The True State of the Pharmaceutical Industry

Date: December 22, 2008
Pages: 224
Price:
US$ 865.00 US$ 695.00
Publisher: Espicom Business Intelligence
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: TEC1D7B6A33EN
Leaflet:

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The True State of the Pharmaceutical Industry
This new report analyses 141 pharmaceutical companies and draws some thought-provoking conclusions as to the state of the global industry. Stripping away the effects of M&A and currency fluctuations, the report reveals the true trends in revenue, profit and costs and answers key questions:
  • Which companies are really driving growth?
  • Which companies are effectively stagnating?
  • What is the long-term impact on profits of M&A activity?
  • Are the trends in R&D spending reflected in overall performance, and what might happen in the future?
  • What has been the true impact of exchange rates on companies’ performance?

In 150 information-packed pages the report provides:

A detailed commentary and graphical presentation of the major events and trends in key performance areas

A company-by-company 5-year analysis of major financial reporting lines for 141 leading companies worldwide.

COMPANIES EVALUATED IN THE REPORT

Abbott Laboratories
Abraxis BioScience
Ajinomoto
Alcon
Alkermes
Allergan
Alpharma
Altana
Amgen
Amylin Pharmaceuticals
Angiotech Pharmaceuticals
Asahi Kasei
AstraZeneca
Axcan
Barr
Baxter
Bayer
Bentley Pharmaceuticals
Biogen Idec
BioMarin Pharmaceutical
Biotest
Boehringer Ingelheim
Bristol-Myers Squibb
BTG International
Cangene
Celgene
Cephalon
Chugai
Columbia Laboratories
Crucell
Cubist Pharmaceuticals
CV Therapeutics
Cytogen
Daiichi Sankyo
Dainippon Sumitomo Pharma
Dr Reddy’s Laboratories
Draxis Health
Eisai
Eli Lilly
Encysive Pharmaceuticals
Endo Pharmaceuticals
Enzon Pharmaceuticals
Forest Laboratories
Fresenius
Gedeon Richter
Genentech
Genzyme
Gilead Sciences
GlaxoSmithKline
GPC Biotech
Hospira
Human Genome Sciences
Imclone Systems
ImmunoGen
Incyte
Indevus Pharmaceuticals
Innogenetics
Inspire Pharmaceuticals
InterMune
Ipsen
Isis Pharmaceuticals
Japan Tobacco
Johnson & Johnson
King Pharmaceuticals
Kissei Pharmaceutical
KV Pharmaceuticals
Kyorin Pharmaceutical
Kyowa Hakko Kirin
Ligand Pharmaceuticals
Lundbeck
Medarex
Medicis Pharmaceutical
Meiji Seika
Merck & Co.
Merck KGaA
Millennium Pharmaceuticals
Mitsubishi Tanabe Pharma
Mylan
Myriad
Nabi Biopharmaceuticals
Nektar Therapeutics
Neurocrine Biosciences
Nippon Shinyaku
Nipro
Novartis
Noven Pharmaceuticals
Novo Nordisk
NPS Pharmaceuticals
Nycomed
Ono Pharmaceutical
Orion
Oscient Pharmaceuticals
OSI Pharmaceuticals
Otsuka
Paladin Labs
Palatin Technologies
PDL BioPharma
Pfizer
Procter & Gamble
Protherics
QLT
Questcor Pharmaceuticals
Ranbaxy Laboratories
Recordati
Regeneron
Roche
Salix Pharmaceuticals
sanofi-aventis
Santen
Savient
Schering-Plough
SciClone
Sepracor
Shionogi
Shire
SkyePharma
Solvay
STADA Arzneimittel
Sumitomo Chemical
SuperGen
Taisho Pharmaceutical
Takeda Pharmaceutical
Teijin
Terumo
Teva
Toray Industries
Toyama Chemical
Trimeris
UCB
United Therapeutics
Valeant
Vertex
ViroPharma
Vivus
Warner Chilcott
Watson Pharmaceuticals
Wockhardt
Wyeth
XOMA
Yakult Honsha
Zeltia

CONTENTS OF THE REPORT’S ANALYSIS SECTION

Industry Trends

· Patent Protection and Generics
· Pricing Constraints
· Private Healthcare Provision
· Research Effectiveness

Methodology

· Currencies
· Dollar Exchange Rates 1999-2007
· Exchange Rate Indexes 1999-2007
· US Dollar Average Index 1999-2001

