From the inception of the Human Genome Project in 1988 until 2012, the genomics revolution has had a total impact of nearly $1 trillion on the U.S. economy, according to a new report released Wednesday.
It's a great time to helm a large biotech company, generally. Big biotech players overall posted major growth last year, and their CEOs got richer in the process. Most got fat raises while others saw their bundles of pay pale in comparison to 2011 figures.
We surveyed the total compensation packages of the 10 largest biotech companies based on market capitalization as of early May, sleuthing mostly proxy statements for the financial details on pay for some of the most powerful people in the industry.
Last year the chief executives of the 10 companies garnered total compensation of $115.93 million, a 16.57% jump from the $99.45 million in total pay the execs got in 2011.
Add up the top-line R&D spending for the top 10 pharma companies in the world and you'd think that nothing had changed from 2011 to 2012. But you'd be very wrong. Big Pharma's heavy hitters in R&D have a wildly mixed record in a fast-changing field.
The gross research budgets for these companies hit $70.37 billion last year, down ever so slightly from $70.38 billion the year before, when viewed at constant exchange rates. But while most companies carefully stayed on an unchanged budget track--Novartis, Merck, J&J, GlaxoSmithKline, Sanofi, Eli Lilly, AstraZeneca and Abbott--Pfizer registered the big drop in spending that had long ago been forecast. Roche, meanwhile, saw its numbers jump in the face of some big, one-time restructuring costs. And Abbott is making an appearance for the last time as AbbVie has now spun out to forge its own unique path in the biopharma business. Read the report >>
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