According to Ernst & Young’s June report, 2011 revenues for public biotech firms in the US, Europe, Canada and Australia grew 10% on a normalized basis to $83.4 billion and R&D expenses rose 9% to $23.1 billion. US sales rose 12% to $58.8 billion on a normalized basis, with R&D spending up 9% to $17.2 billion. In fact, 62% of US biotech firms grew R&D spending. The number of firms fell 2% to 1,870. Sales for European biotech firms rose 10% to $18.9 billion in 2011, R&D spending grew 9% to $4.9 billion, and 58% of firms grew R&D. The number of European firms fell 2% to 1,883. In 2011, 39% and 32% of US and European biotech companies, respectively, reported having less than one year of cash. Capital raised by US and European firms rose 29.4% to $33.4 billion largely due to debt offerings by larger firms. Venture capital financing was flat at $5.8 billion.

Source: Ernst & Young