[Report] BOTULINUM TOXIN TOC

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1
Disclaimers I-2
Data Interpretation & Reporting Level I-2
Product Definitions and Scope of Study I-3
Cosmetic Applications I-3
Therapeutic Applications I-3

II. EXECUTIVE SUMMARY

1. Industry Overview II-1

' Bright' Outlook Forecast for Botulinum Toxin II-1
Fastest Growth Forecast for Cosmetic Applications II-1
Upbeat Projections for Therapeutic Applications II-1
US Corners a Lion' s Share II-1
Growth Drivers for Botulinum Toxin II-1
Market Dynamics II-2
Combination Therapy Supports Market Growth II-2
Botulinum Toxin and Soft Tissue Filling Agents II-2
Botulinum Toxin Injections and Laser Resurfacing II-2
Botulinum Toxin and Phenol II-2
Technological Innovations Drive Botulinum Market II-3
Changing Consumer Belief II-3
Under-Treated Diseases Boost Demand for Off-Label Products II-3
Burgeoning Consumer Awareness II-3
' Feeling' to Look Good - Driving Aesthetic Market II-3
Expansion of Financing Services to Propel Growth II-4
Adverse Effects Impedes Market Growth II-4
High Cost -- A Major Market Restraint II-4
Concern over Long-Term Side Effects II-4

2. Competitive Landscape II-5

Allergan Dominates Global Botulinum Toxin Market II-5
Table 1: Revenues of Allergan, Inc (2001-2005):Net Sales of Botox®/Neuromodulator (In US$Million) (includes corresponding Graph/Chart) II-5
Botox Dominance Remains Stable in the Global Market II-6
Clinical Trails in Progress for Botox II-6
Ipsen -- Major Player in Botulinum Toxin Market II-6
Table 2: Revenues of Ipsen Group (2004 & 2005):Net Sales of Dysport® (In € Million) II-6
Clinical Trails in Progress for Dysport II-7
Solstice - Only Global Manufacturer of Type BBotulinum Toxin II-7
Table 3: Leading Players in Global Botulinum Toxin (Therapeutic) Market (2005): Percentage Breakdown by Revenues for Allergan (Botox®), Solstice (Myobloc®),
Ipsen and (Dysport®) (includes correspondingGraph/Chart) II-7
Table 4: Leading Players in Global Botulinum Toxin (Cosmetic) Market (2005): Percentage Breakdown by Revenues for Allergan (Botox®), Ipsen (Dysport®/
Reloxin®), and Others (includes correspondingGraph/Chart) II-7
Worldwide Botulinum Toxin Market (2005): CompetitorsProfile of the Top 2 Companies II-8
Comparison of Allergan' s Botox® and Ipsen' sReloxin® II-8
Table 5: Worldwide Botulinum Toxin Market (2005 & 2006): Percentage Breakup by Key Products -- Botox®, Dysport®, Myobloc®, and Others® (includes corresponding Graph/Chart) II-9

