Top 10 Biotechnology Companies - SWOT Analysis, Competitive Benchmarking, Financial Analysis and R&D Pipeline

Top 10 Biotechnology Companies - SWOT Analysis, Competitive Benchmarking, Financial Analysis and R&D Pipeline

Summary

GBI Research, the leading business intelligence provider, has released its latest research, 'Top 10 Biotechnology Companies - SWOT Analysis, Competitive Benchmarking, Financial Analysis and R&D Pipeline, which provides an insight into the global biotechnology industry and analyzes the competitive positioning of the top 10 companies in the industry. This pharmaceutical and healthcare report estimates the market size of the global biotechnology industry and its future prospects. It benchmarks the leading companies in the biotechnology industry on selected parameters to analyze their competitive positioning in the market. The report analyzes the future landscape of the biotechnology industry by forecasting the revenues of leading companies to 2012. For each company the report analyzes the financial strength, product portfolio, pipeline strength and therapeutic focus of its R&D activities. It critically examines the strengths and weaknesses of individual companies and the opportunities and threats facing them.

This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research's team of industry experts.

Scope

The report analyses the competitive landscape of the biotechnology industry, R&D strategies and pipeline of the top 10 players, and strengths, weaknesses, opportunities and threats facing these companies. Its scope includes
- Market size of the global biotechnology industry and coverage of the changing competitive landscape from 2008 to 2012.
- Review of key industry drivers and restraints which are likely to impact the global biotechnology industry in the future.
- Analysis of the competitive positioning of the top 10 biotechnology companies globally.
- Analysis of pipeline products in the global biotech market by therapy area like cancer, infectious diseases, respiratory disorders, autoimmune disorders, and product classes.
- Financial analysis including annual revenues of top 10 companies from 2004 to 2008, with forecasts to 2012.
- SWOT analysis, DuPont analysis and financial benchmarking of the top 10 biotech companies.
- Analysis of the therapeutic focus, marketed products and product pipeline of top 10 biotech companies.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to:
- Develop a clear knowledge and understanding of the competitive landscape and how this will change in the coming years.
- Identify emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
- Effectively plan your M&A and partnership strategies by identifying companies with the most promising pipeline.
- Make more informed business decisions from the insightful and in-depth analysis of the key strategies to be followed by competitors.
- Effectively plan your investment strategies by identifying companies with maximum investment potential.
- Identify key winners and losers and who is best positioned to take advantage of the emerging market opportunities.

Companies mentioned:
Amgen
Genentech (Roche)
Gilead Sciences
UCB Pharma
Genzyme
Biogen Idec
CSL Limited
Celgene
Cephalon
Actelion

PRESS RELEASE
Top 10 Biotechnology Companies - SWOT Analysis, Competitive Benchmarking, Financial Analysis and R&D Pipeline

GBI Research's new report 'Top 10 Biotechnology Companies - SWOT Analysis, Competitive Benchmarking, Financial Analysis and R&D Pipeline provides an insight into the global biotechnology industry and analyses the competitive positioning of the top 10 companies in the industry. The report estimates the market size of the global biotechnology industry and its future prospects. It benchmarks the leading companies in the biotechnology industry on selected parameters to analyze their competitive positioning in the market. The future landscape of the biotechnology industry is also analysed by forecasting the revenues of leading companies till 2012. For each company this report analyses the financial strength, product portfolio, pipeline strength and therapeutic focus of its R&D activities. It critically examines the strengths and weaknesses of individual companies and the opportunities and threats facing them.

The Average Growth in the Biotechnology Industry Has Been More than That of the Global Pharmaceutical Industry

The biotechnology industry has emerged as a major growth area in the global healthcare industry. Since its emergence in the 1970s, biotechnology industry has shown tremendous growth to reach approximately $90 billion in 2008. GBI Research analysis suggests that biopharmaceutical drugs have outperformed the pharmaceutical market in the past few years. The biotechnology industry witnessed a YoY average growth rate of approximately 19% in 2008 over 2007. This is very high as compared to the pharmaceutical industry growth rate of 6% in the same time period.

On an average, the revenues of the top 10 publicly listed biotechnology companies have increased by approximately 14% in 2008 over 2007. In fact, companies such as Celgene recorded revenue growth rates in excess of 60% in 2008. In contrast, the biggest player Amgen recorded low growth rates, mainly because of safety concerns related to some of its products. The high growth in the revenues of biotechnology companies can be attributed to their focus on areas of clinical need that are unmanageable with conventional therapeutics like oncology, infectious diseases including HIV and autoimmune disorders. A strong product pipeline for most of the top 10 biotechnology companies will result in the continuation of this growth trend in the future.

