NADAC五月处方药定价数据：仿制药月环比下降0.2%，同比增长5.8%

Equity ResearchMay 29, 2025Brian Tanquilut * | Equity Analyst(615) 963-8338 | btanquilut@jefferies.comJack Slevin, CFA * | Equity Analyst(212) 284-4686 | jslevin@jefferies.comMeghan Holtz * | Equity Associate+1 (212) 708-2876 | mholtz1@jefferies.comExhibit 1 - Generic Drug Basket, Y/Y & M/MM/MChange-0.2%-0.1%1.3%1.6%-0.5%3.0%-6.7%-0.2%1.1%7.0%-6.5%6.1%-1.4%Source: Jefferies Proprietary Analysis, Medicaid.govExhibit 2 - Branded Drug Basket, Y/Y & M/MM/MChange0.1%0.0%0.0%0.2%3.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%Source: Jefferies Proprietary Analysis, Medicaid.govExhibit 3 - Comp of Methodology Results, GxSource: Jefferies Proprietary Analysis, Medicaid.govExhibit 4 - Disty P/E Multiples Expanded ~8.5xin the Last Major Gx Inflation Period Generic Drug Basket: -0.2% M/M & +5.8% Y/Y in April '25Exhibit 5 - Generic Drug Basket, Y/Y Change.-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%Feb-18May-18Aug-18Nov-18Feb-19May-19Aug-19Source: Jefferies Proprietary Analysis, Medicaid.govExhibit 7 - Generic Drug Basket, Y/Y Increases/Decrease Breakdown (% of TotalDrugs).0%10%20%30%40%50%60%70%80%90%100%Source: Jefferies Proprietary Analysis, Medicaid.govExhibit 9 - Generic Drug Basket, Top 5 Drug Classes Y/Y Change.-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%ANTI INFLAMMATORYGLUCOCORTICOIDSSource: Jefferies Proprietary Analysis, Medicaid.govPlease see important disclosure information on pages 7 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 5.8%Nov-19Feb-20May-20Aug-20Nov-20Feb-21May-21Aug-21Nov-21Feb-22May-22Aug-22Nov-22Feb-23May-23Aug-23Nov-23Feb-24May-24Aug-24Nov-24Feb-25Exhibit 6 - Generic Drug Basket, M/M Change.-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%Feb-18May-18Aug-18Nov-18Feb-19May-19Aug-19Nov-19Feb-20Source: Jefferies Proprietary Analysis, Medicaid.govIncreaseFlatDecreaseExhibit 8 - Generic Drug Basket, M/M Increases/Decrease Breakdown (% of TotalDrugs).0%10%20%30%40%50%60%70%80%90%100%IncreaseSource: Jefferies Proprietary Analysis, Medicaid.govCONTRACEPTIVES SYSTEMICANTI INFECTIVESINSULINExhibit 10 - Generic Drug Basket, Top 5 Drug ClassesY/Y Change, Last 3 Months.Source: Jefferies Proprietary Analysis, Medicaid.gov Drug ClassANTI INFLAMMATORYCONTRACEPTIVES SYSTEMICANTI INFECTIVESGLUCOCORTICOIDSINSULIN Exhibit 11 - Generic Drug Basket, Top 5 Drug Classes M/M Change.-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%ANTI INFLAMMATORYGLUCOCORTICOIDSSource: Jefferies Proprietary Analysis, Medicaid.govExhibit 13 - Generic Drug Basket, Top 30 Drug Classes - Detailed Summary.ANTI INFLAMMATORYCONTRACEPTIVES SYSTEMICANTI INFECTIVESGLUCOCORTICOIDSINSULINPENICILLINSANTIFUNGALSNONSALICYLATE NSAIS ANTIRHEUMATICANTIDEPRESSANTS OTHERANTIHISTAMINESANTIASTHMA OTHERAMPHETAMINESANTIACNE AGENTSMULTIVITAMINSANTIHYPERTENSIVESANTIBACTERIALS TOPICALHYPEROSMOTIC LAXATIVESCEPHALOSPORINBETA BLOCKERSORAL HYPOGLYCEMIC AGENTS ORALESTROGENSBENZODIAZEPINE DERIVATIVE SEDATIVES HYPNOTICSPROGESTINSHEMORRHOIDAL PREPARATIONSCARIOSTATICS TOPICALANTICONVULSANTSTETRACYCLINESSKELETAL MUSCLE RELAXANTSDrug ClassSource: Jefferies Proprietary Analysis, Medicaid.govPlease see important disclosure information on pages 7 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Branded Drug Basket: +0.1% M/M & +3.2% Y/Y in April '25Exhibit 14 - Branded Drug Basket, Y/Y Change.0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Feb-18May-18Aug-18Nov-18Feb-19May-19Aug-19Nov-19Source: Jefferies Proprietary Analysis, Medicaid.govExhibit 16 - Branded Drug Basket, Y/Y Increases/Decrease Breakdown (% of TotalDrugs).0%10%20%30%40%50%60%70%80%90%100%Source: Jefferies Proprietary Analysis, Medicaid.govExhibit 18 - Branded Drug Basket, Top 5 Drug Classes Y/Y Change.-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%HYPOGLYCEMIC AGENTS OTHERBRONCHODILATORSSource: Jefferies Proprietary Analysis, Medicaid.govPlease see important disclosure information on pages 7 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 3.2%Feb-20May-20Aug-20Nov-20Feb-21May-21Aug-21Nov-21Feb-22May-22Aug-22Nov-22Feb-23May-23Aug-23Nov-23Feb-24May-24Aug-24Nov-24Feb-25Exhibit 15 - Branded Drug Basket, M/M Change.-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%Feb-18May-18Aug-18Nov-18Feb-19May-19Aug-19Nov-19Feb-20May-20Source: Jefferies Proprietary Analysis, Medicaid.govIncreaseFlatDecreaseExhibit 17 - Branded Drug Basket, M/M Increases/Decrease Breakdown (% ofTotal Drugs).0%10%20%30%40%50%60%70%80%90%100%IncreaseSource: Jefferies Proprietary Analysis, Medicaid.govAMPHETAMINESINSULINANTIASTHMA OTHERExhibit 19 - Branded Drug Basket, Top 5 Drug ClassesY/Y Change, Last 3 Months.HYPOGLYCEMIC AGENTS OTHERSource: Jefferies Proprietary Analysis, Medicaid.gov Drug ClassAMPHETAMINESINSULINBRONCHODILATORSANTIASTHMA OTHER Exhibit 20 - Branded Drug Basket, Top 5 Drug Classes M/M Change.-4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%HYPOGLYCEMIC AGENT