大型製藥公司的大型合併：1995∼2014年 是由出版商Datamonitor在2009年12月所出版的。
這份英文市場調查報告書包含Pages: 114 價格從美金7600起跳。
1995∼2014年期間，大型製藥公司的處方藥的銷售額從840億美元擴大到3810億美元。其3/2(63%)為M&A的處方藥。大型合併(交易額為50億美元以上的M&A)以醫藥品業界的長期戰略來看，在企業構造改革上擔任極具重要使命。
報告書內容包括﹕1995∼2014年所執行的22大型M&A相關分析，對銷售實績帶來的影響和成長度、各家戰略相關檢證。概要內容如下﹕
序論
摘要
大型製藥公司的M&A活動：1995∼2014年
- 主要的調查結果
- 大型製藥公司的M&A動向：1995∼2009年
- M&A成為1995∼2014年銷售額擴大的最大源頭
各企業1995∼2014年的市場分析
- 主要的調查結果
- M&A成長戦略各家企業分類
- 『購買成長力』企業
- Roche-Genentech
- Johnson & Johnson
- Abbott-Solvay
- 『購買規模』企業
- Merck-Schering-Plough
- GlaxoSmithKline
- Sanofi Aventis
- AstraZeneca
- Bayer AG
- 複合M&A
- 有機成長企業
- Eli Lilly
- Brtistol-Myers Squibb
成長、規模、有機的戦略之財政影響
- 主要的調查結果
- 序論
- 金融市場和股市分析研究概要
- 利潤
- 資本回轉率
- 資本投資回收率
- 市場的資本化
附錄
圖表
Abstract
Introduction
Mega-mergers (defined here as M&A events with deal sizes >$5bn) have been a
long-term strategic feature of the pharmaceutical industry and have played a
key role in shaping the structure and composition of today' s leading
companies. Is it possible to quantify exactly how much of Big Pharma' s sales
growth has been driven by M&A versus how much has been self-produced through
organic growth?
Scope of this research
- This report analyzes 22 large scale M&A events that have occurred to date
within the Big Pharma peer set over the period 1995-2014
- Datamonitor has identified two distinct classes of M&A event: small/fast
growth acquisitions and big/slow growth acquisitions.
- Using these two classes Datamonitor has identified three company-level M&A
growth strategies that can be attributed to each of the Big Pharma players:
- In addition to the impact of mega-M&A on sales performance the report also
assesses the financial implications associated with different M&A strategies
Research and analysis highlights
Twenty-two large-scale M&A events (defined as those valued above $5 billion)
have occurred within Big Pharma over 19952014. Furthermore, every Big Pharma
player has undertaken large scale M&A activity at some stage over this period,
thereby illustrating it as an ingrained peer set strategy.
Over the period 19952014, Big Pharma prescription pharmaceutical sales are
forecast to increase from $84 billion to $381 billion, with absolute growth of
+$187 billion provided by M&A activity. In other words, two-thirds (c.63%) of
Big Pharma sales expansion over a 20-year period will be driven entirely by
M&A activity.
Key reasons to purchase this research
- Assess how much of Big Pharma' s sales growth over 1995-2014 will be driven
by M&A versus how much will be self-produced through organic growth.
- Assess how Datamonitor has classified each of the current Big Pharma
players by their dominant M&A growth strategy
- Analyze the M&A and organic sales growth profiles for each Big Pharma
company over the period 1995-2014
Table of Contents
INTRODUCTION
- Scope of analysis
- Methodology
- Company coverage
- Data sources
- Re-creating analysis from this report using PharmaVitae Explorer queries
EXECUTIVE SUMMARY
- Key findings
- M&A is the dominant form of Big Pharma sales growth over 1995 - 2014
- M&A has allowed Big Pharma sales growth rate to keep pace with overall
market...
- ...while maintaining Big Pharma' s overall market share
- Since 1995, 22 large scale M&A events have occurred within Big Pharma
- Acquirer/target company overview
- The 22 M&A events can be classified by scale and growth performance
- Only three M&A events have delivered fast growth performance over
subsequent five year period
- All fast growth acquisitions share mAb-access characteristic
- Roche' s acquisition of Genentech has delivered most sustainable revenue
growth
- Only access to high-growth statins lifts large-scale acquisitions above
flat growth threshold
- Oncology mAbs to replace statins as leading product type in Rx market
- Flat growth for recently acquired Big Pharma companies illustrates that
M&A will be insufficient to offset patent cliff decline but scale growth
remains imperative
- Sales growth potential of large M&A events further diminished by demise
of blockbuster growth model
- Big Pharma R&D has been unable to keep pace with the acceleration in
blockbuster growth driven by M&A
- M&A event types illustrate fundamentally different company growth
strategies
- Big Pharma players who primarily use M&A to ‘buy growth'
- Big Pharma players who primarily use M&A to ‘buy scale'
- Big Pharma players who have engaged in >2 mega mergers: ‘multi M&A'
- Big Pharma players who have primarily avoided mega mergers and stayed
‘organic'
- Financial performance implications by M&A growth strategy type
BIG PHARMA M&A ACTIVITY, 1995-2014
- Key findings
- Big Pharma M&A timeline 1995-2009
- M&A is the dominant source of Big Pharma sales growth over 1995-2014
- M&A has allowed Big Pharma sales growth rate to keep pace with overall
market...
