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Big Pharma M&A Analysis to 2012 - Surveying the growth rate landscape

 

Publication Date August 2008
Publisher Datamonitor
Product Type Report
Pages 244
ISBN Number not applicable
Product Code DAT01559

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Summary

Introduction

With sales growth rates expected to fall below their historic levels, Big Pharma must act to bolster its performance out to 2012 if it is to maintain the investment community's valuation of its stocks. One mechanism for plugging the sales growth rate gap and fulfilling investors' 'growth imperative' is M&A activity.

Scope

  • Company-by-company evaluation of all Big Pharma-led M&A permutations within the PharmaVitae Rx pharma universe
  • Evaluation of permutations from a perspective of the target's uplift of the acquirer's sales growth rate between 2007 and 2012
  • Relate this uplift to the target's market capitalization, giving a proxy price per percentage point measure for each M&A permutation
  • Assess the strategic implications and risk of forced blockbuster divestments for the optimal permutations identified by the sales growth rate analysis

Highlights

Big Pharma is facing a 'growth gap' between its historical sales performance and its 200712 outlook. If it is to maintain its historic level of valuation in the eyes of the investment community, this must be filled. M&A stands out as a possible mechanism for achieving this.

However, the shear scale of gap means there are limited opportunities available for companies to do this. Indeed, the companies with the bleakest outlook have only a small selection of targets that will lift them to a positive sales growth rate throughout the forecast window.

Despite this, there is a definite grouping of four companies (Gilead, Genzyme, Biogen Idec and Cephalon) that offer universal uplift benefits to potential Big Pharma suitors. Moreover, these companies have companies strategic profiles suggest they could bring further benefits beyond growth.

Reasons to Purchase

  • Evaluate Big Pharma companies' opportunities for improving their sales growth rate out to 2012 using M&A activity within the Rx pharma universe
  • Assess the benefits that each target company offers to potential suitors in terms of sales growth rate uplift in relation to its market capitalization
  • Compare the benefits of large-scale mega mergers, such as Pfizer and Wyeth or GSK and AstraZeneca, to acquisitions of smaller 'hot target' companies

