United Kingdom Biotechnology 186287

MarketLine Industry Profile
Biotechnology in the United Kingdom

September 2023
Reference Code: 0183-0695
Publication Date: September 2023
Primary NAICS: 541714
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Industry Profiles
1. Executive Summary
1.1. Market value

The United Kingdom biotechnology industry grew by 11% in 2022 to reach a value of $137 billion.
1.2. Market value forecast

In 2027, the United Kingdom biotechnology industry is forecast to have a value of $202.1 billion, an
increase of 47.5% since 2022.
1.3. Category segmentation

Medical/healthcare is the largest segment of the biotechnology industry in the United Kingdom, accounting
for 67.4% of the industry's total value.
1.4. Geography segmentation

The United Kingdom accounts for 54.8% of the European biotechnology industry value.
1.5. Market rivalry

The biotechnology market has experienced strong growth. This could encourage new players into the
market and also ease rivalry. However, the presence of established players in the market increases the
rivalry in the market. Due to this, the degree of rivalry is assessed as moderate overall.
1.6. Competitive landscape

The medical/healthcare segment is by far the largest in the UK biotechnology market, generating 67.4% of
the market’s total value in 2022. As a result, companies operating in these fields dominate the competitive
landscape. The UK market is mature, meaning there are a large number of biotech startups, in addition to a
small number of large players such as AstraZeneca and GE Healthcare, which has created a competitive
environment. These companies benefit from large revenues, which allow them to invest heavily in R&D to
bring new, innovative products to the market. Despite the market experiencing strong growth, competition
has remained fierce as the UK government has matched private investment in biotech firms, encouraging
the entrance of new players.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Category segmentation................................................................................................................................2
1.4. Geography segmentation.............................................................................................................................2
1.5. Market rivalry...............................................................................................................................................2
1.6. Competitive landscape.................................................................................................................................2
2. Market Overview 7
2.1. Market definition .........................................................................................................................................7
2.2. Market analysis ............................................................................................................................................7
3. Market Data 9
3.1. Market value ................................................................................................................................................9
4. Market Segmentation 10
4.1. Category segmentation..............................................................................................................................10
4.2. Geography segmentation...........................................................................................................................12
5. Market Outlook 13
5.1. Market value forecast ................................................................................................................................13
6. Five Forces Analysis 14
6.1. Summary ....................................................................................................................................................14
6.2. Buyer power...............................................................................................................................................15
6.3. Supplier power ...........................................................................................................................................16
6.4. New entrants .............................................................................................................................................18
6.5. Threat of substitutes ..................................................................................................................................20
6.6. Degree of rivalry.........................................................................................................................................21
7. Competitive Landscape 22
7.1. Who are the leading players? ....................................................................................................................22

Industry Profiles
7.2. What strategies do leading players follow? ...............................................................................................22
7.3. Has there been any recent M&A activity in the market?...........................................................................23
8. Company Profiles 25
8.1. AstraZeneca PLC.........................................................................................................................................25
8.2. Novartis AG ................................................................................................................................................30
8.3. GSK plc. ......................................................................................................................................................35
8.4. GE HealthCare Technologies Inc. ...............................................................................................................40
9. Macroeconomic Indicators 44
9.1. Country data ..............................................................................................................................................44
Appendix 46
Methodology ...........................................................................................................................................................46
9.2. Industry associations..................................................................................................................................47
9.3. Related MarketLine research .....................................................................................................................47
About MarketLine....................................................................................................................................................49

Industry Profiles
LIST OF TABLES
Table 1: United Kingdom biotechnology industry value: $ billion, 2017–22 9
Table 2: United Kingdom biotechnology industry category segmentation: % share, by value, 2017–2022 10
Table 3: United Kingdom biotechnology industry category segmentation: $ billion, 2017-2022 10
Table 4: United Kingdom biotechnology industry geography segmentation: $ billion, 2022 12
Table 5: United Kingdom biotechnology industry value forecast: $ billion, 2022–27 13
Table 6: AstraZeneca PLC: key facts 25
Table 7: AstraZeneca PLC: Annual Financial Ratios 27
Table 8: AstraZeneca PLC: Key Employees 28
Table 9: AstraZeneca PLC: Key Employees Continued 29
Table 10: Novartis AG: key facts 30
Table 11: Novartis AG: Annual Financial Ratios 32
Table 12: Novartis AG: Key Employees 33
Table 13: Novartis AG: Key Employees Continued 34
Table 14: GSK plc.: key facts 35
Table 15: GSK plc.: Annual Financial Ratios 37
Table 16: GSK plc.: Key Employees 38
Table 17: GSK plc.: Key Employees Continued 39
Table 18: GE HealthCare Technologies Inc.: key facts 40
Table 19: GE HealthCare Technologies Inc.: Key Employees 42
Table 20: GE HealthCare Technologies Inc.: Key Employees Continued 43
Table 21: United Kingdom size of population (million), 2018–22 44
Table 22: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22 44
Table 23: United Kingdom gdp (current prices, $ billion), 2018–22 44
Table 24: United Kingdom inflation, 2018–22 44
Table 25: United Kingdom consumer price index (absolute), 2018–22 44
Table 26: United Kingdom exchange rate, 2018–22 45

