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INVESTOR DAYJUNE 6 2016
NEW YORK CITY
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MIKE COYLEEVP & GROUP PRESIDENTCARDIAC AND VASCULAR
GROUP
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2016 Investor D
KEY TAKEAWAYS
THERAPY INNOVATION
ECONOMIC VALUE
GLOBALIZATION
CVG will sustain Therapy Innovation across all b
by the changes we have made in culture, struct
processes led by the most innovative talent in t
Our lead in developing Services and Solutions p
form of “CVG Solutions” programs, CLMS, Dia
and Patient Management Services is Significan
Multi-Line Contracting and VBHC Episode of C
create a “share capture bias” for our overall pro
Our Global Footprint, Breadth and Scale give us
Advantage in driving emerging market therapy
market share
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CVG GROUP STRUCTURECUSTOMER FOCUSED WHILE CAPITALIZING ON SIZE AND SCALE
Coronary & StructuralHeart (CSH)
Cardiac Rhythm & HeartFailure (CRHF)
Cardiac & Vascular GroOperations, Quality, Clinica
B u s i n e s s
U n i t
T h e r a p y / P h y s i c i a n
f o c u s e d
G e n e r a l M a n a g
e r s
G r o u p
Heart Failure
Brady
Tachy
AF Solutions
Diagnostics
Connected Care
Coronary and RenalDenervation
Heart Valve Therapies
ExtracorporealTherapies
CRHF
APV
CSH
FY16:
$10.2B
CRHF: +10%
CSH: +9%
APV: +10%
CVG: +9%
Growth Rates: Constant Currency Growth at 53wks
Constant currency growth benefited by approximately
1.5 percentage points for extra week.
Balanced growth across all businesses with
CC growth at the high end of our targeted
Mid-Single Digit growth range
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Weighted Average Market Growth Rate (WAMGR)*: Forward looking 5 year market projection.
CVG MARKET – MOVING TO MORE RAPIDLY GROWING SEGMENTS
3.8 3.5 3.7
3.4 3.2 3.4
3.2 3.3 3.5
6.2 6.2 6.5
1.5 1.6 1.7
1.5 1.61.71.4 1.82.2
3.2 4.4
6.12.13.4
5.0
0.1
2.5
4.6
0.0
0.8
1.5
FY11 FY16 FY21
Diagnostics
TCV
CRHF AF
Peripheral/eV
Aortic
ECT
Surgical Valves
Coronary
HF / CRT
Tachy
Brady
13%
8%
7%
4%
1%
1%
1%
1%
14%
$40.0B
$26.4B
1%
CardiovascularMarket CAGR
~4%
$32.3B
1%
60%
40%
50%
50%
75%
25%
Implantables,
Coronary & Core
Structural Heart
Market CAGR~1%
“All Other”
Market CAGR~9%
FY16
WAMGR
FY11
~ 4 - 5%
~ 2 - 3%
WAMGR
FY16 – FY21 CAGR
CARDIOVASCULAR MARKET GROWTH ESTIMATES
MARKET COMPOSITION
CVG PORTFOLIO GROWTH
WAMGR*
CVG Growth shown is Constant Currency Growth at 53wks
8/15/2019 Medtronic Cardiac and Vascular Investor Day Presentation
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2016 Investor D*IPUs: Integrated Practice Units
CVG’S EVOLVING CUSTOMER
*IPU’s – Integrated Practice Units
An increasingly complex therapy and brand decision making pr
favors companies with breadth, scale and services capabilit
FPre FY05 2005 - 2010 2010 - 2015 2015 & beyond
+ Materials Manager
+ CardioVascular Line Administrator / Hospital C-
+ Multi-specialty Clinical Prac
Increasingly
Interventional Physician / Surgeons
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2016 Investor D
MEDTRONIC CORE STRATEGIES
