Vito Racanelli April 2705

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“Can Foreign Drugmakers Deliver the Goods: An Outlook” Vito Racanelli European Editor for Barron's April 2005






Who’s the PHARMA Daddy? Company Name

Pfizer Johnson & Johnson GlaxoSmithKline Roche Holding Novartis Merck AstraZeneca Sanofi-Aventis Total * Latest Year ** Since July 2002

Stock Performance (US dollars) 94-00 615% 284% 175% 110% 243% 391% 276% N/A

00-05 -40% 32% -15% 7% 6% -61% -16% 45%**

Market Annual R&D as Capitalization Sales* Percent ($billions) ($billions) of Sales 207 205 139 100 131 76 70 123

52.5 47.3 39.3 33.6 28.3 23 21.5 20.3

1051

265.8

14.6% 10.7% 13.9% 20% 15% 17% 18% N/A

Domicile

US US UK Switzerland Switzerland US UK-Sweden France


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