Industry Profiles
LIST OF FIGURES
Figure 1: United Kingdom biotechnology industry value: $ billion, 2017–22 9
Figure 2: United Kingdom biotechnology industry category segmentation: $ billion, 2017-2022 11
Figure 3: United Kingdom biotechnology industry geography segmentation: % share, by value, 2022 12
Figure 4: United Kingdom biotechnology industry value forecast: $ billion, 2022–27 13
Figure 5: Forces driving competition in the biotechnology industry in the United Kingdom, 2022 14
Figure 6: Drivers of buyer power in the biotechnology industry in the United Kingdom, 2022 15
Figure 7: Drivers of supplier power in the biotechnology industry in the United Kingdom, 2022 16
Figure 8: Factors influencing the likelihood of new entrants in the biotechnology industry in the United Kingdom, 202218
Figure 9: Factors influencing the threat of substitutes in the biotechnology industry in the United Kingdom, 2022 20
Figure 10: Drivers of degree of rivalry in the biotechnology industry in the United Kingdom, 2022 21

Industry Profiles
2. Market Overview
2.1. Market definition

The biotechnology market consists of the development, manufacturing, and marketing of products based on
advanced biotechnology research.
The market value reflects revenues of companies within this industry from product sales, licensing fees, royalties,
and research funding.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2022 annual average
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The UK biotechnology market experienced a strong growth during the historic period. In 2022, the market further
witnessed a strong growth. Over the forecast period, the UK biotechnology market is expected to follow a strong
growth trajectory.
The UK held the largest share in the European biotechnology market, accounting for 54.9% share in 2022. The
market is growing as a result of factors such as supportive government policies, the introduction of new and
cutting-edge products, significant investment in the biotechnology industry, and rising demand for new and
innovative goods. Major focus on healthcare is also contributing to the market growth. In addition to private
capital markets, the UK offers a number of government initiatives including Innovate UK and the British Business
Bank that are aimed at giving innovative enterprises the tools they need to flourish. The UK is establishing new
training to upskill the next generation of lenders and to improve risk assessments surrounding creative enterprises
in order to boost its approach to funding in the future. Further, advancement in technologies and increase in
demand of clinical solutions for the treatment of chronic diseases is expected to drive the market growth over the
forecast period.
The UK biotechnology market had total revenues of $137.0 billion in 2022, representing a compound annual
growth rate (CAGR) of 10.4% between 2017 and 2022. In comparison, the French and German markets grew with
CAGRs of 11.4% and 50.8% respectively, over the same period to reach respective values of $10.9 billion and $32.7
billion in 2022.
The UK biotechnology market witnessed a strong growth of 11% in 2022. The UK biotech industry continues to
grow significantly as venture finance, private equity, and initial public offerings (IPOs) support R&D and expansion.
Innovation in the biotech business continues to be a major driver. With the potential for game-changing
developments in significant therapeutic areas and advanced techniques like gene editing, gene therapy, and

