1 Table of Contents 1 Table of Contents 4 1.1 List of Tables 6 1.2 List of Figures 7 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 13 2.3.3 Psoriasis 14 2.4 Co-morbidities and Complications 14 2.5 Diagnosis, Scales and Grading 15 2.5.1 Atopic Dermatitis 15 2.5.2 Acne Vulgaris 16 2.5.3 Psoriasis 17 2.6 Epidemiology Patterns and Forecasts - Prevalence and Patient Segmentation 17 2.6.1 Atopic Dermatitis 18 2.6.2 Acne Vulgaris 19 2.6.3 Psoriasis 20 2.7 Treatment 21 2.7.1 Topical Corticosteroids 22 2.7.2 Calcineurin Inhibitors 23 2.7.3 Retinoids 23 2.7.4 Systemic Immunosuppressive Agents 24 2.7.5 Biologics 25 2.7.6 Antihistamines 25 2.7.7 Hormonal Therapy 26 2.7.8 Moisturizers 26 3 Key Marketed Products 27 3.1 Overview 27 3.2 Humira (adalimumab) - AbbVie 27 3.3 Remicade (infliximab) - Johnson & Johnson 29 3.4 Enbrel (etanercept) - Amgen 31 3.5 Stelara (ustekinumab) - Johnson & Johnson 33 3.6 Neoral (cyclosporine) - Novartis 34 3.7 Protopic (tacrolimus) - Astellas Pharma 36 3.8 Cosentyx (Secukinumab) - Novartis 37 3.9 Dupixent (dupilumab) Sanofi and Regeneron 39 3.10 Taltz (ixekizumab) - Eli Lilly 41 3.11 Eucrisa (crisaborole) - Pfizer 43 3.12 Siliq (Brodalumab) - Valeant Pharmaceuticals 44 3.13 Elidel (pimecrolimus) 46 3.14 Elocon (mometasone furoate) 46 3.15 Differin (adapalene) 47 3.16 Metolate (methotrexate) 48 3.17 Clobex (clobetasol propionate) 48 3.18 Conclusion 49 4 Pipeline Landscape Assessment 50 4.1 Overview 50 4.2 Molecule Types in the Pipeline 53 4.3 Molecular Targets in the Pipeline 54 4.4 Clinical Trials 56 4.4.1 Failure Rate by Stage of Development, Indication, Molecule Type and Molecular Target 57 4.4.2 Clinical Trial Duration by Stage of Development, Indication, Molecule Type and Molecular Target 61 4.4.3 Clinical Trial Size by Stage of Development, Indication, Molecule Type and Molecular Target 65 4.4.4 Aggregate Clinical Program Size by Stage of Development, Indication, Molecule Type and Molecular Target 69 4.4.5 Assessment of Key Pipeline Products 72 4.5 Conclusion 78 5 Multi-scenario Market Forecast to 2023 79 5.1 Overall Market Size 79 5.2 Generic Penetration 81 5.3 Revenue Forecast by Molecular Target 82 5.3.1 Tumor Necrosis Factor-Alpha 82 5.3.2 Interleukins 1, 4, 5, 12, 17 and 23 and Receptors 83 5.3.3 Calcineurin 85 5.3.4 Glucocorticoid Receptors 86 5.3.5 Phosphodiesterase 4 87 6 Company Analysis and Positioning 88 6.1 Revenue and Market Share Analysis by Company 89 6.1.1 Novartis - Will Revenue from Cosentyx Continue to Increase in the Forecast Period? 94 6.1.2 AbbVie - Will Humira’s Patent Expiry Lead to Loss of Market Leadership? 95 6.1.3 Johnson & Johnson - Guselkumab and Stelara Fail to Offset Revenue Lost from Remicade 96 6.1.4 Sanofi - High Revenue Growth from Dupixent Will See Sanofi’s Revenue from the Dermatology Therapy Area Increase 97 6.1.5 Pfizer - Approval of Eucrisa to Drive Growth in the Dermatology Therapy Area 98 6.1.6 Celgene - Otezla Expected to Achieve Blockbuster Status in the Therapy Area 99 6.2 Company Landscape 100 6.3 Marketed and Pipeline Portfolio Analysis 102 7 Strategic Consolidations 104 7.1 Licensing Deals 104 7.1.1 Deals by Region, Year and Value 104 7.1.2 Deals by Stage of Development and Value 107 7.1.3 Deals by Molecule Type, Mechanism of Action and Value 107 7.1.4 Figures for Licensing Deals Valued Above $100m 109 7.2 Co-development Deals 112 7.2.1 Deals by Region, Year and Value 112 7.2.2 Deals by Stage of Development and Value 115 7.2.3 Deals by Molecule Type, Mechanism of Action and Value 116 7.2.4 Figures for Co-development Deals Valued Above $100m 117 8 Appendix 119 8.1 References 119 8.2 Table of Epidemiology Forecast 125 8.3 Figure of All Clinical Stage Psoriasis ,Atopic dermatitis and Acne vulgaris Pipeline Products 126 8.4 Abbreviations 133 8.5 Disease List 134 8.6 Methodology 134 8.6.1 Coverage 134 8.6.2 Secondary Research 134 8.6.3 Market Size and Revenue Forecasts 135 8.6.4 Pipeline Analysis 135 8.6.5 Competitive Landscape 136 8.7 Contact Us 136 8.8 Disclaimer 136

