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Biotech Industry Showing Resilience Despite Challenging Conditions
Date:4/28/2010

NEW YORK, April 28 /PRNewswire/ -- The global biotechnology industry was able to weather the continued worldwide economic turmoil and deliver a strong financial performance in 2009, with the world's established biotech centers reaching profitability for the first time in history. However, the gap between the "haves" and "have nots" in the industry continued to widen in 2009, posing new challenges for emerging companies in accessing the capital needed for R&D. These and other findings were released today in Beyond borders: global biotechnology report 2010, Ernst & Young's 24th annual report on the biotech industry.  

"Biotech companies have long confounded predictions on their ability to survive difficult economic conditions and 2009 was no different," said Glen Giovannetti, Ernst & Young's Global Biotechnology Leader. "Companies will continue to face a challenging funding environment for the foreseeable future. The firms best poised for success are those that can seize the opportunities latent in the near-universal need for increased efficiency -- from capital efficiency to new approaches to R&D and creative models for funding and partnering."

Key financial results:

  • Companies in the industry's established biotech centers of the US, Europe, Canada and Australia had an aggregate net profit of US$3.7 billion in 2009, an improvement from the US$1.8 billion net loss in 2008 marking the first time ever that these markets have reached aggregate profitability. This improvement was driven by a dramatic increase in net profit in
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SOURCE Ernst & Young
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