CVG Services and Solutions OptimOutcomes, Access, Costs and Efficie
Driving Growth with Geographic Expaand Therapy Penetration
Leading with Unrivaled Breadth, ScaTechnology Innovation
TherapyInnovation
Globalization
EconomicValue
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2016 Investor D
CVG STRATEGY
Diagnostic and ReferralManagement Services
Cath Lab ManagedServices
Intrepid™
FFR
Arctic Front
Advance®
ExtravascularICD
RevealLINQ™
Micra™TPS
TYRX®AIGISRx®
SEEQ™
CardioInsight
Evolut™PRO
(ISR/AVF)(SFA)
VenaSeal
Valiant® Evo
HawkOne 7F/6F
Valiant®Mona LSA Valiant®
TAAA
Avalu
VisiaTM AF / MRI
Enveo®
IN.PACT® Admiral
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2016 Investor D
SUSTAINABLE THERAPY INNOVATION
Leading with Unrivaled Breadth, ScaTechnology Innovation
TherapyInnovation
CRHF CSH
Culture, Structure and Process Changes to Institutionalize Innovation in Prod
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2016 Investor D
DRIVERS OF IMPROVEMENT IN CVG PIPELINE PRODUCTIVITY
Peripheral VascularDisease
General Cardiologist
Rigorous Prioritization to Balance Investment, Cadence, Risk and Ov
Interventional
Cardiologist
Cardiothoracic
SurgeonInterventional
Radiologist
Vascular
Surgeon
Interventional
Cardiologist
Cardiothoracic
SurgeonElectro
General Cardiologist General Cardiologist
Disease/IPUfocused BusinessUnit Leaders
Therapy/Physicianfocused GeneralManagers
Interventional
Cardiologist
Focus and Accountability for Therapy Innovation at the GM L
Reveal LINQ™ ICM
CoreValve™ TAVR
Transformative Innovation
Micra™ Pacemaker
Drug Filled Stent
Cr
AdaptivCRT®Algorithm
Onyx™
Evolut™ R and Evolut™PRO
MRI Safe Implantables
Polaris (HP Platform)
Orion (LP Platform)
Evolut® R /Enveo®Onyx™ DES
IN.PAC
SURTA
IN.PACT® Admiral DCB
Meaningful Iteration Scalable Platform Development Expanded Ind
Coronary ArteryDisease
Heart ValveDisease
ArrhTa
Sirius Programmer
O O S
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2016 Investor D
THERAPY INNOVATIONSCONTINUED STRONG CADENCE OF MEANINGFUL GROWTH DRIVERS
CoreValve Evolut™ R XLEU H2 FY17 & US H1 FY18 T A
V R
FY16
IN.PACT® Admiral®US: H1 FY17 Sizes & Indications D
C B
FY17
M R I
C R T - D Compia
TM, AmpliaTM & ClariaTM
WW: Launching
D F S Drug
EU: F
Resolute Onyx™US: H1 FY18 D
E S
M R I
P a c e r
3T MRITM
WW: Launching
M R I
I C D Visia AF MRITM
WW: Launching
W i r e l e s s
P a c e r
AzureTM
EU H2 FY17
Micra™EU & US: Launching
L e a d l e s s
P a c e m a k e r
Value Segme
PRO
3T Clar ia
150 mm AVF 8-12mmISR
CRHF
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2016 Investor D
CRHFMARKET OPPORTUNITY
GLOBAL CRHF MARKET ~$17B
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
FY16 FY17 FY18 FY19 FY20 FY21
Diagnostics
AF
HF/CRT
Tachy
Brady
$ B i l l i o n s
-
2.0
4.0
6.0
8.0
10.0
FY15 FY16 FY17E …
MEDTRONIC CRHF REVE
$ B i l l i o n s
CRHF IMPLANTABLES
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2016 Investor D
CRHF IMPLANTABLESMEANINGFUL ITERATIONS AND SCALABLE PLATFORM DEVELOPMENT
NEW PLOW POWER
MRI (3T)
Expanding legacy 1.5T MRI devices to 3T