Figure 1: Top 10 Biotechnology Companies, Global, Competitive Positioning, 2008

Source: GBI Research

The Competitive Landscape Will be Dynamic with Many Companies in the Race for a Bigger Pie in the Biotechnology Market

GBI Research's analysis suggests that the competitive landscape of the global biotech industry is dynamic and will change in the near future. Currently, Amgen is the global biotech leader in the biotech industry with revenues of $15.0 billion in 2008. Genentech is a close second with revenues of $13.4 billion. Over the next 5 years, Genentech is expected to replace Amgen from the leadership position through the introduction of potential blockbusters and market expansion of other current blockbusters. The revenues of Genentech are expected to reach $17.9 billion by 2012, growing at a CAGR of 7.5%.

Other companies that will grow and move up towards leadership position within this fiercely competitive industry include Gilead Sciences, Genzyme and Celgene. The revenues of Gilead Sciences are expected to grow at a CAGR of 14.3%, to reach approximately $9.1 billion by 2012. Genzyme will grow at a CAGR of 11% from 2008 to 2012 to move up the order of top 10 companies and replace UCB Pharma. Celgene, ranked number eight, recorded a growth of more than 60% in its revenues in 2008 as compared to 2007. It is expected to witness the highest growth (17%) amongst the top 10 companies from 2008 to 2012. Biotech competitive landscape is expected to change significantly in the future based on the strength of the pipeline products of the top 10 biotech companies.

Figure 2: Top 10 Biotechnology Companies, Global, Revenue Forecast, ($m), 2008-2012

Source: GBI Research, Company Reports, Analyst Consensus Forecasts
Note: The arrows signify the change in positioning among the top 10 companies in 2012 as compared to 2008.

Strong R&D Approach Will Govern the Future Competitive Landscape of the Biotechnology Industry

Biotechnology industry is strongly based on innovation and this will dictate the future competitiveness of the players within the industry. The importance of R&D can be assessed from the fact that the top 10 biotechnology companies spent approximately $11.8 billion on R&D activities in 2008. This accounted for approximately 18% of their total annual revenues. Genentech and Amgen boast of the most promising pipelines among the biotech companies. Genentech's pipeline drugs are currently undergoing clinical trials for 51 indications. Amgen and Celgene are close followers with more than 30 drugs being tested for various indications.

The R&D expenditures of CSL Limited were recorded at $265m in 2008. GBI Research Analysis suggested that CSL, Gilead and Actelion are faced with a weak pipeline which might curb their future growth. However, since patents of none of Gilead's HIV products expire before 2013, the growth is likely to continue for Gilead Sciences with increasing sales of its current products. A strong R&D approach coupled with equally strong marketed products will shape the future competition in the biotechnology industry.

High Growth Therapy Areas Will Provide Impetus to the Revenues of Top 10 Biotech Companies

Oncology and infectious diseases are the high growth therapeutic areas that will drive the growth of the biotechnology industry. The biotechnology industry pipeline mainly comprises of products for oncology (35%), infectious diseases including HIV (28%) and others (37%). Oncology constitutes a significant part of the pipeline portfolio for each of the top 10 biotech companies. It accounts for 45% of Amgen's product pipeline, 66% of Genentech's and 63% of Cephalon's pipeline portfolio. Other important focus areas for the top 10 biotechnology companies include, infectious diseases and CNS disorders. Gilead Science's R&D efforts are primarily directed towards treating HIV/AIDS, with 35% of its product pipeline focused on HIV.
GBI Research's analysis suggests that the oncology based sales will potentially value approximately $90.8 billion in 2015, growing at a CAGR of 9% between 2008 and 2015. The HIV market is also expected to grow at a CAGR of approximately 4.5% between 2008 and 2015 to record a sales value of approximately $17.3 billion in 2015. These high growth therapy areas will fuel the revenue growth of the top 10 biotechnology companies in the future.

