Abstract
BIOPHARMACEUTICAL AND DRUG discovery companies continued their upward momentum both in the fourth quarter of 2004 and for the full year. In fact, the biotech companies outperformed their bigger siblings, the major pharmaceutical firms (see page 18), in sales and earnings growth in both the quarter and the year. While drug company sales and earnings increased by 8.2% and 10.7%, respectively in the October-to-December period, total revenues at the 25 biotech firms surveyed by C&EN rose 20.0% to $9.61 billion. Earnings at the biotech companies rose 18.7% to a cumulative $1.49 billion. The same comparison was true for the full year, but even more so. The biotech sample's revenue growth for all of 2004 was 22.6%, to $34.5 billion, more than twice that of the major pharmaceutical firms' cumulative 9.0% sales increase. And biotech's 28.9% earnings increase to $6.31 billion was more than five times the increase seen at the drug companies. Because of the ...
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