The Scrip 100 leading five companies, according to R&D spend for 2022, shows many of the usual suspects at the top of the rankings (see Exhibit 1). However, a deeper look at these numbers and taking into account “external” R&D spend such M&A and licensing reveals some upsets and surprise appearances.
Johnson & Johnson and Roche Holding AG’s top billing according to the research spend metric is, perhaps, unsurprising....