1 Table of Contents 1 Table of Contents 5 1.1 List of Tables 7 1.2 List of Figures 8 2 Introduction 10 2.1 Therapy Area Introduction 10 2.2 Symptoms 10 2.3 Etiology and Pathophysiology 11 2.3.1 Atopic Dermatitis 11 2.3.2 Acne Vulgaris 12 2.3.3 Psoriasis 13 2.4 Co-morbidities and Complications 14 2.5 Epidemiology Patterns and Forecasts - Prevalence and Patient Segmentation 14 2.5.1 Atopic Dermatitis 15 2.5.2 Acne Vulgaris 16 2.5.3 Psoriasis 16 2.6 Treatment 17 2.6.1 Topical Corticosteroids 18 2.6.2 Calcineurin Inhibitors 19 2.6.3 Retinoids 19 2.6.4 Systemic Immunosuppressive Agents 20 2.6.5 Biologics 20 2.6.6 Antihistamines 21 2.6.7 Hormonal Therapy 21 2.6.8 Moisturizers 21 3 Key Marketed Products 23 3.1 Overview 23 3.2 Humira (adalimumab) 24 3.3 Remicade (infliximab) 26 3.4 Enbrel (etanercept) 27 3.5 Stelara (ustekinumab) 29 3.6 Neoral (cyclosporine) 30 3.7 Protopic (tacrolimus) 32 3.8 Elidel (pimecrolimus) 33 3.9 Elocon (mometasone furoate) 34 3.10 Differin (adapalene) 35 3.11 Metolate (methotrexate) 36 3.12 Clobex (clobetasol propionate) 36 3.13 Conclusion 37 4 Pipeline Landscape Assessment 38 4.1 Overview 38 4.2 Molecule Types in the Pipeline 41 4.3 Molecular Targets in the Pipeline 43 4.4 Clinical Trials 44 4.4.1 Failure Rate by Stage of Development, Indication, Molecule Type and Molecular Target 45 4.4.2 Clinical Trial Duration by Stage of Development, Indication, Molecule Type and Molecular Target 48 4.4.3 Clinical Trial Size by Stage of Development, Indication, Molecule Type and Molecular Target 52 4.4.4 Aggregate Clinical Program Size by Stage of Development, Indication, Molecule Type and Molecular Target 56 4.5 Conclusion 61 5 Multi-Scenario Market Forecast to 2022 62 5.1 Overall Market Size 62 5.2 Generic Penetration 63 5.3 Revenue Forecast by Molecular Target 65 5.3.1 Tumor Necrosis Factor-Alpha 65 5.3.2 Interleukins 1, 4, 5, 12, 17 and 23 and Receptors 66 5.3.3 Calcineurin 67 5.3.4 Glucocorticoid Receptors 68 5.3.5 Phosphodiesterase 4 69 5.3.6 Revenue and Market Share Analysis by Company 70 5.3.7 Assessment of Key Pipeline Products 80 6 Company Analysis and Positioning 88 6.1 Company Landscape 89 6.2 Marketed and Pipeline Portfolio Analysis 90 7 Strategic Consolidations 93 7.1 Licensing Deals 93 7.1.1 Deals by Region, Year and Value 93 7.1.2 Deals by Stage of Development and Value 95 7.1.3 Deals by Molecule Type, Mechanism of Action and Value 96 7.1.4 Table for Licensing Deals Valued Above $100m 98 7.2 Co-development Deals 99 7.2.1 Deals by Region, Year and Value 99 7.2.2 Deals by Stage of Development and Value 100 7.2.3 Deals by Molecule Type, Mechanism of Action and Value 101 7.2.4 Table for Co-development Deals Valued Above $100m 103 8 Appendix 104 8.1 References 104 8.2 Table of Epidemiology Forecast 109 8.3 Table of All Clinical Stage Pipeline Products 110 8.4 Abbreviations 141 8.5 Disease List 142 8.6 Methodology 142 8.6.1 Coverage 142 8.6.2 Secondary Research 142 8.6.3 Market Size and Revenue Forecasts 143 8.6.4 Pipeline Analysis 143 8.6.5 Competitive Landscape 143 8.7 Contact Us 144 8.8 Disclaimer 144

1.1 List of Tables Table 1: Dermatology, Global, Epidemiology of Dermatological Disorders, 2015 15 Table 2: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Humira, 2015 25 Table 3: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Remicade, 2015 26 Table 4: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Enbrel, 2015 28 Table 5: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Stelara, 2015 29 Table 6: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Neoral, 2015 31 Table 7: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Protopic, 2015 32 Table 8: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Elidel, 