Hormone Replacement Therapy Sales

Hormone Replacement Therapy Sales Market Outlook

The global hormone replacement therapy (HRT) market is projected to reach USD 35.6 billion by 2035, growing at a CAGR of 6.9% during the forecast period from 2025 to 2035. This growth can be attributed to the increasing prevalence of hormone-related disorders such as menopause and hypothyroidism, and the rising awareness among patients about the availability and benefits of these therapies. Additionally, technological advancements in drug formulation and delivery systems are expected to enhance the efficacy and safety of hormone therapies. The growing aging population and the demand for personalized medicine are also significant factors propelling market growth. Furthermore, an increase in healthcare expenditure and better access to healthcare facilities in developing regions will contribute positively to the HRT market's expansion.

Growth Factor of the Market

The hormone replacement therapy market is experiencing significant growth driven by various factors. One of the primary drivers is the increasing aging population who are more prone to hormonal imbalances and associated health issues. As individuals age, the production of key hormones diminishes, leading to conditions such as menopause in women and testosterone deficiency in men, which subsequently drives the demand for hormone replacement therapies. Moreover, an increase in awareness about HRT's benefits has led to a rise in patient consultations and prescriptions. Advances in medical research and technology have improved the efficacy and safety profiles of HRT, making treatment options more appealing to patients and healthcare providers alike. The growing trend towards preventive healthcare measures is encouraging more individuals to seek hormone therapies as a proactive approach to maintain overall wellness. Lastly, the increasing availability of over-the-counter hormone products through various distribution channels is also propelling market growth.

Key Highlights of the Market

• The global HRT market is expected to reach USD 35.6 billion by 2035.
• CAGR of 6.9% anticipated from 2025 to 2035.
• Rising awareness and consultations regarding HRT contribute to market growth.
• Advancements in drug formulations enhance safety and efficacy.
• Increased availability through various distribution channels supports accessibility.

By Product Type

Estrogen Hormone Replacement Therapy:

Estrogen hormone replacement therapy is the most commonly prescribed form of HRT, primarily targeting women experiencing menopause. The decline in estrogen levels during this phase can lead to various symptoms, including hot flashes, night sweats, and mood swings. Estrogen therapy helps mitigate these symptoms and improves quality of life. The growing prevalence of menopausal women is a significant factor driving the demand for estrogen therapies. Furthermore, innovations in delivery methods, such as transdermal patches and gels, have increased patient compliance and preference for estrogen products. With ongoing research into the long-term effects of estrogen therapy, this segment is poised for substantial growth in the coming years.

Progesterone Hormone Replacement Therapy:

Progesterone hormone replacement therapy is often used in conjunction with estrogen therapy to protect against the risk of endometrial hyperplasia in women with intact uteri. This therapy plays a crucial role in balancing hormone levels and addressing symptoms associated with menopause. The increasing recognition of hormonal balance's importance in women's health is driving the demand for progesterone therapies. Moreover, the introduction of bioidentical progesterone has gained favor among patients seeking natural treatment options. As more healthcare professionals advocate for personalized treatment plans that include progesterone therapy, this segment is expected to witness significant market growth.

Testosterone Hormone Replacement Therapy:

Testosterone hormone replacement therapy is primarily aimed at men experiencing symptoms of androgen deficiency, such as reduced libido, fatigue, and muscle loss. With an increasing number of men seeking treatment for low testosterone levels, this market segment has gained traction. The awareness regarding the impact of testosterone deficiency on overall health and quality of life is growing, leading to increased consultations and prescriptions. Treatments such as testosterone injections, topical gels, and pellets are becoming increasingly popular. Moreover, research highlighting the benefits of testosterone therapy in improving mood, energy levels, and physical performance further fuels this market segment's growth.

