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- 1. Monsanto’s Biotech Pipeline August 31, 2004 Doug Rushing Director, Technology Development
- 2. Monsanto Has a Unique Set of Offerings Chemistry Customer Solutions Traits Seeds … Providing Innovation Upon Which Growers Depend 2
- 3. Technology Development Technical arm for U.S. business — Move technologies from research to the marketplace — Lead commercial launch — Provide technical support for all products — Manage technical issues 100 Technology Development Reps in the U.S. and Canada 3
- 4. Science Is Continuously Improving the Quantity and Quality of Food Production 10000 BC 1900-1950 1980 – 2000 1800’s 1950-1980 2001 Fermentation & Mendel’s Pea, Antibiotics, Gene DNA, Human Genome, Leavening Pasteurization, Human Nutrition, Sequencing, Darwin’s Species, Plant Genome, Preservation, Biotech Crops, Pasteur’s Fortification, Animal Genome Crop Breeding Green Revolution Human Insulin Microbes Building on centuries of science, biotechnology is a collection of tools used to improve and enhance plants, animals, and microorganisms for the benefit of society. 4 * Photo credit: AAAS, ARS, Nature
- 5. Commitment to Safety is a Top Priority Line Seed Variety Crop Gene Sales & Product Line Seed Variety Crop Gene Sales & Product Selection Production Development Transformation Discovery Market Concept Selection Production Development Transformation Discovery Market Concept Testing and Continuous QC Safety Comprehensive selection of lines protocols, audits assessment of regulatory and varieties and standards genes / proteins review Equivalence Quality Choice of genes Food Equivalence Quality Choice of genes Food Agronomics Purity Source of genes Feed Agronomics Purity Source of genes Feed Efficacy Performance Ecology Environment Efficacy Performance Ecology Environment Business Stewardship Biotech Stewardship Regulatory Stewardship Business Stewardship Biotech Stewardship Regulatory Stewardship • Best Vector Practices • SOP’s for Regulatory Submissions • Health and Environmental • Best Vector Practices • SOP’s for Regulatory Submissions • Health and Environmental • Transformation BP • USDA Field Trials Compliance Program Stewardship Council • Transformation BP • USDA Field Trials Compliance Program Stewardship Council • EAT Assessment • NIH Laboratory Guidelines • Institutional Biosafety Committee • EAT Assessment • NIH Laboratory Guidelines • Institutional Biosafety Committee • Gene Quality Control • Good Laboratory Practices (GLP) • Biotech Stewardship Workgroup • Gene Quality Control • Good Laboratory Practices (GLP) • Biotech Stewardship Workgroup • Environmental Criteria • USDA/APHIS Field Test Audits • Global Seed Quality Audit Team • Environmental Criteria • USDA/APHIS Field Test Audits • Global Seed Quality Audit Team • Metabolite Analysis • EPA/FDA Inspections and Study Audits • Crisis Management Team • Metabolite Analysis • EPA/FDA Inspections and Study Audits • Crisis Management Team 5
- 6. Monsanto’s R&D Strategy Drives Innovation Platforms Markets Products Focus on corn, Balance near- Invest 10% of oilseeds, cotton, and long-term sales in R&D swine, dairy growth pipeline Differentiate Feed & process Commercialize genomics, traits via JV high- margin breeding and traits and seeds biotechnology Downstream partnerships for Strengthen Drive proprietary food quality traits Animal Ag and position and Roundup speed to market Selectively apply technologies to specialty crops Technology strategy has delivered results and helped transition Monsanto to an Ag Biotech focused company 6
