There are 20 other US drug companies with Pretax Income or Loss of more than $100 mil in any of the most recent three years. These 20 companies generated Total Pretax Income of $8.8 bil in 2011, which was up a spectacular 43% in 2011 over 2010, and of another spectacular 85% for the two years from 2009 to 2011.
I think that this is where the US economy should be, where smaller drug companies generate very robust earnings growth, substantially higher than that of the dominant US Big 6 Pharma.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Special Legal Charges and Credits, Asset Impairments, and Gains/Losses on Asset Sales.
Below here is the Pretax Income or Loss (PTI) of these 6 US Big Pharma Corps and 20 US Other Large Drug Corps for each of the most recent three years.
| Obama | |||||
| Bump | |||||
| PTI | PTI | ||||
| 1 Year | 2 Year | ||||
| PTI | PTI | PTI | % | % | |
| 2011 | 2010 | 2009 | Change | Change | |
| mils $s | mils $s | mils $s | |||
| Big Pharma | |||||
| JNJ | 16,683 | 16,830 | 15,369 | -1% | 9% |
| Pfizer | 14,438 | 13,136 | 10,780 | 10% | 34% |
| Merck | 8,276 | 4,601 | 4,598 | 80% | 80% |
| Abbott Labs | 7,372 | 6,026 | 6,280 | 22% | 17% |
| BristolMyersSquibb | 6,981 | 6,071 | 5,602 | 15% | 25% |
| Eli Lilly | 6,139 | 6,767 | 6,141 | -9% | 0% |
| Total all 6 | 59,889 | 53,431 | 48,770 | 12% | 23% |
| Other Large Drug Corps | |||||
| Celgene | 1,524 | 1,134 | 976 | 34% | 56% |
| Forest Labs | 1,338 | 951 | 971 | 41% | 38% |
| Allergan | 1,300 | 1,149 | 849 | 13% | 53% |
| Mylan Labs | 704 | 483 | 453 | 46% | 55% |
| Watson Pharma | 535 | 282 | 363 | 90% | 47% |
| Endo Pharma | 468 | 456 | 336 | 3% | 39% |
| Perrigo | 451 | 309 | 206 | 46% | 119% |
| Hospira | 373 | 379 | 384 | -2% | -3% |
| Warner Chilcott | 300 | 307 | 166 | -2% | 81% |
| United Therap | 299 | 155 | 19 | 93% | 1474% |
| AlexionPharma | 230 | 149 | 83 | 54% | 177% |
| Viropharma | 208 | 201 | 86 | 3% | 142% |
| Cubist Pharma | 197 | 154 | 120 | 28% | 64% |
| MedicisPharm | 183 | 249 | 166 | -27% | 10% |
| Par Pharma | 139 | 135 | 126 | 3% | 10% |
| Jazz Pharma | 125 | 33 | (7) | 279% | 1886% |
| Questcor Pharma | 114 | 54 | 42 | 111% | 171% |
| Salix Pharma | 113 | 11 | (46) | 927% | 346% |
| Impax Labs | 98 | 293 | 71 | -67% | 38% |
| Vertex Pharma | 60 | (755) | (642) | 108% | 109% |
| Total all 20 | 8,759 | 6,129 | 4,722 | 43% | 85% |