1 Table of Contents

1 Table of Contents 4

1.1 List of Tables 9

1.2 List of Figures 12

2 Introduction 15

2.1 GBI Research Report Guidance 16

3 Global Biotechnology Industry — Market Characterization 17

3.1 Global Biotechnology Industry — Market Size 17

3.2 Top 10 Companies — Market Forecast 18

3.3 Therapeutic Focus of the Biotechnology Industry 20

3.4 Global Biotechnology Industry — Growth Drivers and Restraints 22

3.4.1 Growth Drivers 22

3.4.2 Restraints 23

4 Top 10 Biotechnology Companies — Competitive Landscape 24

4.1 Competitive Landscape Framework 24

4.2 Financial Benchmarking 25

4.2.1 Earnings per Share 26

4.2.2 Net Profit Margin 26

4.2.3 Current Ratio 27

4.2.4 Debt to Equity ratio 27

4.2.5 Asset Turnover Ratio 28

4.3 R&D Productivity Framework 28

5 Global Biotechnology Industry — Strategic Consolidations 30

5.1 Pharma Biotech Space — Deals Analysis (2008) 30

5.2 Increasing Interest of Big Pharma Companies in the Biotech Industry 31

6 Top 10 Biotechnology Companies — Amgen 33

6.1 Company Overview 33

6.1.1 Introduction 33

6.1.2 Business Description 33

6.2 Strategic Positioning 34

6.2.1 SWOT Analysis 34

6.3 Financial Analysis 36

6.3.1 Revenue Analysis and Forecasts 36

6.3.2 Ratio Analysis 39

6.3.3 DuPont Analysis 43

6.4 Marketed Products 44

6.4.1 Key Marketed Products 44

6.5 R&D Strategies 45

6.5.1 Therapeutic Focus 45

6.5.2 R&D Productivity 46

6.6 Product Pipeline 47

6.6.1 Overview 47

6.6.2 Key Pipeline Products 48

6.7 Licensing Agreements 49

6.7.1 Overview 49

7 Top 10 Biotechnology Companies — Genentech (Roche) 50

7.1 Company Overview 50

7.1.1 Introduction 50

7.1.2 Business Description 50

7.2 Strategic Positioning 51

7.2.1 SWOT Analysis 51

7.3 Financial Analysis 52

7.3.1 Revenue Analysis and Forecasts 52

7.3.2 Ratio Analysis 55

7.3.3 DuPont Analysis 59

7.4 Marketed Products 60

7.4.1 Key Marketed Products 60

7.5 R&D Strategies 61

7.5.1 Therapeutic Focus 61

7.5.2 R&D Productivity 61

7.6 Product Pipeline 62

7.6.1 Overview 62

7.6.2 Key Pipeline Products 64

7.7 Licensing Agreements 64

7.7.1 Overview 64

8 Top 10 Biotechnology Companies — Gilead Sciences 66

8.1 Company Overview 66

8.1.1 Introduction 66

8.1.2 Business Description 66

8.2 Strategic Positioning 67

8.2.1 SWOT Analysis 67

8.3 Financial Analysis 68

8.3.1 Revenue Analysis and Forecasts 68

8.3.2 Ratio Analysis 71

8.3.3 DuPont Analysis 75

8.4 Marketed Products 76

8.4.1 Key Marketed Products 76

8.5 R&D Strategies 76

8.5.1 Therapeutic Focus 76

8.5.2 R&D Productivity 77

8.6 Product Pipeline 78

8.6.1 Overview 78

8.6.2 Key Pipeline Products 79

8.7 Licensing Agreements 79

8.7.1 Overview 79

9 Top 10 Biotechnology Companies — UCB Pharma 80

9.1 Company Overview 80

9.1.1 Introduction 80

9.1.2 Business Description 80

9.2 Strategic Positioning 81

9.2.1 SWOT Analysis 81

9.3 Financial Analysis 82

9.3.1 Revenue Analysis and Forecasts 82

9.3.2 Ratio Analysis 85

9.3.3 DuPont Analysis 89

9.4 Marketed Products 90

9.4.1 Key Marketed Products 90

9.5 R&D Strategies 90

9.5.1 Therapeutic Focus 90

9.5.2 R&D Productivity 90

9.6 Product Pipeline 92

9.6.1 Overview 92

9.6.2 Key Pipeline Products 93

9.7 Licensing Agreements 93

9.7.1 Overview 93

10 Top 10 Biotechnology Companies — Genzyme 94

10.1 Company Overview 94

10.1.1 Introduction 94

10.1.2 Business Description 94

10.2 Strategic Positioning 95

10.2.1 SWOT Analysis 95

10.3 Financial Analysis 97

10.3.1 Revenue Analysis and Forecasts 97

10.3.2 Ratio Analysis 99

10.3.3 DuPont Analysis 102

10.4 Marketed Products 103

10.4.1 Key Marketed Products 103

10.5 R&D Strategies 104

10.5.1 Therapeutic Focus 104

10.5.2 R&D Productivity 105

10.6 Product Pipeline 106

10.6.1 Overview 106

10.6.2 Key Pipeline Products 107

10.7 Licensing Agreements 107

10.7.1 Overview 107

11 Top 10 Biotechnology Companies — Biogen Idec 109

11.1 Company Overview 109

11.1.1 Introduction 109

11.1.2 Business Description 109

11.2 Strategic Positioning 110

11.2.1 SWOT Analysis 110

11.3 Financial Analysis 111

11.3.1 Revenue Analysis and Forecasts 111

11.3.2 Ratio Analysis 114

11.3.3 DuPont Analysis 118

11.4 Marketed Products 119

11.4.1 Key Marketed Products 119