Industry Profiles
protein degradation, it is anticipated to continue at a steady rate as companies analyse new targets and
approaches. Government initiatives are also helping to drive growth in the industry. For instance, the UK
government has established a number of programs to support the biotechnology sector, including the Industrial
Strategy Challenge Fund and the Biomedical Catalyst, which fund cutting-edge biotech projects and support
research and innovation in fields like synthetic biology and precision medicine, respectively.
The medical/healthcare segment accounted for market's the largest proportion in 2022, with total revenues of
$92.3 billion, equivalent to 67.4% of the market's overall value. The service provider segment contributed
revenues of $26.2 billion in 2022, equating to 19.1% of the market's aggregate value.
In 2022, the medical/health applications market had the largest share with 67.4%. The rising prevalence of
diseases is the main cause of the market's growth. The segment is growing as a result of increased attention being
given to agri-biotech and the provision of bio-services, expanding use of bioinformatic solutions, and a thriving bio-
industrial sector. Significant developments in the disciplines of artificial intelligence (AI), machine learning, and big
data are also contributing to the segment's growth and are expected to improve the implementation of
bioinformatics applications.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 8.1% over 2022 - 2027,
which is expected to drive the market to a value of $202.1 billion by the end of 2027. Comparatively, the French
and German markets will grow with CAGRs of 6.1% and 7.8% respectively, over the same period to reach
respective values of $14.7 billion and $47.5 billion in 2027.
Over the forecast period, the market is expected to have strong growth due to advance of technology in the
market. Along with this, increased demand for clinical treatments for chronic diseases such as cancer, diabetes,
age-related macular degeneration, and practically all types of arthritis are also expected to boost the market
growth. Major companies are investigating and developing pipeline medicines for diabetes, neurological disorders
like Parkinson's and Alzheimer's, several types of cancer, and cardiovascular ailments. For instance, in March 2023,
Steve Barclay, the secretary of state for health and social care, signed a memorandum of understanding with
BioNTech to bring cutting-edge vaccination research with the potential to significantly improve cancer patient
outcomes to England. Through a new research and development facility, the cooperation will work to provide
10,000 personalized therapeutics to UK patients by 2030, boosting the UK's position as a leader in the field of life
sciences. The new alliance will hasten the development of individualized immunotherapies for cancer and
vaccinations against infectious diseases.

Industry Profiles
3. Market Data
3.1. Market value

The United Kingdom biotechnology industry grew by 11% in 2022 to reach a value of $137 billion.
The compound annual growth rate of the industry in the period 2017–22 was 10.4%.
Table 1: United Kingdom biotechnology industry value: $ billion, 2017–22
Year $ billion £ billion € billion % Growth

2017 83.6 67.8 79.5
2018 95.7 77.7 91.1 14.5%
2019 103.4 83.9 98.4 8.1%
2020 109.6 88.9 104.3 5.9%
2021 123.4 100.1 117.4 12.6%
2022 137.0 111.2 130.4 11.0%
CAGR: 2017–22 10.4%

Source: MARKETLINE MARKETLINE
Figure 1: United Kingdom biotechnology industry value: $ billion, 2017–22

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Medical/healthcare is the largest segment of the biotechnology industry in the United Kingdom, accounting for
67.4% of the industry's total value.
The Service provider segment accounts for a further 19.1% of the industry.
Table 2: United Kingdom biotechnology industry category segmentation: % share, by value, 2017–2022
Category 2017 2018 2019 2020 2021 2022

Medical/Healthcare 66.0% 66.0% 66.0% 66.8% 63.1% 67.4%
Service Provider 18.7% 18.7% 18.7% 19.1% 21.2% 19.1%
Food & Agriculture 12.3% 12.3% 12.3% 11.3% 12.6% 10.8%
Environment &
1.9% 1.9% 1.9% 1.9% 1.9% 1.7%
Industrial Processing
Technology Service 1.1% 1.1% 1.1% 1.0% 1.2% 1.0%
Total 100% 100% 100% 100% 100% 100%

Table 3: United Kingdom biotechnology industry category segmentation: $ billion, 2017-2022
Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Medical/Healthcare 55.1 63.1 68.2 73.1 77.9 92.3 10.9%
Service Provider 15.6 17.9 19.3 20.9 26.2 26.2 10.9%
Food & Agriculture 10.3 11.8 12.8 12.4 15.5 14.8 7.5%
Environment &
1.6 1.9 2.0 2.0 2.4 2.4 7.9%
Industrial Processing
Technology Service 0.9 1.1 1.1 1.1 1.4 1.4 8.3%
Total 83.5 95.8 103.4 109.5 123.4 137.1 10.4%


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Figure 2: United Kingdom biotechnology industry category segmentation: $ billion, 2017-2022

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4.2. Geography segmentation

The United Kingdom accounts for 54.8% of the European biotechnology industry value.
The Germany accounts for a further 13.1% of the European industry.
Table 4: United Kingdom biotechnology industry geography segmentation: $ billion, 2022
Geography 2022 %
United Kingdom 137.0 54.8
Germany 32.7 13.1
Italy 14.0 5.6
Spain 12.8 5.1
France 10.9 4.4
Rest of Europe 42.5 17.0
Total 249.9 100%