Economic Background

· Industry Employment 1997-2007
· Industry Productivity 1999-2007
· Assets per Employee 1999-2007

Revenues

· Table: Basic League for Pharmaceutical Sales – The Billion Dollar Companies (Annual Average Dollar Exchange Rates)
· Table: The Billion Dollar Companies at 1999 Constant Exchange Rates
· Table: Cumulative Share of Sales 2003-2007
· Table: Individual Shares of Sales 2003-2007
· Figure: Individual and Cumulative Shares 2003-2007
· Table: Selected Pharmaceutical Sales Growth Rates 2003-2007
· Figure: 2003 Pharmaceutical Sales Growth Rates
· Figure: 2007 Pharmaceutical Sales Growth Rate
· Figure: 2003 Constrained Growth Rates
· Figure: 2007 Constrained Growth Rates
· Table: Selected Annual Growth Rates
· Figure: Average Annual Pharmaceutical Sales Growth Rates 2000-2007
· Table: Pharmaceutical Industry Sales
· Figure: Pharmaceutical Industry Sales
· Table: Pharmaceutical Industry Sales excluding Pfizer
· Figure: Pharmaceutical Industry Sales Excluding Pfizer
· Figure: Comparative Growth Rates
· Table: Pharmaceutical Industry Sales 2003-2007
· Figure: Pharmaceutical Industry Sales 2003-2007
· Table: Pharmaceutical Industry Sales 2003-2007 Excluding Pfizer
· Figure: Pharmaceutical Industry Sales 2003-2007 Excluding Pfizer
· Figure: Growth Rate Comparison

Operating Cost Structures

· Table: Cost of Sales
· Figure: Cost of Sales 1999 CER
· Table: SG&A Expenses
· Figure: SG&A Expenses 1999 CER
· Table: Research and Development Expenditure
· Figure: Research and Development Expenditure 1999 CE
· Table: Full Costs
· Figure: Full Costs 1999 CER
· Table: Constituent Costs as a Percentage of Total Costs
· Figure: Constituent Costs as a Percentage of Full Costs
· Figure: R&D and SG&A Percentage Movements 1999-2007
· Figure: Cost Structures; SG&A and R&D Expenditure Shares in 1999
· Figure: Cost Structures; SG&A and R&D Expenditure Shares in 2007
· Table: Cost Components as a Percentage of Full Industry Costs
· Figure: Cost Components as a Percentage of Full Industry Costs
· Table: Constituent Costs as a Percentage of Consolidated Revenues
· Figure: Constituent Costs as a Percentage of Consolidated Revenues

Profit

· Table: Gross Profit; Revenue less Cost of Sales
· Figure: Gross Profit
· Table: Gross Industry Profit
· Figure: Gross Industry Profit
· Figure: Gross Industry Profitability
· Table: Underlying Profit; Revenue less Cost of Sales, SG&A Expenses and R&D Expenditure
· Figure: Underlying Profit
· Table: Underlying Profit Excluding Pfizer
· Figure: Underlying Profit Excluding Pfizer
· Table: Underlying Industry Profit
· Figure: Underlying Industry Profit
· Figure: Underlying Industry Profitability
· Table: Net Profit
· Figure: Net Profit
· Table: Net Profit Excluding Pfizer
· Figure: Net Profit Excluding Pfizer

Cash Flows

· Table: Cash Generated From Operations
· Figure: Cash Generated From Operations
· Table: Industry Cash Generated as a Percentage of Revenues
· Figure: Industry Cash Generated as a Percentage of Revenues
· Table: Industry Cash Generated as a Percentage of Total Assets
· Figure: Industry Cash Generated as a Percentage of Assets
· Table: Cash Carried Forward
· Figure: Cash Carried Forward
· Table: Average Liquidity
· Figure: Average Liquidity
· Table: Industry Liquidity
· Figure: Industry Liquidity
· Table: Capital Expenditure
· Figure: Capital Expenditure
· Table: Industry Capital Expenditure as a Percentage of Tangible Assets – Investment Rates
· Figure: Industry Investment Rates
· Table: Industry Investment Rates against Industry Liquidity
· Figure: Industry Investment against Industry Liquidity

The Credit Crisis and the Expected Recession

· The Current Economic Crisis Summarised
· Implications for the Pharmaceutical Industry
· Liquidity
· Leverage – Debt to Equity
· Cash Generation

