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 Overview 10 2.2 Classification of Diabetes 10 2.3 Symptoms 11 2.4 Diagnostic Criteria 11 2.5 Etiology 12 2.5.1 T1DM 12 2.5.2 T2DM 13 2.6 Pathophysiology 14 2.6.1 Physiology of Glucose Metabolism 14 2.6.2 T1DM Pathophysiology 15 2.6.3 T2DM Pathophysiology 16 2.7 Epidemiology 17 2.7.1 T1DM 18 2.7.2 T2DM 19 2.8 Comorbidities and Complications 20 2.9 Treatments 21 2.9.1 Insulin Therapy 21 2.9.2 Insulin Secretagogues 22 2.9.3 Thiazolidinediones 23 2.9.4 Biguanides 23 2.9.5 Dipeptidyl Peptidase 4 Inhibitors 23 2.9.6 Glucagon-Like Peptide-1 Receptor Agonists 24 2.9.7 Sodium-Glucose Co-Transporter-2 Inhibitors 24 2.9.8 Amylin Analogs 24 2.9.9 Combination Therapies 25 2.9.10 Non-pharmacological Therapy 25 3 Key Marketed Products 27 3.1 Overview 27 3.1.1 Market Share of the Top Five Grossing Drugs in 2016 27 3.1.2 Market Share of the Five Strongest Growing Blockbuster Drugs 28 3.2 Long-Acting Insulin Therapies (Basal Insulins) 29 3.2.1 Lantus (insulin glargine) - Sanofi 29 3.2.2 Levemir (insulin detemir) - Novo Nordisk 31 3.2.3 Tresiba (insulin degludec) - Novo Nordisk 32 3.2.4 Toujeo (insulin glargine) - Sanofi 33 3.3 Short-Acting Insulin Therapies (Bolus Insulins) 35 3.3.1 Humalog (insulin lispro) - Eli Lilly 35 3.3.2 Novolog (Insulin aspart) - Novo Nordisk 36 3.3.3 Apidra (insulin glulisine) - Sanofi 38 3.4 GLP-1 Receptor Agonists 39 3.4.1 Victoza (liraglutide) - Novo Nordisk 39 3.4.2 Trulicity (dulaglutide) - Eli Lilly 41 3.5 DPP-4 Inhibitors 42 3.5.1 Januvia (sitagliptin) - Merck and Co 42 3.5.2 Galvus (vildagliptin) - Novartis 44 3.5.3 Tradjenta (linagliptin) - Boehringer Ingelheim 45 3.6 SGLT-2 Inhibitors 46 3.6.1 Invokana (canagliflozin) - Johnson and Johnson 46 3.6.2 Jardiance (empagliflozin) - Boehringer Ingelheim 47 3.6.3 Farxiga (dapagliflozin) - AstraZeneca 49 3.7 Combination Therapies 50 3.7.1 Soliqua 100/33 (insulin glargine and lixisenatide) - Sanofi 50 3.7.2 Xultophy (insulin degludec and liraglutide) - Novo Nordisk 51 3.7.3 Janumet - Merck 52 3.7.4 Qtern (saxagliptin and dapagliflozin) - AstraZeneca 53 3.8 Unmet Needs 54 3.9 Conclusion 55 4 Pipeline Landscape Assessment 56 4.1 Overview 56 4.2 Pipeline Development Landscape 57 4.3 Molecular Targets in the Pipeline 59 4.4 Clinical Trials Landscape 61 4.4.1 Clinical Trial Failure Rates 62 4.4.2 Clinical Trial Duration 66 4.4.3 Clinical Trial Size 69 4.4.4 Aggregate Clinical Program Size 73 4.5 Assessment of Key Pipeline Products 76 4.5.1 Semaglutide (NN-9535) - Novo Nordisk 76 4.5.2 Oral Semaglutide (OG-217SC) - Novo Nordisk 77 4.5.3 ITCA 650 - Intarcia 78 4.5.4 Sotagliflozin - Lexicon Pharmaceuticals and Sanofi 79 4.5.5 Ertugliflozin - Merck and Co and Pfizer 81 5 Multi-scenario Market Forecast to 2023 82 5.1 Overall Market Size 82 5.2 Generic Penetration 86 5.3 Revenue Forecast by Molecular Target 88 5.3.1 Insulin Receptors 89 5.3.2 GLP-1 Receptors 90 5.3.3 SGLT-2 Inhibitors 90 5.3.4 DPP-4 Inhibitors 91 6 Company Analysis and Positioning 93 6.1 Revenue and Market Share Analysis by Company 93 6.1.1 Novo Nordisk - Sales from Recently Approved and