- 7. Global Expansion of Ag Biotech Traits Continues >10% annual growth since 1996 introduction Planted by 7 million growers in 18 countries in 2003 Impact on US Agriculture 200 Current and potential products 180 canola 160 cotton 46 Million pounds AI / yr corn 140 – Potential impact: soy M. Ac. 120 Pesticide reduction 117 M lbs 100 4 Billion pounds harvested 80 crops / yr 60 – Potential impact: 40 Yield an additional 10B lbs 20 +$1.5 Billion grower benefit / yr 0 – Potential impact: 2004(F) 1996 1997 1998 1999 2000 2001 2002 2003 Addl economic benefit of $1B Source: Gianessi et al., 2002. NCFAP (National Center of Food and Agricultural Policy) Source: ISAAA (International Service for the Acquisition of Agri- 7 Biotech Applications) & Monsanto estimates
- 8. Customer Satisfaction With Traits Is High Percent of Customers Very or Somewhat Satisfied 100% 80% 60% 40% 20% 0% Roundup Roundup YieldGard® Roundup Bollgard®/ Ready® Ready® Corn Corn Borer Ready® Roundup Soybeans Corn Cotton Ready® Cotton Source: Marketing Horizons Trait Satisfaction Studies (2002) 8
- 9. Monsanto R&D Investments Deliver Results US Field Test Applications US Plant Biotech Patents 5000 1000 4000 800 3000 600 2000 400 1000 200 0 0 F w a t w a t yer yer F nto nto on on ent S ent Do Do S BA BA P Ba P Ba nsa nsa ng ng Du Du Sy Sy Mo Mo U.S. Trait Acres (2003, M. Ac.) USDA Biotech Approvals 70 35 30 60 Monsanto traits 25 50 Competitive trait offerings 20 40 15 30 10 20 5 10 0 0 F w a t yer nto on ola ent S orn cks ola ton tton orn soy n n n I&II n Do ks cor cor cor cor BA tac P can Ba can Wc cot c sta nsa ng RR ton Du RR lex IMI YG LL rn s RR RR CR Sy LL cot Mo rcu Co Co BG He Source: Monsanto internal and USDA database, June 2004 9
- 10. Delivering the Pipeline, Advancing New Products Phase 4 Phase 2 Phase 3 Launch Discovery Phase 1 Monsanto 2003 Gene/trait Proof of Early Advanced Pre-launch Market identification concept development development Launch Annual High-throughput Test gene Field trials and Efficacy and Product Regulatory Report screening in plants pre-regulatory regulatory data introduction approvals Conservation Roundup High-yielding YieldGard II Conservation Input Grain yield tillage elite Ready / corn insect- tillage elite Seed size & Trait number germplasm – YieldGard protected corn germplasm – High-yielding Candidates Nitrogen corn Rootworm, II corn Density soybeans Roundup Carbon Roundup YieldGard Ready and Yieldgard Drought Stress Production Ready Flex Rootworm insect- Plus tolerant tolerance benefit cotton corn protected corn Yieldgard Insect control Roundup soybeans Bollgard II Rootworm CRW II Drought Ready Wheat Nematode insect- stacks tolerant Hybrid Roundup protected soybeans Roundup Ready cotton Ready canola Disease OmniSoy Omega-3 for Low linolenic High Improved Protein Output healthier oil food uses acid fermentable energy feed enhancements Trait Protein content for food uses Improved- soybeans starch corn corn Amino acid Candidates protein soy for for food for ethanol Improved- Processor balance food Lipid energy corn II Improved- Processor preferred elite Improved- Consumer enhancements for feed energy corn preferred elite germplasm Oil content protein soy for benefit for feed germplasm in in key crops Improved Fatty acid balance feed key crops Carbohydrate protein corn Improved-oil enhancements for feed soybeans for Bioactives processing On May 10, 2004, Monsanto announced it is deferring all further efforts to introduce Roundup 10 Ready wheat until such time that other wheat biotechnology traits are introduced.