11.5 R&D Strategies 119

11.5.1 Therapeutic Focus 119

11.5.2 R&D Productivity 120

11.6 Product Pipeline 121

11.6.1 Overview 121

11.6.2 Key Pipeline Products 122

11.7 Licensing Agreements 122

11.7.1 Overview 122

12 Top 10 Biotechnology Companies — CSL Limited 123

12.1 Company Overview 123

12.1.1 Introduction 123

12.1.2 Business Description 123

12.2 Strategic Positioning 124

12.2.1 SWOT Analysis 124

12.3 Financial Analysis 125

12.3.1 Revenue Analysis and Forecasts 125

12.3.2 Ratio Analysis 128

12.3.3 DuPont Analysis 132

12.4 Marketed Products 133

12.4.1 Key Marketed Products 133

12.5 R&D Strategies 133

12.5.1 Therapeutic Focus 133

12.5.2 R&D Productivity 134

12.6 Product Pipeline 135

12.6.1 Overview 135

12.6.2 Key Pipeline Products 135

12.7 Licensing Agreements 136

12.7.1 Overview 136

13 Top 10 Biotechnology Companies — Celgene 137

13.1 Company Overview 137

13.1.1 Introduction 137

13.1.2 Business Description 137

13.2 Strategic Positioning 138

13.2.1 SWOT Analysis 138

13.3 Financial Analysis 139

13.3.1 Revenue Analysis and Forecasts 139

13.3.2 Ratio Analysis 141

13.3.3 DuPont Analysis 144

13.4 Marketed Products 145

13.4.1 Key Marketed Products 145

13.5 R&D Strategies 146

13.5.1 Therapeutic Focus 146

13.5.2 R&D Productivity 146

13.6 Product Pipeline 148

13.6.1 Overview 148

13.6.2 Key Pipeline Products 149

13.7 Licensing Agreements 149

13.7.1 Overview 149

14 Top 10 Biotechnology Companies — Cephalon 150

14.1 Company Overview 150

14.1.1 Introduction 150

14.1.2 Business Description 150

14.2 Strategic Positioning 151

14.2.1 SWOT Analysis 151

14.3 Financial Analysis 152

14.3.1 Revenue Analysis and Forecasts 152

14.3.2 Ratio Analysis 154

14.3.3 DuPont Analysis 158

14.4 Marketed Products 158

14.4.1 Key Marketed Products 158

14.5 R&D Strategies 159

14.5.1 Therapeutic Focus 159

14.5.2 R&D Productivity 159

14.6 Product Pipeline 161

14.6.1 Overview 161

14.6.2 Key Pipeline Products 162

14.7 Licensing Agreements 162

14.7.1 Overview 162

15 Top 10 Biotechnology Companies — Actelion 163

15.1 Company Overview 163

15.1.1 Introduction 163

15.1.2 Business Description 163

15.2 Strategic Positioning 164

15.2.1 SWOT Analysis 164

15.3 Financial Analysis 165

15.3.1 Revenue Analysis and Forecasts 165

15.3.2 Ratio Analysis 166

15.3.3 DuPont Analysis 171

15.4 Marketed Products 172

15.4.1 Key Marketed Products 172

15.5 R&D Strategies 172

15.5.1 Therapeutic Focus 172

15.5.2 R&D Productivity 172

15.6 Product Pipeline 174

15.6.1 Overview 174

15.6.2 Key Pipeline Products 174

15.7 Licensing Agreements 175

15.7.1 Overview 175

16 Top 10 Biotechnology Companies — Appendix 176

16.1 Market Definitions 176

16.2 Abbreviations 178

16.3 Research Methodology 178

16.3.1 Coverage 179

16.3.2 Secondary Research 179

16.3.3 Primary Research 180

16.3.4 Expert Panel Validation 180

16.4 Contact Us 180

16.5 Disclaimer 180

16.6 Sources 181



1.1 List of Tables

Table 1: Top 10 Biotechnology Companies, Global, Annual Revenues, ($m), 2008 17

Table 2: Global, Top 25 Biologic Drugs by Annual Sales. 2008 18

Table 3: Top 10 Biotechnology Companies, Global, Revenue Forecast, ($m), 2008-2012 19

Table 4: Top 10 Biotechnology Companies, Global, Company Rankings, 2008-2012 20

Table 5: Top 10 Biotechnology Companies, Global, Rankings by Strength of Marketed and Pipeline Products, 2008 25

Table 6: Top 10 Biotechnology Companies, Global, Earnings per Share, ($), 2008 26

Table 7: Top 10 Biotechnology Companies, Global, Net Profit Margin, (%), 2008 26

Table 8: Top 10 Biotechnology Companies, Global, Current Ratio, 2008 27

Table 9: Top 10 Biotechnology Companies, Global, Debt to Equity Ratio, 2008 27

Table 10: Top 10 Biotechnology Companies, Global, Asset Turnover Ratio, 2008 28

Table 11: Top 10 Biotechnology Companies, Global, Rankings by Strength of Pipeline Products in Each Therapy Area (1), 2008 29

Table 12: Top 10 Biotechnology Companies, Global, Rankings by Strength of Pipeline Products in Each Therapy Area (2), 2008 29

Table 13: Biotechnology Industry, Global, Key M&A Deals in 2008 30

Table 14: Global, Value of Drugs Going Off-Patent by Therapeutic Area, ($m), 2009—2014 31