Upcoming Products to Increase Already Substantial Market Share 97 6.1.2 Eli Lilly - Strong Growth to Result in Elevation to Second Place in Market 99 6.1.3 Sanofi - Large Market Share Loss Due to Declining Sales of Lantus 100 6.1.4 AstraZeneca - Growth in Revenue Largely Attributable to Farxiga Sales 101 6.1.5 Johnson and Johnson - Continued Uptake of Invokana to Drive Market Growth 102 6.1.6 Merck & Co - Patent Expiry of Januvia to Limit Growth 103 6.2 Company Landscape 104 6.3 Marketed and Pipeline Portfolio Analysis 104 7 Strategic Consolidations 107 7.1 Licensing deals 107 7.1.1 Deals by Region, Value and Year 107 7.1.2 Deals by Stage of Development and Value 109 7.1.3 Deals by Molecule Type and Molecular Target 109 7.1.4 Licensing Deals Valued at $100m or above 111 7.2 Co-Development Deals 111 7.2.1 Deals by Region, Value and Year 111 7.2.2 Deals by Stage of Development and Value 112 7.2.3 Deals by Molecule Type and Molecular Target 113 7.2.4 Co-development Deals Valued at $100m and above 115 8 Appendix 116 8.1 References 116 8.2 Abbreviations 123 8.3 List of All Pipeline Products 125 8.4 Disease List 135 8.5 Methodology 135 8.5.1 Coverage 135 8.5.2 Secondary Research 135 8.5.3 Market Size and Revenue Forecasts 136 8.5.4 Pipeline Analysis 136 8.5.5 Competitive Landscape 136 8.6 Contact Us 137 8.7 Disclaimer 137

1.1 List of Tables Table 1: Diabetes Drugs Market, Global, Approved Indications for Lantus, 2017 30 Table 2: Diabetes Drugs Market, Global, Approved Indications for Levemir, 2017 31 Table 3: Diabetes Drugs Market, Global, Approved Indications for Tresiba, 2017 33 Table 4: Diabetes Drugs Market, Global, Approved Indications for Toujeo, 2017 34 Table 5: Diabetes Drugs Market, Global, Approved Indications for Humalog, 2017 35 Table 6: Diabetes Drugs Market, Global, Approved Indications for Novolog, 2017 37 Table 7: Diabetes Drugs Market, Global, Approved Indications for Apidra, 2017 38 Table 8: Diabetes Drugs Market, Global, Approved Indications for Victoza, 2017 40 Table 9: Diabetes Drugs Market, Global, Approved Indications for Trulicity, 2017 41 Table 10: Diabetes Drugs Market, Global, Approved Indications for Januvia, 2017 43 Table 11: Diabetes Drugs Market, Global, Approved Indications for Galvus, 2017 44 Table 12: Diabetes Drugs Market, Global, Approved Indications for Tradjenta, 2017 45 Table 13: Diabetes Drugs Market, Global, Approved Indications for Invokana, 2017 46 Table 14: Diabetes Drugs Market, Global, Approved Indications for Jardiance, 2017 48 Table 15: Diabetes Drugs Market, Global, Approved Indications for Farxiga, 2017 49 Table 16: Diabetes Drugs Market, Global, Approved Indications for Soliqua, 2017 50 Table 17: Diabetes Drugs Market, Global, Approved Indications for Xultophy, 2017 51 Table 18: Diabetes Drugs Market, Global, Approved Indications for Janumet, 2017 52 Table 19: Market, Global, Approved Indications for Qtern, 2017 53 Table 20: Diabetes Drugs Market, Global, Annual Revenue Forecast for Key Products ($m), 2016-2023 (Part 1) 84 Table 21: Diabetes Drugs Market, Global, Annual Revenue Forecast for Key Products ($m), 