Pharmaceutical & Biotechnology Sector: 2021 Report V.E, AN AFFILIATE OF MOODY'S - Vigeo Eiris
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V.E– Sector Report
J AN U ARY 2 02 1
188 companies in the sector
Pharmaceutical & Biotechnology
Sector:
2021 Report
V.E, AN AFFILIATE OF MOODY’SESG Sector Report
Outline
Key findings 2021 …………………………………………………………………………………………………………….. 04
Sector context ………………………………………………………………………………………………………………….. 06
Sector performances and trends ……………………………………………………………………………………………. 07
Sector performance and rankings ………………………………………………………………………………………….. 10
To access the full report, please contact investorcustomer.service@vigeo-eiris.com
Head of ESG Research: Cristina Daverio
cristina.daverio@vigeo-eiris.com
+39 02 27727141
Research manager: Zineb Raji
Zineb.Raji@vigeo-eiris.com
Sector expert: Fatima-Ezzahra Zouita
Sector analysts:
Aida Jorquera Oumaima Doukkane
Chong-Ren Jian Oumayma Oummouch
Fatima-Ezzahra Zouita Salima Bouchama
Faustine Sourdin Salima Kabbaj
Giannina Salvo Sarah Cherrat
Lauren Boulie Sarra El Hakour
Nada Snoussi Soumaya NajibESG Sector Report
ABOUT THIS REPORT
Companies considered in this report belong to the following geographical zones: Asia Pacific, North America, Europe, Emerging
Market. Currently, V.E Equitics research covers around 4,800 issuers divided into 39 sectors.
Periods considered:
Current data: To compute average performances, we consider data from the latest review of each company covered in the report
within the last 24 months as of the last day of the month prior to the sector report publication (e.g. 31/05/2020 for a report
released in June 2020)
Historical data: To compute average performances, we consider data from the latest review of each company covered in the
report rated within the last 24 months preceding the last day of [year - 1 month] before the sector report publication (e.g.
31/05/2018 and 31/05/2017 for a report released in June 2019)
Sector data: For each company of the sector, data considered in average calculations, we take data from latest Rating, Rating-1
and Rating-2, excluding outdated publications (which have been adjusted by errata or updated through alerts).
Universe data: We take into account all latest delivered information and companies on the day we extract data.
Rankings: Sector rankings are computed as of 31/12 of each fiscal year.
Percentages: Figures included in this report have been rounded up or down automatically and therefore may not add up to 100%.
ABOUT V.E
V.E is an independent international provider of environmental, social and governance (ESG) research and services for investors and
public and private organisations. We undertake risk assessments and evaluate the level of integration of sustainability factors within
the strategy and operations of organisations.
V.E offers a wide range of services:
− For investors: decision-making support covering all sustainable and ethical investment approaches (including ratings,
databases, sector analyses, portfolio analyses, structured products, indices and more).
− For companies and organisations: supporting the integration of ESG criteria into business functions and strategic
operations (including sustainable bonds, corporate ratings, CSR evaluations and more).
V.E obtained ISO 9001: 2015 certification for its processes relating to methodology, rating, sale and delivery of its data to all types of
investors.