Contents

  • Chapter 1 Executive Summary
  • Key Findings
    • Primary Goal For Company Performance: Profit Growth
    • Why M&a?
    • The 'Growth Imperative' Is Principal M&a Driver
    • ...But The 'Growth Gap' Is Substantial
    • The M&a Ingredients
    • 585 Big Pharma Permutations Analyzed
    • Big Pharma's 'Best' Acquisitions From A Pure Growth Perspective
    • Of All The Possible Big Pharma-Led M&a Permutations, 47 Stand Out As High-Potential Mergers
    • Small Hot Targets Are Distinct From 'Higher-Cost' Mega Mergers
    • 'Best Of The Best' Dominated By Gilead And Genzyme As Targets
    • 'Small' Big Pharma Can Make Strong Gains
    • Beneficial Mega Mergers Are Possible But Come At A Higher Cost
    • Pfizer And Glaxosmithkline Have Limited Opportunities For Using M&a To Drive A Return To Positive Growth
    • For The Highest Growth Companies In The Peer Set, M&a Does Not Look Like An Attractive Proposition
    • Hot Targets Offer Some Big Pharma Players Strategic Benefits Beyond Growth
    • Four High-Uplift Targets Stand Out
    • Gilead: Hiv Market Leadership
    • Biogen Idec: Strong Multiple Sclerosis Portfolio And Biologics Focus
    • Genzyme: Niche Player And High Biologics Focus
    • Cephalon: Horizontal Expansion For Neurology Market Leaders
  • Chapter 2 Introduction - Why M&a?
  • Key Findings
    • Big Pharma Is Struggling To Maintain Historic Growth Rates
    • New Launches And Poor Core Performance Will Provide Insufficient Growth To Scale The 'Patent Cliff'
    • M&a Could Be The Only Solution To Drive Short-Term Sales Growth
    • If M&a Is To Fix The Growth Rate Problem For Big Pharma Acquisitions Must Be Of A Substantial Size
  • Chapter 3 Company-By-Company Analysis - The M&a Ingredients
  • Key Findings
    • Introduction To The 'Pharmavitae Rx Pharma Universe'
    • Pharmavitae Universe Company Sales Analysis
    • Pharmavitae Universe Company Rx Sales, 2007
    • Pharmavitae Universe Company Absolute Rx Sales Growth, 2007-12
    • Pharmavitae Universe Company Percentage Rx Sales Growth, 2007-12
    • Pharmavitae Universe Company Rx Sales Vs. Growth, 2007-12
    • Pharmavitae Universe Market Capitalization Analysis
    • Pharmavitae Universe Company Market Capitalizations
    • Pharmavitae Universe Company Rx-Adjusted Market Capitalizations
  • Chapter 4 Big Pharma Company-By-Company M&a Evaluation
  • Key Findings
  • Introduction
    • Pfizer Inc
  • Overview Of All M&a Permutations
    • Pfizer & Sanofi-Aventis
    • Pfizer & Merck & Co
    • Pfizer & Eli Lilly
    • Pfizer & Gilead
    • Pfizer & Schering-Plough
    • Pfizer & Genzyme
    • Pfizer - Summary Of Optimum M&a Targets
    • Glaxosmithkline Plc
  • Overview Of All M&a Permutations
    • Glaxosmithkline & Sanofi-Aventis
    • Glaxosmithkline & Merck & Co
    • Glaxosmithkline & Eli Lilly
    • Glaxosmithkline & Gilead
    • Glaxosmithkline & Schering-Plough
    • Glaxosmithkline & Genzyme
    • Glaxosmithkline - Summary Of Optimum M&a Targets
    • Sanofi-Aventis
  • Overview Of All M&a Permutations
    • Sanofi-Aventis & Gilead
    • Sanofi-Aventis & Genzyme
    • Sanofi-Aventis- Summary Of Optimum M&a Targets
    • F. Hoffman-La Roche Ltd
  • Overview Of All M&a Permutations
    • Astrazeneca Plc
  • Overview Of All M&a Permutations
    • Astrazeneca & Gilead
    • Astrazeneca & Genzyme
    • Astrazeneca & Biogen Idec
    • Astrazeneca & Schering-Plough
    • Astrazeneca - Summary Of Optimum M&a Targets
    • Johnson & Johnson
  • Overview Of All M&a Permutations
    • Johnson & Johnson & Gilead
    • Johnson & Johnson & Merck & Co
    • Johnson & Johnson & Merck & Co
    • Johnson & Johnson & Genzyme
    • Johnson & Johnson & Eli Lilly
    • Johnson & Johnson - Summary Of Optimum M&a Targets
    • Merck & Co., Inc
  • Overview Of All M&a Permutations
    • Merck & Co. & Gilead
    • Merck & Co. & Genzyme
    • Merck & Co. & Biogen Idec
    • Merck & Co. - Summary Of Optimum M&a Targets
    • Novartis Ag
  • Overview Of All M&a Permutations
    • Novartis & Gilead
    • Novartis & Genzyme
    • Novartis & Biogen Idec
    • Novartis & Cephalon
    • Novartis - Summary Of Optimum M&a Targets
    • Eli Lilly & Co
  • Overview Of All M&a Permutations
    • Eli Lilly & Gilead