Figure 3: United Kingdom biotechnology industry geography segmentation: % share, by value, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the United Kingdom biotechnology industry is forecast to have a value of $202.1 billion, an increase of
47.5% since 2022.
The compound annual growth rate of the industry in the period 2022–27 is predicted to be 8.1%.
Table 5: United Kingdom biotechnology industry value forecast: $ billion, 2022–27
Year $ billion £ billion € billion % Growth

2022 137.0 111.2 130.4 11.0%
2023 148.9 120.8 141.7 8.7%
2024 158.7 128.8 151.1 6.6%
2025 171.3 139.0 163.0 7.9%
2026 184.9 150.0 175.9 7.9%
2027 202.1 164.0 192.4 9.3%
CAGR: 2022–27 8.1%

Figure 4: United Kingdom biotechnology industry value forecast: $ billion, 2022–27

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6. Five Forces Analysis

The biotechnology market will be analyzed taking companies that carry out research and development (r&d) and
offer biotechnology products as players. The key buyers will be taken as healthcare providers, agricultural
companies, and other b2b end users, and biotech consumables, software, and lab equipment as the key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the biotechnology industry in the United Kingdom, 2022
The biotechnology market has experienced strong growth. This could encourage new players into the market and also
ease rivalry. However, the presence of established players in the market increases the rivalry in the market. Due to this,
the degree of rivalry is assessed as moderate overall.
The presence of large-sized buyers increases buyer power, but this is negated to some extent by the highly specialized
and differentiated products and services that make up this market.
There is little differentiation between suppliers, which weakens their position. However, players are exposed to
increased supplier power with respect to certain products because some essential inputs are only accessible from one
source or from one source that has been approved. Quality raw materials are important to market players, and they are
dependent on high tech lab equipment. The majority of suppliers are not reliant exclusively on biotech companies as
customers and these factors combine to strengthen the position of suppliers. The supplier’s power is assessed as
moderate due to these factors.
Depending on the area of application, the benefit of substitute varies. In the case of medical biotechnology, the
substitutes are less effective. On the other hand, in agriculture, substitutes are widely used. Due to this, the power of
the substitute is assessed as moderate.
Although there is robust growth in the market, there is also a high degree of proprietary knowledge. Start-ups are costly
due to R&D expenses, requiring either venture capital backing or larger pharmaceutical firm support, and government
regulations are strict. Entry barriers remain high; companies have attempted to enter the market by large acquisitions
in order to gain IP copyrights. This may discourage new players from entering the market.

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6.2. Buyer power
Figure 6: Drivers of buyer power in the biotechnology industry in the United Kingdom, 2022
The main buyers in this market consist of healthcare providers and the agricultural sector. This indicates a moderate
number of medium- to large-sized buyers. While medical biotechnology is the most lucrative segment, the agricultural
and industrial sectors are also significant in size and are growing at a fast pace.
The UK biotechnology market is more concentrated than in many other countries, with the medical/healthcare
segment accounting for 67.4% of the market's total value. Furthermore, the healthcare provision is almost always
funded by either large private-sector insurance companies, or by the government, both of which have significant buyer
power.
This is tempered by the fact that demand for lifesaving and end-of-life drugs with few valid substitutes is likely to be
fairly price inelastic. It is also rare for purchasing decisions to be made by patients.
The prices of at least some prescription drugs, both biotech-based and conventional, are subject to control by
government agencies. There are various approaches; a common one is reference pricing, in which the price of each
drug in the country is benchmarked to its price in a set of comparison countries. In the UK, the Pharmaceutical Price
Regulation Scheme arrangement between the Association of the British Pharmaceutical Market (ABPI) and the UK
Department of Health regulates the prices of branded drugs. However, manufacturers are choosing not to opt-in to this
arrangement and generics are not regulated, so buyer power remains moderate.
Even though a biotech company might have several buyers (e.g., distributors, hospitals) in the UK, if it is unable to freely
negotiate a market price due to price controls, then in effect it is operating in something akin to a monopsony.
Overall, buyer power in the biotechnology market is moderate.