Outcomes – A need for absolute liquidity or who’s got the most cash

· Table: Companies by Liquidity
· Table: Companies by Leverage
· Table: Companies by Current Ratio
· Table: Cash Generated as a % of assets
· Table: Cash Generated
· Table: Cash Carried Forward
· Table: Cash Generated plus Cash Carried Forward
FOREWORD

INTRODUCTION


Industry Trends
Patent Protection and Generics
Pricing C onstraints
Private Healthcare Provision
Research E ffectiveness

METHODOLOGY

Currencies
Table 1: Dollar Exchange Rates 1999 - 2007
Table 2: Exchange Rate Indexes 1999 - 2007
Figure 1: US Dollar Average Index 1999 - 2007
Economic Background
Table 3: Industry Employment 1997 – 2007
Figure 2: Industry Employment 1997 - 2007
Table 4: Industry Productivity 1999 – 2007
Figure 3: Industry Productivity 1999 - 2007
Table 5: Assets per Employee 1999 – 2007
Figure 4: Assets per Employee 1999 - 2007

REVENUES

Table 6: Basic League for Pharmaceutical Sales – The Billion Dollar Companies (Annual Average Dollar Exchange Rates)
Table 7: The “Billion Dollar” Companies at 1999 Constant Exchange Rates
Table 8: Cumulative Share of Sales 2003 & 2007 (%)
Table 9: Individual Shares of Sales 2003 & 2007 (%)
Figure 5: Individual and Cumulative Shares 2003 & 2007
Table 10: Selected Pharmaceutical Sales Growth Rates 2003 & 2007 (%)
Figure 6: 2003 Pharmaceutical Sales Growth Rates
Figure 7: 2007 Pharmaceutical Sales Growth Rates
Figure 8: 2003 Constrained Growth Rates
Figure 9: 2007 Constrained Growth Rates
Table 11: Selected Annual Growth Rates
Figure 10: Average Annual Pharmaceutical Sales Growth Rates 2000 - 2007
Table 12: Pharmaceutical Industry Sales
Figure 11: Pharmaceutical Industry Sales
Table 13: Pharmaceutical Industry Sales excluding Pfizer
Figure 12: Pharmaceutical Industry Sales Excluding Pfizer
Figure 13: Comparative Growth Rates
Table 14: Pharmaceutical Industry Sales 2003 - 2007
Figure 14: Pharmaceutical Industry Sales 2003 – 2007
Table15: Pharmaceutical Industry Sales 2003 - 2007 Excluding Pfizer
Figure 15: Pharmaceutical Industry Sales 2003 – 2007 Excluding Pfizer
Figure 16: Growth Rate Comparison

OPERATING COST STRUCTURES

Table 16: Cost of Sales
Figure 17: Cost of Sales 1999 CER
Table 17: SG&A Expenses
Figure 18: SG&A Expenses 1999 CER
Table 18: Research and Development Expenditure
Figure 19: Research and Development Expenditure 1999 CER
Table 19: Full Costs
Figure 20: Full Costs 1999 CER
Table 20: Constituent Costs as a Percentage of Total Costs
Figure 21: Constituent Costs as a Percentage of Full Costs
Figure 22: R&D and SG&A Percentage Movements 1999 - 2007
Figure 23: Cost Structures; SG&A and R&D Expenditure Shares in 1999
Figure 24: Cost Structures; SG&A and R&D Expenditure Shares in 2007
Table 21: Cost Components as a Percentage of Full Industry Costs
Figure 25: Cost Components as a Percentage of Full Industry Costs
Table 22: Constituent Costs as a Percentage of Consolidated Revenues
Figure 26: Constituent Costs as a Percentage of Consolidated Revenues

PROFITS

Table 23: Gross Profit; Revenue less Cost of Sales
Figure 27: Gross Profit
Table 24: Gross Industry Profit
Figure 27: Gross Industry Profit
Figure 28: Gross Industry Profitability
Table 25: Underlying Profit; Revenue less Cost of Sales, SG&A Expenses and R&D Expenditure
Figure 29: Underlying Profit
Table 26: Underlying Profit Excluding Pfizer
Figure 30 Underlying Profit Excluding Pfizer
Table 27: Underlying Industry Profit
Figure 31: Underlying Industry Profit
Figure 32: Underlying Industry Profitability
Table 28: Net Profit
Figure 33: Net Profit
Table 29: Net Profit Excluding Pfizer
Figure 34: Net Profit Excluding Pfizer