Combination Hormone Replacement Therapy:

Combination hormone replacement therapy involves the use of both estrogen and progesterone to provide a comprehensive treatment for menopausal symptoms while minimizing associated health risks. This approach is particularly beneficial for women who have not undergone a hysterectomy, as it addresses the risk of endometrial cancer associated with estrogen therapy alone. The versatility and effectiveness of combination therapy are driving its adoption among healthcare providers. Additionally, the growing trend of personalized medicine, where treatment plans are tailored to individual patient needs, is further bolstering the demand for combination HRT options. With more clinical data supporting the safety and efficacy of combination therapies, this segment is likely to experience robust growth.

Others:

This category encompasses various hormone replacement therapies that do not fall into the aforementioned categories, including treatments for conditions such as adrenal insufficiency and other hormonal disorders. The increasing understanding of hormone-related health issues has resulted in a growing demand for these alternative therapies. Patients looking for specific treatments tailored to their unique hormonal conditions contribute to the expansion of this segment. As research continues to uncover the complexities of the endocrine system and its impact on health, the market for other hormone replacement therapies is anticipated to grow significantly.

By Application

Menopause:

The menopause segment dominates the hormone replacement therapy market, as this condition affects a significant population of women globally. During menopause, the natural decline in estrogen and progesterone can lead to a range of symptoms, including hot flashes, vaginal dryness, mood changes, and sleep disturbances. HRT is an effective treatment option to alleviate these symptoms and enhance the quality of life for affected women. As awareness of menopause and its associated symptoms rises, more women are seeking medical advice and HRT options, driving growth in this segment. Additionally, the increasing acceptance of HRT as a safe option for managing menopausal symptoms is expected to spur further demand.

Hypothyroidism:

Hypothyroidism, a condition characterized by insufficient production of thyroid hormones, also represents a significant application area for hormone replacement therapy. Patients suffering from hypothyroidism often require lifelong treatment with thyroid hormones to manage their symptoms effectively. The increasing prevalence of hypothyroidism, particularly in women, has contributed to the growth of this segment. As awareness of thyroid health and its impact on overall well-being continues to rise, the demand for thyroid hormone replacement therapies is expected to grow. Moreover, ongoing research into innovative formulations and delivery methods may further enhance the efficacy of these therapies, benefiting patients and driving market expansion.

Growth Hormone Deficiency:

Growth hormone deficiency, though less prevalent than menopause or hypothyroidism, is an important application of hormone replacement therapy, particularly among children and adults with pituitary disorders. Growth hormone therapy is utilized to stimulate growth in children and improve metabolic function and muscle mass in adults. The increasing diagnosis rates of growth hormone deficiency, coupled with advancements in treatment options, are driving the growth of this segment. Furthermore, the rising emphasis on evaluating growth patterns and hormonal health in pediatric patients is fostering greater awareness and acceptance of growth hormone therapy. As healthcare providers continue to recognize the importance of timely intervention, this market segment is expected to see sustained growth.

Others:

The "Others" category includes various hormone replacement therapies for conditions not classified under menopause, hypothyroidism, or growth hormone deficiency. This may encompass treatments for adrenal insufficiency, polycystic ovary syndrome (PCOS), and other hormonal imbalances. The increasing recognition of hormonal health's vital role in overall wellness is driving demand in this segment. As research continues to uncover the complexities of hormonal interactions and their impacts on health, the need for tailored therapies for specific hormonal conditions is expected to rise. Continued advancements in understanding hormonal disorders will further enhance the market for these alternative therapy options.

By Distribution Channel

Hospital Pharmacies:

Hospital pharmacies play a crucial role in the distribution of hormone replacement therapies, particularly for patients requiring specialized care and medications. These pharmacies are often responsible for compounding personalized hormone formulations and ensuring that patients receive tailored treatments based on their specific health needs. The presence of healthcare professionals in hospital settings facilitates better patient education and adherence to treatment plans. Additionally, the availability of comprehensive healthcare services under one roof enhances patient convenience and encourages them to seek hormone replacement therapy through hospital pharmacies. As the demand for specialized therapies grows, hospital pharmacies are expected to maintain a significant presence in the HRT market.

