According to Ernst and Young’s “2008 Global Biotechnology Report,” global revenues from biotech companies increased 8% in 2007 to $84.8 billion. Global R&D expenditure increased 7% to $31.8 billion. Excluding the acquisition of Medimmune by AstraZeneca and Merck KGaA’s buyout of Serono, global revenue and R&D would have increased 17% and 26%, respectively. In the US, biotech revenues increased 11.3% to $65.2 billion and R&D expenditure rose 6.0% to $25.8 billion. US product sales grew 11.2% to $53.3 billion. In Europe, revenues decreased 6% to $12.9 billion, but would have increased 20% excluding the Serono acquisition. European R&D expenditure increased 7% to $4.6 billion. Asia-Pacific’s biotech revenues and R&D spending increased 21% and 22% to $4 billion and $488 million, respectively. Source: Ernst and Young