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6.3. Supplier power
Figure 7: Drivers of supplier power in the biotechnology industry in the United Kingdom, 2022
Intellectual property drives the value of biotech companies. The nature of their business does not force them, unlike
other industries, to rely on suppliers. Scientific tools, materials, computers and testing equipment are highly specialized,
but the likelihood of these manufacturers encroaching on their business is not very high.
Major suppliers to biotechnology companies are manufacturers of reagents and laboratory equipment, software
publishers, and similar companies. With respect to the majority of laboratory apparatus and chemicals, there is little
differentiation between suppliers, with customers utilizing a high degree of choice in order to obtain the best quality
and cost relationship, which reduces supplier power.
According to in-house research, the UK software market is expected to grow by 59.2% over the next five years to reach
a value of $69.9 billion by 2027. Strong growth is likely to attract new entrants to this market, particularly as technology
becomes ever more advanced and software companies can bring a new, distinct offering to the market. An increased
number of suppliers operating within the market weakens supplier power as biotech companies have greater choice in
who they conduct business with.
The notion of Corporate Social Responsibility is becoming increasingly important within businesses across a range of
industries, and companies must now ensure that they are operating with integrity and transparency in order to
strengthen their image and attract custom. This can have an impact on the entire supply chain. For example,
AstraZeneca, a leading player in the UK biotech market, follows a Code of Conduct to maintain ethical and sustainable
business practices within the company and with those it conducts business with. On the one hand, this transparency
benefits suppliers as it means that the company cannot select suppliers based solely on maximizing its own profit. This
creates fairer and more equal opportunities in terms of supplier selection. However, in order to gain a better chance of
being selected, suppliers must conform to regulations set out by AstraZeneca, which weakens their power somewhat.
However, it is not unknown for some key inputs to be available from only one source or one approved source, which
leaves players subject to greater supplier power with respect to those specific products.
Factors supporting supplier power include the small likelihood of backward integration by market players, and, whereas
buyers cannot substitute certain raw materials or equipment with any others, the suppliers have ample choice of
customers in industries other than biotechnology.

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Small biotech firms do not have the distribution capabilities to promote their new drugs, so they are forced to license
their drugs to other suppliers. As such, a solid market relationship must be created, although this can be problematic in
infancy.
Overall, supplier power in the biotechnology market is moderate.

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6.4. New entrants
Figure 8: Factors influencing the likelihood of new entrants in the biotechnology industry in the United Kingdom, 2022
Strong intellectual property (IP) assets are vital for success in this market, and this raises at least two formidable
barriers to entry.
Firstly, biotechnology start-ups are typically spin-off companies, based on innovative products or processes resulting
from discoveries in academic research. Such companies have long start-up periods with little profit combined with high
fixed costs. They must therefore secure a high degree of venture capital backing. This may be difficult to obtain given
the long time before any return on investment is seen, as well as the relatively high risk that a start-up will not succeed
in bringing a new product onto the market. The UK government has matched private investment in biotech firms,
boosting opportunities for new firms to enter the sector.
In view of the wider difficulties in obtaining start-up funding however, it is increasingly common for conventional
pharmaceutical companies to enter the biotech market by the acquisition of an established biotech company, thereby
gaining its hard-won IP assets. For instance, in October 2022, AbbVie announced plans to acquire privately held DJS
Antibodies, a biotechnology business with headquarters in the United Kingdom. As part of the transaction, AbbVie will
have access to technology for the creation of specific types of antibody drugs as well as an investigational medication
for a severe lung illness. While this reduces the time to market and the risk of failure, only the more financially strong
companies will be in a position to make such acquisitions. This constitutes a second IP-related barrier to entry.
Nevertheless, the UK is becoming an increasingly attractive location for biotech companies to secure venture capital
funding. In addition, a recent report by Hampton’s Group found that the total number of global venture capital
investments made in the biotech sector has significantly increased during the last three years. VC biotech investments
were $1.5 billion in Q1 2019 and increased steadily, reaching a peak of $9.1 billion in Q1 2021 (latest data available).
However, there has been a slight decline in VC funding to the biotech sector since then. The US biotech was the top
recipient of investments, closely followed by the European region and China. The increased availability of private
funding could attract new players to the market.
The UK Intellectual Property Office, an executive agency of the DIUS, is the official body responsible for granting
intellectual property rights in the UK, including trademarks, designs, patents, and copyright. Direct administrative
responsibility for the examination and issuing of patents lies with the UK-IPO. This may make it a more attractive
destination for potential new entrants.
Government regulations in most countries are extremely strict, requiring the lengthy and costly clinical trials of new
drugs and safety testing of GM crops. In order to clinically test, manufacture and market biotech products, especially

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for therapeutic use, players must satisfy mandatory procedures and safety and effectiveness standards established by
various regulatory bodies. In the UK, the Medicines and Healthcare Products Regulatory Agency must be satisfied that
drugs are safe and effective before being made available for consumption.
The UK market experienced strong growth in the historical period. Further, it continued to have a strong growth in 2022
due to significant government support in the form of efforts aimed at modernizing the regulatory framework,
improving approval processes and reimbursement policies, and standardizing clinical research. Long-term demographic
changes will support the development of the biotech market as an aging population increases demand for medicines.
This increases the threat of new entrants somewhat.
Overall, the threat of new entrants is assessed as weak.