With a team of more than 240 experts of 28 different nationalities, V.E is present in Paris, London, Brussels, Casablanca, Hong Kong,
Milan, New York, Rabat and Santiago. The V.E Global Network, comprising 4 exclusive research partners, is present in Brazil, Germany,
Israel and Japan. For more information: www.vigeo-eiris.com
Pharmaceutical & Biotechnology – January 2021 2ESG Sector Report
KEY FINDINGS 2021– PHARMACEUTICAL &
BIOTECHNOLOGY SECTOR
Sector average
performance Top performers
Universe average 10 33 62
performance Europe: GlaxoSmithkline (62/100)
29 North America: Johnson & Johnson (53/100)
Sector minimum and
maximum
Asia Pacific: Takeda Pharmaceutical (51/100)
0 100 Emerging Markets: Aspen Pharmacare Holdings ; Dr Reddy’s
ESG Performances – Sector & Universe Laboratories (56/100)
Environment
Environment 21
29 Most improved since 2018
Europe: Grifols; Genfit (+11)
31
North America: Alkermes (+5)
Social Social 29
Asia Pacific: Kissei Pharmaceutical (+15)
Governance 40
Emerging Markets: Hanmi Pharmaceutical (+14)
Governance 36
Domain performances– Sector & Universe
0 100 Most material drivers
44
ADVANCED
Corporate
Corporate Governance 42
(60-100)
Governance
34 ROBUST
Business
Business Behaviour 31 (50-59)
Behaviour
31
• Board of directors
Community
Community Involvement 25 • Information to patients
Involvement LIMITED • Corruption
•
26
(30-49) Fundamental human rights
HumanHuman Resources 23
Resources • Product safety
37
• Anti-competitive practices
Human Rights
Human Rights 34
• Sustainable healthcare systems
29
• Career management
Environment
•
Environment 21
WEAK Accidental pollution
(0-29) • Responsible lobbying
• Access to medicines and societal impacts of products
Risk Mitigation – Sector & Universe
10 35 69
Reputation
Reputation 29
29 56
Carbon footprint
7 Share of companies in each level of carbon footprint
Human Capital
Human Capital 26
Moderate Significant High Intense
4 35 71
Operational
Operational
Sector (%) 71 25 4
EfficiencyEfficiency 31
Universe (%) 53 29 13 5
12 35 73
Legal Security
Legal Security 34 Energy transition
Share of companies in each level of energy transition performance
0 100
Takeaways Sector (%)
Weak Limited
73
Robust Advanced
15 7 4
Can voluntary licensing agreements and waiver of rights by patent right Universe (%) 61 26 7 5
holders help to increase access to medicines during a pandemic?
Covid-19: an urgent call to put business ethics before profit Sustainable goods & services
Share of companies in each level of involvement in goods and services contributing to
Despite slight improvement, the sector continues to demonstrate a limited
sustainable development
approach to product safety
Pharmaceutical & biotechnology companies and animal testing: an ongoing None Minor Significant Major
debate
Sector (%) 3 6 3 88
Responsible marketing tactics and proper information to customers are still
Universe (%) 36 48 5 11
a major challenge Controversies risk mitigation
Share of companies in each performance level in terms of controversy risk management
Number of companies in
Weak Limited Robust Advanced No controversies Warning list : 9
10 16 2 72
Pharmaceutical & Biotechnology – January 2021 3ESG Sector Report
SECTOR CONTEXT
Sector overview
Number of companies
V.E’s Pharmaceuticals and Biotechnology sector is composed of 188 companies. These
companies are engaged in the research, development, manufacturing, and
Sector 188 distribution of drugs for human or veterinary use. The medicines produced are aimed
to cure or manage diseases, or to prevent infection.
Europe 59
The industry’s value chain starts with the manufacturing of medicines, which involves
North America 60 research and development in addition to regulatory approval. The second phase
includes the distribution and handling of medicines from the manufacturer to the end
Asia-Pacific 40 user (through retail, pharmacy, hospital, or dispensing doctors). The final step in the
value chain is the commercialisation and the provision of the right medicine dosage,
Emerging Market 29 form, and advice to the right patient.
Companies inclusions in V.E – Euronext Indices
World 120 Europe 120 Eurozone 120 US 50 France 20 UK 20 Benelux 20
Takeda
GlaxoSmithkline Grifols Merck & Company NA GlaxoSmithkline NA
Pharmaceutical
Merck & Company Novozymes Amgen
Amgen Grifols Abbott Laboratories
Bristol Myers Squibb
Subsector description
The Pharmaceuticals and Biotechnology sector is composed of two broad sub-sectors: biotechnology companies and traditional
pharmaceuticals. The primary difference between the two is the method by which they produce drugs:
- Pharmaceutical companies manufacture drugs through a series of chemical synthesis. Based on their size and strategy,
pharmaceutical companies may conduct extensive in-house research or seek to license drugs from other pharmaceutical or
biotechnology companies. Some pharmaceutical companies are considered as specialty pharma since they focus on specific
activities such as R&D only or marketing and sales only. Pharmaceutical companies generally hold the exclusive rights to
manufacture and distribute their drugs for five years.
- Biotechnology companies produce drugs with a biological basis that are manufactured in living organisms such as bacteria
or enzymes. These companies are working to duplicate or change the function of a living cell and could use genetics research
to develop products for human diseases and conditions. Biotechnology companies hold their patents for 12 years.
Pharmaceutical & Biotechnology – January 2021 4ESG Sector Report
Sector reporting rates
Data displayed below reflects the evolution over the past three years of the average rate of ESG indicators analysed by V.E that
companies report against, with notably:
Spread per geographical area
Spread per materiality of ESG drivers analysed for the sector
In January 2021, the reporting rate of V.E’s global universe stood at 65%.