    • Eli Lilly & Genzyme
    • Eli Lilly & Biogen Idec
    • Eli Lilly & Cephalon
    • Eli Lilly - Summary Of Optimum M&a Targets
    • Wyeth
  • Overview Of All M&a Permutations
    • Wyeth & Gilead
    • Wyeth & Genzyme
    • Wyeth & Biogen Idec
    • Wyeth - Summary Of Optimum M&a Targets
    • Abbott Laboratories
  • Overview Of All M&a Permutations
    • Abbott & Gilead
    • Abbott & Genzyme
    • Abbott & Biogen Idec
    • Abbott & Cephalon
    • Abbott - Summary Of Optimum M&a Targets
    • Bristol-Myers Squibb Co
  • Overview Of All M&a Permutations
    • Bristol-Myers Squibb & Gilead
    • Bristol-Myers Squibb & Genzyme
    • Bristol-Myers Squibb & Biogen Idec
    • Bristol-Myers Squibb - Summary Of Optimum M&a Targets
    • Schering-Plough Corporation
  • Overview Of All M&a Permutations
    • Bayer Ag
  • Overview Of All M&a Permutations
    • Boehringer Ingelheim Gmbh
  • Overview Of All M&a Permutations
    • Boehringer Ingelheim & Gilead
    • Boehringer Ingelheim & Genzyme
    • Boehringer Ingelheim & Biogen Idec
    • Boehringer Ingelheim & Cephalon
    • Boehringer Ingelheim - Summary Of Optimum M&a Targets
  • Chapter 5 Hot Targets - Strategic Benefits Beyond Growth
  • Key Findings
    • Gilead, Genzyme, Biogen Idec And Cephalon Stand Out As The Hottest Targets
    • High-Growth/Mid-Scale Companies Benefit All
    • ...But Not Enough To Restore Big Pharma To Historical Growth
    • Smaller Acquirers Have More To Gain Than The Largest-Scale Big Pharmas Or Those That Already Have Reasonable Growth
    • Gilead
    • Strong Hiv Portfolio
    • Poison Pill?
    • Gilead & Glaxosmithkline
    • Gilead & Bristol-Myers Squibb
    • Gilead & Abbott
    • Gilead & Boehringer Ingelheim, Roche, Merck & Co., Pfizer Or Johnson & Johnson
    • Biogen Idec
    • Multiple Sclerosis Leader
    • Significant Biologics Portfolio
    • For Sale Sign Taken Down But For How Long?
    • Biogen Idec & Sanofi-Aventis
    • Biogen Idec & Pfizer
    • Biogen Idec & Johnson & Johnson
    • Genzyme
    • Niche Player And Biologics
    • Cephalon
    • Niche But With Links To Some Big Pharma Portfolios
  • Chapter 6 Appendix
    • References
    • Datamonitor Reports
    • Other References
    • General References
    • Share Price Data
    • Abbreviations
    • Exchange Rates
    • List Of Tables
    • Table 1: Big Pharma Historical Vs. Forecast Growth Rate Performance: The 'Growth Gap'
    • Table 2: 47 Optimal Permutations - Uplift (Ppt), Cost Per Ppt ($Bn), Divestments And Net 2007-12 Rx Sales Growth Rate (%)
    • Table 3: The Mathematical Ramifications For M&a Of Scale On Growth Rate
    • Table 4: The 'Pharmavitae Rx Pharma Universe'
    • Table 5: Pfizer - Summary Of Optimum M&a Targets
    • Table 6: Glaxosmithkline - Summary Of Optimum M&a Targets
    • Table 7: Sanofi-Aventis - Summary Of Optimum M&a Targets
    • Table 8: Astrazeneca - Summary Of Optimum M&a Targets
    • Table 9: Johnson & Johnson - Summary Of Optimum M&a Targets
    • Table 10: Merck & Co. - Summary Of Optimum M&a Targets
    • Table 11: Novartis - Summary Of Optimum M&a Targets
    • Table 12: Eli Lilly - Summary Of Optimum M&a Targets
    • Table 13: Wyeth - Summary Of Optimum M&a Targets
    • Table 14: Abbott - Summary Of Optimum M&a Targets
    • Table 15: Bristol-Myers Squibb - Summary Of Optimum M&a Targets
    • Table 16: Boehringer Ingelheim - Summary Of Optimum M&a Targets
    • Table 17: Average 2007-12 Rx Sales Growth Rate Uplift (Percentage Points) For All Positive Contribution Ex-Big Pharma Potential Targets
    • Table 18: Hiv Sales ($M) Of Gilead And Potential Big Pharma Acquirers, 2007
    • Table 19: Hiv Market Shares (%), 2007
    • Table 20: Top 20 Neurology Players, 2007
    • Table 21: Exchange Rates, 2007
    • List Of Figures
    • Figure 1: Primary Goal For Company Performance - Profit Growth
    • Figure 2: Sales Growth 'Gap' For The Representative $10 Billion Big Pharma Company, 2007-12
    • Figure 3: Big Pharma Peer Set - Company-By-Company 2007-12 Rx Sales Growth Rates (%)
    • Figure 4: Big Pharma M&a Permutation Analysis Methodology
    • Figure 5: 47 Optimal Permutations - 2007-12 Rx Sales Growth Rate Uplift (Ppt) Vs. Cost Per Percentage Point ($Bn)