3. Product Overview II-10

Botulinum Toxin -- An Introduction II-10
Chemical Overview II-11
Mechanism of Botulinum Toxin II-11
Side Effects II-11
Immunogenicity Effects Response to BotulinumTherapy II-12
A Peek into the History and Development II-12
Botulinum Toxin -- A Classification II-13
Botulinum Toxin Type A II-13
Botox® II-13
Historical Timeline of Botox: 1885-2002 II-14
Botox Approvals and Indications in SelectGlobal Regions II-15
Dysport® II-15
Xeomin® II-15
Botulinum Toxin Type B II-15
Myobloc® II-16
Key Products in Botulinum Toxin Type A, Type B II-16
Competitive Overview of Botox® - Cosmetic Purpose(Smoothing of Facial Wrinkles) II-17
Other Types II-17
Applications of Botulinum Toxin II-17
Botulinum -- Toxin or Treatment? II-17
Therapeutic Applications of Botulinum Toxin II-18
Botulinum Toxin for Movement Disorders II-18
Botulinum Toxin Cures Dystonia II-18
Botulinum is Beneficial for Cervical Dystonia II-19
Botulinum Toxin Cures Laryngeal Dystonia II-19
Ease from Writer' s Cramp II-19
Botulinum -- Useful To Treat OromandibularDystonia II-20
Tics II-20
Tremors II-20
Parkinson' s Disease II-20
Botulinum Toxin Treats Hemifacial Spasm II-20
Is Botulinum Toxin an Answer to Blepharospasm? II-21
Tantalizing Effect in Strabismus II-21
Childhood Strabismus II-21
Botulinum Toxin Helps Spasticity Cure Better II-22
Stroke II-22
Traumatic Brain Injury II-22
Cerebral Palsy II-22
Multiple Sclerosis II-23
Botulinum Toxin Soothes Pain II-23
Botulinum Heals Hypertonic Disorders II-23
Cosmetic Applications of Botulinum Toxin II-24
Botulinum Toxin Irons Out Facial Wrinkles II-24
Botulinum Lessens Facial Scarring II-25
Botulinum Toxin (Botox) Users BecomingAddictive II-25
Key Cosmetic Indications for Botulinum Toxin II-25
Additional Applications II-26
Positive Response of Rigid Spine Syndrome toBotulinum Toxin II-26
Botulinum Toxin Effective in Bladder Dysfunctions II-26
Botox Provides Respite from Tinnitus II-27
Botulinum Toxin for Anal Fissure II-27
Can Botox Prevent Baldness? II-27
Refractory Vaginismus and Botulinum II-27
Botulinum Toxin Helps to Cure Dysphagia II-28
Encouraging Effects of Botox in Migraine II-28
Botulinum Eases Severe Facial Pain II-28
Botulinum Provides Relief from Pelvic Floor Pain II-28
Botox Can Treat Children with Non-Neurogenic,Neurogenic Bladder II-29
Botulinum Toxin Finds Application in
Cancer Treatment II-29
Botox Can Reduce Pain, Itching and Hand Eczema II-29
Botulinum Reduces Plantar Fasciitis Pain II-29
Botox Helps to Treat Carpal Tunnel Syndrome II-29
Other Indications for Botulinum Toxin II-30
Terrorist and Military Exploitation of BotulinumToxin II-30
Botulism -- Infection from Botulinum II-30
Types of Botulism II-31
Classical or Food Borne Botulism II-31
Home Canning -- Culprit Behind Botulism II-31
Wound Botulism II-32
Infant Botulism II-32
Botulism Outbreak in Animals II-32
Safety Precautions II-33
Medicinal Investigations II-33
Vaccine for Botulinum Toxin II-34
Technological Development II-34
US Inventor Develops New Fermentation Process II-34

4. Recent Industry Activity II-35

Allergan Rolls Out New Division with Acquisitionof Inamed II-35
FTC Mandates Allergan Divest Rights to Reloxin II-35
Medicis Inks Agreement with Ipsen II-35
Solstice Neurosciences Inks Licensing Agreement withDreamPharma II-35
Botox Enters India Market II-36
Mentor Begins Phase-I Clinical Trial on Botulinum Toxin II-36
Allergan Inks Agreement with GlaxoSmithKline II-36
DOR BioPharma Inks Agreement with Dowpharma II-36
Merz Pharma Receives Approval for Botulinum Toxin Type A II-36
Mentor Initiates Phase-I Clinical Trial II-37
Mentor Establishes New Production Facility II-37
DOR BioPharma and Thomas Jefferson University
Teams-Up with US Army II-37
Mentor Inks Licensing Agreement with WARF II-37
Solstice Acquires World Rights for Myobloc II-38
Inamed Rolls Out Reloxin Brand II-38

5. Focus on Select Ket Players II-39

Allergan, Inc (USA) II-39
Ipsen Group (France) II-39
Metabiologics Inc, (USA) II-39
Merz Pharmaceuticals GmbH (Germany) II-39
Mentor Corporation (USA) II-40
Solstice Neurosciences, Inc. (USA) II-40

6. Global Market Perspective II-41

Table 6: World Recent Past, Current & Future Analysis for Botulinum Toxin by Geographic Region -- US and Rest of
World Independently Analyzed by Annual Sales in US$Million for the Years 2000 through 2010 (includes corresponding Graph/Chart) II-41
Table 7: World 10-Year Perspective for Botulinum Toxin by Geographic Region -- Percentage Breakdown of Dollar Sales
for US and Rest of World for the Years 2000, 2006 & 2010 II-41
Table 8: World Recent Past, Current & Future Analysis for Botulinum Toxin in Cosmetic Applications by Geographic Region -- US and Rest of World Independently Analyzed by Annual Sales in US$ Million for the Years 2000 through2010 (includes corresponding Graph/Chart) II-42
Table 9: World 10-Year Perspective for Botulinum Toxin in Cosmetic Applications by Geographic Region -- Percentage Breakdown of Dollar Sales for US and Rest of World forthe Years 2000, 2006 & 2010 II-42
Table 10: World Recent Past, Current & Future Analysis for Botulinum Toxin in Therapeutic Applications by Geographic Region -- US and Rest of World Independently Analyzed by Annual Sales in US$ Million for the Years 2000 through 2010 (includes corresponding Graph/Chart) II- 43
Table 11: World 10-Year Perspective for Botulinum Toxin in Therapeutic Applications by Geographic Region -- Percentage Breakdown of Dollar Sales for US and Rest of World forthe Years 2000, 2006 & 2010 II-43