2015 34 Table 9: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Elocon, 2015 34 Table 10: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Differin, 2015 35 Table 11: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Metolate, 2015 36 Table 12: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Clobex, 2015 37 Table 13: Dermatology Therapeutics Market, Global, Annual Revenue Forecast for Key Products ($bn), 2015-2022 63 Table 14: Dermatology, Global, Usage of Generics Across Key Indications, 2015 65 Table 15: Dermatology Therapeutics Market, Global, Forecast Revenue by Company, 2015-2022 70 Table 16: Dermatology Therapeutics Market, Global, Licensing Deals, 2006-2016 98 Table 17: Dermatology Therapeutics Market, Global, Co-development Deals, 2006-2016 103 Table 18: Epidemiology Patterns for Atopic Dermatitis, 2015-2022 109 Table 19: Epidemiology Patterns for Acne Vulgaris, 2015-2022 109 Table 20: Epidemiology Patterns for Psoriasis, 2015-2022 109 Table 21: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 110 Table 22: Abbreviations 141 1.2 List of Figures Figure 1: Epidemiology Patterns for Atopic Dermatitis (Million), 2015-2022 15 Figure 2: Epidemiology Patterns for Acne Vulgaris (Million), 2015-2022 16 Figure 3: Epidemiology Patterns for Psoriasis (Million), 2015-2022 17 Figure 4: Dermatology, Global, Key Marketed Products and Approved Indications, 2015 24 Figure 5: Dermatology Therapeutics Market, Global, Annual Revenue for Humira ($bn), 2006-2022 26 Figure 6: Dermatology Therapeutics Market, Global, Annual Revenue for Remicade ($bn), 2006-2022 27 Figure 7: Dermatology Therapeutics Market, Global, Annual Revenue for Enbrel ($bn), 2006-2022 29 Figure 8: Dermatology Therapeutics Market, Global, Annual Revenue for Stelara ($bn), 2010-2022 30 Figure 9: Dermatology Therapeutics Market, Global, Annual Revenue for Neoral ($m), 2006-2022 32 Figure 10: Dermatology Therapeutics Market, Global, Annual Revenue for Protopic ($m), 2006-2022 33 Figure 11: Dermatology Therapeutics Market, Global, Overall Pharmaceutical Industry Pipeline by Therapy Area, 2016 38 Figure 12: Dermatology Therapeutics Market, Global, Pipeline for Dermatology by Stage of Development, Molecule Type and Program Type, 2016 40 Figure 13: Dermatology Therapeutics Market, Global, Pipeline for Key Dermatology Indications by Stage of Development, 2016 41 Figure 14: Dermatology Therapeutics Market, Global, Pipeline for Key Dermatology Indications by Molecule Type, 2016 42 Figure 15: Dermatology Therapeutics Market, Global, Pipeline for Dermatology by Molecular Target, 2016 43 Figure 16: Dermatology Therapeutics Market, Global, Pipeline for Key Dermatology Indications by Molecular Target, 2016 44 Figure 17: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development (%), 2006-2016 45 Figure 18: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Indication (%), 2006-2016 46 Figure 19: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Molecule Type (%), 2006-2016 47 Figure 20: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Molecular Target (%), 2006-2016 48 Figure 21: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development (months), 2006-2016 49 Figure 22: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Indication (months), 2006-2016 50 Figure 23: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecule Type (months), 2006-2016 51 Figure 24: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecular Target (months), 2006-2016 52 Figure 25: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development (patients), 2006-2016 53 Figure 26: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Indication (participants), 2006-2016 54 Figure 