    • Figure 6: Average 2007-12 Rx Sales Growth Rate Uplift (Ppt) Offered By Each Potential Target Company
    • Figure 7: Sales ($M) And Growth Rate (%) For A Representative $10 Billion Big Pharma Company, 2001-12
    • Figure 8: Launch, Core And Expiry Profile For A Representative $10 Billion Big Pharma Company, 2007-12
    • Figure 9: Sales Growth 'Gap' For The Representative $10 Billion Big Pharma Company, 2007-12
    • Figure 10: Size And Total Growth Rate Required Of Target Companies To Restore A $10 Billion Acquirer To Historic 7.3% Cagr
    • Figure 11: The 'Bubbles Of Water' M&a Analogy
    • Figure 12: Pharmavitae Universe - Companies By Rx Sales, 2007
    • Figure 13: Pharmavitae Universe -Rx Sales Difference ($M) By Company, 2007-12
    • Figure 14: Pharmavitae Universe - Rx Sales Growth (%) By Company, 2007-12
    • Figure 15: Pharmavitae Universe - 2007 Rx Sales Vs. Growth (%), 2007-12
    • Figure 16: Pharmavitae Universe - Market Capitalizations ($M) By Company
    • Figure 17: Pharmavitae Universe - Rx Focus (%) By Company, 2007
    • Figure 18: Pharmavitae Universe - Market Capitalizations ($M) Adjusted According To Rx Focus
    • Figure 19: Pharmavitae Universe - Rx-Adjusted Market Capitalizations Vs. Rx Sales ($Bn), 2007
    • Figure 20: Big Pharma M&a Permutation Analysis Methodology
    • Figure 21: Pfizer - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 22: Pfizer - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 23: Pfizer - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 24: Pfizer & Sanofi-Aventis - Blockbuster Divestment Risk Analysis
    • Figure 25: Pfizer & Sanofi-Aventis - Portfolio Synergy Analysis
    • Figure 26: Pfizer & Merck & Co. - Blockbuster Divestment Risk Analysis
    • Figure 27: Pfizer & Merck & Co. - Post-Divestment Analysis
    • Figure 28: Pfizer & Merck & Co. - Portfolio Synergy Analysis
    • Figure 29: Pfizer & Eli Lilly - Blockbuster Divestment Risk Analysis
    • Figure 30: Pfizer & Eli Lilly - Post-Divestment Analysis
    • Figure 31: Pfizer & Eli Lilly - Portfolio Synergy Analysis
    • Figure 32: Pfizer & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 33: Pfizer & Gilead - Portfolio Synergy Analysis
    • Figure 34: Pfizer & Schering-Plough - Blockbuster Divestment Risk Analysis
    • Figure 35: Pfizer & Schering-Plough - Post-Divestment Analysis
    • Figure 36: Pfizer & Schering-Plough - Portfolio Synergy Analysis
    • Figure 37: Pfizer & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 38: Pfizer & Genzyme - Portfolio Synergy Analysis
    • Figure 39: Glaxosmithkline - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 40: Glaxosmithkline - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 41: Glaxosmithkline - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 42: Glaxosmithkline & Sanofi-Aventis - Blockbuster Divestment Risk Analysis
    • Figure 43: Glaxosmithkline & Sanofi-Aventis - Post-Divestment Analysis
    • Figure 44: Glaxosmithkline & Sanofi-Aventis - Portfolio Synergy Analysis
    • Figure 45: Glaxosmithkline & Merck & Co. - Blockbuster Divestment Risk Analysis
    • Figure 46: Glaxosmithkline & Merck & Co. - Post-Divestment Analysis
    • Figure 47: Glaxosmithkline & Merck & Co. - Portfolio Synergy Analysis
    • Figure 48: Glaxosmithkline & Eli Lilly - Blockbuster Divestment Risk Analysis
    • Figure 49: Glaxosmithkline & Eli Lilly - Post-Divestment Analysis
    • Figure 50: Glaxosmithkline & Eli Lilly - Portfolio Synergy Analysis
    • Figure 51: Glaxosmithkline & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 52: Glaxosmithkline & Gilead - Portfolio Synergy Analysis
    • Figure 53: Glaxosmithkline & Schering-Plough - Blockbuster Divestment Risk Analysis
    • Figure 54: Glaxosmithkline & Schering-Plough - Post-Divestment Analysis
    • Figure 55: Glaxosmithkline & Schering-Plough - Portfolio Synergy Analysis
    • Figure 56: Glaxosmithkline & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 57: Glaxosmithkline & Genzyme - Portfolio Synergy Analysis
    • Figure 58: Sanofi-Aventis - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 59: Sanofi-Aventis - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 60: Sanofi-Aventis - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 61: Sanofi-Aventis & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 62: Sanofi-Aventis & Gilead - Portfolio Synergy Analysis