III. MARKET

1. The United States III-1

A. Market Analysis III-1
Botulinum Toxin Market to Grow at a Healthy Rate III-1
Botox Leads the US Botulinum Toxin Market III-1
Botox Growth - Largely Supported by FDA
Approval for Cosmetic Use III-1
Botox Approvals and Indications in the US III-2
Market Dynamics III-2
Booming Non-Surgical Treatments III-2
Aging Baby Boomers Drive Aesthetic Business III-2
Increasing Physician Base Impels BotulinumMarket III-2
Direct-to-Consumer Advertising Drive CosmeticBotulinum Toxin III-3
Increasing Off-label Use of Botulinum Toxin III-3
Medical Spas -- Growing in Number III-3
Heightened Competition Limits Growth III-3
Arduous Regulations Deter Product Progress III-4
Botulism Poisoning -- A Major Concern III-4
Botox Injection -- Popular Non-Invasive CosmeticProcedure III-4
Table 12: Number of Botox Injections (2000-2005) (includes corresponding Graph/Chart) III-5
Table 13: Botox Injections by Gender (2004) III-5
Table 14: Botox Injections by Age Group (2004)(includes corresponding Graph/Chart) III-5
Botox Attracts American Men III-6
Table 15: Non-Invasive Cosmetic Procedures in the
US (2005): Percentage of Patients Treated by All US-Based AACS Members Practices (includes corresponding Graph/Chart) III-6
Table 16: Cosmetic Procedures (Surgical/Non-Surgical) in the US (2005): Percentage of Patients Treated by All US-Based AACS MembersPractices III-6
Factors to be Considered Prior to Cosmetic BotoxTreatment III-7
Botox for Spasticity -- Improved Quality of Life III-7
Coding and Reimbursement III-7
US Cosmetic Market -- Statistical Data III-8
Table 17: Cosmetic Market in the US (2004 & 2005): Leading Surgical Procedures (includescorresponding Graph/Chart) III-8
Table 18: Cosmetic Market in the US (2004 & 2005): Leading Non-Surgical Procedures (includes corresponding Graph/Chart) III-9
Table 19: Number of Cosmetic Procedures in the US (2005): Percentage Breakdown by Gender III-9
Table 20: Number of Cosmetic Procedures in the US (2005): Percentage Breakdown by Age Group(includes corresponding Graph/Chart) III-9
Table 21: Number of Cosmetic Procedures in the US (2005): Percentage Breakdown by Facility(includes corresponding Graph/Chart) III-10
Table 22: Cosmetic Market in the US (2004):Percentage Breakdown by Procedure Type III-10
Technological Development III-10
Strategic Corporate Developments III-10
Key Players III-13
Allergan, Inc III-13
Metabiologics Inc III-14
Mentor Corporation III-14
Solstice Neurosciences, Inc. III-14
B. Market Analytics III-15
Table 23: US Recent Past, Current & Future Analysis for Botulinum Toxin by Application -- Cosmetic Applications and Therapeutic Applications Independently Analyzed by Annual Sales in US$ Million for the Years 2000through 2010 (includes correspondingGraph/Chart) III-15
Table 24: US 10-Year Perspective for Botulinum Toxin -- Percentage Breakdown of Dollar Sales for Cosmetic Applications and Therapeutic Applications for theYears 2000, 2006 & 2010 III-15

2. Rest of World III-16

A. Market Analysis III-16
Current and Future Analysis III-16
Europe III-16
Botox Demand Increases with Zeal For Beauty III-16
Botox Approvals and Indications in SelectEuropean Countries III-16
Botox to Support Radiation Treatments III-17
Asia III-17
India -- An Emerging Market for Botox III-17
Korea -- Fast Catching Up the Trend III-17
Australia -- A Well Supported Market III-17
Botox Approvals and Indications in Select AsianCountries III-18
Botox Approvals and Indications in Select LatinAmerican Regions III-18
Botox Approvals and Indications in OtherSelect Global Regions III-19
Strategic Corporate Developments III-19
Key Players III-20
Ipsen Group (France) III-20
Merz Pharmaceuticals GmbH (Germany) III-20
B. Market Analytics III-21
Table 25: Rest of World Recent Past, Current & Future Analysis for Botulinum Toxin by Application -- Cosmetic Applications and Therapeutic Applications Independently Analyzed by Annual Sales in US$ Million for the Years2000 through 2010 (includes correspondingGraph/Chart) III-21
Table 26: Rest of World 10-Year Perspective for Botulinum Toxin -- Percentage Breakdown of Dollar Sales for Cosmetic Applications and Therapeutic Applicationsfor the Years 2000, 2006 & 2010 III-21