Launch: EU & Japan H2 FY16 & US H1 FY17
Expanding MRI (1.5T & 3T) portfolio tovalue segments
EU & US Launch H1 FY18
CRT-P Quad
Portfolio of quadripolar and bipolar devices
Wireless Bluetooth telemetry with mobile
patient app
Vector ExpressTM
Automated Test and
AdaptivCRTTM
functionality
Launch: EU H2FY17 & US/Japan H1 FY18
Low Power B
Lower product co
Smartphone ena
Patient engagem Modular softwar
feature iteration
Launch: (Azure™US H1 FY18, Jap
High Power B
Lower product co
Bluetooth and pa
Modular softwar
feature iteration
New, exclusive feresponse and pe
Launch: EU & US
Evera MRITM ICD(3T)
Expanding MRI Access: 1.5T and 3T
Improved image quality, improved diagnostics
and shorter MRI scans
Launch: EU & Japan H2 FY16 & US H1 FY17
MRI Safe CRT-D (3T)
Compatible with existing quadripolar leads
CompiaTM
/AmpliaTM
adds MRI functionality
Launch: EU /US Q4 FY16, Japan H1 FY17(Compia) & H2 FY17 (Amplia)
ClariaTM
adds EffectivCRTTM
Algorithm
Launch: EU Q4 FY16, US H2 FY17,
Japan H2 FY18 3T Launch for portfolio mid FY17
Visia AF MRITM
Single chamber ICD with capabilities to detect
Atrial Fibrillation
Adds LINQ functionality to VR ICDs
Launch: US H1 FY17 & Japan H2 FY17
“Extending MRI Leadership to 3T and Value Tiers”
HIGH POWER
CRHF LOW POWER TRANSFORMATIVE INNOVATION
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2016 Investor D
CRHF LOW POWER: TRANSFORMATIVE INNOVATIONREDEFINING PACING WITH MICRA™ PACEMAKER AND ITS FUTURE DER
Micra VVIR Pacemaker World’s smallest pacemaker
Repositionable, tine-based fixation
Simpler, faster, safer and cost-effective
Approved for 1.5 & 3 T full-body MRI scans
First transcatheter pacemaker approved in
the U.S. Addresses 15-20% of Brady patients in VR
segment
FDA Approved (April 2016), Japan H1 FY18
SNDOnly30%
AVBOnly40%
AVB + AF16%
Other4%AVB +
AF16%
Micra AAIR
Micra VDDR
Micra
VVIR
Micra
VVIR
Micra VDDR / AAIR Pacemaker Leverages Micra Platform Technologies
Novel proprietary technologies for cross-
chamber sensing
Expands leadless to AV Block and Sinus Node
Dysfunction patients
Potential for even greater complicationreductions compared to dual chamber rates
Enables us to reach ~90% of Brady patients
Single Chamber:
VVIR= pacing and sensing the ventricle plus rate response featureAAIR= pacing and sensing the Atrium plus rate response feature
Dual Chamber:VDDR=dual chamber pacing and sensing the ventricle plus rate response feature
DDDR=dual chamber pacing plus rate response feature
CRHF HIGH POWER: TRANSFORMATIVE INNOVATION
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2016 Investor D
CRHF HIGH POWER: TRANSFORMATIVE INNOVATIONEXTRAVASCULAR ICD ADDRESSES LIMITATIONS OF SUBQ
Limitations of conventional SubQ-ICD: Large & cumbersome, limited longevityand no ATP or Brady Pacing
Solution: Extravascular ICD
Provide benefits of traditional ICDs with the potential advantage of lead
placement outside the heart and vasculature.
Designed to deliver defibrillation therapy and anti-tachycardia pacing (ATP)
System will consist of a device , a newly designed lead, and procedure tools
to guide the efficient delivery of the system.