1.1 List of Tables Table 1: Dermatology, Global, Classification of Atopic Dermatitis Severity and Impact on Quality of Life 16 Table 2: Dermatology, Global, European Dermatology Forum Acne Vulgaris Classification 16 Table 3: Dermatology, Global, Classification of Acne Vulgaris Severity 17 Table 4: Dermatology, Global, Classification of Psoriasis Severity 17 Table 5: Dermatology, Global, Epidemiology of Dermatological Disorders, 2016 18 Table 6: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Humira, 2017 28 Table 7: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Remicade, 2017 29 Table 8: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Enbrel, 2017 31 Table 9: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Stelara, 2017 33 Table 10: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Neoral, 2017 35 Table 11: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Protopic, 2017 36 Table 12: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Cosentyx, 2017 38 Table 13: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Dupixent, 2017 39 Table 14: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Taltz, 2017 41 Table 15: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Eucrisa, 2017 43 Table 16: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Siliq, 2017 44 Table 17: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Elidel, 2015 46 Table 18: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Elocon, 2015 46 Table 19: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Differin, 2015 47 Table 20: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Metolate, 2017 48 Table 21: Dermatology Therapeutics Market, Global, Approved Dermatology Indications for Clobex, 2017 49 Table 22: Dermatology Therapeutics Market, Global, Annual Revenue Forecast for Key Products ($bn), 2016-2023 80 Table 23: Dermatology, Global, Usage of Generics Across Key Indications, 2017 82 Table 24: Dermatology Therapeutics Market, Global, Forecast Revenue by Company, 2016-2023 90 Table 25: Epidemiology Patterns for Atopic Dermatitis, 2015-2022 125 Table 26: Epidemiology Patterns for Acne Vulgaris, 2015-2022 125 Table 27: Epidemiology Patterns for Psoriasis, 2015-2022 125 Table 28: Abbreviations 133 1.2 List of Figures Figure 1: Epidemiology Patterns for Atopic Dermatitis (million), 2016-2023 19 Figure 2: Epidemiology Patterns for Acne Vulgaris (million), 2016-2023 20 Figure 3: Epidemiology Patterns for Psoriasis (million), 2016-2023 21 Figure 4: Dermatology, Global, Key Marketed Products and Approved Indications, 2017 27 Figure 5: Dermatology Therapeutics Market, Global, Annual Revenue for Humira ($bn), 2006-2023 29 Figure 6: Dermatology Therapeutics Market, Global, Johnson & Johnson’s Annual Revenue for Remicade ($bn), 2006-2023 30 Figure 7: Dermatology Therapeutics Market, Global, Merck & Co.’s Annual Revenue for Remicade ($bn), 2010-2023 31 Figure 8: Dermatology Therapeutics Market, Global, Amgen’s Annual Revenue for Enbrel ($bn), 2006-2023 32 Figure 9: Dermatology Therapeutics Market, Global, Pfizer’s Annual Revenue for Enbrel ($bn), 2010-2023 33 Figure 10: Dermatology Therapeutics Market, Global, Annual Revenue for Stelara ($bn), 2010-2023 34 Figure 11: Dermatology Therapeutics Market, Global, Annual Revenue for Neoral ($m), 2006-2023 36 Figure 12: Dermatology Therapeutics