IV. COMPETITION

1. Allergan, Inc. (USA) IV-1
Table 27: Nine Months Sales Analysis:
2006 Vs. 2005 (Nine Months Ended,
September) (In US$ million) IV-2
Table 28: Nine Months Sales Analysis by Segment: 2006 Vs. 2005 (Nine Months Ended, September) (In US$ million) IV-2
Table 29: Annual Sales Analysis: 2005 Vs. 2004 (In US$ million) IV-2
Table 30: Annual Sales Analysis by Quarter: 2005 Vs. 2004 (In US$ million) IV-2
Table 31: Annual Sales Analysis by Product: 2005 Vs. 2004 (In US$ million) IV-2
Table 32: Annual Sales Analysis by Geographic Region: 2005 Vs. 2004 (In US$ million) IV-3
Allergan India Ltd. (India) IV-6
2. Biotecon Therapeutics (Germany) IV-7
3. DOR Biopharma, Inc. (USA) IV-8
Table 33: Annual Sales Analysis: 2004-2006 (In US$ thousands) IV-8
Table 34: Annual Sales Analysis by Segment: 2006 Vs. 2005 (In US$ thousands) IV-8
4. DPS Technology Development Ltd. (China) IV-11
5. DreamPharma Corporation (South Korea) IV-12
6. Emergent Biosolutions, Inc. (USA) IV-13
Table 35: Annual Sales Analysis: 2005 Vs. 2004 (In US$ million) IV-14
7. Glaxosmithkline KK (Japan) IV-15
8. Ipsen Group (France) IV-16
Table 36: Annual Sales Analysis: 2005 Vs. 2004 (In € million) IV-16
Ipsen Ltd. (UK) IV-19
9. Medicis Pharmaceutical Corporation (USA) IV-20
Table 37: Half Yearly Sales Analysis:
2006 Vs. 2005 (H1) (In US$ million) IV-21
Table 38: Half Yearly Sales Analysis by Quarter: 2006 Vs. 2005 (H1) (In US$ million) IV-21
Table 39: Annual Sales Analysis: 2005 Vs. 2004(In US$ million) IV-21
10. Medy-Tox, Inc. (South Korea) IV-25
11. Mentor Corporation (USA) IV-26
Table 40: Half Yearly Sales Analysis: 2007 Vs. 2006 (H1) (In US$ million) IV-27
Table 41: Half Yearly Sales Analysis by Quarter: 2007 Vs. 2006 (H1) (In US$ million) IV-27
Table 42: Half Yearly Sales Analysis by Product: 2007 Vs. 2006 (H) (In US$ million) IV-28
Table 43: Annual Sales Analysis: 2004-2006 (In US$ million) IV-28
Table 44: Annual Sales Analysis by Quarter: 2006 Vs. 2005 (In US$ million) IV-28
Table 45: Annual Sales Analysis by Product: 2006 Vs. 2005 (In US$ million) IV-28
Table 46: Annual Sales Analysis by Geographic Region: 2006 Vs. 2005 (In US$ million) IV-28
Table 47: Annual Sales Analysis by Product: 2005 Vs. 2004 (In US$ million) IV-29
Table 48: Annual Sales Analysis by Geographic Region: 2005 Vs. 2004 (In US$ million) IV-29
12. Merz Pharmaceuticals GmbH (Germany) IV-35
13. Metabiologics, Inc. (USA) IV-37
14. Shandong Ilongen Bio Technology Co., Ltd. (China) IV-38
15. Solstice Neurosciences, Inc. (USA) IV-39

BOTULINUM TOXIN

Table of Contents

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

II. EXECUTIVE SUMMARY

1. Industry Overview II-1

2. Competitive Landscape II-5

3. Product Overview II-10

4. Recent Industry Activity II-35

5. Focus on Select Ket Players II-39

6. Global Market Perspective II-41

III. MARKET

1. The United States III-1

2. Rest of World III-16

IV. COMPETITION