Spec Traditional ICD EV-ICD Conventional SubQ-ICD
Size ~30cc ~same size as TV-ICD ~ 2X size of TV-ICD
Max Energy 35J 40J 80J
ProjectedLongevity ~11 years ~10 yearsTV-ICD ~7 years
Features DefibrillationPost-Shock Pacing
ATPBrady Pacing
DefibrillationPost-Shock Pacing
ATPBrady Pacing
DefibrillationPost-Shock Pacing
LeadPlacement
Intravascular Extravascular(Substernal)
Subcutaneous(on top of ribs)
CRHF: AF DIAGNOSTICS INFECTION CONTROL SERVICES
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2016 Investor D
Anti-In
Reduces impla
by 75-100% Incremental re
Cross Selling oStimulation &
Arctic Front Advance® Cryoablation Balloon
Short tip for improved ability to measure
TTI with Achieve Advance™ MappingCatheter
Full Launch: EU & US H1FY18
CRHF: AF – DIAGNOSTICS – INFECTION CONTROL – SERVICESTRANSFORMATIVE INNOVATION, MEANINGFUL ITERATIONS AND CLIN
DIAGNOSTICS INFECTAF SOLUTIONS
SE
Reveal LSEEQTM
SEEQ reimburs
and LINQ techfor monitoring
Heart Failure P
allows clinicianimplanted sens
self manageme Service revenu
Economic Valu
Reveal LINQTM ICM Collects timely biometrics for 3 years 1 in 5 LINQ’s for Syncope result in a
pacemaker implant
Launch: Japan H1FY17
LINQ IITM ICM Size Equivalent + New Smartphone Interface Bluetooth + New Sensors Low cost from waferscale manufacturing Launch: EU FY19
Remains Highly Underpenetrated
FIRE & ICE Clinical Results presented at ACC 2016 Primary efficacy and safety endpoints
met: cryoballoon PVI proven non-inferior
to point-by-point RF ablation, yet withsignificantly shorter procedure times
Secondary endpoints on Re-
hospitalization and Repeat AblationProcedures accepted for Presentation at
CardioStim LBCT session - June 9
US + WE Accessible Market*LINQ
Penetration
Syncope
CryptogenicStroke
AF Ablation
324,000FY16 24%
FY20 337,00036%
391,000FY20 18%
116,000FY20 17%
109,000FY16 7%
362,000FY16 7%
®
CSH: STRUCTURAL HEART
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2016 Investor D
CSH: STRUCTURAL HEART
TAVR – INDICATION EXPANSION SURGITAVR
A
Pericardial tissu
Interior mounteplatform for dur
Flexible and durfor ease of use a
MRI Safe
Launch: EU H1 FJapan H2 FY18
GLOBAL TAVR MARKET ~$4B+
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2015 2016 2017 2018 2019 2020 2021
Extreme Risk
High Risk
AcceleratingIntermediate/Low Risk
$ B i l l i o n s
SURTAVI
Submit Q4FY17
SURTAVI Inclusion: ≥3% mortality risk at 30d
Low Risk: < 3% mortality risk. 1,200 patients
randomized against SAVR
Low Risk
EnrollmentStarted
Current U.S.Indication
Low RiskIntermediate
Risk
High /
Extreme Risk
CoreValve Evolut™ R
Repositionable/Recapturable
TruFit™ design & extended skirt for
optimal sealing 23/26/29 mm launched in FY16
34 mm: EU H2 FY17 & US H1 FY18
CoreValve Evolut™ PRO
Maintains proven benefit of a self-
expanding, supra-annular platform
Introduces additional external skirt sealing
technology designed to reduce mild PVL
Launch: EU & US H1 FY18
MEANINGFUL ITERATIONS AND CLINICAL EVIDENCE
CSH: TRANSFORMATIVE INNOVATION
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2016 Investor D
$-
$1.0
$2.0
$3.0
$4.0
2015 2016 2017 2018 2019 20
Intrepid™
Differentiated dual stent design to accommodate a dynamic mitralannulus
Sealing and fixation achieved through a cork-like effect producedby variable stiffness along the height of the outer stent
Delivery requires no rotational alignment, no hunt for leaflets, &accommodates tilt & lateral misalignment
One implant platform capability regardless of delivery approach:trans-apical or trans-septal
One valve size reduces development & manufacturing complexity
Pilot study currently enrolling patients in EU and ANZExpect to start enrollment in the US in Summer 2016