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6.5. Threat of substitutes
Figure 9: Factors influencing the threat of substitutes in the biotechnology industry in the United Kingdom, 2022
For the medical biotechnology market, the principal substitutes are conventional therapeutic drugs. These are
produced by chemical synthesis, rather than using biotechnology. It is difficult to give an overall assessment of their
benefits, as these can only be found on an individual basis. However, the continued growth of the biotechnology
market suggests that for certain medical conditions, existing conventional drugs are less effective than those produced
using biotechnology.
While patent protection might stop the threat of alternative drugs and chemicals for a period of time, eventually there
will be a company that can produce a similar product at a cheaper price. Illegally produced patent protected drugs are
not a major issue in the UK because there is strict government control, but online sales of black-market drugs can be an
issue.
In the agricultural segment, the substitutes to direct genetic modification include seeds that are enhanced through
selective breeding. While the relative benefits of the two approaches to improved yields and pest resistance can only
be ascertained empirically, it does seem that some consumers are unwilling to consume GM products, which means
that non-GM substitutes have the benefit of wider acceptability. A strict regulatory background currently concerning
the development of GM products in the UK also weakens the threat of this substitute.
Overall, substitutes for biotech products pose a moderate threat.

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6.6. Degree of rivalry
Figure 10: Drivers of degree of rivalry in the biotechnology industry in the United Kingdom, 2022
In established biotechnology centers such as the UK, where the market is mature, there are large numbers of biotech
start-ups and SMEs alongside a small number of large companies such as AstraZeneca and Novartis. Furthermore, the
Clinical Biotechnology Centre is part of the National Health Service (NHS) and is integral to the British development of
medicines and therapies, providing competition to the private sector. This structure increases rivalry.
Companies can differentiate their products by targeting a particular therapeutic area, in the case of medical biotech. In
principle, this decreases rivalry within that particular niche. However, the struggle to discover a ‘biotech blockbuster’
requires lengthy, unceasing, costly, and high-risk R&D investment and clinical trials; even successful therapies may offer
incremental improvements rather than dramatic cures. These factors intensify rivalry, especially as certain therapeutic
areas have many biotech companies fighting over them.
Once a biotechnology company is established, it will be relatively easy for the company to expand, providing it has the
resources and highly trained staff. Fixed costs are high due to these staff costs and the highly technological equipment
that most companies will need to use to produce biotech products. This results in high exit costs for players who will be
unable to easily transition into another market due to the specialist knowledge required to succeed in this one.
The UK is a major global competitor in terms of technological innovation, ranking 4th in the World Intellectual Property
Office’s Global Innovation Index 2022 and 2nd in the Global Intellectual Property Centre (GIPC) International IP Index
2022. The current government plans to enhance the country’s competitive position further, with plans to increase R&D
expenditure to 2.4% of GDP by 2025 under its Innovation Strategy 2021. This should help to alleviate rivalry in the
market to a degree by increasing the number of opportunities for market players.
Historically, the UK market has grown at a strong rate, with a CAGR of 10.4% between 2017 and 2022. This has reduced
rivalry as each player can increase their revenues without necessarily encroaching on competitor market share. Over
the forecasted period, the market is expected to have strong growth due to growing adoption of personalized
medicine. An uptick in orphan drug formulations is paving the way for new biotechnology applications and attracting a
wave of cutting-edge startups which will boost the market, reducing the rivalry.
Overall, the degree of rivalry is assessed as moderate.

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7. Competitive Landscape
The medical/healthcare segment is by far the largest in the UK biotechnology market, generating 67.4% of the
market’s total value in 2022. As a result, companies operating in these fields dominate the competitive landscape.
The UK market is mature, meaning there are a large number of biotech startups, in addition to a small number of
large players such as AstraZeneca and GE Healthcare, which has created a competitive environment. These
companies benefit from large revenues, which allow them to invest heavily in R&D to bring new, innovative
products to the market. Despite the market experiencing strong growth, competition has remained fierce as the
UK government has matched private investment in biotech firms, encouraging the entrance of new players.
7.1. Who are the leading players?