Retail Pharmacies:

Retail pharmacies are a key distribution channel for hormone replacement therapies, providing easy access to a wide range of HRT options for consumers. These pharmacies are often the first point of contact for patients seeking advice and treatment for hormone-related conditions. The convenience of retail pharmacies allows patients to obtain their medications without the need for lengthy hospital visits. Additionally, many retail pharmacies offer counseling services and health screenings, which can further facilitate patients' understanding of their hormonal health. With the increasing prevalence of hormonal disorders and the expanding range of HRT products available, retail pharmacies are poised for growth in this segment.

Online Pharmacies:

Online pharmacies have emerged as a vital distribution channel for hormone replacement therapies, especially in the wake of the COVID-19 pandemic. The shift towards e-commerce has allowed patients to access HRT products from the comfort of their homes, providing greater convenience and privacy. Online pharmacies often offer competitive pricing and a wider selection of products, which appeals to consumers. Additionally, telemedicine services have become increasingly popular, allowing patients to consult with healthcare providers and receive prescriptions online. This trend is expected to drive further growth in the online pharmacy segment, as more patients seek accessible and efficient hormone replacement therapy solutions.

Others:

The "Others" category encompasses additional distribution channels for hormone replacement therapies, such as specialty pharmacies and health and wellness stores. Specialty pharmacies often cater to patients with specific health needs and provide personalized services, including medication management and support. Health and wellness stores may offer over-the-counter hormone supplements, targeting consumers seeking natural alternatives to traditional HRT. As consumer preferences continue to evolve, and the demand for personalized and accessible healthcare solutions grows, these alternative distribution channels are expected to play an increasingly important role in the hormone replacement therapy market.

By Ingredient Type

Bioidentical Hormones:

Bioidentical hormones are increasingly recognized for their role in hormone replacement therapy due to their molecular similarity to the hormones naturally produced by the human body. These hormones are derived from natural sources such as plants and are formulated to address hormonal imbalances with a personalized approach. The growing preference for bioidentical hormones stems from patients' desire for treatments perceived as safer and more effective compared to synthetic alternatives. Clinical studies highlighting the efficacy of bioidentical hormones in alleviating symptoms of menopause and hormonal deficiencies are bolstering their demand. As healthcare providers continue to advocate for personalized treatment plans, the bioidentical hormone segment is expected to witness significant growth.

Synthetic Hormones:

Synthetic hormones have been a cornerstone of hormone replacement therapy for many years, providing effective treatment options for a variety of hormonal deficiencies. These hormones are chemically manufactured to mimic the effects of natural hormones and are widely prescribed to manage conditions such as menopause and testosterone deficiency. Despite concerns regarding potential side effects associated with synthetic hormones, they remain a popular choice among healthcare providers due to their proven efficacy and availability. The ongoing research aimed at improving the safety profiles of synthetic hormone formulations and addressing patient concerns is expected to enhance the growth prospects for this segment in the HRT market.

By Region

North America:

North America dominates the hormone replacement therapy market, accounting for over 40% of the global market share in 2023. The increasing prevalence of hormonal disorders, particularly among the aging population, drives demand for HRT in the region. Moreover, the growing awareness and acceptance of hormone replacement therapies among healthcare professionals and patients alike contribute to the market's growth. The presence of well-established healthcare infrastructure and high healthcare expenditure in the United States and Canada supports the availability of various HRT options. Furthermore, the ongoing research and development efforts in North America aimed at improving treatment efficacy and safety profiles are expected to sustain market growth in the region. The North American HRT market is projected to witness a CAGR of 7.4% from 2025 to 2035, reflecting the continued demand for advanced hormone therapies.