100
Most material ESG drivers - Weighted at 3
90
100 69 2018/12
80 58 60
70 2019/12
60 0 2020/12
50 Highly material ESG drivers - Weighted at 2
40 2018/12
100 2018/12
51 53 61
30 2019/12
2019/12
20 2020/12
0 2020/12
10
0 Material ESG drivers - Weighted at 1
100 2018/12
55
38 36 2019/12
0 2020/12
Pharmaceutical & Biotechnology – January 2021 5ESG Sector Report
SECTOR PERFORMANCES AND TRENDS
Impacts
Sector involvement in products and services considered sustainable given their positive impact on social and environmental issues
Sector Universe
3% 6% 3%
Major 11% Major
5%
Significant 36% Significant
Minor Minor
None None
88%
48%
The involvement in sustainable products and services of companies in this industry is high overall compared to the whole V.E universe.
Out of all companies covered by V.E’s research in the Pharmaceuticals and Biotechnology sector, 97% display involvement in
sustainable products and services, with the majority (88%) displaying major involvement.
The involvement relates to 24 different activities that address sustainable development challenges, notably pharmaceuticals,
pharmaceutical materials and medical technology that together represent more than three quarters of the industry’s involvement.
Case study:
H Lundbeck displays one of the highest levels of involvement (100%) in products and services contributing to sustainable
development addressing the theme Health.
Pharmaceuticals: Lundbeck produces pharmaceuticals for the treatment of psychiatric and neurological disorders, including
depression, schizophrenia, Alzheimer's disease, Parkinson's disease, Huntington's disease, epilepsy, alcohol dependence, and
insomnia. Its key products are notably Rexulti (depression and schizophrenia), Brintellix (depression), Abilify Maintena
(schizophrenia), Northera and Onfi (epilepsy). All of the Company's revenue is derived from the sale of pharmaceuticals.
Pharmaceutical & Biotechnology – January 2021 6ESG Sector Report
Sustainable Development Goals
V.E assesses the contribution of companies to the achievement of sustainable development goals (SDGs) through their behaviours
and products/services.
Pharmaceuticals & Biotechnology Universe
4%
5% 6% 5%
Highly Positive Highly Positive
23% 19%
Positive 25% Positive
Marginal Marginal
Adverse Adverse
68% 45% Highly Adverse
Highly Adverse
Almost a quarter of companies in the Pharmaceuticals and Biotechnology sector have a highly positive contribution to the SDGs
Those companies combine an ESG performance above geographical peers, a relevant sustainable offering, face no critical
controversies and are not involved in controversial activities. The sector’s contribution is aligned with the total positive
contribution of all sectors in the V.E’s ratings universe.
Most companies in the sector have only marginal contributions to SDGs, with the remaining 9% having adverse to highly adverse
contributions. The sector’s adverse to highly adverse contributions are lower than the 31% combined contribution of all sectors
in the V.E’s ratings universe.
On one hand, the sector has a poor record in terms of social welfare - 43% percent of the companies display a combined adverse
to highly adverse impact, while 42% have only a marginal contribution.
On the other hand, almost all companies in the sector display positive to highly positive contributions to enabling healthy lives
due to the offer of pharmaceuticals, pharmaceutical materials and medical equipment.
Carbon footprint and energy transition
Energy Transition performance Sector (/100) Universe (/100)
Energy transition score Weak - 19 Weak - 26
Energy transition: Top performers
GlaxoSmithkline (73/100)
Novo Nordisk (68/100)
Roche Holding (66/100)
Sanofi (66/100)
Pharmaceutical & Biotechnology – January 2021 7ESG Sector Report
Charts below display the share of companies within each range of carbon footprint and energy transition performance.
Carbon footprint Energy Transition performance
Global
71 25 4 Sector (%) 73 15 7 4
53 29 13 5 Universe (%) 61 26 7 5
Europe
78 19 3 Sector (%) 71 14 7 8
64 23 9 3 Universe (%) 49 29 11 11
North America
73 18 8 Sector (%) 78 10 7 5
46 32 16 6 Universe (%)
69 23 52
Asia Pacific
Sector (%)
78 23 55 33 13
Universe (%)
55 30 11 3 64 28 53
Emerging Market
Sector (%)
45 55 93 7
Universe (%)
39 34 17 9 69 25 52
Moderate Significant High Intense Weak Limited Robust Advanced
At first sight, the Pharmaceuticals and Biotechnology sector is not a particularly high greenhouse gas (GHG) emitting sector, as
indicated by the 71% of the companies in the sector having a moderate carbon footprint. However, given the size of the global
workforce and the energy needed for chemical processes, heating and cooling, as well as for product transportation, the operations
in this sector can be very carbon intensive and be even dirtier than automotive production operations1.