2016-2023 (Part 2) 85 Table 22: Diabetes Drugs Market, Global, Generic Usage Across Key Indications, 2017 88 Table 23: Diabetes Drugs Market, Global, Annual Revenue within Diabetes by Company, 2016-2023 94 Table 24: Abbreviations 123 1.2 List of Figures Figure 1: Diabetes Drugs Market, Global, Epidemiology Patterns for T1DM, 2016-2023 18 Figure 2: Diabetes Drugs Market, Global, Epidemiology Patterns for T2DM, 2016-2023 19 Figure 3: Diabetes Drugs Market, Global, Market Share Projections for Key Established Products, 2016-2023 27 Figure 4: Diabetes Drugs Market, Global, Market Share Projections for Key Upcoming Products, 2016-2023 28 Figure 5: Diabetes Drugs Market, Global, Percentage Change in Market Share for Key Products 2016-2023 28 Figure 6: Diabetes Drugs Market, Global, Key Marketed Products and Approved Indications, 2017 29 Figure 7: Diabetes Drugs Market, Global, Annual Revenue for Lantus ($bn), 2006-2023 31 Figure 8: Diabetes Drugs Market, Global, Annual Revenue for Levemir ($bn), 2006-2023 32 Figure 9: Diabetes Drugs Market, Global, Annual Revenue for Tresiba ($bn), 2016-2023 33 Figure 10: Diabetes Drugs Market, Global, Annual Revenue for Toujeo ($bn), 2015-2023 35 Figure 11: Diabetes Drugs Market, Global, Annual Revenue for Humalog ($bn), 2006-2023 36 Figure 12: Diabetes Drugs Market, Global, Annual Revenue for Novolog ($bn), 2006-2023 38 Figure 13: Diabetes Drugs Market, Global, Annual Revenues for Apidra ($m), 2009-2023 39 Figure 14: Diabetes Drugs Market, Global, Annual Revenues for Victoza ($bn), 2009-2023 41 Figure 15: Diabetes Drugs Market, Global, Annual Revenue for Trulicity ($bn), 2014-2023 42 Figure 16: Diabetes Drugs Market, Global, Annual Revenue for Januvia ($bn), 2006-2023 43 Figure 17: Diabetes Drugs Market, Global, Annual Revenue for Galvus ($bn), 2007-2023 45 Figure 18: Figure 17: Diabetes Drugs Market, Global, Annual Revenues for Tradjenta ($m), 2011-2023 46 Figure 19: Diabetes Drugs Market, Global, Annual Revenues for Invokana ($bn), 2013-2023 47 Figure 20: Diabetes Drugs Market, Global, Annual Revenue for Jardiance ($bn), 2014-2023 48 Figure 21: Diabetes Drugs Market, Global, Annual Revenue for Farxiga ($bn), 2013-2023 50 Figure 22: Diabetes Drugs Market, Global, Annual Revenues for Soliqua 100/33 ($m), 2017-2023 51 Figure 23: Diabetes Drugs Market, Global, Annual Revenue for Xultophy ($bn), 2017-2023 52 Figure 24: Diabetes Drugs Market, Global, Annual Revenue for Janumet ($bn), 2007-2023 53 Figure 25: Diabetes Drugs Market, Global, Annual Revenue for Qtern ($m), 2017-2023 54 Figure 26: Diabetes Drugs Market, Global, Overall Pharmaceutical Industry Pipeline by Therapy Area, 2017 56 Figure 27: Diabetes Drugs Market, Global, Pipeline by Stage of Development, Molecule Type and Program Type, 2017 57 Figure 28: Diabetes Drugs Market, Global, T1DM and T2DM Pipeline by Stage of Development, 2017 58 Figure 29: Diabetes Drugs Market, Global, T1DM and T2DM Pipeline by Molecule Type, 2017 59 Figure 30: Diabetes Drugs Market, Global, Pipeline by Molecular Target, 2017 60 Figure 31: Diabetes Drugs Market, Global, T1DM and T2DM Pipeline by Molecular Target, 2017 61 Figure 32: Diabetes Drugs Market, Clinical Trial Failure Rates by Stage of Development and Overall Clinical Trial Attrition Rate (%), 2006-2017 62 Figure 33: Diabetes Drugs Market, Global, Clinical Trial Failure Rates and Overall Clinical Trial Attrition Rates by Indication (%), 2006-2017 63 Figure 34: Diabetes Drugs Market, Global, Clinical Trial Failure Rates and Overall Clinical Trial Attrition Rate by Molecule Type (%), 2006-2017 64 Figure 35: Diabetes Drugs Market, Global, Clinical Trial Failure Rates and Overall Clinical Trial Attrition Rate by Molecular Target (%), 2006-2017 65 Figure 36: Diabetes Drugs Market, Global, Clinical Trial Duration by Stage of Development (months), 2006-2017 66 Figure 37: Diabetes Drugs Market, Global, Clinical Trial Duration by Indication and Stage of Development (months), 2006-2017 67 Figure 38: Diabetes Drugs Market, Global, Clinical Trial Duration by Molecule Type and Stage of Development (months), 2006-2017 68 Figure 39: Diabetes Drugs Market, Global, Clinical Trial Duration by Molecular Target and Stage of Development (months), 2006-2017 69 Figure 40: Diabetes Drugs Market, Global, Clinical Trial Size by Stage of Development, 2006-2017 69 Figure 41: Diabetes Drugs Market, Global, Clinical Trial Size by Indication and Stage of Development (participants), 2006-2017 70 Figure 42: Diabetes Drugs Market, Global, Clinical Trial Size by Molecule Type and Stage of Development (participants), 2006-2017 71 Figure 43: Diabetes Drugs Market, Global, Clinical Trial Size by Molecular Target and Stage of Development (Participants), 2006-2017 72 Figure 44: Diabetes Drugs Market, Global, Aggregate Clinical Program Size by Stage of Development, 2006-2017 73 Figure 45: Diabetes Drugs Market, Global, Aggregate Clinical Program Size by Indication and Stage of Development (participants), 2006-2017 74 Figure 46: Diabetes Drugs Market, Global, Aggregate Clinical Program Size by Molecule Type and Stage of Development (participants), 2006-2017 75 Figure 47: Diabetes Drugs Market, Global, Aggregate Clinical Program Size by Molecular Target and Stage of Development (participants), 2006-2017 76 Figure 48: Diabetes Drugs Market, Global, Revenue Forecast for Semaglutide (NN-9535) ($bn), 2017-2023 77 Figure 49: Diabetes Drugs Market, Global, Revenue Forecast for Oral Semaglutide (OG-217SC) ($bn), 2020-2023 78 Figure 50: Diabetes Drugs Market, Global, Revenue Forecast for ITCA 650 ($bn), 2018-2023 79 Figure 51: Diabetes Drugs Market, Global, Revenue Forecast for Sotagliflozin ($bn), 2018-2023 80 Figure 52: Diabetes Drugs Market, Global, Revenue Forecast for Ertugliflozin ($m), 2017-2023 81 Figure 53: Diabetes Drugs Market, Global, Annual Revenue Forecast, 2016-2023 83 Figure 54: Diabetes Drugs Market, Global, Annual Revenue Forecast for Premium and Generic Products ($bn), 2016-2023 87 Figure 55: Diabetes Drugs Market, Global, Annual Revenue Forecast for Insulin Receptors ($bn), 2016-2023 89 Figure 56: Diabetes Drugs Market, Global, Annual Revenue Forecast for GLP-1 Receptors, 2016-2023 90 Figure 57: Diabetes Drugs