than 0.5% of revenues and the closest it has come to overall
profitability in its history.
-- The US industry raised an all-time high of US$5.5 billion in venture
capital, about US$2 billion more than the previous record.
-- Approvals by the US Food and Drug Administration (FDA) for both
pharmaceuticals and biologics slid precipitously in 2007, with the
lowest number of new molecular entity (NME) approvals in over two
-- The European industry's revenues declined in 2007 because of the loss
of publicly listed biotech giant Serono, which was acquired by Merck
KGaA. Without this acquisition, public companies revenue growth would
have been 20%. After years of lackluster growth, the European sector is
sustaining robust financial performance.
-- The industry raised a total of euro 5.5 billion, an increase of 18%
from euro 4.6 billion in 2006.
-- The number of products in the clinical pipeline -- including those in
preclinical and clinical development -- increased by 9%, climbing to
1,712 in 2007 from 1,576 in 2006.
-- Asia-Pacific biotechnology industry revenues grew by 21% and net loss
declined by 98%, causing the industry to essentially break even. The
strong performance was driven by the Australian sector, where the
largest firm, CSL, had a very strong year.
-- There was a marked increase in IPOs, which brought in more than US$750
million. Eight companies went public in Australia and five Chinese
companies listed on US exchanges.
About Ernst & Young's Global Biotechnology Center
Today's rapidly changing biotechnology industry is delivering new
levels of health, prosperity and sustainability. But it is also facing
unprecedented challenges. Ernst & Young's Global Biotechnology Center
|SOURCE Ernst & Young|
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