The management of energy consumption and the impacts generated from transportation are the main aspects on which companies
in this sector can work to reduce their GHG emissions and successfully transition to a low carbon economy. Yet, the sector’s average
performance in regard to both aspects is weak, standing at 28/100 for the topic of Minimising environmental impacts from energy
use (ENV 2.2), and 10/100 for the topic of Management of environmental impacts from transportation (ENV 2.7). Over the last two
years, these scores have improved by only 2.5 and 1 points for ENV2.2 and ENV 2.7, respectively.
To enhance their performance for energy efficiency and emission reductions, companies from this sector can upgrade their
equipment, switch to alternative fuels, and use state of the art technologies to produce renewable energies. Concerning
transportation, companies can improve by taking steps to reduce the emissions related to the transport of their personnel. They can
also rationalise product transport flows, and make contractual commitments with transport logistic firms to encourage the mitigation
of negative impacts from transportation.
Overall, the sector demonstrates a weak energy transition performance with an average score of 19/100. Since 2019, this score has
increased by only one point. This leads to a low level of assurance on the sector’s response and capacity to manage the risks and
opportunities associated with the transition to a low-carbon economy.
Social Impacts and Value Creation
Social impacts - Key Indicators Sector (%) Universe (%)
1
Belkhir, L., & Elmeligi, A. (2019). Carbon footprint of the global pharmaceutical industry and relative impact of its major players. Journal of Cleaner
Production, 214, 185-194.
Pharmaceutical & Biotechnology – January 2021 8ESG Sector Report
Percentage of women in management 21.7 21.5
Share of companies for which we have no information 0.0 0.4
Share of companies with operations in OFCs or jurisdictions considered by the OECD as 53.2 53.9
not compliant enough with tax transparency rules
Share of companies without operations in such jurisdictions 31.4 38.9
Share of companies for which we have no information 15.4 7.3
Share of companies signatory to the Global Compact 21.1 24.2
Value Creation & Sharing Sector (%) Universe (%)
Share of companies transparent on their R&D investments 95.7 39.8
Share of companies transparent on the share of added value received by employees 70.7 68.3
relative to shareholders
Share of companies for which executive variable remuneration is linked to CSR 8.4 21.3
objectives
Share of companies with comprehensive transparency on taxes2 1.6 5.8
Share of companies with significant transparency on taxes3 22.2 38.2
Share of companies with partial transparency on taxes4 18.9 15.2
Share of companies with insufficient transparency on taxes5 54.6 38.0
Share of companies for which we have no information on taxes 2.7 2.8
2 In addition to geographical information on taxes paid, sales, operating profit or number of employees, these companies declare the difference between statutory
tax rates and the rate actually paid.
3 These companies report on sales, and/or operating profit, and/ or number of employees per operating region and disclose taxes paid by country or region.
4 These companies’ reporting focuses on taxes paid in countries or regions representing more than 50% of their operations.