Market, Global, Annual Revenue for Protopic ($m), 2006-2015 37 Figure 13: Dermatology Therapeutics Market, Global, Revenue Forecast for Cosentyx ($bn), 2016-2023 39 Figure 14: Dermatology Therapeutics Market, Global, Revenue Forecast for Dupilumab ($bn), 2017-2023 40 Figure 15: Dermatology Therapeutics Market, Global, Revenue Forecast for Taltz ($bn), 2017-2023 41 Figure 16: Dermatology Therapeutics Market, Global, Revenue Forecast for Taltz ($bn), 2016-2023 42 Figure 17: Dermatology Therapeutics Market, Global, Revenue Forecast for Eucrisa ($bn), 2016-2023 44 Figure 18: Dermatology Therapeutics Market, Global, Revenue Forecast for AMG-827 ($m), 2016-2022 45 Figure 19: Dermatology Therapeutics Market, Global, Overall Pharmaceutical Industry Pipeline by Therapy Area, 2017 50 Figure 20: Dermatology Therapeutics Market, Global, Pipeline for Dermatology by Stage of Development, Molecule Type and Program Type, 2017 52 Figure 21: Dermatology Therapeutics Market, Global, Pipeline for Key Dermatology Indications by Stage of Development, 2017 53 Figure 22: Dermatology Therapeutics Market, Global, Pipeline for Key Dermatology Indications by Molecule Type, 2017 54 Figure 23: Dermatology Therapeutics Market, Global, Pipeline for Dermatology by Molecular Target, 2017 55 Figure 24: Dermatology Therapeutics Market, Global, Pipeline for Dermatology by Molecular Target, 2017 55 Figure 25: Dermatology Therapeutics Market, Global, Pipeline for Key Dermatology Indications by Molecular Target, 2017 56 Figure 26: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development (%), 2006-2017 57 Figure 27: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Indication (%), 2006-2016 58 Figure 28: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Molecule Type (%), 2006-2016 59 Figure 29: Dermatology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Molecular Target (%), 2006-2016 60 Figure 30: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development (months), 2006-2017 61 Figure 31: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Indication (months), 2006-2017 62 Figure 32: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecule Type (months), 2006-2016 63 Figure 33: Dermatology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecular Target (months), 2006-2016 64 Figure 34: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development (patients), 2006-2016 65 Figure 35: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Indication (participants), 2006-2016 66 Figure 36: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Molecule Type (participants), 2006-2016 67 Figure 37: Dermatology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Molecular Target (participants), 2006-2016 68 Figure 38: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development (months), 2006-2016 69 Figure 39: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Indication (participants), 2006-2016 70 Figure 40: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Molecule Type (participants), 2006-2016 71 Figure 41: Dermatology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Molecular Target (participants), 2006-2017 72 Figure 42: Dermatology Therapeutics Market, Global, Revenue Forecast for Risankizumab ($m), 2016-2022 73 Figure 43: Dermatology Therapeutics Market, Global, Revenue Forecast for Zorblisa ($m), 2017-2023 75 Figure 44: Dermatology Therapeutics Market, Global, Revenue Forecast for Olumacostat glasaretil ($m), 2019-2023 76 Figure 45: Dermatology Therapeutics Market, Global, Revenue Forecast for Guselkumab ($m), 2016-2022 77 Figure 46: Dermatology Global, Market Size ($bn), 2016-2023 79 Figure 47: Dermatology Global, Annual