- 11. Success in Traits Business Is Supported by Integrated Platforms for Breeding Marker Assisted Breeding Seed is the delivering vehicle … Accelerates Hybrid Corn Performance New Breeding Network of Breeders Technology Yield 160 Molecular Breeding 150 Traditional Breeding Crop Analytics 140 Temperate Subtropical Tropical Subtropical Global Germplasm Temperate 130 1 2 3 4 5 0 Year 11
- 12. Roundup Ready® Trait Is Significantly Expanding in Corn Market U.S. Roundup Ready® Corn Acreage Growth Market Potential 25 Millions of acres (including stacks) Current forecast of 20M acres in 2005 20 20 U.S. season 16 Stacking with other 15 traits to further 12 expand the acreage 10 Could reach 50M 7.8 acres via: 4.6 − Channeling 5 2.7 2.1 − Improved European 0.9 regulatory situation 0 1998 1999 2000 2001 2002 2003 2004F 2005F 12
- 13. 13
- 14. Only YieldGard® Are Treated With Chemical 15M Acres Rootworm Market Fit: All 37M Infested … Insecticides Acres WA WA ME ME MT ND MT ND MN MN MI MI VTNH OR VT NH OR ID ID WI WI SD SD NY MA NY MA MI MI YieldGard® Rootworm CTRI CT RI YieldGard® Rootworm WY WY IA IA PA PA NJ NJ Advantage: NE NE Advantage: OH OH NV NV MD DE MDDE IN UT IN IL UT IL WV Why Don’t Farmers Treat? WV CO – Superior Performance: CA Why Don’t Farmers Treat? CO CA – Superior Performance: VA KS VA KS MO MO KY KY 18 bu. advantage over 18 bu. advantage over – Cost vs. inconsistent – Cost vs. inconsistent NC NC TN TN untreated untreated OK OK control control AZ AZ AR NM SC AR NM SC – Simplicity: Control in the – Simplicity: Control in the AL GA MS AL – Hassle factor & GA MS – Hassle factor & seed, no hassle seed, no hassle TX inefficiencies at TX LA inefficiencies at LA – plantingUse: No harmful Safe to time – plantingUse: No harmful Safe to time FL FL CRW Acres CRW Treated Acres chemicals chemicals – Exposure to hazardous – Exposure to hazardous 25,000 or More -Infested 25,000 or More – chemicals of rotation Expansion – chemicals of rotation Expansion 25,000 or More -Treated resistant CRW: market resistant CRW: market may grow even larger may grow even larger … despite many more acres of infestation Corn Trait Mix Assessment Doane Marketing Research Study – MHI Feb 2004 and Doane Marketing Research Company Confidential Company Confidential 14
- 15. YieldGard® Plus Controls Both Corn Borer and Rootworm Number of Demos Full regulatory approval for broad commercial launch in 2005 400 793 2004 YieldGard Plus 194 1 Demonstration Program − Provide early adopters a chance to 26,881 Acres experience YGPL technology in 2004 53,291 Acres 13,038 Acres (Theoretical Maximum Acres) − Equally divided between 2004 Field Results Asgrow®/DEKALB® and Seed Partners − Compare side-by-side YGPL vs. grower’s choice of hybrid + insecticide (e.g., Aztec® or Poncho® 1250) 15
- 16. Expanding the Corn Trait Portfolio for Enhanced Agronomic Performance and Crop Value Monsanto Corn Trait Pipeline Value Creation Portfolio Yield & Stress Tolerance Traits Hi Protein Yield II Corn Food / Feed Quality Traits High Trp. YGRW II YGRW II Corn Agronomic Traits High Oil Yield I Yield I Yield I Corn YGCB II YGCB II YGCB II YGCB II & Stacks & Stacks & Stacks & Stacks High Lys. High Lys. High Lys. High Lys. High Lys. Corn Corn Corn Corn Corn RR + YGCB RR + YGCB RR + YGCB RR + YGCB RR + YGCB RR + YGCB + YGRW + YGRW + YGRW + YGRW + YGRW + YGRW YGCB + RR + YGCB + YGCB + YGCB + YGCB + YGCB + YGCB + YGRW YGRW YGRW YGRW YGRW YGRW YGRW YGRW YieldGard YieldGard YieldGard YieldGard YIeldGard YieldGard YieldGard YieldGard RR + YGCB Rootworm Rootworm Rootworm Rootworm Rootworm Rootworm Rootworm Rootworm Roundup Roundup Roundup Roundup Roundup Roundup Roundup Roundup Roundup Ready Ready Ready Ready Ready Ready Ready Ready Ready YieldGard YieldGard YieldGard YieldGard YieldGard YieldGard YieldGard YieldGard YieldGard YieldGard Cornborer Cornborer Cornborer Cornborer Cornborer Cornborer Cornborer Cornborer Cornborer Cornborer 1996 1998 2003 2004 2005 2007 2009 2012 2013 2014 16
