Medivation 2016 Q1 Earnings Call Deck 5.5.16

8/17/2019 Medivation 2016 Q1 Earnings Call Deck 5.5.16

1/57

Q1 2016

Financial and Corporate Update


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Speakers

2

David Hung, M.D. – Founder, President and CEO

Marion McCourt – Chief Operating Officer

Jennifer Jarrett – Chief Financial Officer

Mohammad Hirmand, M.D. – Interim Chief Medical Officer


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3

Additional Information

Forward-Looking Statements

This presentation contains forward-looking statements. All statements relating to events or results that may occur in the future, including but not limited to statements

regarding our future results of operations and financial position, our anticipated future non -GAAP revenue, estimated future sales of XTANDI®, market opportunity for ourproducts and product candidates, potential regulatory approvals or events, and clinical trial events or progress, are forward-looking statements. These statements involveknown and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. Words such as “believe,” “opportunity,” “potential,” “expected,”“potentially,” “may,” “goals,” and similar expressions are intended to identify these forward -looking statements. These statements involve known and unknown risks,uncertainties and other important factors, including risks inherent in obtaining regulatory approvals, that may cause our actual results, performance or achievements tobe materially different from those expressed or implied by the forward-looking statements. Because forward-looking statements are inherently subject to risks anduncertainties, you should not rely on these forward -looking statements as predictions of future events. For a further description of the risks and uncertainties that couldcause actual results to differ from those expressed in forward-looking statements, including risks relating to relating to our business in general, see our Annual Report onForm 10-K filed with the Securities and Exchange Commission, or SEC, on February 26, 2016, and Quarterly Report on Form 10-Q for the quarter ended March 31,2016, filed with the SEC on May 5, 2016. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements containedherein, whether as a result of any new information, future events, changed circumstances or otherwise.


This presentation is neither an offer to buy nor a solicitation of an offer to sell any securities of Medivation. No tender offer for the shares of Medivation has commencedat this time. In connection with its proposed transaction, Sanofi may file tender offer documents, consent solicitation documents or other documents with the U.S.Securities and Exchange Commission (“SEC”). If a tender offer and/or consent solicitation is commenced, Medivation will file with the SEC aSolicitation/Recommendation Statement on Schedule 14D-9 with respect to such tender offer and may file a solicitation of revocation in connection with such consentsolicitation. Once filed, stockholders will be able to obtain, as applicable, the tender offer statement on Schedule TO, the offer to purchase, theSolicitation/Recommendation Statement of Medivation on Schedule 14D-9, any consent solicitation, any solicitation of revocation and related materials with respect toany tender offer or consent solicitation, free of charge, at the website of the SEC at www.sec.gov, and from any information agent and/or dealer manager named in thetender offer materials. Stockholders may also obtain, at no charge, any such documents filed with or furnished to the SEC by Medivation under the “SEC Filings” tab inthe “Investor Relations” section of Medivation’s website atwww.medivation.com. Stockholders are advised to read these documents, if and when they become available,

including any amendments thereto, as well as any other documents relating to any tender offer and/or consent solicitation that are filed with the SEC, carefully and intheir entirety prior to making any decisions with respect to whether to tender shares or submit consents because the documents will contain important information.

Certain Information Regarding Participants

Medivation, its directors and certain of its executive officers may be deemed to be participants in the solicitation of revocations in connection with any Sanofisolicitation. Information regarding the names of Medivation’s directors and executive officers and their respective interests in Medivation by security holdings or otherwiseis set forth in Medivation’s proxy statement for the 2016 Annual Meeting of Shareholders, as amended, filed with the SEC on April 29, 2016. Additional information canalso be found in Medivation’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 26, 2016 and in Medivation’s latestQuarterly Report on Form 10-Q.


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KEY HIGHLIGHTS

David Hung, M.D.Founder, President and CEO


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COMMERCIAL PERFORMANCE

Marion McCourtChief Operating Officer


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FINANCIAL UPDATE

Jennifer JarrettChief Financial Officer


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• Year over year increase inU.S. XTANDI net sales of37% was driven by anincrease in underlyingdemand of 33%

• Sequential quarter decreasein U.S. XTANDI net sales inQ1 2016 was due to highergross-to-net (due to reset ofMedicare Part D “donuthole”) and a decrease in

inventory at channelpartners compared to Q42015

U.S. XTANDI Net Sales

As recorded by Astellas

7

$224

$298$313 $316 $308

$-

$50

$100

$150

$200

$250

$300

$350

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

In USD mil l ions Key Metrics & Comments

+37% incr ease Y-o-Y


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$133

$188 $205

$231$240

$-

$50

$100

$150

$200

$250

$300

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

In USD mil l ion s +80% in crease y -o-y

Ex-U.S. XTANDI Net Sales

As recorded by Astellas

8

• Ex-US XTANDI net saleswere approximately $240million in Q1 2016, anincrease of 80% comparedto Q1 2015

• The increase was primarilydriven by growth inGermany, France andJapan

Key Metrics & Comments


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Medivation Non-GAAP Revenue

9

$112

$149 $157 $158 $154

$16

$26$34

$45$29

$128

$175$190

$203

$182

12%

14%

16%

19%

12%

10%

15%

20%

25%

30%

$-

$50

$100

$150

$200

$250

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

In USD mil l ions

Revenue related to U.S. XTANDI net sales Revenue related to ex-U.S. XTANDI net sales

Effective Ex-U.S. Royalty Rate

• Non-GAAP revenuestypically lower in first quarterof calendar year due to:

• Reset of royalty rate on ex-U.S. net sales of XTANDI

effective January 1st of eachcalendar year

• The seasonal effects that weredetailed on the previous slide,notable a higher gross to netaccrual rate and inventorychanges in Q1 2016

Key Metrics & Comments+43% in crease y-o-y


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Non-GAAP R&D Expenses

10

$38$41 $40

$61

$68

$-

$20

$40

$60

$80

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

In USD mil l ion s

• Year over year increase inNon-GAAP R&D, primarilyrelated to our talazoparibprogram which we acquiredin October 2015

• Modest 11% quarter overquarter growth and thissequential growth rate isexpected to decline insubsequent quarters