Table 15: Amgen Inc., Historical Revenue, ($m), 2004-2008 37

Table 16: Amgen Inc., Revenue Forecast, ($m), 2008-2012 37

Table 17: Amgen Inc., Net Income and R&D Expense, ($m), 2004-2008 38

Table 18: Equity Ratios for Amgen Inc., ($), 2004-2008 39

Table 19: Profitability Ratios for Amgen Inc., (%), 2004-2008 40

Table 20: Liquidity Ratios for Amgen Inc., 2004-2008 41

Table 21: Leverage Ratios for Amgen Inc., 2004-2008 42

Table 22: Efficiency Ratios for Amgen Inc., 2004-2008 42

Table 23: Expenditure on R&D for Amgen Inc., ($m), 2004-2008 46

Table 24: Phase-wise Analysis of Amgen R&D Pipeline, 2009 47

Table 25: Amgen Inc., Licensing Agreements for Drugs, 2008-July 2009 49

Table 26: Genentech, Historical Revenue, ($m), 2004-2008 53

Table 27: Genentech, Revenue Forecast, ($m), 2008-2012 53

Table 28: Genentech, Net Income and R&D Expense, ($m), 2004-2008 54

Table 29: Equity Ratios for Genentech, ($), 2004-2008 55

Table 30: Profitability Ratios for Genentech, (%), 2004-2008 56

Table 31: Liquidity Ratios for Genentech, 2004-2008 57

Table 32: Leverage Ratios for Genentech, 2004-2008 58

Table 33: Efficiency Ratios for Genentech, 2004-2008 59

Table 34: Expenditure on R&D for Genentech, ($m), 2004-2008 62

Table 35: Phase-wise Analysis of Genentech R&D Pipeline, 2009 62

Table 36: Genentech, Licensing Agreements for Drugs, 2008-July 2009 65

Table 37: Gilead, Historical Revenue, ($m), 2004-2008 69

Table 38: Gilead, Revenue Forecast, ($m), 2008-2012 69

Table 39: Gilead, Net Income and R&D Expense, ($m), 2004-2008 70

Table 40: Equity Ratios for Gilead, ($), 2004-2008 71

Table 41: Profitability Ratios for Gilead, (%), 2004-2008 72

Table 42: Liquidity Ratios for Gilead, 2004-2008 73

Table 43: Leverage Ratios for Gilead, 2004-2008 74

Table 44: Efficiency Ratios for Gilead, 2004-2008 74

Table 45: Expenditure on R&D by Gilead, ($m), 2004-2008 77

Table 46: Phase-wise Analysis of Gilead R&D Pipeline, 2009 78

Table 47: Gilead, Licensing Agreements for Drugs, 2008-July 2009 79

Table 48: UCB Pharma, Historical Revenue, ($m), 2004-2008 83

Table 49: UCB Pharma, Revenue Forecast, ($m), 2008-2012 83

Table 50: UCB Pharma, Net Income and R&D Expense, ($m), 2004-2008 84

Table 51: Equity Ratios for UCB Pharma, ($), 2004-2008 85

Table 52: Profitability Ratios for UCB Pharma, (%), 2004-2008 86

Table 53: Liquidity Ratios for UCB Pharma, 2004-2008 87

Table 54: Leverage Ratios for UCB Pharma, 2004-2008 88

Table 55: Efficiency Ratios for UCB Pharma, 2004-2008 88

Table 56: Expenditure on R&D by UCB Pharma, ($m), 2004-2008 91

Table 57: Phase-wise Analysis of UCB Pharma R&D Pipeline, 2009 92

Table 58: UCB Pharma, Licensing Agreements for Drugs, 2008-July 2009 93

Table 59: Genzyme, Historical Revenue, ($m), 2004-2008 97

Table 60: Genzyme, Revenue Forecast, ($m), 2008-2012 98

Table 61: Genzyme, Net Income and R&D Expense, ($m), 2004-2008 98

Table 62: Equity Ratios for Genzyme, ($), 2004-2008 99

Table 63: Profitability Ratios for Genzyme, (%), 2004-2008 100

Table 64: Liquidity Ratios for Genzyme, 2004-2008 101

Table 65: Leverage Ratios for Genzyme, 2004-2008 102

Table 66: Efficiency Ratios for Genzyme, 2004-2008 102

Table 67: Expenditure on R&D by Genzyme, ($m), 2004-2008 105

Table 68: Phase-wise Analysis of Genzyme R&D Pipeline, 2009 106

Table 69: Genzyme, Licensing Agreements for Drugs, 2008-July 2009 107

Table 70: Biogen Idec, Historical Revenue, ($m), 2004-2008 112

Table 71: Biogen Idec, Revenue Forecast, ($m), 2008-2012 112

Table 72: Biogen Idec, Net Income and R&D Expense, ($m), 2004-2008 113

Table 73: Equity Ratios for Biogen Idec, ($), 2004-2008 114

Table 74: Profitability Ratios for Biogen Idec, (%), 2004-2008 115

Table 75: Liquidity Ratios for Biogen Idec, 2004-2008 116

Table 76: Leverage Ratios for Biogen Idec, 2004-2008 117