CASH FLOWS

Table 29: Cash Generated From Operations
Figure 35: Cash Generated From Operations
Table 31: Industry Cash Generated as a Percentage of Revenues
Figure 36: Industry Cash Generated as a Percentage of Revenues
Table 32: Industry Cash Generated as a Percentage of Total Assets
Figure 37: Industry Cash Generated as a Percentage of Assets
Table 33: Cash Carried Forward
Figure 38: Cash Carried Forward
Table 33: Average Liquidity
Figure 39: Average Liquidity
Table 34: Industry Liquidity
Figure 40: Industry Liquidity
Table 35: Capital Expenditure
Figure 40: Capital Expenditure
Table 36: Industry Capital Expenditure as a Percentage of Tangible Assets – Investment Rates
Figure 41: Industry Investment Rates
Table 37: Industry Investment Rates against Industry Liquidity
Figure 42: Industry Investment against Industry Liquidity

THE CREDIT CRISIS AND THE EXPECTED RECESSION

The Current Economic Crisis Summarised

IMPLICATIONS FOR THE PHARMACEUTICAL INDUSTRY

Liquidity
Leverage – D ebt to E quity
Cash Generation
Outcomes – A need for absolute liquidity or “who’s got the most cash?”
Table 43: Companies by Liquidity
Table 44: Companies by Leverage
Table 45: Companies by Current Ratio
Table 46: Cash Generated
Table 47: Cash Generated
Table 48: Cash Carried Forward
Table 49: Cash Generated plus Cash Carried Forward

APPENDIX: PHARMACEUTICAL COMPANY FINANCIAL DATA

Abbott Laboratories
Abraxis Biosciences
Ajinomoto
Alcon
Alkermes
Allergan
Alphapharma
Altana
Amgen
Amylin Pharmaceuticals
Angiotech
Asahi Kasei
Astra Zeneca
Axcan
Barr
Baxter
Bayer
Bentley
Biogen Idec
BioMarin
Biotest
Boehringer Ingelheim
Bristol-Myers Squibb
BTG International
Cangene
Celgene
Cephalon
Chugai
Columbia Laboratories
Crucell
Cubist
CV Therapeutics
Cytogen
Daiichi Sankyo
Dainippon Sumitomo Pharmaceutical
Dr Reddys
Draxis Health
Eisai
Eli Lilly
Encysive
Endo Pharmaceuticals
Enzon
Forest Laboratories
Fresenius
Gedeon Richter
Genentech
Genzyme
Gilead
GlaxoSmithKline
GPC Biotech
Hospira
Human Genome
Imclone
Immunogen
Incyte
Indevus
Innogenetics
Inspire Pharmaceuticals
Intermune
Ipsen
Isis Pharmaceuticals
Japan Tobacco
Johnson & Johnson
King Pharmaceuticals
Kissei
KV Pharmaceuticals
Kyorin
Kyowa
Ligand
Lundbeck
Medarex
Medicis
Meiji
Merck & Co
Merck KGaA
Millennium
Mitsubishi Tanabe Pharmaceutical
Mylan
Myriad Genetics
Nabi Biopharmaceuticals
Nectar
Neurocrine Biosciences
Nippon Shinyaku
Nipro
Novartis
Noven Pharmaceuticals
Novo Nordisk
NPS Pharmaceuticals
Nycomed
Ono Pharmaceuticals
Orion
Oscient Pharmaceuticals
OSI Pharmaceuticals
Otsuka
Paladin Labs
Palatin
PDL Biopharma
Pfizer
Procter & Gamble
Protherics
QLT
Questcor
Ranbaxy
Recordati
Regeneron
Roche
Salix
sanofi-aventis
Santen
Savient
Schering Plough
SciClone
Sepracor
Shionogi
Shire
Skye Pharma
Solvay
Stada
Sumitomo Chemical
Supergen
Taisho Pharmaceutical
Takeda Pharmaceutical
Teijin
Terumo
Teva
Toray
Toyama
Trimeris
UCB
United Therapeutics
Valeant
Vertex
ViroPharma
Vivus
Warner Chilcott
Watson Pharmaceuticals
Wockhardt
Wyeth
Xoma
Yakult
Zeltia
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