Acquired TalazoparibOctober 2015

+11% q -o-q


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Non-GAAP SG&A Expenses

11

$67

$58 $59$66

$84

$-

$20

$40

$60

$80

$100

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

In USD mil l ion s

• First quarter Non-GAAPSG&A expenses wereimpacted by annuallyrecurring collaborationexpenses incurred by

Astellas that are expensedto us almost entirely in thefirst quarter of the year

• Consistent with last year, weexpect our Non-GAAPSG&A expense to decrease

in subsequent quarters


+24% incr ease y-o-y


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Non-GAAP EPS

12

$0.08

$0.29$0.35

$0.29

$0.11

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

Non-GAAP EPS

Acquired TalazoparibOctober 2015

• First quarter EPS generallylower due to:

• Lower Non-GAAP revenuesdue to 1) reset of royalty rateon XTANDI ex-U.S. net salesand 2) higher gross to net andinventory changes related to

US net sales of XTANDI

• Higher Non-GAAP S&GAexpenses due to timing ofcertain collaboration expensesincurred by Astellas

• We expect a significant

increase in Non-GAAP EPSin coming quarters and arereaffirming 2016 full yearNon-GAAP EPS guidance of$1.30 -$1.40


$0.08

$0.11

$0.00

$0.05

$0.10

$0.15

$0.20

Q1-15 Q1-16

EPS: Y-o-Y Growth

+35% in crease y -o-y


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Reaffirming Full Year 2016 Non-GAAP Guidance

All amounts in $ millions except for Tax Rate and EPS 2016 FY Guidance

US XTANDI Sales (1) $1,425 - $1,525

Non-GAAP Collaboration Revenue (2) $900 - $970

Non-GAAP Operating Expenses (3) $555 - $600

Non-GAAP R&D Expenses $280 - $300

Non-GAAP SG&A Expenses $275 - $300

Non-GAAP Tax Rate 35.5% - 36.0%

Non-GAAP Diluted EPS $1.30 - $1.40

(1) This represents Medivation's projection of U.S. net sales at the Astellas level

(2) This measure includes (i) Medivation's collaboration revenue related to U.S. net sales of XTANDI and (ii) Medivation's collaboration

revenue related to ex-U.S. net sales of XTANDI, in the form of a royalty payment earned from Astellas.

(3) Non-GAAP operating expenses exclude non-cash, stock-based compensation expense, and any change in fair value of contingent

purchase consideration or in-process research and development expenses.


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Non-GAAP Financial Measures


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Reconciliation of GAAP Reported to Non-GAAP (1 of 2)

(in millions, except per share amounts) 2016

(unaudited) Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

Collaboration revenue reconciliation:

GAAP collaboration revenue 129$ 176$ 261$ 378$ 182$

Upfront and milestone payments from Astellas (a) (1) (1) (71) (175) -

Non-GAAP collaboration revenue 128$ 175$ 190$ 203$ 182$

Research and development expenses reconciliation:

GAAP research and development expenses 45$ 47$ 46$ 94$ 78$

Stock-based compensation expense (b) (6) (6) (6) (7) (6) Contingent consideration (c) (1) 0 (0) 4 (1)

Upfront license and milestone-related payments to third party (d) - - - - (2)

Impairment of intangible assets (e) - - - (30) -

Non-GAAP research and development expenses 38$ 41$ 40$ 61$ 68$

Selling, general and administrative expenses reconciliation:

GAAP selling, general, and administrative expenses 84$ 75$ 76$ 62$ 97$

Stock-based compensation expense (b) (8) (8) (8) (7) (8)

Contingent consideration (c) (3) (1) (2) 14 (5)

Upfront license and milestone-related payments to third party (d) (6) (8) (8) (3) -

Non-GAAP selling, general and administrative expenses 67$ 58$ 59$ 66$ 84$

2015


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Reconciliation of GAAP Reported to Non-GAAP (2 of 2)

(in millions, except per share amounts) 2016

(unaudited) Q1-15 Q2-15 Q3-15 Q4-15 Q1-16

Net (loss) income reconciliation:

GAAP net (loss) income (3)$ 26$ 80$ 143$ 5$

Upfront and milestone payments from Astellas (a) (1) (1) (71) (175) -

Stock-based compensation expense (b) 13 14 13 14 14

Contingent consideration (c) 4 1 2 (17) 6

Upfront licnese and milestone-related payments to third party (d) 6 8 8 3 2

Impairment of intangible assets (e) - - - 30 -

Non-cash interest expense (f) 4 5 1 0 0

Loss on extinguishment of convertible notes (g) 0 8 13 - -

Income tax adjustments (h) (9) (13) 12 53 (8)

Non-GAAP net income 13$ 49$ 58$ 49$ 19$

Diluted net (loss) income per share reconciliation:

GAAP net (loss) income (3)$ 26$ 80$ 143$ 5$

Non-GAAP adjustments after-tax 17 23 (21) (93) 14

Non-GAAP diluted net ncome 13$ 49$ 58$ 49$ 19$

Non-GAAP diluted net (loss) income per share 0.08$ 0.29$ 0.35$ 0.29$ 0.11$

Shares used in per share calculation (diluted):

GAAP shares used in per share calculation (diluted) (i) 157 169 168 168 168

Dilutive effect of common stock equivalents (j) 5 - - - -

Non-GAAP shares used in per share calculation (diluted) 162 169 168 168 168

2015


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Explanation of Adjustments to Reconciliation Tables

a)

Upfront and milestone payments from Astellas: Upfront and milestone payments are excluded from non-GAAP financial measures because they occur at irregular intervals and are not related to

Medivation’s long term core business going forward; such exclusion allows for better representation of the ongoing economics of the business, facilitates period over period comparison and is

reflective of how Medivation manages its business.

b)Stock-based compensation expense: Stock-based compensation expense is excluded from non-GAAP financial measures because of the nature of this charge, varying available valuation

methodologies, subjective assumptions and the variety of award types; such exclusion facilitates comparison of Medivation’s operating results to peer companies.

c)

Contingent consideration: The effects of contingent consideration valuation are excluded from non-GAAP financial measures; because of the nature of this item, which is related to the change in fair

value of the liability for contingent consideration related to the acquisition of worldwide rights to talazoparib from BioMarin Pharmaceutical, Inc., and Medivation's license agreement with CureTech,

