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

The end goal in product development is no longer marketing approval but payor acceptance. Companies need to invest early in pharmacoeconomic analysis to inform R&D decisions.  
  • Collaborating creatively. The report identifies several innovative partnering structures. Companies' use of creative partnering approaches could free them from turbulent public markets and give them much-needed resources.
  • Developing differentiating assets. There are fewer potential buyers and they are distracted and have fewer resources. To attract partners, biotech firms need to demonstrate what truly differentiates their products or platforms.

  • Key regional findings

    United States

    • The US industry's net income skyrocketed from about US$400 million in 2008 to a record US$3.7 billion in 2009.  The improvement in industry profitability was driven by revenue growth, cost cutting and a change in the accounting rules for acquisitions. The 2009 figures exclude the net income of Genentech, which was acquired by Roche.
    • Revenues of US public companies fell to US$56.6 billion in 2009, a 13% drop compared to 2008. When adjusting for the acquisition of Genentech, industry revenues would have instead increased by 9.5%, comparable to 2008 industry growth.
    • The value of merger and acquisition (M&A) transactions involving US-based biotech companies (excluding the Roche-Genentech transaction) decreased by half in 2009 to a total of US$14.1 billion. Only three transactions had a value in excess of US$1 billion.
    • Total US capital raised by the industry increased by 39% in 2009 to an aggregate of '/>"/>

    SOURCE Ernst & Young
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