Positive profit alert: drug sales good, recurring earnings not Quick Note

Research evidence excerpt

Positive profit alert: drug sales good, recurring earnings not Quick Note

outperform the Benchmark during the next 12 months. A 'Neutral' stance,

indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months. A 'Bearish' stance, indicates that

the analyst expects the sector to underperform the Benchmark during the next 12 months. Sectors that are labelled as 'Not rated' or shown as

'N/A' are not assigned ratings. Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX 600; Global Emerging

Markets (ex-Asia): MSCI Emerging Markets ex-Asia. Japan/Asia ex-Japan: Sector ratings are not assigned.

Target Price

A Target Price, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part the analyst's

estimates for the company's earnings. The achievement of any target price may be impeded by general market and macroeconomic trends, and

by other risks related to the company or the market, and may not occur if the company's earnings differ from estimates.

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contributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified

elsewhere in this publication. The term "Nomura Group" used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including:

(a) Nomura Securities Co., Ltd. ('NSC') Tokyo, Japan, (b) Nomura Financial Products Europe GmbH (‘NFPE’), Germany, (c) Nomura

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