Inc. for pidiluzimab; such exclusion facilitates comparisons of Medivation's operating results to peer companies.

d)

Upfront license and milestone-related payments to third party and other adjustments: These payments and adjustments are excluded from non-GAAP financial measures because they occur at

irregular intervals and are not related to Medivation’s long term core business going forward; such exclusion facilitates understanding of the ongoing economics of the business, facilitates period over

period comparison and is reflective of how Medivation manages its business.

e)Impairment of intangible assets: The effects of impairment of intangible assets are excluded from non-GAAP financial measures because of the nature of this item, which is related to impairment of

our IPR&D asset related to pidiluzimab; such exclusion facilitates comparisons of Medivation's operating results to peer companies.

f)

Non-cash interest expense related to the Convertible Notes and Revolving Credit Facility: The effects of non-cash interest expense related to the Convertible Notes and the Revolving Credit Facility are

excluded from non-GAAP financial measures because these expenses are non-cash expenses; such exclusion facilitates comparison of Medivation’s cash operating results to peer companies and is

reflective of how Medivation manages its business.

g)Loss on extinguishment of Convertible Notes: The effects of loss on extinguishment of the Convertible Notes are excluded from non-GAAP financial measures because this expense is a non-cash

charge; such exclusion facilitates comparison of Medivation's cash operating results to peer companies a nd is reflective of h ow Medivation manages its business.

h) Income tax adjustments: Adjustments to income tax expense for non-GAAP financial measures consist of the income tax effect of the non-GAAP adjustments.

i)

Interest and shares underlying Convertible Notes: In periods in which Medivation reports GAAP or non-GAAP net income, the effect of contingently issuable shares is considered in the calculation ofdiluted net income per share. Beginning in the second quarter of 2015, the "cash settlement" method is used to determine the dilutive effect of the Convertible Notes. Under this method, interest is

not added back to the numerator, and only the contingently issuable shares related to the conversion spread are included in the denominator, if dilutive. The computation of diluted net income per

common share for the second and third quarter of 2015 includes the effect of approximately 2.4 million and 0.8 million common shares, respectively, related to the conversion spread for both non-

GAAP and GAAP purposes. The Convertible Notes had no effect on the diluted net income per share calculation for the three months ended December 31, 2015 for both GAAP and non-GAAP purposes

because Medivation completed the settlement of all of its Convertible Notes during the third quarter of 2015.

j)

Diluted effect of common stock equivalents: In periods in which Medivation reports a GAAP net loss, all common stock equivalents are deemed anti-dilutive and basic and diluted common shares are

equal. Because Medivation had non-GAAP net income for the three months ended March 31, 2015, the dilutive effect of common stock equivalents is included in the diluted net income per share

calculation for that period. Because Medivation had a GAAP net loss for the three months ended March 31, 2015, the dilutive effect of common stock equivalents is excluded in the diluted net loss per

common share calculation for that period because such shares have an anti-dilutive effect.


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KEY HIGHLIGHTS

Delivering Value Now and Into The FutureDavid Hung, M.D.Founder, President and CEO


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Forward-Looking Statements

This presentation contains forward-looking statements. All statements relating to events or results that may occur in the future, including but not limited to statementsregarding our future results of operations and financial position, our anticipated future non -GAAP revenue, estimated future sales of XTANDI®, market opportunity for ourproducts and product candidates, potential regulatory approvals or events, and clinical trial events or progress, are forward-looking statements. These statements involveknown and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. Words such as “believe,” “opportunity,” “potential,” “expected,”“potentially,” “may,” “goals,” and similar expressions are intended to identify these forward -looking statements. These statements involve known and unknown risks,uncertainties and other important factors, including risks inherent in obtaining regulatory approvals, that may cause our actual results, performance or achievements tobe materially different from those expressed or implied by the forward-looking statements. Because forward-looking statements are inherently subject to risks anduncertainties, you should not rely on these forward -looking statements as predictions of future events. For a further description of the risks and uncertainties that couldcause actual results to differ from those expressed in forward-looking statements, including risks relating to relating to our business in general, see our Annual Report onForm 10-K filed with the Securities and Exchange Commission, or SEC, on February 26, 2016, and Quarterly Report on Form 10-Q for the quarter ended March 31,2016, filed with the SEC on May 5, 2016. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements containedherein, whether as a result of any new information, future events, changed circumstances or otherwise.


This presentation is neither an offer to buy nor a solicitation of an offer to sell any securities of Medivation. No tender offer for the shares of Medivation has commencedat this time. In connection with its proposed transaction, Sanofi may file tender offer documents, consent solicitation documents or other documents with the U.S.Securities and Exchange Commission (“SEC”). If a tender offer and/or consent solicitation is commenced, Medivation will file with the SEC aSolicitation/Recommendation Statement on Schedule 14D-9 with respect to such tender offer and may file a solicitation of revocation in connection with such consentsolicitation. Once filed, stockholders will be able to obtain, as applicable, the tender offer statement on Schedule TO, the offer to purchase, theSolicitation/Recommendation Statement of Medivation on Schedule 14D-9, any consent solicitation, any solicitation of revocation and related materials with respect toany tender offer or consent solicitation, free of charge, at the website of the SEC at www.sec.gov, and from any information agent and/or dealer manager named in thetender offer materials. Stockholders may also obtain, at no charge, any such documents filed with or furnished to the SEC by Medivation under the “SEC Filings” tab inthe “Investor Relations” section of Medivation’s website atwww.medivation.com. Stockholders are advised to read these documents, if and when they become available,including any amendments thereto, as well as any other documents relating to any tender offer and/or consent solicitation that are filed with the SEC, carefully and intheir entirety prior to making any decisions with respect to whether to tender shares or submit consents because the documents will contain important information.

Certain Information Regarding Participants

Medivation, its directors and certain of its executive officers may be deemed to be participants in the solicitation of revocations in connection with any Sanofisolicitation. Information regarding the names of Medivation’s directors and executive officers and their respective interests in Medivation by security holdings or otherwiseis set forth in Medivation’s proxy statement for the 2016 Annual Meeting of Shareholders, as amended, filed with the SEC on April 29, 2016. Additional information canalso be found in Medivation’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 26, 2016 and in Medivation’s latestQuarterly Report on Form 10-Q.