Table 77: Efficiency Ratios for Biogen Idec, 2004-2008 117

Table 78: Expenditure on R&D for Biogen Idec, ($m), 2004-2008 120

Table 79: Phase-wise Analysis of Biogen Idec R&D Pipeline, 2009 121

Table 80: Biogen Idec, Licensing Agreements for Drugs, 2008-July 2009 122

Table 81: CSL Limited, Historical Revenue, ($m), 2005-2009 126

Table 82: CSL Limited, Revenue Forecast, ($m), 2009-2013 126

Table 83: CSL Limited, Net Income and R&D Expense, ($m), 2005-2009 127

Table 84: Equity Ratios for CSL Limited, ($), 2005-2009 128

Table 85: Profitability Ratios for CSL Limited, (%), 2005-2009 129

Table 86: Liquidity Ratios for CSL Limited, 2005-2009 130

Table 87: Leverage Ratios for CSL Limited, 2005-2009 131

Table 88: Efficiency Ratios for CSL Limited, 2005-2009 131

Table 89: Expenditure on R&D by CSL Limited, ($m), 2005-2009 134

Table 90: Phase-wise Analysis of CSL Limited R&D Pipeline, 2009 135

Table 91: CSL Limited, Licensing Agreements for Drugs, 2008-July 2009 136

Table 92: Celgene, Historical Revenue, ($m), 2004-2008 140

Table 93: Celgene, Revenue Forecast, ($m), 2008-2012 140

Table 94: Celgene, Net Income and R&D Expense, ($m), 2004-2008 141

Table 95: Equity Ratios for Celgene, ($), 2004-2008 142

Table 96: Profitability Ratios for Celgene, (%), 2004-2008 143

Table 97: Liquidity Ratios for Celgene, 2004-2008 143

Table 98: Leverage Ratios for Celgene, 2004-2008 144

Table 99: Efficiency Ratios for Celgene, 2004-2008 144

Table 100: Expenditure on R&D by Celgene, ($m), 2004-2008 147

Table 101: Phase-wise Analysis of Celgene R&D Pipeline, 2009 148

Table 102: Celgene, Licensing Agreements for Drugs, 2008-July 2009 149

Table 103: Cephalon, Historical Revenue, ($m), 2004-2008 153

Table 104: Cephalon, Revenue Forecast, ($m), 2008-2012 153

Table 105: Cephalon, Net Income and R&D Expense, ($m), 2004-2008 154

Table 106: Equity Ratios for Cephalon, ($), 2004-2008 155

Table 107: Profitability Ratios for Cephalon, (%), 2004-2008 156

Table 108: Liquidity Ratios for Cephalon, 2004-2008 156

Table 109: Leverage Ratios for Cephalon, 2004-2008 157

Table 110: Efficiency Ratios for Cephalon, 2004-2008 157

Table 111: Expenditure on R&D for Cephalon, ($m), 2004-2008 160

Table 112: Phase-wise Analysis of Cephalon R&D Pipeline, 2009 161

Table 113: Cephalon, Licensing Agreements for Drugs, 2008-July 2009 162

Table 114: Actelion, Historical Revenue, ($m), 2004-2008 166

Table 115: Actelion, Revenue Forecast, ($m), 2008-2012 166

Table 116: Actelion, Net Income and R&D Expense, ($m), 2004-2008 166

Table 117: Equity Ratios for Actelion, ($), 2004-2008 167

Table 118: Profitability Ratios for Actelion, (%), 2004-2008 168

Table 119: Liquidity Ratios for Actelion, 2004-2008 169

Table 120: Leverage Ratios for Actelion, 2004-2008 170

Table 121: Efficiency Ratios for Actelion, 2004-2008 170

Table 122: Expenditure on R&D by Actelion, ($m), 2004-2008 173

Table 123: Phase-wise Analysis of Actelion R&D Pipeline, 2009 174

Table 124: Actelion, Licensing Agreements for Drugs, 2008-July 2009 175



1.2 List of Figures

Figure 1: Top 10 Biotechnology Companies, Global, Annual Revenues, ($m), 2008 17

Figure 2: Top 10 Biotechnology Companies, Global, Revenue Forecast, ($m), 2008-2012 19

Figure 3: Global, Biotech Pipeline Drugs by Therapy Areas, (%), 2008 20

Figure 4: Global, Biotech Pipeline Drugs by Product Classes, 2008 21

Figure 5: Biotechnology Industry, Global, Growth Drivers and Restraints,2008 22

Figure 6: Top 10 Biotechnology Companies, Global, Competitive Positioning, 2008 24

Figure 7: Top 10 Biotechnology Companies, Global, Competitive Landscape Framework, 2008 25

Figure 8: Top 10 Biotechnology Companies, Global, R&D Productivity Framework, 2008 28

Figure 9: Global, Value of Drugs Going Off-Patent by Therapeutic Area, ($m), 2009—2014 31

