Abbott Laboratories - Top 15 Pharma R&D Budgets
R&D budget: $2.61B (€1.91B)
Change over 08: +2%
Income spent on R&D: 8.9%
Abbott's ($ABT) R&D story this year has reflected all the key M&A trends seen in the industry. It bought Solvay, outlined billions in savings and followed up with deep cuts to its combined staff--with the axe falling most heavily on the newly acquired asset.
In September Abbott outlined a plan to slash 3,000 jobs, with big cuts for R&D. Solvay's pharmaceuticals unit in Marietta, GA, is being shuttered by the end of next year. And some 500 positions in the Netherlands are being eliminated along with 300 jobs in Germany.
Abbott also completed its $450 million buyout of Facet Biotechnology earlier in the year, adding to its pipeline of experimental oncology and immunology drugs. The new Abbott compounds included daclizumab--a late stage biologic intended to treat multiple sclerosis--and oncology compounds in early- to mid-stage development. Abbott's successful bid followed Biogen Idec's failed takeover attempt. Biogen is partnered on daclizumab.