Continue to evaluate both internal and external options for TMVRepair space
CSH: TRANSFORMATIVE INNOVATIONTRANSCATHETER MITRAL VALVE REPLACEMENT
GLOBAL MIT
Surgical Market
($ Billions)
US MitraClip F
US NG TMV R
EU TMV Repla
EU NG TMV Repair Technologies
Coapt trial 2 year data
CSH: CORONARY & RENAL DENERVATION
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2016 Investor D* Excludes Germany
CSH: CORONARY & RENAL DENERVATION
PORTFOLIO EXPADRUG ELUTING STENTS
GLOBAL EXPANSION
STENTEX JV in Russia
Sole supplier access for ACS PCI
Localized manufacturing
$>700M cumulative Medtronic revenue thru FY21
Timing: H2 FY17
Resolute Onyx™
Drug-Eluting Stent
Most deliverable DES
Enhanced radiopacity with CoreWire Technology
+3.5% share in WE since launch*
Slowed ASP erosion
Launch: US H1 FY18 & Japan H2 FY18
Fractional Flow Re Low profile FFR micro-catheter
Low cost capital component
Euphora™ Drug Coate Drug coated balloon for coronary ar
proven Euphora platform
InTRAkit™ & TRAc Radial access kit and closure band de
procedures
Dxterity™
Best-in-class diagnostic catheter fo
transfemoral PCI procedures
Launches: EU FY17 -
MEANINGFUL ITERATIONS AND GLOBAL EXPANSION
Potential Contributors to VBHC Episo
CSH: TRANSFORMATIVE INNOVATION
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2016 Investor D
Symplicity SpyRenal Denervation Sy
1B people WW; Direct costs $500B W
SPRINT Trial highlights huge unmet
Enrolling SPYRAL HTN Global Clinica
ON-meds study
OFF-meds study
Results from these i
Pivotal trial to be designed based on
studies
Polymer-free DES
Absence of degrading polymer minimizes
inflammation Increased potential for short-term DAPT
Drug is contained on the inside of the stent;
eliminates coating durability concerns during
tracking
Maintains excellent acute performance of Resolute
Onyx
1-month OCT data from the RevElution Trialshowed an excellent early healing profile with an
average of nearly 90 percent full strut coverage
Launch: EU FY19
CSH: TRANSFORMATIVE INNOVATION
RENAL DENERVADRUG FILLED STENTS
APV: AORTIC
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2016 Investor D
APV: AORTIC
COMPLEX TACOMPLEX AAA
THORACIC
Valiant® EvoTAA Stent Graft Sys
Enhanced applicability
Increased patient customization Lower profile
Launch: EU/US H2 FY18 & Japan FY19
Short neck indication for Endurant used with Aptus EndoAnchor
Minimize risk and maximize existing endograft indications
Addressing the ~30% of patients with necks shorter than current
indication Launch: EU H2 FY17 & US H1 FY18
Valiant
®
Mona LBranch Thoracic Sten
Designed to maintain perfusion of the L
device while excluding the aneurysm fro
Avoid the need for LSA bypass procedu
Launch: EU H2 FY18, US & Japan FY20
MEANINGFUL ITERATIONS TO EXPAND THE MARKET
Valiant Thoraco AAA
Modular, off-the-shelf system for treating deadly
thoracoabdominal aneurysm
Non-specific branches for easier cannulation and anatomical
customization
Continuous distal perfusion allows for procedure to be staged, ifnecessary
Launch: EU FY19
SHORT NECK
APV: PERIPHERAL – ENDOVENOUS
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2016 Investor D
APV: PERIPHERAL ENDOVENOUS
endDRUG COATED BALLOONS
GLOBAL DCB MARKET ~$1B
-
0.4
0.8
1.2
FY16 FY17 FY18 FY19 FY20 FY21
OUS SFA
US SFA
WW BTK
WW AV Access
$ B i l l i o n s
Expanding into Venous Obstru DVT Treatmen
VClos
New Non-The
Reflux Proced Launched: US
HawkOne 7F / 6FTM
Next generation atherectomy systems; 7F - improvements in crossing profile,
calcium cutting and ease of use. 6F - improvements in calcium cutting
and ease of use. New multi-levelversion.