Figure 10: SWOT Analysis of Amgen Inc. 34

Figure 11: Amgen Inc., Annual Revenue Forecasts, ($m), 2004-2012 37

Figure 12: Amgen Inc., Net Income and R&D Expense, ($m), 2004-2008 38

Figure 13: Amgen Inc., Earnings per Share, ($), 2004-2008 39

Figure 14: Amgen Inc., Net Profit Margin, (%), 2004-2008 40

Figure 15: Amgen Inc., Current Ratio, 2004-2008 41

Figure 16: Amgen Inc., Debt to Equity Ratio, 2004-2008 42

Figure 17: Amgen Inc., Return on Equity, (%), 2004-2008 43

Figure 18: DuPont Analysis for Amgen Inc., 2004-2008 43

Figure 19: Therapeutic Focus of Amgen R&D Pipeline, 2009 45

Figure 20: R&D Productivity for Amgen Inc., 2004-2008 46

Figure 21: Phase-wise Analysis of Amgen R&D Pipeline, 2009 47

Figure 22: SWOT Analysis of Genentech 51

Figure 23: Genentech, Annual Revenue Forecasts, ($m), 2004-2012 53

Figure 24: Genentech, Net Income and R&D Expense, ($m), 2004-2008 54

Figure 25: Genentech, Earnings per Share, ($), 2004-2008 55

Figure 26: Genentech, Net Profit Margin, (%), 2004-2008 56

Figure 27: Genentech, Current Ratio, 2004-2008 57

Figure 28: Genentech, Debt to Equity Ratio, 2004-2008 58

Figure 29: Genentech, Return on Equity, (%), 2004-2008 59

Figure 30: DuPont Analysis for Genentech, 2004-2008 60

Figure 31: Therapeutic Focus of Genentech R&D Pipeline, 2009 61

Figure 32: R&D Productivity for Genentech, 2004-2008 61

Figure 33: Phase-wise Analysis of Genentech R&D Pipeline, 2009 62

Figure 34: SWOT Analysis of Gilead 67

Figure 35: Gilead, Annual Revenue Forecasts, ($m), 2004-2012 69

Figure 36: Gilead, Net Income and R&D Expense, ($m), 2004-2008 70

Figure 37: Gilead, Earnings per Share, ($), 2004-2008 71

Figure 38: Gilead, Net Profit Margin, (%), 2004-2008 72

Figure 39: Gilead, Current Ratio, 2004-2008 73

Figure 40: Gilead, Debt to Equity Ratio, 2004-2008 74

Figure 41: Gilead, Return on Equity, (%), 2004-2008 75

Figure 42: DuPont Analysis for Gilead, 2004-2008 75

Figure 43: Therapeutic Focus of Gilead R&D Pipeline, 2009 76

Figure 44: R&D Productivity for Gilead, 2004-2008 77

Figure 45: Phase-wise Analysis of Gilead R&D Pipeline, 2009 78

Figure 46: SWOT Analysis of UCB Pharma 81

Figure 47: UCB Pharma, Annual Revenue Forecasts, ($m), 2004-2012 83

Figure 48: UCB Pharma, Net Income and R&D Expense, ($m), 2004-2008 84

Figure 49: UCB Pharma, Earnings per Share, ($), 2004-2008 85

Figure 50: UCB Pharma, Net Profit Margin, (%), 2004-2008 86

Figure 51: UCB Pharma, Current Ratio, 2004-2008 87

Figure 52: UCB Pharma, Debt to Equity Ratio, 2004-2008 88

Figure 53: UCB Pharma, Return on Equity, (%), 2004-2008 89

Figure 54: DuPont Analysis for UCB Pharma, 2004-2008 89

Figure 55: Therapeutic Focus of UCB Pharma R&D Pipeline, 2009 90

Figure 56: R&D Productivity for UCB Pharma, 2004-2008 91

Figure 57: Phase-wise Analysis of UCB Pharma R&D Pipeline, 2009 92

Figure 58: SWOT Analysis of Genzyme 95

Figure 59: Genzyme, Annual Revenue Forecasts, ($m), 2004-2012 97

Figure 60: Genzyme, Net Income and R&D Expense, ($m), 2004-2008 98

Figure 61: Genzyme, Earnings per Share, ($), 2004-2008 99

Figure 62: Genzyme, Net Profit Margin, (%), 2004-2008 100

Figure 63: Genzyme, Current Ratio, 2004-2008 101

Figure 64: Genzyme, Debt to Equity Ratio, 2004-2008 102

Figure 65: Genzyme, Return on Equity, (%), 2004-2008 103

Figure 66: DuPont Analysis for Genzyme, 2004-2008 103

Figure 67: Therapeutic Focus of Genzyme R&D Pipeline, 2009 104

Figure 68: R&D Productivity for Genzyme, 2004-2008 105

Figure 69: Phase-wise Analysis of Genzyme R&D Pipeline, 2009 106

Figure 70: SWOT Analysis of Biogen Idec 110

Figure 71: Biogen Idec, Annual Revenue Forecasts, ($m), 2004-2012 112

