Profitability of Large Pharmaceutical Companies Compared With Other Large Public Companies
Profitability of Large Pharmaceutical Companies Compared With Other Large Public Companies
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DOI：
10.1001/jama.2020.0442
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发表时间：
2020-03-03
影响因子：
120.7
通讯作者：
Cleary, Ekaterina Galkina
中科院分区：
文献类型：
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作者：
Ledley, Fred D.;McCoy, Sarah Shonka;Cleary, Ekaterina Galkina
大型制药公司的利润与标准普尔500指数中的其他公司相比如何？在这项横断面研究中，将2000年至2018年35家大型制药公司的利润与357家大型非制药公司的利润进行了比较，制药公司的净收入中位数（收益）占收入的比例明显高于非制药公司（13.8% vs 7.7%）。这意味着大型制药公司的盈利能力高于其他大型公司，尽管在控制公司规模，研发费用和时间趋势的差异时，差异较小。本研究使用年度财务报告数据，比较2000年至2018年标准普尔500指数中大型制药公司与其他大型公司的盈利能力，通过毛利润衡量;重要性了解制药公司的盈利能力对于制定循证政策以降低药品成本，同时保持行业创新和提供基本药物的能力至关重要。目的比较大型制药企业与其他大型企业的盈利能力。设计、设置和参与者这项横断面研究使用年度财务报告的信息，比较了2000年至2018年标准普尔500指数中35家大型制药公司和357家公司的年度利润。从统计学上看，利润率差异显著，有利于制药公司，这证明制药公司的盈利能力更强。大型制药公司与非制药公司的风险敞口。主要结果和衡量标准主要结果是收入和3项年度利润指标：毛利（收入减去销售成本）;利息、税项、折旧和摊销前利润（EBITDA;核心业务活动的税前利润）;净收入，也称为盈利（所有收入和费用之间的差额）。利润指标被描述为所有公司从2000年到2018年的累计利润，或者年度利润占收入的一小部分（利润率）。结果从2000年到2018年，35家大型制药公司报告的累计收入为11.5万亿美元，毛利润为8.6万亿美元，EBITDA为3.7万亿美元，净收入为1.9万亿美元，而357家标准普尔500指数公司报告的累计收入为130.5万亿美元，毛利润为42.1万亿美元，EBITDA为22.8万亿美元，净利润为9.4万亿美元。在双变量回归模型中，制药公司的年利润率中位数明显大于标准普尔500指数公司（毛利率：76.5% vs 37.4%;差异：39.1% [95% CI，32.5%-45.7%]; P <0.001; EBITDA利润率：29.4% vs 19%;差异，10.4% [95% CI，7.1%-13.7%]; P < .001;净收入边际：13.8% vs 7.7%;差异，6.1% [95% CI，2.5%-9.7%]; P < .001）。在控制公司规模和年份的回归模型中，以及仅考虑报告研发费用的公司时，差异较小（毛利率：差异，30.5% [95%CI，20.9%-40.1%]; P < .001; EBITDA利润率：差异，9.2% [95%CI，5.2%-13.2%]; P < .001;净收入利润率：差异，3.6% [95% CI，0.011%-7.2%]; P = .05）。从2000年到2018年，大型制药公司的盈利能力明显高于其他大型上市公司，但在考虑公司规模、年份或研发费用时，这种差异不太明显。关于大型制药公司盈利能力的数据可能有助于制定循证政策，使人们更能负担得起药品。
Question How do the profits of large pharmaceutical companies compare with those of other companies from the S&P 500 Index? Findings In this cross-sectional study that compared the profits of 35 large pharmaceutical companies with those of 357 large, nonpharmaceutical companies from 2000 to 2018, the median net income (earnings) expressed as a fraction of revenue was significantly greater for pharmaceutical companies compared with nonpharmaceutical companies (13.8% vs 7.7%). Meaning Large pharmaceutical companies were more profitable than other large companies, although the difference was smaller when controlling for differences in company size, research and development expense, and time trends.This study uses data from annual financial reports to compare the profitability of large pharmaceutical companies vs other large companies in the S&P 500 Index from 2000 to 2018, measured via gross profit; earnings before interest, taxes, depreciation, and amortization; and net income (earnings).Importance Understanding the profitability of pharmaceutical companies is essential to formulating evidence-based policies to reduce drug costs while maintaining the industry's ability to innovate and provide essential medicines. Objective To compare the profitability of large pharmaceutical companies with other large companies. Design, Setting, and Participants This cross-sectional study compared the annual profits of 35 large pharmaceutical companies with 357 companies in the S&P 500 Index from 2000 to 2018 using information from annual financial reports. A statistically significant differential profit margin favoring pharmaceutical companies was evidence of greater profitability. Exposures Large pharmaceutical vs nonpharmaceutical companies. Main Outcomes and Measures The main outcomes were revenue and 3 measures of annual profit: gross profit (revenue minus the cost of goods sold); earnings before interest, taxes, depreciation, and amortization (EBITDA; pretax profit from core business activities); and net income, also referred to as earnings (difference between all revenues and expenses). Profit measures are described as cumulative for all companies from 2000 to 2018 or annual profit as a fraction of revenue (margin). Results From 2000 to 2018, 35 large pharmaceutical companies reported cumulative revenue of $11.5 trillion, gross profit of $8.6 trillion, EBITDA of $3.7 trillion, and net income of $1.9 trillion, while 357 S&P 500 companies reported cumulative revenue of $130.5 trillion, gross profit of $42.1 trillion, EBITDA of $22.8 trillion, and net income of $9.4 trillion. In bivariable regression models, the median annual profit margins of pharmaceutical companies were significantly greater than those of S&P 500 companies (gross profit margin: 76.5% vs 37.4%; difference, 39.1% [95% CI, 32.5%-45.7%]; P < .001; EBITDA margin: 29.4% vs 19%; difference, 10.4% [95% CI, 7.1%-13.7%]; P < .001; net income margin: 13.8% vs 7.7%; difference, 6.1% [95% CI, 2.5%-9.7%]; P < .001). The differences were smaller in regression models controlling for company size and year and when considering only companies reporting research and development expense (gross profit margin: difference, 30.5% [95% CI, 20.9%-40.1%]; P < .001; EBITDA margin: difference, 9.2% [95% CI, 5.2%-13.2%]; P < .001; net income margin: difference, 3.6% [95% CI, 0.011%-7.2%]; P = .05). Conclusions and Relevance From 2000 to 2018, the profitability of large pharmaceutical companies was significantly greater than other large, public companies, but the difference was less pronounced when considering company size, year, or research and development expense. Data on the profitability of large pharmaceutical companies may be relevant to formulating evidence-based policies to make medicines more affordable.