5 These companies report only on gross taxes paid, with no breakdown by region or country.
Pharmaceutical & Biotechnology – January 2021 9ESG Sector Report
SECTOR PERFORMANCE AND RANKING
Position of sector versus Universe
Average score Current rank Previous rank
Universe 33.4
Development Banks 56.9 1 1
Diversified Banks 48.1 2 2
Specific Purpose Banks & Agencies 46.7 3 3
Waste & Water Utilities 42.2 4 4
Forest Products & Paper 41.5 5 5
Electric & Gas Utilities 40.3 6 7
Luxury Goods & Cosmetics 39.7 7 6
Chemicals 38.1 8 10
Mining & Metals 37.5 9 12
Telecommunications 37.0 10 8
Energy 36.8 11 11
Publishing 36.4 12 9
Building Materials 34.9 13 17
Oil Equipment & Services 34.8 14 14
Retail & Specialised Banks 34.8 15 16
Home Construction 34.6 16 13
Business Support Services 34.6 17 22
Beverage 34.1 18 15
Automobiles 33.5 19 19
Heavy Construction 33.4 20 20
Technology-Hardware 33.0 21 18
Transport & Logistics 33.0 22 25
Travel & Tourism 32.7 23 26
Insurance 32.7 24 24
Financial Services - Real Estate 32.2 25 30
Broadcasting & Advertising 32.0 26 23
Mechanical Components & Equipment 31.7 27 32
Supermarkets 31.6 28 27
Industrial Goods & Services 31.5 29 29
Health Care Equipment & Services 31.4 30 34
Electric Components & Equipment 31.0 31 28
Aerospace 30.8 32 21
Financial Services - General 30.7 33 33
Food 29.3 34 37
Hotel, Leisure Goods & Services 29.2 35 36
Software & IT Services 29.0 36 35
Pharmaceuticals & Biotechnology 28.9 37 38
Tobacco 28.9 38 31
Specialised Retail 27.2 39 39
Pharmaceutical & Biotechnology – January 2021 10ESG Sector Report
Performance trends – Global level and per zone
100
Sector Europe North America Sector performances distribution
80 1%
33 31 33 28 28 28
6%
60 Weak (0-29)
28% Limited (30-49)
40
27 27 29 Robust (50-59)
Asia Pacific Emerging Market
65%
20 Advanced (60-100)
23 26 29
21 20 23
0
Sector performances distribution
Weak (0-29) Limited (30-49) Robust (50-59) Advanced (60-100) Sector standard deviation: 10.25
0 10 20 30 40 50 60 70 80 90 100
Share of companies within each performance level range
The Pharmaceuticals and Biotechnology sector displays a weak overall CSR performance, which is stable compared to the previous
review.
Sector leaders are concentrated in Europe, with an average performance of 33/100, whilst laggards are mostly listed in the
Emerging Markets region (average performance of 23/100). European companies display a relatively higher level of transparency
on commitments to CSR issues, as demonstrated by an average overall score of 34/100 on the leadership pillar compared to only
21/100 for Emerging Markets. When it comes to the implementation pillar, European companies are more communicative on
measures, with a score of 26/100 compared to 17/100 in Emerging Markets. Moreover, European companies report more on KPIs
of different CSR issues under review as illustrated by an average overall score of 38/100 on the results pillar compared to 32/100
in Emerging Markets.
65% of companies display weak performances, 28% display limited performances and 6% achieve robust performances, while
only one company achieves an advanced performance. Companies’ performances are relatively heterogeneous as illustrated by
the 10.25 standard deviation and the scattering of performances.
GlaxoSmithkline is the leader in the sector with a global performance of 62/100. The company accomplishes the highest score on
the Corporate Governance (74/100) and Community Involvement (68/100) domains with advanced scores. An equally advanced
performance of 65/100 is achieved in the Human Rights and Environment domains and a robust score is obtained in the Human
Resources (56/100) and Business Behaviour (55/100) domains. These distinguished performances are made possible thanks to
reporting on comprehensive policies, measures and KPIs. This is in addition to demonstrating increased understanding and
appropriate integration of CSR challenges that are at stakes for the company’s operations at governance level.
Pharmaceutical & Biotechnology – January 2021 11ESG Sector Report
Management profile
Average performances on the three pillars of CSR assessment
Policies Implementation Results
100 100 100
80 80 80
60 60 60
40 Sector 40 Sector 40 Sector
20 Universe 20 Universe 20 Universe
0 0 0
Risk mitigation for strategic assets
Overall, the Pharmaceuticals and Biotechnology sector stands below the average of the universe’s performance for management of
risk factors which impact reputation, human capital, operational efficiency, and legal security.
ESG risk mitigation scores are weak in relation to reputation (29/100) and human capital (26/100) and limited in relation to
operational efficiency (31/100) as well as legal security (34/100). The area of human capital achieves the lowest score as the reported
policies and efforts to manage employee-related impacts (such as the respect and promotion of fundamental labour rights, health
and safety, impact of reorganisations and the management of layoffs, and career development) generally lack substantial and
consistent disclosure across the majority of companies. Although still limited, the highest score is achieved in the area of legal
security. The industry is highly regulated and under significant stakeholder scrutiny, with related exposure to legal and regulatory
risks, companies seem more invested and mobilized to monitor and enhance their internal controls and processes to compliance in
response to heightened transparency expectations and potential controversies. While many controversies are observed within the
Pharmaceuticals and Biotechnology sector, companies are generally considered to be reactive on them. However, proactive
management and corrective measures are not demonstrated, leading to a limited overall score for the sector’s performance on legal
security risk management.