    • Figure 63: Sanofi-Aventis & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 64: Sanofi-Aventis & Genzyme - Portfolio Synergy Analysis
    • Figure 65: Roche - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 66: Roche - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 67: Roche - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 68: Astrazeneca - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 69: Astrazeneca - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 70: Astrazeneca - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 71: Astrazeneca & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 72: Astrazeneca & Gilead - Portfolio Synergy Analysis
    • Figure 73: Astrazeneca & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 74: Astrazeneca & Genzyme - Portfolio Synergy Analysis
    • Figure 75: Astrazeneca & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 76: Astrazeneca & Biogen Idec - Portfolio Synergy Analysis
    • Figure 77: Astrazeneca & Schering-Plough - Blockbuster Divestment Risk Analysis
    • Figure 78: Astrazeneca & Schering-Plough - Post-Divestment Analysis
    • Figure 79: Astrazeneca & Schering-Plough - Portfolio Synergy Analysis
    • Figure 80: Johnson & Johnson - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 81: Johnson & Johnson - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 82: Johnson & Johnson - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 83: Johnson & Johnson & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 84: Johnson & Johnson & Gilead - Portfolio Synergy Analysis
    • Figure 85: Johnson & Johnson & Merck & Co. - Blockbuster Divestment Risk Analysis
    • Figure 86: Johnson & Johnson & Merck & Co. - Post-Divestment Analysis
    • Figure 87: Johnson & Johnson & Merck & Co. - Portfolio Synergy Analysis
    • Figure 88: Johnson & Johnson & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 89: Johnson & Johnson & Genzyme - Portfolio Synergy Analysis
    • Figure 90: Johnson & Johnson & Eli Lilly - Blockbuster Divestment Risk Analysis
    • Figure 91: Johnson & Johnson & Eli Lilly - Post-Divestment Analysis
    • Figure 92: Johnson & Johnson & Eli Lilly - Portfolio Synergy Analysis
    • Figure 93: Merck & Co. - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 94: Merck & Co. - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 95: Merck & Co. - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 96: Merck & Co. & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 97: Merck & Co. & Gilead - Portfolio Synergy Analysis
    • Figure 98: Merck & Co. & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 99: Merck & Co. & Genzyme - Portfolio Synergy Analysis
    • Figure 100: Merck & Co. & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 101: Merck & Co. & Biogen Idec - Portfolio Synergy Analysis
    • Figure 102: Novartis - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 103: Novartis - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 104: Novartis - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 105: Novartis & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 106: Novartis & Gilead - Portfolio Synergy Analysis
    • Figure 107: Novartis & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 108: Novartis & Genzyme - Portfolio Synergy Analysis
    • Figure 109: Novartis & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 110: Novartis & Biogen Idec - Portfolio Synergy Analysis
    • Figure 111: Novartis & Cephalon - Blockbuster Divestment Risk Analysis
    • Figure 112: Novartis & Cephalon - Portfolio Synergy Analysis
    • Figure 113: Eli Lilly - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 114: Eli Lilly - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 115: Eli Lilly - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 116: Eli Lilly & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 117: Eli Lilly & Gilead - Portfolio Synergy Analysis
    • Figure 118: Eli Lilly & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 119: Eli Lilly & Genzyme - Portfolio Synergy Analysis
