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The North America Biotechnology Sectors : A Company and Industry Analysis (April 2003)
Mergent, April 2003, Pages: 32
Covering the top public biotechnology companies in the areas of biopharmaceuticals, agricultural biotechnology and genomics in the United States and Canada
Also includes comprehensive industry analysis and market trends
Current Environment - Key Points
- The combined total revenue of 20 of the top revenue earning biotech companies in the US in 2001 was approximately $11,501,584,000
- In the 12 months between January 2002 and January 2003, the NASDAQ Biotech Index, dropped 40%, underperforming the NASDAQ Composite Index
- Biotech IPOs have slowed down considerably in the US: in 2002, two years after the height of the biotech IPO boom, only two Washington State-based biotech companies had successful IPOs, compared with 25 IPOs in 2001 and 80 in 2000
- In 2002, the US industry bettered 2001's performance, when $5.7 billion in new capital was invested in the industry, $250 million more than in all of 1998
- Although 2002 witnessed 19 US product delays, the big picture for biotech remains positive
- US pharmaceutical-biotechnology alliances have risen in value from under $1 billion in 1997 to more than $3 billion
- Revenues in the Canadian sector more than doubled in the 1997-2001 period
Between 1999 and 2001 revenues increased from $709 million to $827 million
- Therapeutics is the largest segment in Canada at 57% up from 37%, followed by agriculture at 15% down from 26%, and diagnostics at 10% down from 22% between 1997 and 2001
Industry Profile - Key Points
- Market capitalization, the total value of US publicly traded companies- market prices, was $224 billion as of May 2002
- The high cost of R&D, intense competition, long development lead times and short patent protection periods are putting increasing pressures on executives to find more efficient discovery platforms and development paradigms
- Functional genomics is expected to be a key focus of biological exploration in the 21st century and beyond
- The US biotech industry spent $15.6 billion on R&D in 2001 which accounts for 36% of all costs incurred by public biotech companies
- The FDA's fiscal year 2003 budget request was $1.7 billion, a net increase of $123 million over fiscal year 2002
- About $1.3 billion was spent by the Canadian industry in 2002 in biotech R&D alone
- Canada, ranked no 2 in the world, is estimated to consist of more than 400 biotech companies with more than 6,500 products at various stages of development
Market Trends and Outlook - Key Points
- Patients and consumers alike now gravitate to therapeutics developed by the biotechs, specialty pharmaceuticals companies and medical device manufacturers
- US biotech companies are hiring despite the bad economy
- US companies are withdrawing filed IPOs, and are merging for greater liquidity
- Genomics companies are undergoing a transformation to emphasize more on drug development
- Global partnering is allowing companies to raise capital to develop specific drugs, get it through clinical process and finally marketed globally
- Mergers in the Canadian biotech industry can be expected as more biotech companies find themselves with promising technology but low stock prices and low cash reserves
- Conflicts are anticipated between the expectations of some biotech CEOs and those of the venture capital and corporate funding community as changes in their risk profiles filter through the biotech funding process
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