Long-term pharmaceutical industry cost and EBIT analysis

Farma Darya

Hardman & Co Research
Hardman & Co Life Sciences Research: Long-term pharmaceutical industry cost and EBIT analysis
07-Jun-2022 / 12:00 GMT/BST

Hardman & Co Life Sciences Research: Long-term pharmaceutical industry cost and EBIT analysis

Financial information from over 100 multinational drug companies, involving over 70,000 data points, have been accumulated over the past 35 years to create a pharmaceutical database. All our data (sales, COGS, SG&A, R&D and other income) have been derived from annual reports, regulatory filings and company presentations, and then analysed, wherever possible, in a like-for-like manner, irrespective of how each company presents the data. This is a key differentiator to competitive products and is important because all company management teams report “adjusted”, “core”, or “non-GAAP” earnings to show themselves in the best possible light. However, different inclusion/exclusion criteria in the generation of these adjustments lead to distortions and variability.

Although some of the companies are multi-divisional, another key differentiator is the extraction and analysis of data for the pharmaceutical segment only. This product is unique because it analyses the individual cost components of each company over time and generates pharma industry weighted averages, allowing peer and industry comparisons to be made. It also generates individual company and industry-wide underlying operating profit (EBIT), both pre-R&D and post R&D.

Historically, data from over 100 companies has been accumulated, but industry consolidation means that just 40 are included currently, which command an estimated 76% of the global drug industry. The main exceptions are the Chinese companies where insufficient data are available on a consistent basis.

Current companies included in dataset:


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Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.

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