JEF U：探索慢性阻塞性肺疾病（COPD）领域-赛诺菲、再生元、葛兰素史克、阿斯利康、Verona制药：关于美国新兴慢性阻塞性肺疾病（COPD）领域的专家观点

Benjamin Jackson * | Equity Analyst+44 (0)20 7548 5146 | bjackson@jefferies.comAndrew Tsai ^ | Equity Analyst(415) 229-1566 | atsai@jefferies.comLucy Codrington, MBChB * | Equity Analyst44 (0) 20 7029 8570 | lcodrington@jefferies.comShan Hama * | Equity Analyst+44 (0)20 7548 4084 | shama@jefferies.com Dr.Smith's practice is focused on outpatient pulmonology,interventional pulmonaryprocedures, and disease management programs. His clinical practice covers all aspects ofgeneral pulmonary medicine and critical care. He is particularly interested in interventionalpulmonology and has experience in diagnosing and managing patients with malignantairway disease. He is also interested in navigational bronchoscopy, bronchial thermoplasty,pulmonary arterial hypertension, cystic fibrosis, asthma, and COPD.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Benjamin Jackson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Andrew Tsai, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Lucy Codrington, MBChB, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Shan Hama, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Benjamin Jackson is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Lucy Codrington, MBChB is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.Registration of non-US analysts:Shan Hama is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of AstraZeneca PLC.Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from VeronaPharma within the next three months