Pennywise And Billion-Foolish: Troubling Data For Pfizer's Ian Read

Since its creation in 1989, Bristol-Myers Squibb has brought to market about the same number of new drugs as Pfizer—26 vs. Pfizer’s 25 (Figure 1). Their cumulative R&D spending, however, diverges widely. BMS did for $56 billion, while Pfizer has spent $122 billion. Much of the difference—$62 billion out of $66 billion (94%)—was incurred during Pfizer’s post-1999 mega-blockbuster era.

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