Market, Global, Annual Revenue Forecast for SGLT-2 Inhibitors, 2016-2023 91 Figure 58: Diabetes Drugs Market, Global, Annual Revenue Forecast for DPP-4 Inhibitors, 2016-2023 92 Figure 59: Diabetes Drugs Market, Global, Cluster by Growth and Market Share, 2016-2023 93 Figure 60: Diabetes Drugs Market, Global, Forecast Market Share by Company (%), 2016-2023 95 Figure 61: Diabetes Drugs Market Global, Companies by Compound Annual Growth Rate (%), 2016-2023 96 Figure 62: Diabetes Drugs Market, Global, Revenue by Route of Acquisition, 2016-2023 97 Figure 63: Diabetes Drugs Market, Global, Novo Nordisk Annual Revenue Forecast, ($bn), 2016-2023 98 Figure 64: Diabetes Drugs Market, Global, Eli Lilly Annual Revenue Forecast ($bn), 2016-2023 99 Figure 65: Diabetes Drugs Market, Global, Sanofi Annual Revenue Forecast ($bn), 2016-2023 100 Figure 66: Diabetes Drugs Market, Global, AstraZeneca Annual Revenue Forecast ($bn), 2016-2023 101 Figure 67: Diabetes Drugs Market, Global, Johnson & Johnson Annual Revenue Forecast ($bn), 2016-2023 102 Figure 68: Diabetes Drugs Market, Global, Merck and Co Annual Revenue Forecast ($bn), 2016-2023 103 Figure 69: Diabetes Drugs Market, Global, High-activity and Late-stage Pipeline Developers by Company Type, 2016-2023 104 Figure 70: Diabetes Drugs Market, Global, Pipeline Developers by Level of Diabetes Specialization, 2016-2023 105 Figure 71: Diabetes Drugs Market, Global, Proportion of Total Company Revenue Attributable to Diabetes, 2016-2023 106 Figure 72: Diabetes Drugs Market, Licensing Deals by Region, Value and Year, 2006-2017 108 Figure 73: Diabetes Drugs Market, Global, Number of Licensing Deals by Stage of Development, Deal Value and Upfront Payment Value, 2006-2017 109 Figure 74: Diabetes Drugs Market, Global, Licensing Deals by Molecule Type and Molecular Target, 2006-2017 110 Figure 75: Diabetes Drugs Market, Global, Licensing Deals Valued at $100m and above, 2006-2017 111 Figure 76: Diabetes Drugs Market, Global, Co-development Deals by Region, Value and Year, 2006-2017 112 Figure 77: Diabetes Drugs Market, Global, Number of Co-development Deals by Value and Stage of Development, 2006-2017 113 Figure 78: Diabetes Drugs Market, Global, Co-development Deals by Molecule Type and Molecular Target, 2006-2017 114 Figure 79: Diabetes Drugs Market, Global, Co-development Deals Valued at $100m and above, 2006-2017 115 Figure 80: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 1) 125 Figure 81: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 2) 126 Figure 82: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 3) 127 Figure 83: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 4) 128 Figure 84: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 5) 129 Figure 85: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 6) 130 Figure 86: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 7) 131 Figure 87: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 8) 132 Figure 88: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 9) 133 Figure 89: Diabetes Drugs Market, Global, All Pipeline Products, 2017 (Part 10) 134