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Table of Contents

Medivation’s Compelling Value Proposition

XTANDI Commercial Success and Runway for Growth in Prostate Cancer and Beyond

Innovative Late-Stage Pipeline: Talazoparib and Pidilizumab

Sanofi’s Substantially Inadequate and Opportunistically-Timed Proposal

Conclusion


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Q1 2016

Medivation’s Compelling ValueProposition


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Why We Are Here

Graeme Today(with 3rd grandchild)

Graeme in 2010(given 3 weeks to live,

enrolled in XTANDI AFFIRM trial)

We seek to meaningful ly imp rove the qual i ty of l i fe of patients and

fami l ies suf fer ing from ser ious disease by ident i fy ing and rapid ly and

eff iciently developin g and del ivering medic al ly innovative therapies

W Will C ti T D li S b t ti l V l d


23/5723

We Will Continue To Deliver Substantial Value andBuild Upon Our Leadership in Oncology

Developed the World’s LeadingProstate Cancer Therapy

$2.2 Billion Annualized Run Rate inWorldwide XTANDI Net Sales

Wholly-Owned, Late-Stage Assetswith Blockbuster Potential

XTANDI Development: One of the

Fastest in Biopharma History

Track Record of GeneratingSignificant Shareholder Returns 2015A 2020E

$695

$2,500+

Non-GAAP Revenue ($mm)

29%+CAGR

Robust Future Growth Ahead

M di ti H Hi t f R b t Fi i l P f


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4

79

16 1617

>18

24

Medivation Has a History of Robust Financial Performanceand Significant Shareholder Returns

$36

$203

$389

$695

$935

2012A 2013A 2014A 2015A 2016E

126% CAGR

Source: FactSet and Company filings as of 05/04/16(1) 2016E Non-GAAP revenue represents midpoint of 2016 guidance of $900mm - $970mm(2) Profitability defined as four consecutive positive Non-GAAP net income quarters or

positive Non-GAAP net income as of most recent quarter; “>” denotes Non -GAAPunprofitability as of latest financial reporting period

124%

957%

4,487%

15,141%

3-Year 5-Year 10-Year Since FirstPublic

Financing

255%245%144%46%

Non-GAAP Revenue (1)

Time to Profitability (2)(Quarters Following First Product Launch)

($ in millions)

Total Shareholder Returns

(3) Onyx reported Non-GAAP profitability from 1Q’08 – 4Q’09, but did notreport four quarters of consecutive Non-GAAP profitability from 1Q’10until acquisition in 3Q’13

(4) BioMarin reported Non-GAAP profitability from 4Q’07 – 4Q’10, but hasnot reported four consecutive quarters of Non-GAAP profitability since

MDVN

Nasdaq BiotechnologyIndex

(3)

(4)


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Talazoparib (MDV3800)

Other Indicat ions

Medivation Has Built a Leading Oncology Franchise

25

Products Phase 1 Phase 2 Phase 3 Marketed

XTANDI

Prostate Cancer

AFFIRM + PREVAIL (Led by Medivation)

TERRAIN + STRIVE (STRIVE was Led by Mediv ation)

PROSPER (Led by Medivation)

EMBARK (Led by Medivation)

ARCHES

Triple Negative Breast Cancer (TNBC) Dx+ (Led by Medivation)

ER/PgR+ Breast Cancer (Led by Medivation)

Hepatocel lu lar Carcinoma

EMBRACA gBRCA Breast Cancer

Breast Cancer (Beyond BRCA)

Prostate (Monotherapy)

Prostate (Combo wi th chemo)

Other Indicat ions: GBM & NSCLC

Small Cell Lung Cancer (SCLC) (al l comers)

Ovarian Cancer

Pidi l izumab (MDV9300)

Diffuse Large B-Cell Lym phoma (DLBCL)

Multiple Myeloma

Foll icu lar Lymphom a

Note: Lighter shading ind icates trials to be init iated ¹ Addressable market as estimated by management

AddressableMarket¹

>$15bn(U.S.)

>$3.5bn(U.S.)

>$30bn(U.S. and

Europe)

>$5bn(U.S.)

HER2+ and AR+ Breast Cancer

Creating Long Term Value:


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26

Creating Long-Term Value:Potential for Up to 7 Approvals Through 2020

Potential Top-Line ResultsPotential Approval Potential Trial Initiation/Enrollment

X T A N D I

T a l a z o p a r i b

P i d i l i z u m a b

2016 2017 2018 2019 2020

mTNBC Dx+

ARCHES

PROSPER

EMBARK

DLBCLif accelerated

Ph 2 data in patientswith ER/PgR+ BC

PDUFA date forTERRAIN/STRIVE

(10/22/16)

EMBRACAPh 3 data fromEMBRACA trial inBRCA breast

Initiate trials in Breast,Prostate, Ovarian and SCLC

Initiate Ph 3 in mTNBC

Resume Ph 2 in relapsedand refractory DLBCLpatients

PROSPER to completeenrollment

ER/PgR+ BC

PLATO data

Initiate Ph 3 in DLBCL

Initiate 2nd Ph 3 in DLBCL

Initiate Ph 3 inMultiple Myeloma

Breast cancer(Beyond BRCA)

Ovarian cancer

Prostate cancer(monotherapy)

Prostate cancer(combo)

SCLC

PRESIDE data

ALLIANCE data


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CLINICAL AND BUSINESS HIGHLIGHTS

XTANDI Commercial Success and

Runway for Growth in Prostate Cancerand Beyond

XTANDI Is Among The Top Selling Oncology


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XTANDI Is Among The Top Selling OncologyProducts and Still Growing

28

Top 10 Oncology Drugs by Worldwide Sales

Source: WW Product Sales, EvaluatePharma accessed April 2016

2015A WW Revenues ($mm) 2021E WW Revenues

1,620

1,632

1,907

2,231

2,493

4,658

5,801

6,794

6,945

$7,3211

2

3

4

5

6

7

8

9

10

1

2

3

4

5

6

7

8

9

10

XTANDI Is Expected to Become the Second Best Selling


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Europe Sales ( €mm) Year of

European LaunchProduct Company Therapy Area 2015 2022E

Xarelto Bayer Anticoagulation 1,301 2,718 2008

Oncology 586 2,500 2013

Opdivo Bristol-Myers Squibb Oncology 160 2,358 2015

Revlimid Celgene Oncology 1,115 2,216 2007

Triumeq GlaxoSmithKline HIV 242 2,048 2014

XTANDI Is Expected to Become the Second Best SellingDrug in Europe in 2022 Across All Therapeutic Areas

29

Top 5 Marketed Drugs by Europe Sales

1

2

3

4

5

Source: Europe sales in €mm. EvaluatePharma accessed April 2016

XTANDI Is Now the Leading Novel Hormonal Therapy


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3.5

5.0

6.0

0

1

2

3

4

5

6

7

8

9

10

$0

$50

$100

$150

$200

$250

$300

$350

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

X T ANDI A

v er a g eD ur a t i on

( i nm

on

t

h s ) U .