10 35 69
Sector average
performance
Reputation 29
Universe average
7 29 56 performance
Human Capital 26
Sector minimum
4 35 71 and maximum
Operational Efficiency 31
12 35 73
Legal Security 34
0 100
Pharmaceutical & Biotechnology – January 2021 12ESG Sector Report
Materiality: weighing & performances assessment
V.E Methodology for the Pharmaceuticals & Biotechnology sector has remained unchanged since its previous review.
ADVANCED
(60-100)
STRENGTHS
ROBUST
(50-59)
• Board of directors
• Shareholders
• Information to patients
• Audit & internal controls
LIMITED
(30-49)
• Corruption
• Non-discrimination and diversity
• Fundamental human rights
• Environmental strategy
• Product safety
• Executive remuneration
• Anti-competitive practices
• Energy
• Health and safety
• Fundamental labour rights
• Social standards in the supply chain • Sustainable healthcare systems
• Environmental standards in the supply • Career management
•
WEAK
(0-29)
chain Accidental pollution
WEAKNESSES
• Water • Responsible lobbying
• Animal testing and biodiversity protection • Access to medicines and societal impacts of
• Reorganisation products
• Use and disposal of products
• Atmospheric emissions
• Transportation
1 2 3
MATERIALITY OF THE RISK FACTORS
Pharmaceutical & Biotechnology – January 2021 13ESG Sector Report DISCLAIMER © 2020 Vigeo SAS and/or its licensors and subsidiaries (collectively, “V.E”). All rights reserved. V.E provides its customers with data, information, research, analyses, reports, quantitative model-based scores, assessments and/or other opinions (collectively, “Research”) with respect to the environmental, social and/or governance (“ESG”) attributes and/or performance of individual issuers or with respect to sectors, activities, regions, stakeholders, states or specific themes. V.E’S RESEARCH DOES NOT ADDRESS NON-ESG FACTORS AND/OR RISKS, INCLUDING BUT NOT LIMITED TO: CREDIT RISK, LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. V.E’S RESEARCH DOES NOT CONSTITUTE STATEMENTS OF CURRENT OR HISTORICAL FACT. V.E’S RESEARCH: (I) DOES NOT CONSTITUTE OR PROVIDE CREDIT RATINGS OR INVESTMENT OR FINANCIAL ADVICE; (II) IS NOT AND DOES NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES; AND (III) DOES NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. V.E ISSUES ITS RESEARCH WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. V.E’S RESEARCH IS NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE V.E’S RESEARCH WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. V.E’S RESEARCH IS NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT V.E’S PRIOR WRITTEN CONSENT. ALL INFORMATION CONTAINED HEREIN IS OBTAINED BY V.E FROM SOURCES BELIEVED BY IT TO BE ACCURATE AND RELIABLE. BECAUSE OF THE POSSIBILITY OF HUMAN OR MECHANICAL ERROR AS WELL AS OTHER FACTORS, HOWEVER, ALL INFORMATION CONTAINED HEREIN IS PROVIDED “AS IS” WITHOUT WARRANTY, EXPRESS OR IMPLIED, OF ANY KIND, INCLUDING AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. V.E IS NOT AN AUDITOR AND CANNOT IN EVERY INSTANCE INDEPENDENTLY VERIFY OR VALIDATE INFORMATION IT RECEIVES. To the extent permitted by law, V.E and its directors, officers, employees, agents, representatives, licensors and suppliers (together, “Vigeo Parties”) disclaim liability to any person or entity for any (a) indirect, special, consequential, or incidental losses or damages, and (b) direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded); on the part of, or any contingency within or beyond the control of any Vigeo Party, arising from or in connection with the information contained herein or the use of or inability to use any such information. Additional terms For PRC only: Any Second Party Opinion or other opinion issued by V.E: (1) does not constitute a PRC Green Bond Assessment as defined under any relevant PRC laws or regulations; (2) cannot be included in any registration statement, offering circular, prospectus or any other documents submitted to the PRC regulatory authorities or otherwise used to satisfy any PRC regulatory disclosure requirement; and (3) cannot be used within the PRC for any regulatory purpose or for any other purpose which is not permitted under relevant PRC laws or regulations. For the purposes of this disclaimer, “PRC” refers to the mainland of the People’s Republic of China, excluding Hong Kong, Macau and Taiwan. Pharmaceutical & Biotechnology – January 2021 14
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