- 17. Drought Tolerance in Greenhouse Corn & Soybeans Corn Soybean Control With Gene Control With Gene Control With Gene Control With Gene New biotech traits in the development pipeline 17
- 18. Drought Tolerance Leads Advance into 2003 Field Trials Corn with gene Corn without gene Mid Summer Vegetative Drought Tolerance Drought Tolerance Improves Grain Yield 18
- 19. Cold Stress Tolerance Research Discovery of cold tolerance gene and Low stand establishment and its testing in model plants delayed emergence limit crop yield and use of conservation Arabidopsis Control Arabidopsis Control farming practices Cold Cold Stress Stress Germination Germination Product Concept w/ Gene Screen Screen Early seedling germination and growth tolerant to cold wet Control Control conditions Cold Stressed Grower Benefits Rice Higher yields and better stand establishment on conventional and no-till acres Flexibility in planting and earlier crop emergence (~7 days) Control With Gene Control With Gene 19
- 20. Cold Stress Tolerance Genes Advancing Into Crops 2004 Results: Confirmed lead under cold germination screen. Gene increases both the extent and uniformity of germination under cold, wet conditions. Phase: Discovery Corn Seed Control Corn Seed With Gene 20
- 21. Improved Soybean Oil Composition for Food Low Saturates with Mid New Product Pipeline: Oleic and Low Lin 3 step change improvements Mid Oleic and Reduce Saturated Fat Low Lin Low Linolenic and Improve Flavor & Shelf Improve Cardiovascular Soy Oil Life with Oxidative Health Eliminate Stability Transgenic Trans-fats Breeding Breeding Linolenic Linoleic Sats Oleic 18:3 18:2 18:0 / 16:0 18:1 Standard Soybean Low Lin Mid Oleic + Low Lin Zero Sat + MO + LL 21
- 22. Omega-3 Biofortification Research Omega-3 Deficiency Implicated in CVD Omega-3 fatty acids are essential Japan Recommendations Ratio dietary omega-6:3 constituents in human diet: 4:1 are for a ratio of 4:1 omega-6 to omega-3 Canada American Heart Assn & American UK Dietetic Assn and > 1600 research studies support health benefits US Diet 80:1 Product Concept 50 CV deaths/100,000 200 Vegetable oils enriched with % general population stating they % general population stating they bio-available omega-3 39.1% consider their diet deficient in… consider their diet deficient in… 32.0% Benefit 30.9% 29.4% New consumer product options 24.9% 23.1% for omega-rich foods Folic Acid 18.7% Omega-3 Whole Grains Qualified health claims Soy Protein Vitamin C Vitamin E Environmental sustainability Fiber Economical supply 22
- 23. Renessen JV: Biotech to Improve Crops for Animal Production & Grain Processing Monsanto Cargill Biotech Seed & Grain Grain Biotech Seed & Grain Grain Grower Grower Traits Germplasm handler processor Traits Germplasm handler processor From concept to new product field trials in less than 5 years High value corn High value soybeans with increased nutritional density Monmouth, IL 07/23/03 23
- 24. Monsanto’s Commitment Leading Technology Provider — Traits — New product concepts Largest Germplasm and Seed Provider — Commercial access to elite germplasm — Long-term participation in new discoveries Broad Licensing Company — Access to customers with new products — Expansion into new markets Monsanto is an agriculture focused Company 24