- ...while maintaining Big Pharma' s overall market share
- Increased scale has driven an expansion of blockbuster portfolios...
- ...but M&A will not allow Big Pharma to scale the patent cliff
- Year-on-year growth analysis illustrates growing influence of M&A but
also severity of patent cliff
- Big Pharma M&A dependency analysis
- Company-level market share analysis
M&A ANALYSIS 1995-2014 BY COMPANY
- Key findings
- Classification of companies by M&A growth strategy
- ‘Buy Growth' players
- Roche-Genentech
- Johnson & Johnson
- Abbott-Solvay
- ‘Buy Scale' players
- Merck-Schering-Plough
- GlaxoSmithKline
- Sanofi Aventis
- AstraZeneca
- Bayer AG
- Organic growth players
- Eli Lilly
- Bristol-Myers Squibb
FINACIAL CONSEQUENCES OF GROWTH, SCALE & ORGANIC STRATEGIES
- Key findings
- Introduction
- Overview of financial and stock market analysis approach
- Profit margin (EBIT / Total revenues)
- Capital turnover (total revenues / capital employed)
- Return on capital employed (EBIT / capital employed)
- Market capitalization
APPENDIX
- Methodology
- Framework for analyzing Big Pharma M&A events over 1995-2014
- Abbreviations
- Exchange rates
TABLES
- Table: Company coverage
- Table: Big Pharma M&A timeline and overview, 1995 - 2014
- Table: Big Pharma M&A timeline and overview, 1995 - 2014
- Table: Example of RootCo a DestCo growth
- Table: Exchange rates, 2009
FIGURES
- Figure: The PharmaVitae Explorer
- Figure: Big Pharma Rx pharmaceutical sales ($m) by source, 1995 - 2014
- Figure: Big Pharma Rx pharmaceutical absolute sales growth ($m) by source,
1995 - 2014
- Figure: Rx sales CAGR (%) for total market & Big Pharma peer set, 1995 -
2008 & 1995 - 2014
- Figure: Big Pharma share (%)of total Rx pharmaceutical market by
organic/M&A sales, 1995 - 2008
- Figure: Lineage of companies with one round of M&A activity
- Figure: Lineage of companies with two rounds of M&A activity
- Figure: Lineage of companies with more than two rounds of M&A activity
- Figure: Scatter chart analysis of acquired companies, 1995 - 2014
- Figure: Big Pharma M&A events classified by % relative size of target
company by acquiring company & % CAGR of target company (five years post-M&A)
- Figure: Re-based absolute growth & total Rx revenue performance of
Centocor, Knoll and Genentech, 13/19-year post-M&A period ($m)
- Figure: Grouped Big Pharma M&A events classified by % relative size of
target company by acquiring company & % CAGR of target company (5 years
post-M&A)
- Figure: Global Lipitor and Crestor sales ($m), 2001 - 14
- Figure: Global sales ($m) of statins (C10A1) and oncology-mAbs (L1X3),
2001 - 14
- Figure: Big Pharma blockbuster Rx sales ($m), 2001 - 14
- Figure: Classification of Big Pharma companies by M&A growth strategy
- Figure: Big Pharma companies classified by M&A growth strategy (by % CAGR
of target company [five years post-M&A] and % of total growth due to M&A)
- Figure: Big Pharma Rx pharmaceutical sales by source ($m), 1995 - 2014
- Figure: Big Pharma Rx pharmaceutical absolute sales growth by source ($m),
1995 - 2014
- Figure: Rx sales CAGR (%) for total market & Big Pharma peer set, 1995 -
2008 & 1995 - 2014
- Figure: Big Pharma share (%) of total Rx pharmaceutical market by organic
and M&A sales, 1995 - 2008
- Figure: Big Pharma blockbuster Rx sales ($m), 2001 - 14
- Figure: Big Pharma absolute Rx sales growth ($m) by source and time
period, 1995 - 2014
- Figure: Big Pharma year-on-year absolute Rx sales growth ($m) by source,
1996 - 2014
- Figure: Percentage of absolute Rx sales growth by source, 1995-2014 (%)
- Figure: Market share (%) analysis by Big Pharma company, 1995 - 2008
- Figure: Classification of Big Pharma companies by M&A growth strategy
- Figure: Roche absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Roche Rx revenues by acquired company, 1995-2014 ($m)
- Figure: Roche year-on-year absolute growth by organic/M&A, 1995-2014 ($m)
- Figure: Roche acquired company Rx revenues rebased as % of organic Rx
revenues at year of acquisition
- Figure: Johnson & Johnson absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Johnson & Johnson Rx revenues by acquired company, 1995-2014 ($m)
- Figure: Johnson & Johnson year-on-year absolute growth ($m) by
organic/M&A, 1995 - 2014
- Figure: Johnson & Johnson acquired company Rx revenues rebased as % of
