BigPharma

What's Happening in Research and Development?

Any idea regarding the percentage of sales spent on R&D that is organic? That is, removing "R&D spending" related to mergers and acquisitions. For instance, the Pfizer acquisition of Vicuron contained a significant dollar amount of R&D spending on the income statement. By discounting M&A related R&D expenditures it may yield quality insight regarding the true investment (and efficiency) of internal R&D programs.