EFTA01450730.pdf

William Blair & Company, L LC. Exhibit 2 ARIAD Pharmaceuticals, Inc. Income Statement (dollars in millions) 2011 2012 2013 2014 2015 FY:11A FY:12A CI1A 02A C13A 04E FY:13E FY:14E FY:15E Revenues Iclusig - U.S. revenue $0 $0 $6,400 $13934 $16,658 $5,380 $42,372 $65,689 $156,277 Iclusig - EU revenue 1,329 1,329 42,854 54,345 AP26113 - U.S. revenue - - - - - - AP26113 - EU revenue - - - - - - - Royaties - - - - - - - - License and collaboration revenue 25,189 490 64 77 74 64 279 250 173 Service revenue 111 68 - Total Revenues 25,300 558 6,464 14,011 16,732 6,773 43,980 108,793 212,796 Expenses COGS - - 269 228 415 335 1,247 5,195 10,303 R&D expense 77.743 144,710 41,263 40,668 45,145 47,402 174,478 140,685 133,337 SG&A expense 24.380 60.909 29,481 42,101 37.395 40.761 149,738 106.159 87,787 Total Operating Expenses 102,123 205,619 71,013 82,997 62,955 88,498 325,463 252,040 231,427 Operating income (76,823) (205,061) (64,549) (68,986) (66,223) (81,726) (281,484) (143,247) (18,632) Interest income/(expense) (65) 113 (62) 87 (6) (6) 13 (24) (24) Revaluation of warrant liability (46,715) (15,924) - Pretax incomegloss) (123,603) (220,872) (64,611) (68,899) (66,229) (81,732) (281,471) (143,271) (18,656) Provision for income taxes/(income) 59 86 110 113 368 1,197 2,174 Net Income/(Loss) ($123,603) ($220,872) ($64,670) ($68,985) ($66,339) ($81,844) ($281,838) ($144,488) ($20,829) GAAP EPS, basic ($0.93) ($1.34) ($0.36) ($0.37) ($0.36) ($0.44) ($1.54) ($0.78) ($0.11) Weighted average shares outstanding, basic 132,375 164,955 178,541 184,726 185,238 185,338 183,461 185,588 188,773 Sources: Company reports and William Blair & Company. L.L.C. estimates 6 I Y. Katherine Xu, Ph.D. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0106555 CONFIDENTIAL SDNY_GM_00252739 EFTA01450730