ORBIMED ADVISORS LLC

Q4 2013 13F Holdings Report, Options Holdings

Signature - Title: Sven H. Borho - Member
Location: New York, NY
Options holdings as of: December 31, 2013
Notional value $: $98.5M
Number of holdings: 10
Date filed: 2/14/2014, 04:25 PM
Description: All US holdings of this investor are reported in this report.
Next filing: Q1 2014 - May 15, 2014
Stock holdings: Showing options holdings, see here for stock holdings

Sym	Company	Class	Option	Share Change	Activity	* Price $	Shares	Notional Value

Compare Q4 2013 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Samuel D. Isaly	Managing Member	New York, New York	2/14/2014

Other Included Managers (1):

Num	Name	Location	File Number
1	ORBIMED CAPITAL LLC	New York, NY	028-10410