S . Q u a r t e r l y N e t S a l e s ( i n

$ m

i l l i o n s

)

XTANDI Avg. Duration of Use

XTANDI U.S. Net Sales

Zytiga U.S. Net Sales

XTANDI Is Now the Leading Novel Hormonal Therapyin the U.S.

30

Novel Hormonal Therapy (NHT) Market defined as XTANDI and Zytiga

Source: IMS Weekly NPA Data, 13 full consecutive weeks per quarter TRx is the total number of prescriptions

2011 2012 2013 2014 2015 2016

Launched16 monthslater

45%

47%

49%

51%

53%

55%

Q2 15 Q3 15 Q4 15 Q1 16

XTANDI TRx share

Zytiga TRx share

50.4%

TRx Share of the U.S.Novel Hormonal Therapy Market

Quarterly Net Sales ofNovel Hormonal Therapies

8.0

49.6%

XTANDI Duration of Therapy has More Than Doubled to 8 Months

XTANDI Clinical Data Support Longer Treatment Duration


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8.3

11.2

19.4

0

5

10

15

20

25

30

M e d i a n T i m e t o P S A P r o g r e s s i o n ( M o n t h

s )

31

XTANDI Clinical Data Support Longer Treatment Durationin Earlier Lines of Prostate Cancer

ARCHES 5

Note: PSA=prostate-specific antigen.

1) N Engl J Med 2012; 367:1187-1197. 2) N Engl J Med 2014; 371:424-433; 3) Heidenreich A, et al. EAU Congress. March 20-24, 2015; Madrid,Spain; 4) Penson D, et al. AUA Congress. May 15-19, 2015; New Orleans, LA, USA. 5) Arrow shown for illustrative purposes.

Approved2014

Ongoing

Approved2012

sNDA Filed2016

sNDA Filed2016

24.9+

1 2 3 4

8.0

XTANDICurrent

$2.2bn

annual ized

WW sales

E

s t i m a t e d T r e a t m e n

t D u r a t i o n ( M o n t h s )

Ongoing Phase 3 Trials Significantly Expand


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32

Ongoing Phase 3 Trials Significantly ExpandXTANDI’s Addressable Market

73,000

18,000

30,000

12,000

mCRPC¹ M0 CRPC M0 HormoneSensitive

M1 HormoneSensitive

Additional PatientOpportunity

=60,000

Patients

ARCHES

Addressable patient population defined as all patients who begin treatment in a new line of therapy in a given yearSource: Management estimate; Scher et al, Prevalence of Prostate Cancer Clinical States and Mortality in the United States:

Estimates Using a Dynamic Progression Model, 2015¹ Includes pre-chemo, post-chemo, and chemo treated patients

Approved2014

Ph 3 ongoing

2019

Ph 3 ongoing

2020

Ph 3 ongoing

2021

133,000

+

+

Approved2012

sNDA Filed2016

sNDA Filed2016

Ongoing XTANDI Trials Targeting Earlier-Stage Prostate Cancer Patients(Addressable U.S. Patient Population)

Phase /

EstimatedLaunch

Marketed

2012

AddressableU.S. Market

Prostate Cancer Opportunity

>$15bn


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XTANDI Will Be Challenging to Displace in Prostate Cancer

33

Source: EvaluatePharma, accessed May 2016

Worldwide sales ($mm)

$2,089

$2,231

$285

$356

$267

$246

$5,551

$1,831

$1,031

$428

$206

$177

2015A 2020E 2015 –20E CAGR

22%

(4%)

29%

4%

(5%)

(6%)

XTANDI in Breast Cancer Represents a Significant


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XTANDI in Breast Cancer Represents a SignificantCommercial Opportunity

34

Triple-Negative(TNBC)

(15%)*

ER/PgR+ andHER2-normal

(50%)*

HER2+ and AR+

(15%)*

San Antonio Breast Cancer Symposium Dec 8-12, 2015 Poster P3-07-25.

* Denotes the % this subtype represents of the total breast cancer population** Patient tested positive for our novel diagnostic signature

Phase 2 results demonstrated a 13.8 month overall

survival benefit in diagnostic+** patients

Phase 3 trial in TNBC is expected to initiate in 2H 2016

Current standard of care = chemotherapy

~50% of TNBC patients are diagnostic+**

Ongoing Phase 2 trial in 247 patients with advancedbreast cancer

Phase 2 data expected in 2H 2016

Phase 2 trial currently enrolling

Additional Solid Tumor Indications Provide Significant


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Additional Solid Tumor Indications Provide SignificantUpside

* Potential addressable patient population defined as all lines of treatable metastatic patients in 2016

Sources: MDVN internal analysis; © 2016 DR/Decision Resources, LLC. All rights reserved. Reproduction, distribution, transmission or publication isprohibited. Reprinted with permission. www.biopharma.decisionresourcesgroup.com. Last accessed: 05/03/2016.

35

Potential addressable patient populations (U.S.)*

Addressable

U.S. Market

90,000

60,000

15,000

AdditionalSolid Tumor

Opportunities

>$3.5bn

75,000patients

AdditionalPatient Opportunity

15,000

PotentialLaunch

Phase Ph 2 ongoing

2022

Ph 3 initiating

2019

mHCCmTNBC

Ph 2 ongoing

2020

mER/PgR+Breast


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1H 2016 2H 2016

XTANDI Has Multiple Near Term Value Creating Events…

36

CHMP¹ Positive Opinion

Phase 4 PLATO trial

Phase 3 TNBC trial Initiate

ER/PgR+ breast cancer trial Top-line data

TERRAIN and STRIVE publications

Expansion / bifurcation of sales force

PDUFA for TERRAIN / STRIVE Potential approval

Phase 3 PROSPER trial (M0)

Top-line data

+1,200 PatientsEnrolled

Prostate cancer Breast cancer ¹ Committee for Medicinal Products for Human Use of the European Medicines Agency (EMA)


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… And Significant Longer-Term Growth Potential

37

Timeline based on current management estimates.

