals .................................505
Maxygen ..................................................517
Metabasis.................................................529
Momenta Pharmaceuticals........................537
Neurocrine Biosciences ............................549
Onyx Pharmaceuticals ..............................557
Orexigen..................................................579
OSI Pharmaceuticals.................................587
PDL Biopharma.........................................601
Pharmasset ..............................................609
Savient Pharmaceuticals ...........................631
Sunesis ....................................................643
Theravance ..............................................651
United Therapeutics .................................675
Vertex Pharmaceuticals ............................687
Vical.........................................................711
ViroPharma ..............................................719
Xenoport..................................................741