Natixis securities
Jan 16, 2009

Europe Health care sector report

Contents
1. December: a well-deserved rest 4
2. Performances 6
Big Pharma 6
Specialty Pharma 7
Biotech 8
Personal Care 9
MedTech 10
Generic drugs 11
3. Valuations 12
EPS revisions 12
Healthcare Big Caps 12
Mid Caps 13
4. Company news 14
Big Pharma 14
Specialty Pharma 16
BioTech 16
Generics 18
Personal care 18
MedTech 19
5. Products / Clinical data 21
AstraZeneca 21
Merck KGaA 22
GSK 22
Roche 24
Bayer 26
Novartis 26
Sanofi-aventis 28
6. Regulatory/ Environment / Market 29
Dependency arm: 5th risk 29
World pharmaceutical market at end-October 29
FDA: stronger label warning for epilepsy drugs 29
FDA issues new recommendations in diabetes 30