    • Figure 120: Eli Lilly & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 121: Eli Lilly & Biogen Idec - Portfolio Synergy Analysis
    • Figure 122: Eli Lilly & Cephalon - Blockbuster Divestment Risk Analysis
    • Figure 123: Eli Lilly & Cephalon - Portfolio Synergy Analysis
    • Figure 124: Wyeth - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 125: Wyeth - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 126: Wyeth - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 127: Wyeth & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 128: Wyeth & Gilead - Portfolio Synergy Analysis
    • Figure 129: Wyeth & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 130: Wyeth & Genzyme - Portfolio Synergy Analysis
    • Figure 131: Wyeth & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 132: Wyeth & Biogen Idec - Portfolio Synergy Analysis
    • Figure 133: Abbott Laboratories - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 134: Abbott Laboratories - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 135: Abbott Laboratories - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 136: Abbott & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 137: Abbott & Gilead - Post-Divestment Analysis
    • Figure 138: Abbott & Gilead - Portfolio Synergy Analysis
    • Figure 139: Abbott & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 140: Abbott & Genzyme - Portfolio Synergy Analysis
    • Figure 141: Abbott & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 142: Abbott & Biogen Idec - Portfolio Synergy Analysis
    • Figure 143: Abbott & Cephalon - Blockbuster Divestment Risk Analysis
    • Figure 144: Abbott & Cephalon - Portfolio Synergy Analysis
    • Figure 145: Bristol-Myers Squibb - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 146: Bristol-Myers Squibb - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 147: Bristol-Myers Squibb - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 148: Bristol-Myers Squibb & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 149: Bristol-Myers Squibb & Gilead - Post-Divestment Analysis
    • Figure 150: Bristol-Myers Squibb & Gilead - Portfolio Synergy Analysis
    • Figure 151: Bristol-Myers Squibb & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 152: Bristol-Myers Squibb & Genzyme - Portfolio Synergy Analysis
    • Figure 153: Bristol-Myers Squibb & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 154: Bristol-Myers Squibb & Biogen Idec - Portfolio Synergy Analysis
    • Figure 155: Schering-Plough - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 156: Schering-Plough - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 157: Schering-Plough - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 158: Bayer - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 159: Bayer - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 160: Bayer - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 161: Boehringer Ingelheim - Diluted 2007-12 Rx Growth Rate Analysis Of All Possible M&a Permutations
    • Figure 162: Boehringer Ingelheim - Target Companies' Cost Per Ppt Uplift ($Bn)
    • Figure 163: Boehringer Ingelheim - Cost Per Ppt Uplift Vs. Total Rx Sales Growth Rate Uplift For Each Target Company
    • Figure 164: Boehringer Ingelheim & Gilead - Blockbuster Divestment Risk Analysis
    • Figure 165: Boehringer Ingelheim & Gilead - Portfolio Synergy Analysis
    • Figure 166: Boehringer Ingelheim & Genzyme - Blockbuster Divestment Risk Analysis
    • Figure 167: Boehringer Ingelheim & Genzyme - Portfolio Synergy Analysis
    • Figure 168: Boehringer Ingelheim & Biogen Idec - Blockbuster Divestment Risk Analysis
    • Figure 169: Boehringer Ingelheim & Biogen Idec - Portfolio Synergy Analysis
    • Figure 170: Boehringer Ingelheim & Cephalon - Blockbuster Divestment Risk Analysis
    • Figure 171: Boehringer Ingelheim & Cephalon - Portfolio Synergy Analysis
    • Figure 172: Pharmavitae Universe - 2007 Rx Sales ($M) Vs. 2007-12 Rx Sales Growth Rate (%) And 2007-12 Absolute Rx Sales Growth ($M)
    • Figure 173: Hot Targets - 2007-12 Rx Sales Growth Rate Uplift (Percentage Points) Vs. Cost Per Percentage Point ($Bn) For Each Potential Big Pharma Acquirer