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41 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

43.2

13.1

24

11

6

2

–2

3

–7.0

37.6

25.4

48

17

–20

0

–7

0

–15.3

28.5

46.5

40

5

–15

0

–1

0

–8.8

19.4

30.8

12

1

1

2

2

1

7.1

17.3

7.0

33

9

–23

0

–3

0

–3.7

17.1

19.5

9

7

–3

2

–2

4

15.0

15.5

5.0

7

–1

6

1

2

0

0.8

14.0

13.9

14

2

–3

2

–1

0

–2.6

13.7

8.0

18

–24

31

0

–2

–9

–17.6

13.6

33.0

7

2

1

2

0

3

–4.9

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 54 global companies with a market valuation greater than $5 billion. 1Contribution of each factor shown in percentage points of five-year average annual TSR; apparent discrepancies with TSR totals due to rounding. 2Average annual total shareholder return, 2004–2008. 3As of December 31, 2008. 4Change in EBITDA multiple. 5As of June 30, 2009.

2009 TSR5

Pharmaceuticals and Medical Technology

Share

Net debt

change

change

The Pharmaceuticals and Medical Technology Top Ten, 2004–2008

1

CSL

Australia

2

Celgene

United States

3

Gilead Sciences

United States

4

Novo Nordisk

Denmark

5

Actelion

Switzerland

6

Merck KGaA

Germany

7

Novozymes

Denmark

8

Fresenius Medical Care

Germany

9

Shire

United Kingdom

10

Baxter International

United States

Sales

Margin

change4 Multiple

Dividend

Growth

change

yield

  • #

    Company

Market value3

TSR Deco

mposition1

Location

TSR

2

TSR contribution (%)

Enterprise value/EBITDA (x)

Dividend/stock price (%)

20

20

2

S  S

Value Creation at the Pharmaceuticals and Medical Technology Top Ten Versus Industry Sample, 2004–2008

’04

’05

’06

’07

’08

30.7

30.6

30.3

30.8

31.5

24.2

23.1

24.9

28.2

29.4

’04

’05

’06

’07

’08

15

14.3

12.4

10

10.5

12.1

8.5

  • 20

1.5

1.0

0.9

0.9

1.4

1.4

1.2

1.3

ƒ

’07

’08

Pharmaceuticals and medical technology top ten

Total sample, n = 54

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. 1Industry calculation based on aggregate of entire sample. 2Share change and net debt change not shown. 3Industry calculation based on sample average.

1.3

1.6

Sales

Margin

Multiple

Dividend

growth

change

change

yield

Simplified five-year TSR decomposition2

EBITDA multiple1

165

151

188

162

0 ’03

EBITDA margin1

25

26.6

  • 10

122

166

101

115

125

124

107

’04

’05

’06

’07

’08

’08

EBITDA/revenue (%) 35

20 ’03

Dividend yield

3

0

12.3

1

1.7

1.5

Sales growth

’06

’07

30

29.6

14

260

137

136

’05

’06

10

2

1

3

11

14.6

12.5

12.5

10.8

0 ’03

Sales index (2003=100) 200

50 ’03

’04

’05

16.9

15.3

175

150

125

100

75

5 ’03

’04

200

150

100

50

100

100

125

124

Total shareholder return

100

111

274

100

112

TSR index (2003=100) 300

250

221



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