Revenue Forecast for Key Products ($bn), 2016-2023 81 Figure 48: Dermatology, Global, Annual Revenue Forecast for Tumor Necrosis Factor-Alpha Inhibitors ($bn), 2016-2023 83 Figure 49: Dermatology, Global, Annual Revenue Forecast for Interleukin Inhibitors ($bn), 2015-2022 84 Figure 50: Dermatology, Global, Annual Revenue Forecast for Calcineurin Inhibitors ($bn), 2015-2022 85 Figure 51: Dermatology, Global, Annual Revenue Forecast for Glucocorticosteroids ($m), 2015-2022 86 Figure 52: Dermatology, Global, Annual Revenue Forecast for Phosphodiesterase 4 inhibitors ($bn), 2015-2023 87 Figure 53: Dermatology Therapeutics Market, Global, Cluster by Growth and Market Share, 2016-2023 88 Figure 54: Dermatology Therapeutics Market, Global, Forecast Market Share by Company (%), 2016-2023 92 Figure 55: Dermatology, Global, Companies by Compound Annual Growth Rate (%), 2016-2023 93 Figure 56: Dermatology, Global, Revenues by Product Type, 2016-2023 94 Figure 57: Dermatology, Global, Novartis, Annual Revenue Forecast ($bn), 2016-2023 95 Figure 58: Dermatology, Global, AbbVie Annual Revenue Forecast ($bn), 2016-2023 96 Figure 59: Dermatology, Global, Johnson & Johnson Annual Revenue Forecast ($bn), 2015-2022 97 Figure 60: Dermatology, Global, Sanofi, Annual Revenue Forecast ($bn), 2015-2022 98 Figure 61: Dermatology, Global, Pfizer Annual Revenue Forecast ($bn), 2015-2022 99 Figure 62: Dermatology, Global, Celgene Annual Revenue Forecast ($bn), 2016-2023 100 Figure 63: Dermatology, Global, Companies by Type, 2017 101 Figure 64: Dermatology, Global, Pipeline, High-Activity and Late-Stage Developers by Level of Dermatology Specialization, 2017 102 Figure 65: Dermatology, Global, Proportion of Total Company Revenue Attributed to Dermatology, 2015-2022 103 Figure 66: Dermatology, Global, Licensing Deals, 2006-2017 105 Figure 67: Dermatology, Global, Licensing Deals by Indication, 2006-2017 106 Figure 68: Dermatology, Global, Licensing Deals, 2006-2017 107 Figure 69: Dermatology, Global, Licensing Deals by Molecule Type and Mechanism of Action, 2006-2017 108 Figure 70: Dermatology Therapeutics Market, Global, Licensing Deals, 2006-2017 (Part 1) 109 Figure 71: Dermatology Therapeutics Market, Global, Licensing Deals, 2006-2017 (Part 2) 110 Figure 72: Dermatology Therapeutics Market, Global, Licensing Deals, 2006-2017 (Part 3) 111 Figure 73: Dermatology Therapeutics Market, Global, Licensing Deals, 2006-2017 (Part 4) 112 Figure 74: Dermatology, Global, Co-development Deals, 2006-2017 113 Figure 75: Dermatology, Global, Co-development Deals by Indication, 2006-2017 114 Figure 76: Dermatology, Global, Co-development Deals, 2006-2017 115 Figure 77: Dermatology, Global, Co-development Deals by Molecule Type and Mechanism of Action, 2006-2017 116 Figure 78: Dermatology Therapeutics Market, Global, Co-development Deals, 2006-2017 (Part 1) 117 Figure 79: Dermatology Therapeutics Market, Global, Co-development Deals, 2006-2017 (Part 2) 117 Figure 80: Dermatology Therapeutics Market, Global, Co-development Deals, 2006-2017 (Part 3) 117 Figure 81: Dermatology Therapeutics Market, Global, Co-development Deals, 2006-2017 (Part 4) 118 Figure 82: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 1 126 Figure 83: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 2 127 Figure 84: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 3 128 Figure 85: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 4 129 Figure 86: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 5 130 Figure 87: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 6 131 Figure 88: Dermatology, Global, Table of all Clinical Stage Pipeline Products, 2016 Part 7 132