2019

2020

2021

Non-metastatic CRPC – Progressed on ADT

mTNBC Dx+

2022

Non-metastatic HSPC – XTANDI plus ADT

ER/PgR+ Breast Cancer

ARCHES Metastatic HSPC – XTANDI plus ADT

Hepatocellular Carcinoma

Potential FDA Approvals


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FINANCIAL PERFORMANCE

Innovative Late-Stage Pipeline:Talazoparib and Pidilizumab

Talazoparib – Potential Best-in-Class PARP Inhibitor


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Talazoparib Potential Best in Class PARP Inhibitorfor Breast Cancer and Beyond

39

Significantly greater potency in vitro relative to other PARPi’s

Unique PARP-trapping ability

DifferentiatedMechanism of Action

Compelling ClinicalData

High / differentiated response rate observed in ovarian andbreast

Combination data with low-dose chemotherapy demonstratespotential beyond BRCA-mutated cancers

Phase 3 Data in

1H 2017

Phase 3 EMBRACA trial in BRCA-mutated breast cancer expected

to complete enrollment in 2016, read out in 1H 2017

Multi-Billion DollarPotential

DNA repair / PARP trapping has potential in multiple tumor types

Recent FDA meeting to discuss / align on accelerated approvalpathway in prostate cancer

High Probability ofSuccess

PARPi class validated through FDA approval (despite historicalfailure of another product incorrectly believed to be a PARPi)

Large body of data demonstrating that the PARP class is safe andeffective in BRCA-mutated cancers

PARP Inhibitors Have Demonstrated Striking Effects in


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PARP Inhibitors Have Demonstrated Striking Effects inHeavily Pre-treated, Advanced mCRPC

Data from Olaparib Study in Advanced Prostate Cancer

Patients dosed 50

Evaluable for response 49

Prior lines of treatment n (%)Docetaxel 50 (100%)

Cabazitaxel 29 (58%)

Abiraterone 48 (96%)

Enzalutamide 14 (28%)

40

Mateo et al. oral presentation AACR 2015. Final publication N Engl J Med. 2015 Oct 29;373(18):1697-708. (Investigator Sponsored Trial)

Response rate: 33%(16/49 patients)

13/16 responders droppedcirculating tumor cells(CTCs) to zero

Remarkable response in aheavily pre-treated patientpopulation

Talazoparib’s PARP-trapping Potency Results in Unique


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41

Source: Shen et al. Clin Cancer Res 2013; 19:5003 –15.Note: PARP inhibition represents relative concentration for 50% inhibition in PARP1 enzyme assay; antitumor activity represents relative concentrationfor 50% Capan-1 cell survival reduction in single-agent cytotoxicity assay; and temozolomide potentiation represents the relative concentration that,when combined with 200 mmol/L of temozolomide, resulted in 50% growth inhibition of LoVo cells in a temozolomide potentiation assay

All PARP inhibitors inhibitPARP…

…but potency of PARPinhibition does not correlate

with antitumor activity…

…while PARP-trapping abilityis better correlated to

antitumor activity

Most Potent

PARP Inhibition(~3x –8x)

Most Potent

Antitumor Activity(~50x –2,000x+)

Most Effective

PARP Trapping(~50x –2,000x)

Relative Potency forPARP Enzyme Inhibition

Relative Potency forCytotoxicity

Relative Potentiation ofChemotherapy (Temozolomide)

Talazoparib s PARP trapping Potency Results in Unique Ability to Enhance Chemotherapy Efficacy and Tumor Kill

Superior PARP Trapping May Lead to Improved Clinical


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Phase 1 Response Data

(talazoparib with low-dose chemotherapy)

Superior PARP Trapping May Lead to Improved ClinicalOutcomes in Broad Patient Populations

42

Phase 1 data from a 40 patient study of

talazoparib in combination with low-dose

chemotherapy in heavily pre-treated

advanced malignancies

4/7 objective responses in non-

BRCA mutated ovarian cancer patients

1 responder did not even have HRD

suggesting possibilities of treatingpatients without genetic selection

Additional responses in Ewing’s

sarcoma, cervical adenocarcinoma,

SCLC and TNBC

Olaparib was approved based on 34%

objective response rate (ORR) in BRCA-mutated ovarian cancer

Talazoparib is active in tumors with defects in DNA repair genes beyond BRCAmutations (larger market than BRCA) and possibly even without HRD (largest market)

All(CBR)

Ovarian Cancer, non-BRCA-mutated(ORR) (CBR) (>50% CA-125)

Source: Wainberg et.al. Oral presentation, AACR 2016. Abstract CT011. FDA product label for olaparib.Note: Chemotherapy regimens included temozolomide and irinotecan. HRD = homologous recombination deficiency. CBR = clinical benefit rate

Third-Party Comparison of PARP Data Supports


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43

Third Party Comparison of PARP Data SupportsTalazoparib’s Best-In-Class Potential

Olaparib Niraparib Talazoparib

Phase 2 Breast POC Phase 2 Phase 1/2 Phase 1

Dosing 100mg BID 400mg BID 400mg BID Various 0.9 –1.1mg QD 1mg QD

Size, n 27 27 62 4 18 14

Prior Regimens,median

3 3 4.6 5 3

Platinum 22% 30% 33%

ORR, % 22% 41% 13% 50% 44% 50%

CR – 4% – 6% 7%

PR 22% 37% 13% 50% 39% 43%

CBR, % 67% 85% 60% 72% 86%

SD 44% 44% 47% 28% 36%

(≥23w) (≥23w) (>8w) (>24w) (>24w)

PFS (mos) 3.8 5.7 8.0

Source: Barclays Research, Kaye et al. J Clin Oncol. 2012 Feb 1; 30 (4) : 372, Company reports