Launched: (7F) US H2 FY15
Launch: (6F) US H2 FY17
IN.PACT® Admiral
Highest patency and lowest TLR in any
SFA pivotal study
Launch: US 150mm H1FY17 Other Indications
In Stent Restenosis: US H1 FY17
AV Fistula: EU H2 FY16 (4-7mm) / EU H2FY17 (8-12mm)
BTK: EU FY19
NON-DCB
GLOBAL PERIPHERAL MARKET ~$4B+
(Includes DCB)
-
1.0
2.0
3.0
4.0
5.0
FY16 FY17 FY18 FY19 FY20 FY21
Peripheral
TRANSFORMATIVE INNOVATION AND MEANINGFUL ITERATIONS
GLOBAL ENDOV
-
0.5
1.0
1.5
2.0
FY16 FY17 FY1
$ B i l l i o n s
$ B i l l i o n s
THERAPY INNOVATIONS
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2016 Investor D
O O SCONTINUED STRONG CADENCE OF MEANINGFUL GROWTH DRIVERS
CoreValve Evolut™ R XLEU H2 FY17 & US H1 FY18 T A V R
FY16
IN.PACT® Admiral®US: H1 FY17 Sizes & Indications D
C B
FY17
M R I
C R T - D
CompiaTM, AmpliaTM & ClariaTM WW: Launching
D F S Drug
EU: F
Resolute Onyx™US: H1 FY18 D
E S
M R I
P a c e r
3T MRITM
WW: Launching
M R I
I C D Visia AF MRITM
WW: Launching
W i r e l e s s
P a c e r
AzureTM
EU H2 FY17
Micra™EU & US: Launching
L e a d l e s s
P a c e m a k e r
Value Segme
PRO
3T Clar ia
150 mm AVF 8-12mmISR
LINKING PRODUCTS AND SERVICES / SOLUTIONS
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2016 Investor D
MULTI-LINE CONTRCORE SERVICES AND SOLUTIONS
Risk Share(Adaptive
CRT /Shockless)
InfectionControl
(TYRX)
Dare to Care
RBC
Care MgmtSvcs
PRO | CV
ConnectedCare
CVGSolutions
SERVICE REVENUES
CVG Solutions – “Wrap
Around Programs”
CathLab Managed Services
Patient ManagementServices
(e.g. Care Management
Services)
Diagnostics Services
(e.g. LINQ/SEEQ)
-
0.2
0.4
0.6
0.8
1.0
FY16 FY17 FY18 FY19 FY20 FY21
Diag / CVG
Solutions
Patient Svcs
CathLab
$ B i l l i o n s
0%
5%
10%
15%
20%
25%
30%
35%
FY13 FY14
Increasing use of U.S. Multi-Line Con
preserve share and mitigate ASP dec
% o
f U
. S .
R e v e n u e G e n e r a t e d
b y M u l t - L i n e C o n t r a c t s
CARDIAC AND VASCULAR GROUP
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2016 Investor D
GROWTH D
Therapy Innova
Transformative
Meaningful New
Iteration.(250-
Globalization w
150-200bps th
Market growth
Services and So
contribute 50-
Growth.
CONSISTENT MSD GROWTH
*Growth Rate @ Constant FX, 52wks and are inclu sive of Services & Solutions.
+6%CAGR*
FY16AFY11A FY21E
+5-6%
CAGR*
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