AstraZeneca
AstraZeneca, headquartered in Cambridge, Cambridgeshire, the UK, is a biopharmaceutical company that
discovers, produces and commercializes a wide range of prescription drugs. It focuses on the therapy areas of
respiratory; cardiovascular and renal and metabolic diseases; and cancer, besides autoimmune, infection and
neurological diseases. The company also parent’s biotech-focused subsidiary, AstraZeneca Biotech, and offers a
number of initiatives to support emerging biotech entrepreneurs. This has helped to secure AstraZeneca’s
reputation as a leader in the market. The company sells its products to specialty care and primary care physicians
through wholly owned local marketing companies, local representative offices and distributors. It has a business
presence across the Americas, Africa, Europe, and Asia.
Novartis
Novartis, headquartered in Basel, Switzerland, is a healthcare company that focuses on the discovery,
development, manufacture, and marketing of prescription and generic pharmaceutical products and eye care
products. Novartis provides drugs for the treatment of cancer, cardiovascular diseases, dermatological conditions,
neurological disorders, ophthalmic and respiratory diseases, immune disorders, and infections among others. It
also conducts various research and development activities through its Novartis Institutes for BioMedical Research
(NIBR). It has operations across Asia-Pacific, Europe, the Americas, and the Middle East and Africa.
GSK
GSK, formerly GlaxoSmithKline, is a healthcare company that focuses on the development, manufacture and
commercialization of pharmaceuticals, vaccines and consumer healthcare products. It offers drugs for the
treatment of HIV, respiratory, cancer, immuno-inflammation, anti-viral, central nervous system (CNS), metabolic,
cardiovascular and urogenital, anti-bacterial, dermatology, and rare diseases. GSK’s continued foray into the
biotechnology domain has secured its position as a major player within the market. It merchandises and sells these
products through pharmacies, hospitals, wholesalers, and physicians worldwide. GSK has a business presence
across the Americas, the Middle East, Africa, Aisa-Pacific, and Europe. The company is headquartered in Brentford,
Middlesex, the UK.
GE Healthcare
GE Healthcare, headquartered in Chicago, Illinois, US, is the medical technology business segment of General
Electric (GE). The company is a global provider of medical technologies and services for the diagnosis and
treatment of cancer, heart disease, neurological diseases, woman's health, and other conditions. Its products are
sold worldwide to hospitals, medical facilities, pharmaceutical and biotechnology companies, and to the life
science research market. GE Healthcare operates through subsidiaries and affiliates in the Americas, Asia, Europe,
the Middle East and Africa.
7.2. What strategies do leading players follow?