Europe:

Europe holds a significant share of the hormone replacement therapy market, primarily driven by increasing awareness of menopause and hormonal health. The region is characterized by a growing elderly population, which is expected to further escalate the demand for hormone replacement therapies. European countries are experiencing a shift towards preventive healthcare measures, with healthcare providers emphasizing the importance of hormonal balance for overall well-being. Moreover, the emergence of innovative treatment options, including bioidentical hormones, has contributed to the growing acceptance of HRT in Europe. The European HRT market is expected to grow at a CAGR of 6.1% from 2025 to 2035, fueled by increased consultations and the availability of tailored therapy options.

Asia Pacific:

The Asia Pacific region presents significant growth opportunities for the hormone replacement therapy market, primarily due to the increasing prevalence of menopausal women and rising awareness about HRT. As countries in this region continue to develop economically, there is a growing emphasis on healthcare access and improved patient education regarding hormone-related health issues. The rising adoption of HRT in countries such as Japan, China, and India is contributing to the market's expansion. Additionally, the growing aging population in these countries is driving demand for effective treatments to manage hormonal imbalances. The Asia Pacific HRT market is projected to witness a CAGR of 7.0% from 2025 to 2035, reflecting the region's potential for growth and development in hormone replacement therapies.

Opportunities

The hormone replacement therapy market is poised to benefit from numerous opportunities in the coming years. One significant opportunity lies in the increasing demand for personalized medicine. As patients become more informed about their health and seek tailored solutions, pharmaceutical companies can invest in research and development to create customized hormone therapies that cater to individual hormonal needs. This move towards personalized treatment approaches is likely to enhance patient satisfaction and adherence to therapy, ultimately driving market growth. Furthermore, the expansion of telemedicine and e-pharmacy services provides an excellent opportunity to reach a broader audience, enabling patients to conveniently access hormone replacement therapies while minimizing geographical barriers and enhancing their healthcare experience.

In addition to personalized medicine, the growing focus on preventive healthcare and wellness presents another opportunity for the hormone replacement therapy market. As more individuals prioritize health and well-being, there is an increasing interest in preventive measures against hormonal imbalances and their associated symptoms. This trend is prompting healthcare providers to advocate for early interventions, such as hormone replacement therapies, to mitigate long-term health issues. Moreover, educational campaigns and awareness programs can further drive the demand for HRT, encouraging individuals to consult healthcare professionals and explore treatment options. By capitalizing on these opportunities, stakeholders in the hormone replacement therapy market can strengthen their positions and achieve sustainable growth.

Threats

The hormone replacement therapy market faces several threats that could potentially hinder its growth. One significant threat is the growing concern regarding the safety of hormone replacement therapies and their associated risks. Numerous studies have raised concerns about the long-term effects of HRT, particularly regarding the potential links between hormone therapy and increased risks of breast cancer and cardiovascular events. These concerns have led to heightened scrutiny from regulatory agencies and increased hesitancy among patients to initiate HRT. As a result, pharmaceutical companies must invest in research to address safety concerns and improve the public perception of hormone replacement therapies to counteract this threat.

Another potential restrainer to the market's growth is the increasing competition from alternative treatments and natural remedies. Many patients are seeking holistic and natural approaches to managing hormonal imbalances, which has led to a surge in the popularity of over-the-counter supplements and alternative therapies. This trend poses a challenge for traditional hormone replacement therapy providers, as patients may opt for these alternatives due to perceived safety or efficacy. To remain competitive, stakeholders in the HRT market must adapt to changing consumer preferences by offering innovative solutions and ensuring that their treatments are perceived as safe and effective compared to alternative options.

Competitor Outlook

• AbbVie Inc.
• Pfizer Inc.
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• Hoffmann-La Roche AG
• Amgen Inc.
• GSK plc
• Endo International plc
• Novartis AG
• Ferring Pharmaceuticals Inc.
• Watson Pharmaceuticals
• Solvay Pharmaceuticals
• Merck & Co., Inc.
• Shionogi & Co., Ltd.
• Ipsen S.A.