Adverse Event Profile of Talazoparib vs. Other


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44

d e se e o e o a a opa b s O ePARP Inhibitors

12%4%

5%

33%

30%

23%

25%16%

10%

2%

AnemiaThrombocytopenia

NeutropeniaLymphopenia

NauseaVomiting

Constipation AnorexiaDiarrhea

DyspepsiaDysgeusia

FatigueInsomnia Alopecia

ALT/AST Increased

0% 20% 40% 60%

Talazoparib Gr 1 –2 Talazoparib Gr 3 –4

Talazoparib: >10% pts

Niraparib: >10% pts

47%

25%

24%

15%

56%

25%

36%

27%

49%

13%

11%

15%

5%

2%

2%

2%

5%



NauseaVomiting

Constipation AnorexiaDiarrheaDyspepsia

DysgeusiaFatigue

Insomnia Alopecia

ALT/AST Increased

0% 10% 20% 30% 40% 50% 60% 70%

Niraparib Gr 1 –2 Niraparib Gr 3 –4

16%

59%

35%

21%

26%

17%

16%

53%

17%

2%

1%

6%



NauseaVomiting

Constipation AnorexiaDiarrhea

DyspepsiaDysgeusia

FatigueInsomnia Alopecia

ALT/AST Increased

0% 20% 40% 60%

Olaparib Gr 1 –2 Olaparib Gr 3 –4

Olaparib: >15% pts

Rucaparib: >15% pts

10%

59%

20%

28%

26%

16%

36%

43%

30%

19%

4%

2%

1%

2%

1%

6%

7%



NauseaVomiting

Constipation AnorexiaDiarrheaDyspepsia

DysgeusiaFatigue

Insomnia Alopecia

ALT/AST Increased

0% 10% 20% 30% 40% 50% 60% 70%

Rucaparib Gr 1 –2 Rucaparib Gr 3 –4

Source: BioMarin. Wainburg et.al. ASCO 2014 (1mg patients). Kaufman et.al. ASCO 2013 (400mg patients). Sandu et.al. Lancet Oncology 2013(290-300mg patients). Swisher et.al. SGO 2015 (600mg patients).

Phase 3 EMBRACA Is Similar to Competitor Trials, but


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p ,More Conservatively Designed

45

Source: Management, company filings and ClinicalTrials.gov.

Talazoparib Olaparib Niraparib

IndicationBRCA-mutated

Breast Cancer

BRCA-mutated

Breast Cancer

BRCA-mutated

Breast Cancer

Target Enrollment 429 310 306

Dosing1mg

Once Daily

300mg

Twice Daily

300mg

Once Daily

Target Hazard Ratio 0.67 NA 0.50

Accrual Complete enrollmentin 2016

Completedin 4Q15

Enrolling through2016

Our Strategic and Disciplined Development Approach to


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g p p ppMaximizing the Talazoparib Opportunity

46

Tumor Type Development Plan Opportunity for Talazoparib

BreastCancer

Complete EMBRACA enrollment by YE

Initiate Beyond BRCA registrational trialin 2H 2016

No ongoing registrational trials forother PARPi’s in the Beyond BRCApopulation

ProstateCancer

Met with the FDA and aligned on designof registrational trial to supportaccelerated approval as monotherapy

Plan to initiate this study in “geneticallydefined” population in 2H 2016

Plan to initiate Phase 2 trial incombination with low dose chemo in “allcomers” 2H 2016 with data in 2017

No ongoing registrational trials forother PARPi’s in prostate cancer

Offers a potential acceleratedapproval pathway / rapid path tomarket

Medivation has substantial experiencein this indication

SCLC

Upcoming FDA meeting to align onregistrational trial in combination withtemozolomide in all comers

Phase 3 trial to initiate in 2H 2016

Robust in vitro data demonstratingsynergy with temozolomide

No ongoing registrational trials forother PARPi’s in SCLC

OvarianCancer

Initiate Phase 2 trial with low dose chemoin 2H 2016

Potential to address a broader patientpopulation than olaparib

SCLC Represents One of Our First Registrational Trial


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Talazoparib Potentiates Temozolomide Tumor Kill in Small Cell Lung CancerXenografts at Submaximal Doses

p gOpportunities for Talazoparib

Vehicle

Temozolomide 3mg/kg PO QD x 4

Talazoparib 0.25 mg/kg PO QD x 4

Talazoparib + Temozolomide

47

Medivation; data on file

Talazoparib’s Mechanism of Action May Address Multiple


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10k

140k

80k

100k

140k

60k

230k

EMBRACA(gBRCA mBC)

mCRPC mSCLC Adv Ovarian mBC(BeyondBRCA)

Glioblastoma mNSCLC Current PatientOpportunity

p y pTumor Types

48

* Potential addressable patient population defined as all lines of treatable metastatic patients in 2016. Dollar figures reflect current PARP inhibitor pricingSources: MDVN internal analysis; Peshkin et al, Breast Dis. 2010; TCGA, Nature. 2012; Mateo et al, NEJM . 2015; TCGA Nature. 2011; © 2016DR/Decision Resources, LLC. All rights reserved. Reproduction, distribution, transmission or publication is prohibited. Reprinted with permission.

Multiple Oncology Opportunities With Potential for Monotherapy or Combination Therapy

Potential addressable patient populations (U.S. and Europe)*

Phase

PotentialLaunch

Ph2ready

2022-232022-23

Ph 2ready

Ph 3ready

2020-21

Ph2ready

2019-22

Ph 3ongoing

2018

~760kpatients

Ph 2ready

2021-22

Ph 2ready

2022-23

Addressable U.S. andEurope Market

Talazoparib Addressable Market

>$30bn

Pidilizumab (MDV9300) – Antibody With Immune-Mediated


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( ) y Antitumor Effects

49

Progress has been made in elucidating pidilizumab’s immune-activating mechanism of action

Potentially NovelMechanism of

Action

Supported by StrongClinical Evidence

to Date

Administered to several hundred patients and activity demonstratedin multiple Phase 2 trials (i.e. 52% complete response rate inFollicular Lymphoma)

Pidilizumab effects on DLBCL published in Journal of ClinicalOncology was one of the most frequently cited publications of2013*

Registrational StudyInitiated in 4Q15

180 patient study involving two parallel cohorts in DLBCL – postautologous stem cell transplant and transplant-ineligible patients