27: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Molecule Type (participants), 2006-2016 55 Figure 28: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Molecular Target (participants), 2006-2016 56 Figure 29: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development (months), 2006-2016 57 Figure 30: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Indication (participants), 2006-2016 58 Figure 31: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Molecule Type (participants), 2006-2016 59 Figure 32: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Molecular Target (participants), 2006-2016 60 Figure 33: Dermatology Global, Market Size ($bn), 2015-2022 62 Figure 34: Dermatology Global, Annual Revenue Forecast for Key Products ($bn), 2015-2022 64 Figure 35: Dermatology, Global, Annual Revenue Forecast for Tumor Necrosis Factor-Alpha Inhibitors ($bn), 2015-2022 66 Figure 36: Dermatology, Global, Annual Revenue Forecast for Interleukin Inhibitors ($bn), 2015-2022 67 Figure 37: Dermatology, Global, Annual Revenue Forecast for Calcineurin Inhibitors ($bn), 2015-2022 68 Figure 38: Dermatology, Global, Annual Revenue Forecast for Glucocorticosteroids ($m), 2015-2022 69 Figure 39: Dermatology, Global, Annual Revenue Forecast for Phosphodiesterase 4 inhibitors ($bn), 2015-2022 69 Figure 40: Dermatology Therapeutics Market, Global, Forecast Market Share by Company (%), 2015-2022 72 Figure 41: Dermatology, Global, Companies by Compound Annual Growth Rate (%), 2015-2022 73 Figure 42: Dermatology, Global, Revenues by Product Type, 2015-2022 74 Figure 43: Dermatology, Global, Johnson & Johnson Annual Revenue Forecast ($bn), 2015-2022 75 Figure 44: Dermatology, Global, AbbVie Annual Revenue Forecast ($bn), 2015-2022 76 Figure 45: Dermatology, Global, Amgen Annual Revenue Forecast ($bn), 2015-2022 77 Figure 46: Dermatology, Global, Novartis Annual Revenue Forecast ($bn), 2015-2022 78 Figure 47: Dermatology, Global, Roche Annual Revenue Forecast ($bn), 2015-2022 79 Figure 48: Dermatology, Global, Merck Annual Revenue Forecast ($bn), 2015-2022 80 Figure 49: Dermatology Therapeutics Market, Global, Revenue Forecast for ABP-501 ($m), 2015-2022 81 Figure 50: Dermatology Therapeutics Market, Global, Revenue Forecast for ixekizumab ($m), 2016-2022 82 Figure 51: Dermatology Therapeutics Market, Global, Revenue Forecast for dupilumab ($m), 2016-2022 83 Figure 52: Dermatology Therapeutics Market, Global, Revenue Forecast for AN-2728 ($m), 2016-2022 84 Figure 53: Dermatology Therapeutics Market, Global, Revenue Forecast for AMG-827 ($m), 2016-2022 85 Figure 54: Dermatology Therapeutics Market, Global, Revenue Forecast for guselkumab ($m), 2016-2022 86 Figure 55: Dermatology Therapeutics Market, Global, Cluster by Growth and Market Share, 2015-2022 88 Figure 56: Dermatology, Global, Companies by Type, 2016 90 Figure 57: Dermatology, Global, Pipeline, High-Activity and Late-Stage Developers by Level of Dermatology Specialization, 2016 91 Figure 58: Dermatology, Global, Proportion of Total Company Revenue Attributed to Dermatology, 2015-2022 92 Figure 59: Dermatology, Global, Licensing Deals, 2006-2016 94 Figure 60: Dermatology, Global, Licensing Deals by Indication, 2006-2016 95 Figure 61: Dermatology, Global, Licensing Deals, 2006-2016 96 Figure 62: Dermatology, Global, Licensing Deals by Molecule Type and Mechanism of Action, 2006-2016 97 Figure 63: Dermatology, Global, Co-development Deals, 2006-2016 99 Figure 64: Dermatology, Global, Co-development Deals by Indication, 2006-2016 100 Figure 65: Dermatology, Global, Co-development Deals, 2006-2016 101 Figure 66: Dermatology, Global, Co-development Deals by Molecule Type and Mechanism of Action, 2006-2016 102