European biotech industry recovers, with record IPOs in 2005, says E&Y report

The global revenues of publicly-traded biotechnology companies exceeded $60.0 billion for the first time in 2005 in the sector's 30-year history, according to a new report from Ernst & Young, entitled Beyond Borders; the Global Biotechnology Report 2006. William Powlett Smith, leader of E&Y's UK biotechnology team, says that "the global biotech industry's revenues are growing at strong rates; product approvals are bringing innovative drugs to market, and the long-elusive goal of profitability is within reach."

He went on to note that, "while the US biotech industry is strong, stable and shows maturation, the Europeans have recovered from several years of consolidation and disappointing financial results and are now performing significantly better with a record 23 initial public offerings - compared to 13 in the USA - taking the number of public companies to 122. The UK biotech sector is in rude health with products, revenues, financing and corporate activities leading Europe."

The key European figures for 2005 are as follows: