Publicly traded biotech companies generated $60 bln in 2005

Ernst & Young reports that the revenues of publicly-traded biotechnology companies surpassed $60 bln for the first time in the sector’s 30-year history. Revenues of the world’s publicly-traded biotech companies grew 18% in 2005, reaching an all-time high of $63.1 bln. As revenues increased, the industry’s net loss decreased by a dramatic 30%, to $4.3 bln. The United States, Canada, and the Asia-Pacific region collectively improved their bottom line by about $3 bln. The industry secured 32 new product approvals in the United States, including 17 first-time approvals. The pipelines of Europe’s publicly-traded biotech companies increased by 28%, with the strong growth in late-stage development. The global biotech industry raised $19.7 bln in capital in 2005.