Investment In New Products: Looking Beyond The R&D Line

Johnson & Johnson and Roche lead the most recent Scrip 100 ranking for R&D spend, but a look beyond investment in internal development highlights a big year for Pfizer and Bristol Myer Squibb.

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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....