Contents:

Foreword Executive Summary What are Asthma and COPD? Morbidity and Mortality Diagnosis and Treatment Asthma Management COPD Management Pharmacotherapy Current Market Leaders Drugs in the Pipeline Competitor Ratio Analysis Short-Acting Beta-2 Agonists Xopenex (levalbuterol) Sales Forecast Patent Challenges Clinical Trials Inhaled Corticosteroids Flixotide/Flovent (fluticasone propionate) Sales Forecasts Clinical Trials Pulmicort (budesonide) Sales Forecast Patent Challenge Clinical Trials Asmanex (mometasone furoate) Sales Forecasts and Assumptions Competitor Ratio Analysis Clinical Trials Alvesco (ciclesonide) Sales Forecast and Assumptions Competitor Ratio Analysis Clinical trials Muscarinic Antagonists Spiriva (tiotropium) Sales Forecast and Assumptions Competitor Ratio Analysis Clinical Trials Combination Therapy Seretide/Advair (salmeterol+fluticasone propionate) Sales Forecasts Patent Challenge Safety Issues Clinical Trials: COPD Clinical Trials: Asthma Symbicort (budesonide+formoterol) Sales Forecast European patent challenge Clinical Trials: COPD Clinical Trials: Asthma Clinical Trials: Asthma+COPD Leukotriene Receptor Antagonists Singulair (montelukast) Sales Forecast Clinical Trials Anti-Immunoglobulin E Therapy Xolair (omalizumab) Sales Forecast and Assumptions Competitor Ratio Analysis Clinical Trials Drugs in Development PDE-IV Inhibitors Ariflo (cilomilast) Sales Forecasts and Assumptions Competitor Ratio Analysis Clinical trials Daxas (roflumilast) Sales Forecasts and Assumptions Competitor Ratio Analysis Clinical Trials Long-Acting Beta Agonists Arformoterol Sales Forecasts and Assumptions Competitor Ratio Analysis Clinical Trials Indacaterol Sales Forecast and Assumptions Competitor Ratio Analysis Clinical Trials GSK 159797 Sales Forecasts and Assumptions Competitor Ratio Analysis Clinical Trials Long-Acting Muscarinic Antagonists NVA237 Sales Forecast and Assumptions Competitor Ratio Analysis Clinical Trials SOURCES Others List of Tables Deaths from COPD and Asthma in Major Markets, 2002 Deaths from COPD and Asthma in the USA, 2002 GINA Stepwise Approach to Asthma Medication GOLD Therapy Recommendations for COPD Leading Asthma and COPD Therapies by Sales Value, 2004-2005 (US$ Million) US Patent Expiry for Major Asthma and COPD Therapies Launched Products in Development Novel Drugs in Development Competitor Ratio Analysis Summary Xopenex Sales, 2001-2005 (US$ Million) Flixotide/Flovent Sales, 2001-2005 (£ & US$ Million) Pulmicort Sales, 2001-2005 (US$ Million) Spiriva Sales, 2002-2005 (Euros & US$ Million) Advair/Seretide Sales, 2001-2005 (£ & US$ Million) Symbicort Sales, 2001-2005 (US$ Million) Singulair Sales, 2002-2005 (US$ Million) Xolair Sales, 2003-2005 (US$ Million) Xolair Projected Sales, 2005-2011 (US$ Million) List of Figures Novel Drugs in Clinical Development by Activity Xopenex Projected Sales, 2005-2011 (US$ Million) Flixotide/Flovent Projected Sales, 2005-2011 (US$ Million) Pulmicort Projected Sales, 2005-2011 (US$ Million) Asmanex Twisthaler Projected Sales, 2005-2011 (US$ Million) Alvesco Projected Sales, 2005-2012 (US$ Million) Spiriva Projected Sales, 2005-2011 (US$ Million) Seretide/Advair Projected Sales, 2005-2011 (US$ Million) Symbicort Projected Sales, 2005-2011 (US$ Million) Singulair Projected Sales, 2005-2011 (US$ Million) Ariflo Projected Sales, 2007-2012 (US$ Million) Daxas Projected Sales, 2008-2013 (US$ Million) Arformoterol Projected Sales, 2007-2012 (US$ Million) Indacaterol Projected Sales, 2009-2014 (US$ Million) GSK 159797 Projected Sales, 2008-2013 (US$ Million) NVA237 Projected Sales, 2009-2014 (US$ Million)

Summary:

A rapidly expanding sector An estimated 300 million people around the world have asthma and the European Federation of Allergy and Airway Diseases Patients Association have indicated that this could increase to 400-450 million by 2025. Around 30 million people in Europe have asthma, six million of whom have severe symptoms and around 1.5 million live in fear of dying from an attack. COPD is one of the top five causes of disability and death in industrial societies. According to the WHO, COPD is the fourth leading cause of death worldwide, based on 2004 data. In the US, COPD is projected to be the third leading cause of death by 2020. Results of the National Health Interview Survey in the US indicate that 12.1 million adults over the age of 25 reported being diagnosed with COPD in 2001. Of these, 9.2 million reported being diagnosed with chronic bronchitis, 2 million with emphysema and 0.9 million with both conditions. According to the National Heart, Blood and Lung Institute, this compares with around 24 million adults in the US who have evidence of impaired lung function, which suggests COPD is under-diagnosed. According to the European Respiratory Society, the total cost of asthma in Europe is €17.7 billion per year (White Book, 2003). In the UK, around 5.2 million people are currently receiving treatment for asthma. Of these, 1.1 million are children, equivalent to one in ten. According to Asthma UK, asthma costs the NHS an average of £889 million per year. Questions, Questions What global revenue is Boehringer Ingelheim’s novel COPD treatment Spiriva forecast to achieve in 2011? What issue may effect the growth of Novartis/Genetech’s Xolair in Europe? What future revenues could be expected by AstraZeneca following the recent approval of Symbicort in the US? To what degree will generic competition effect future revenues of GSK’s market leading Seretide/Advair? There are 29 compounds for Asthma and COPD in Phase I/II – what are they and who’s developing them? Current products evaluated and forecast to 2011 in the report Xopenex levalbuterol, Sepracor Flixotide/Flovent fluticasone propionate, GSK Pulmicort budesonide, AstraZeneca Asmanex mometasone furoate, GSK Alvesco ciclesonide+formoterol, Altana Spiriva tiotropium, Boehringer Ingelheim Seretide/Advair fluticasone+salmeterol, GSK Symbicort budesonide+formoterol, AstraZeneca Singulair montelukast, Merck Xolair omalizumab, Genentech/Novartis Future products evaluated and forecast in the report Ariflo Clomilast, GSK Daxas roflumilast, Altana Arformoterol Sepracor Indacaterol Novartis GSK 159797 GSK NVA237 Novartis

Companies Mentioned

Products and Companies Mentioned Xopenex levalbuterol, Sepracor Flixotide/Flovent fluticasone propionate, GSK Pulmicort budesonide, AstraZeneca Asmanex mometasone furoate, GSK Alvesco ciclesonide+formoterol, Altana Spiriva tiotropium, Boehringer Ingelheim Seretide/Advair fluticasone+salmeterol, GSK Symbicort budesonide+formoterol, AstraZeneca Singulair montelukast, Merck Xolair omalizumab, Genentech/Novartis Future products evaluated and forecast in the report Ariflo Clomilast, GSK Daxas roflumilast, Altana Arformoterol Sepracor Indacaterol Novartis GSK 159797 GSK NVA237 Novartis