The competitive landscape of the hormone replacement therapy market is characterized by the presence of several key players actively engaged in product development, research, and marketing. The market is dominated by well-established pharmaceutical companies that have extensive portfolios of hormone replacement therapies. These companies often invest significantly in research and development to innovate and improve their existing products while addressing safety concerns associated with hormone therapies. Additionally, they utilize various marketing strategies to increase awareness about the benefits of HRT and promote patient adherence to treatment plans. Collaborations, partnerships, and mergers are also common strategies employed by these companies to expand their market presence and enhance their product offerings in response to the growing demand for hormone replacement therapies.

Major companies such as AbbVie Inc. lead the HRT market with their comprehensive product portfolio, including popular therapies like their estrogen and testosterone formulations. AbbVie’s commitment to research and development has positioned them as a frontrunner in the industry, consistently delivering innovative solutions tailored to the evolving needs of patients. Another key player, Pfizer Inc., is known for its extensive experience in developing hormone therapies, including their widely recognized menopause treatment options. Pfizer's dedication to patient education and safety initiatives has further solidified its position in the HRT market. Furthermore, companies like Teva Pharmaceutical Industries and Mylan N.V. focus on providing accessible and affordable hormone replacement therapies, ensuring that a broad spectrum of patients can benefit from their products.

Other notable players in the hormone replacement therapy market include GSK plc and Endo International plc, both of which are actively involved in the development of HRT solutions designed to address various hormonal imbalances. These companies are investing in innovative technologies to enhance the safety and efficacy of their products while emphasizing the growing trend of personalized medicine. The competitive landscape is expected to evolve continually as stakeholders respond to market demands and patient preferences, making it imperative for companies to remain agile and adaptable to succeed in the dynamic hormone replacement therapy market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 GSK plc
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Amgen Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Ipsen S.A.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Mylan N.V.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 AbbVie Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Novartis AG
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Pfizer Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Merck & Co., Inc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Hoffmann-La Roche AG
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Shionogi & Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Endo International plc
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Solvay Pharmaceuticals
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Watson Pharmaceuticals
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Ferring Pharmaceuticals Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Teva Pharmaceutical Industries Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Hormone Replacement Therapy Sales Market, By Application
    • 6.1.1 Menopause
    • 6.1.2 Hypothyroidism
    • 6.1.3 Growth Hormone Deficiency
    • 6.1.4 Others
  • 6.2 Hormone Replacement Therapy Sales Market, By Product Type
    • 6.2.1 Estrogen Hormone Replacement Therapy
    • 6.2.2 Progesterone Hormone Replacement Therapy
    • 6.2.3 Testosterone Hormone Replacement Therapy
    • 6.2.4 Combination Hormone Replacement Therapy
    • 6.2.5 Others
  • 6.3 Hormone Replacement Therapy Sales Market, By Ingredient Type
    • 6.3.1 Bioidentical Hormones
    • 6.3.2 Synthetic Hormones
  • 6.4 Hormone Replacement Therapy Sales Market, By Distribution Channel
    • 6.4.1 Hospital Pharmacies
    • 6.4.2 Retail Pharmacies
    • 6.4.3 Online Pharmacies
    • 6.4.4 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Hormone Replacement Therapy Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Hormone Replacement Therapy Sales market is categorized based on

By Product Type

• Estrogen Hormone Replacement Therapy
• Progesterone Hormone Replacement Therapy
• Testosterone Hormone Replacement Therapy
• Combination Hormone Replacement Therapy
• Others

By Application

• Menopause
• Hypothyroidism
• Growth Hormone Deficiency
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others

By Ingredient Type

• Bioidentical Hormones
• Synthetic Hormones

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• AbbVie Inc.
• Pfizer Inc.
• Teva Pharmaceutical Industries Ltd.
• Mylan N.V.
• Hoffmann-La Roche AG
• Amgen Inc.
• GSK plc
• Endo International plc
• Novartis AG
• Ferring Pharmaceuticals Inc.
• Watson Pharmaceuticals
• Solvay Pharmaceuticals
• Merck & Co., Inc.
• Shionogi & Co., Ltd.
• Ipsen S.A.