Primary endpoint is best overall response rate

Multiple LiquidTumor Indications

Other hematological malignancies being considered, includingmultiple myeloma

* (Vol. 31, 4199-4206, 2013)


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KEY HIGHLIGHTS

Sanofi’s Substantially Inadequate andOpportunistically-Timed Proposal

Sanofi’s Opportunistic Proposal Substantially Undervalues


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yMedivation

51

Sanofi’s proposed price of $52.50 per share substantially undervalues Medivation:

Medivation is a unique opportunity as one of the few profitable and sizeable oncology

companies

Medivation has built XTANDI into a rapidly-growing, multi-billion dollar oncology product

Medivation is leveraging its expertise to develop and bring to market additional products

from its wholly-owned, differentiated late-stage pipeline

Talazoparib represents another blockbuster opportunity as a potentially best-in-class

PARP inhibitor targeting a wide range of oncology indicationsSanofi's timing is designed to benefit Sanofi – not Medivation’s shareholders:

Sanofi approached Medivation following a period of significant market dislocation,

particularly in biotech

The proposed price is 21% below Medivation's 52-week trading high

Sanofi did not wait for a response from Medivation’s Board with respect to its non-binding proposal before rushing to make the same substantially inadequate proposal public

The Board believes that the continued successful execution of our well-definedstrategic plan will deliver greater value to Medivation's shareholders than Sanofi's

substantially inadequate proposal

Sanofi’s “Unaffected Price” Coincided with NASDAQ


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52

Biotechnology Index Bottom

Source: FactSet, Company filings

MedivationShare Price

NBI IndexedPrice (as of 01/01/15)

140

130

120

110

100

90

80

70

60

NASDAQ Biotech Index Bottom: February 11, 2016

Sanofi’s implied “unaffected price” of $35.00

“Unaffected price” coincides withNBI trough (i.e., down ~20%)

+18.6%

NASDAQBiotechIndex

(15.0%)

Sanofi’s 2-month VWAP

Few Companies Have What Medivation Has:


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Blockbuster Product plus Late-Stage Pipeline

53

Overview of Precedent Transactions

Source: Company press releases and Company filings¹ Transaction values as quoted by the acquirors’ press release on date of transaction announcement² Includes upfront payment of $5.8bn in cash and stock and $4bn in cash for additional, success-based milestone payments for the achievement of

certain regulatory and clinical developments³ AstraZeneca acquired 55% of Acerta for an upfront payment of $2.5bn and unconditional payment of $1.5bn; AstraZeneca retains an option to

purchase the remaining 45% of Acerta for ~$3bn, net of certain costs and adjusting items

Target Transaction Value¹Annc. Date

4/28/16 $5.8bn + $4bn²

BlockbusterProduct

CommercialProduct

Late-StagePipeline

3/4/15

$21.0bn

8/24/14 $8.3bn

5/6/15 $8.4bn

7/14/15 $7.2bn

12/17/15 $4.0bn + ~$3bn³

Recent Third-Party Transactions Validate the Value


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“There are several lines of evidence that PARP

inhibition may be effective in prostate cancer

and up to 50% of men with prostate cancer

may be eligible for niraparib… We view the

Janssen deal as highly validating of nirapariband providing a pathway to a substantial

commercial opportunity”

̶ Wells Fargo 04/06/16

of Medivation’s Key Assets

54

• Royalty Pharma recently announced a

$1.14bn+(1) acquisition of a portion ofUCLA’s right to the 4% royalty on sales ofXTANDI payable to the University

The deal represents strong third-partyvalidation of the long-term growth prospectsahead of XTANDI

• Johnson & Johnson (JNJ) recently

announced a prostate cancer collaborationwith Tesaro for its PARP inhibitor, niraparib

• For only a single indication, in ex-Japanterritories, Tesaro may receive up to $500million and double-digit royalties

• This transaction demonstrates the clear

potential value that PARP inhibitors mayhave in prostate cancer “We believe that the $1.14B price tag impliesat least somewhere in the $5-$7B range in peakWW sales, depending on ramp, etc.”

̶ RBC 03/04/16

“We think the purchase price paid validates themore bullish commercial scenarios… [and

implies] global peak XTANDI sales of no lessthan $6bn (using low discount rates) and ashigh as $8bn. Keep in mind that in order tomake money on the stream, actual sales wouldneed to be above these numbers.”

̶ UBS 03/04/16

Source: Company filings, company websites, press releases, Wall Street research(1) The transaction includes a cash payment of $1.14 billion and potential additional payments based on future XTANDI sales

Medivation Has Full Confidence in Achieving its Goals


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Medivation Has Full Confidence in Achieving its Goals

55

Key Variables Creating Gap Between Our2020 Revenue Targets and Consensus

Management Revenue Targetsvs. Consensus Estimates (1)

(2)

~28%CAGR

Capitalizing on a substantial, near-termcommercial opportunity in urology

Successfully moving even earlier in theprostate cancer treatment paradigm

Extending treatment duration for prostatecancer patients

Bringing XTANDI to market inlarge breast cancer settings

Capturing the growing ex-U.S. marketopportunity for XTANDI

Prosecuting talazoparib’s broad potentialto become a blockbuster product

Source: Company filings and Wall Street research derived from FactSet consensus(1) Figure represents Medivation Non-GAAP net revenue(2) Represents midpoint of 2016 Non-GAAP net revenue guidance

+

E

$935 $936

$2,500

$1,821

Manag emen t Con sensu s Manag emen t Con sensu s

2016 2020E


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Conclusion

We are Executing on Our Strategic Plan and Delivering


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Meaningful Value to Patients and Shareholders

Developed the World’s LeadingProstate Cancer Therapy

$2.2 Billion Annualized Run Rate inWorldwide XTANDI Net Sales

Wholly-Owned, Late-Stage Assetswith Blockbuster Potential

XTANDI Development: One of the

Fastest in Biopharma History

Track Record of GeneratingSignificant Shareholder Returns

Robust Future Growth Ahead

Total Shareholder Returns

124%

957%

4,487%

15,141%

3-Year 5-Year 10-Year Since FirstPublic

Financing

255%245%

144%

46%

MDVN

Nasdaq BiotechnologyIndex

Medivation 2016 Q1 Earnings Call Deck 5.5.16

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