Figure 72: Biogen Idec, Net Income and R&D Expense, ($m), 2004-2008 113

Figure 73: Biogen Idec, Earnings per Share, ($), 2004-2008 114

Figure 74: Biogen Idec, Net Profit Margin, (%), 2004-2008 115

Figure 75: Biogen Idec, Current Ratio, 2004-2008 116

Figure 76: Biogen Idec, Debt to Equity Ratio, 2004-2008 117

Figure 77: Biogen Idec, Return on Equity, (%), 2004-2008 118

Figure 78: DuPont Analysis for Biogen Idec, 2004-2008 118

Figure 79: Therapeutic Focus of Biogen Idec R&D Pipeline, 2009 119

Figure 80: R&D Productivity for Biogen Idec, 2004-2008 120

Figure 81: Phase-wise Analysis of Biogen Idec R&D Pipeline, 2009 121

Figure 82: SWOT Analysis of CSL Limited 124

Figure 83: CSL Limited, Annual Revenue Forecasts, ($m), 2005-2013 126

Figure 84: CSL Limited, Net Income and R&D Expense, ($m), 2005-2009 127

Figure 85: CSL Limited, Earnings per Share, ($), 2005-2009 128

Figure 86: CSL Limited, Net Profit Margin, (%), 2005-2009 129

Figure 87: CSL Limited, Current Ratio, 2005-2009 130

Figure 88: CSL Limited, Debt to Equity Ratio, 2005-2009 131

Figure 89: CSL Limited, Return on Equity, (%), 2005-2009 132

Figure 90: DuPont Analysis for CSL Limited, 2005-2009 132

Figure 91: Therapeutic Focus of CSL Limited R&D Pipeline, 2009 133

Figure 92: R&D Productivity for CSL Limited, 2005-2009 134

Figure 93: Phase-wise Analysis of CSL Limited R&D Pipeline, 2009 135

Figure 94: SWOT Analysis of Celgene 138

Figure 95: Celgene, Annual Revenue Forecasts, ($m), 2004-2012 140

Figure 96: Celgene, Net Income and R&D Expense, ($m), 2004-2008 141

Figure 97: Celgene, Earnings per Share, ($), 2004-2008 142

Figure 98: Celgene, Net Profit Margin, (%), 2004-2008 142

Figure 99: Celgene, Current Ratio, 2004-2008 143

Figure 100: Celgene, Debt to Equity Ratio, 2004-2008 144

Figure 101: Celgene, Return on Equity, (%), 2004-2008 145

Figure 102: DuPont Analysis for Celgene, 2004-2008 145

Figure 103: Therapeutic Focus of Celgene R&D Pipeline, 2009 146

Figure 104: R&D Productivity for Celgene, 2004-2008 147

Figure 105: Phase-wise Analysis of Celgene R&D Pipeline, 2009 148

Figure 106: SWOT Analysis of Cephalon 151

Figure 107: Cephalon, Annual Revenue Forecasts, ($m), 2004-2012 153

Figure 108: Cephalon, Net Income and R&D Expense, ($m), 2004-2008 154

Figure 109: Cephalon, Earnings per Share, ($), 2004-2008 155

Figure 110: Cephalon, Net Profit Margin, (%), 2004-2008 155

Figure 111: Cephalon, Current Ratio, 2004-2008 156

Figure 112: Cephalon, Debt to Equity Ratio, 2004-2008 157

Figure 113: Cephalon, Return on Equity, (%), 2004-2008 158

Figure 114: DuPont Analysis for Cephalon, 2004-2008 158

Figure 115: Therapeutic Focus of Cephalon R&D Pipeline, 2009 159

Figure 116: R&D Productivity for Cephalon, 2004-2008 160

Figure 117: Phase-wise Analysis of Cephalon R&D Pipeline, 2009 161

Figure 118: SWOT Analysis of Actelion 164

Figure 119: Actelion, Annual Revenue Forecasts, ($m), 2004-2012 165

Figure 120: Actelion, Net Income and R&D Expense, ($m), 2004-2008 166

Figure 121: Actelion, Earnings per Share, ($), 2004-2008 167

Figure 122: Actelion, Net Profit Margin, (%), 2004-2008 168

Figure 123: Actelion, Current Ratio, 2004-2008 169

Figure 124: Actelion, Debt to Equity Ratio, 2004-2008 170

Figure 125: Actelion, Return on Equity, (%), 2004-2008 171

Figure 126: DuPont Analysis for Actelion, 2004-2008 171

Figure 127: Therapeutic Focus of Actelion R&D Pipeline, 2009 172

Figure 128: R&D Productivity for Actelion, 2004-2008 173

Figure 129: Phase-wise Analysis of Actelion R&D Pipeline, 2009 174

Figure 130: GBI Research Methodology 179

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