Beyond Borders: Global biotechnology report 2010

European biotechnology at a glance, 2008–09 (€m)
Public company data
2009 2008 % change
Revenues 11,904 11,010 8%
R&D expense 3,370 3,454 -2%
Net income (loss) (288) (913) -68%
Market capitalization 44,300 33,426 33%
Number of employees 49,120 48,440 1%
Financings
Capital raised by public companies 2,091 936 123%
Number of IPOs 3 3 0%
Capital raised by private companies 836 1,005 -17%
Number of companies
Public companies 171 179 -4%
Private companies 1,619 1,640 -1%
Public and private companies 1,790 1,819 -2%
Source: Ernst & Young
Data were generally derived from year-end information (31 December). The 2009 estimates are based on January—September
quarterly filings and preliminary annual financial performance data for some companies. The 2008 estimates have been revised for
compatability with 2009 data. Numbers may appear inconsistent because of rounding.
Canadian biotechnology at a glance, 2008–09 (US$m)
Public company data
2009 2008 % change
Revenues 2,163 1,979 9%
R&D expense 354 626 -44%
Net income (loss) (70) (1,148) -94%
Market capitalization 6,571 4,217 56%
Number of employees 6,930 7,972 -13%
Financings
Capital raised by public companies 633 271 134%
Number of IPOs 0 0 0%
Capital raised by private companies 100 207 -52%
Number of companies
Public companies 64 72 -11%
Private companies 260 286 -9%
Public and private companies 324 358 -9%
Source: Ernst & Young
Financial data for 2009 were converted to US$ using an exchange rate of 1.14 (Canadian per US$), except market capitalization,
which was converted using an exchange rate of 1.05. Data for 2008 were converted to US$ using an exchange rate of 1.07, except
market capitalization, which was converted using an exchange rate of 1.22. Data for 2008 have been restated to reflect full-year
results, since estimates in Beyond borders 2009 included some estimation of fourth quarter results. Numbers may appear inconsistent
because of rounding.
Australia
The performance of the Australian biotech
industry reflected trends seen in other
major biotech clusters as the global financial
crisis took its toll. To see the true picture,
however, we need to control for two factors.
The first of these is the performance of CSL,
Australia’s largest biotech company, which
dwarfs the rest of the industry. Because of
the company’s sheer size, CSL’s results tend
to obscure the performance of the rest of
the sector. Even as CSL turned in a robust
performance in 2009, driven by strong
sales of its key products, many smaller
biotech companies struggled.
The second factor skewing the numbers in
2009 is the exchange rate between the US
dollar and Australian dollar. The Australian
dollar declined by about 16% between
30 June 2008 and 30 June 2009 (Australian
companies typically have fiscal years ending in
June), which dampened the industry’s growth
when expressed in US dollars.
The revenues of the Australian publicly
traded biotech industry grew from
US$3.48 billion in 2008 to US$3.72 billion
in 2009 — a 7% increase, significantly lower
than the 26% growth rate achieved in
2008. However, this number was skewed
by fluctuations in the exchange rate and
CSL’s performance. When measured in
Australian dollars, the industry grew by a
scorching 28%, beating the growth seen in
2008. After netting out the impact of CSL’s
strong performance, the revenues of the
rest of the industry actually declined by 9%
in US dollars.
As in the other major markets, there was
considerable improvement on the bottom
line. The industry’s net income grew
by 71% to reach US$545 million. While
CSL — which boosted its net income by
63% in fiscal year 2009 — accounted for
61