organic Rx revenues at year of acquisition
- Figure: Abbott absolute growth by organic/M&A, 1995-2014 ($m)
- Figure: Abbott Rx revenues by acquired company ($m), 1995 - 2014
- Figure: Abbott year-on-year absolute growth ($m) by organic/M&A, 1995 -
2014
- Figure: Abbott acquired company Rx revenues rebased as % of organic Rx
revenues at year of acquisition
- Figure: Merck & Co. absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Merck & Co. Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: Merck & Co. year-on-year absolute growth ($m) by organic/M&A, 1995
- 2014
- Figure: Merck & Co. acquired company Rx revenues rebased as % of organic
Rx revenues at year of acquisition
- Figure: GlaxoSmithKline absolute growth by organic/M&A, 1995-2014 ($m)
- Figure: GlaxoSmithKline Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: GlaxoSmithKline year-on-year absolute growth ($m) by organic/M&A,
1995 - 2014
- Figure: GlaxoSmithKline acquired company Rx revenues rebased as % of
organic Rx revenues at year of acquisition
- Figure: Sanofi-Aventis absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Sanofi-Aventis Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: Sanofi-Aventis year-on-year absolute growth ($m) by organic/M&A,
1995 - 2014
- Figure: Sanofi-Aventis acquired company Rx revenues rebased as % of
organic Rx revenues at year of acquisition
- Figure: AstraZeneca absolute growth by organic/M&A, 1995-2014 ($m)
- Figure: AstraZeneca Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: AstraZeneca year-on-year absolute growth ($m) by organic/M&A, 1995
- 2014
- Figure: AstraZeneca acquired company Rx revenues rebased as % of organic
Rx revenues at year of acquisition
- Figure: Bayer-Schering absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Bayer-Schering Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: Bayer-Schering year-on-year absolute growth ($m) by organic/M&A,
1995 - 2014
- Figure: Bayer-Schering acquired company Rx revenues rebased as % of
organic Rx revenues at year of acquisition
- Figure: Pfizer absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Pfizer Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: Pfizer year-on-year absolute growth ($m) by organic/M&A, 1995 -
2014
- Figure: Pfizer acquired company Rx revenues rebased as % of organic Rx
revenues at year of acquisition
- Figure: Novartis absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Novartis Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: Novartis year-on-year absolute growth ($m) by organic/M&A, 1995 -
2014
- Figure: Novartis acquired company Rx revenues rebased as % of organic Rx
revenues at year of acquisition
- Figure: Eli Lilly absolute growth ($m) by organic/M&A, 1995 - 2014
- Figure: Eli Lilly Rx revenues ($m) by acquired company, 1995 - 2014
- Figure: Eli Lilly year-on-year absolute growth by organic/M&A, 1995-2014
($m)
- Figure: Eli Lilly acquired company Rx revenues rebased as % of organic Rx
revenues at year of acquisition
- Figure: Bristol-Myers Squibb absolute growth by organic/M&A, 1995-2014 ($m)
- Figure: Bristol-Myers Squibb Rx revenues by acquired company, 1995-2014
($m)
- Figure: Bristol-Myers Squibb year-on-year absolute growth by organic/M&A,
1995-2014 ($m)
- Figure: Bristol-Myers Squibb acquired company Rx revenues rebased as % of
organic Rx revenues at year of acquisition
- Figure: Return on capital employed formula
- Figure: % EBIT / total revenues and % operating costs / total revenues,
2004 - 08 (weighted three-company average for Growth, Scale and Organic
company sets)
- Figure: Total revenues / capital employed and % goodwill & intangibles /
total revenues, 2004 - 08 (weighted three-company average for Growth, Scale
and Organic company sets)
- Figure: EBIT / capital employed build-up from EBIT margin and capital
turnover, 2004 - 08 (weighted three-company average for Growth, Scale and
Organic company sets)
- Figure: Market capitalization (indexed Jan 2005), 2005 - 08 (weighted
three-company average for Growth, Scale and Organic company sets 2005-09)
- Figure: Evolutionary timeline for theoretical company ‘RootCo'
- Figure: Theoretical sales performance for RootCo + Targ1Co & Targ2Co
- Figure: Disaggregation of sales growth in organic and M&A components
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