Industry Profiles
One of the most important strategies that leading players in the biotechnology market follow is investing heavily in
R&D. This strategy is particularly effective in this market due to the need to bring innovative products to the
market to drive revenue growth.
AstraZeneca invests a significant proportion of its revenue in R&D. In 2022, the company reported R&D
expenditure of $9.7 billion, 0.3% up from 2021. In The company also opened its R&D Discovery Centre in
Cambridge, the UK, in 2021. The company’s R&D activities focus on developing new medicines for the treatment
of various diseases. The company’s R&D capabilities include biologic medicines, including immunotherapies and
novel delivery devices, oligonucleotides, small molecules and other emerging drug platforms. In the UK, it operates
R&D centers in Cambridge, Alderley Park, and Macclesfield. The company collaborates with academia, patient
groups, scientific organizations, industry, governments, and other pharmaceutical companies to encourage
innovation and develop new medicines to address unmet medical needs.
Along with this, periodic drug approvals enable the company to invent and develop new formulas, technologies
and solutions in the fast-growing pharmaceutical industry. In November 2022, the company and Daiichi Sankyo’s
Enhertu (trastuzumab deruxtecan) received approval in the European Union (EU) as monotherapy. The medicine
can be used for the treatment of adult patients with advanced HER2-positive gastric or gastroesophageal junction
(GEJ) adenocarcinoma.
R&D also heavily features in Novartis’ strategic growth plans and the company has invested heavily in this area
over the past couple of years, spending $10 billion on core R&D projects in 2022, an increase of 10% as compared
to 2021. Beginning the year with a collaboration with Alnylam to develop a siRNA therapy that encourages the
restoration of functioning liver cells, Novartis also reaffirmed its dedication to gene therapies by forming a
partnership with Voyager Therapeutics. Additionally, Novartis acquired a COVID-19 antiviral, but almost
immediately encountered regulatory obstacles. Each of the company’s divisions has its own individual research
unit, accelerating product development through a more targeted and streamlined approach to research. Recently,
Novartis has directed its research efforts towards priority disease areas, that is in low- and middle-income
countries which are more susceptible to disease outbreaks due to ineffective or non-existent products. The
company also plans to accelerate its science-based innovation strategy in the coming years, with a particular
emphasis on lucrative and fast-growing areas of healthcare, such as oncology, cardiology, and lung diseases.
Overall, this will enable Novartis to remain at the forefront of evolving market trends, meaning that it is well
positioned to attract new customers and boost its revenues.
GSK has strong research and development (R&D) capabilities. Across its three businesses (Pharmaceuticals,
Consumer Healthcare, and Vaccines), the company makes a substantial investment in R&D. In FY2022, GSK spent
GBP5.5 million ($7.6 million) on R&D. Its R&D efforts are focused on the development of new and innovative drugs
and improvement of existing product lines in the fields of HIV, infectious diseases, respiratory and other serious
diseases. It also invested in technologies that expand its capabilities in human genetics and artificial
intelligence/machine learning (AI/ML). Innovation-based strategies enable the company to stay abreast of the
changes in the industry and provide it with a ‘first mover’ advantage by launching products ahead of the
competition and also delivering advanced products and services to its customers.
7.3. Has there been any recent M&A activity in the market?
Mergers, acquisitions, and partnerships in this market are a useful way of enabling leading players to expand their
product portfolio and accelerate the development of new and innovative treatments. As such, M&A activity
comprises a key aspect of many leading players’ business strategies.
In November 2022, AstraZeneca announced its plans to acquire Neogene, a global clinical-stage biotechnology
company that has pioneered the discovery, development, and production of next-generation T-cell receptor
treatments (TCR-Ts). In January 2023, the company completed the acquisition of Neogene. After the acquisition,
Neogene will operate as an entirely owned subsidiary of AstraZeneca, with operations in California, the US,
Amsterdam, and the Netherlands.
In August 2022, AstraZeneca acquired TeneoTwo. The acquisition includes Phase I clinical-stage CD19/CD3 T-cell
engager, and TNB-486, an under evaluation in relapsed and refractory B-cell non-Hodgkin lymphoma. TNB-486 is
expected to be used as a potential new medicine for B-cell haematologic malignancies for AstraZeneca.

Industry Profiles
In June 2022, Novartis acquired the US-based Kedalion Therapeutics. This acquisition highlights Novartis'
dedication to providing cutting-edge, patient- and customer-focused ophthalmic advancements for a variety of eye
conditions.
In May 2022, GSK planned to acquire Affinivax, a biotechnology company for US$3.3 billion. Under the agreement,
GSK will acquire 100% of the outstanding shares of Affinivax. This acquisition strengthens its vaccines R&D pipeline
and provides access to a new, potentially disruptive technology. It also broadens the company’s existing scientific
footprint in the Boston area of the US.
In February 2022, Novartis acquired the UK-based Gyroscope Therapeutics from Syncona Ltd. The acquisition is
completed with an initial payment of GBP587 million ($800 million), along with up to GBP514 million ($700 million)
that may become due upon the accomplishment of specific milestones, was made in connection with Novartis'
acquisition of Gyroscope.

Industry Profiles
8. Company Profiles
8.1. AstraZeneca PLC
8.1.1. Company Overview
AstraZeneca PLC (AstraZeneca or 'the company') is a manufacturer, developer, and marketer of prescription
pharmaceuticals. The company provides drugs for various therapeutic areas, including oncology, cardiovascular,
renal and metabolic disease (CVRM), respiratory, inflammation and autoimmunity, infection and vaccines, and
neuroscience. AstraZeneca markets its products under Accolate, Casodex, Byetta, Diprivan, Faslodex, Zoladex,
Tagrisso, Iressa, Symbicort, Pulmicort, Lynparza, Nexium, and Onglyza brand names. The company sells its
products to specialty care and primary care physicians through wholly-owned local marketing companies, local
representative offices and distributors. It has business presence across the Americas, Africa, Europe, and Asia.
The company is headquartered in Cambridge, Cambridgeshire, the UK.
The company reported revenues of (US Dollars) US$44,351 million for the fiscal year ended December 2022
(FY2022), an increase of 18.5% over FY2021. In FY2022, the company’s operating margin was 8.5%, compared
to an operating margin of 2.8% in FY2021. In FY2022, the company recorded a net margin of 7.4%, compared to
a net margin of 0.3% in FY2021. The company reported revenues of US$11,416 million for the second quarter
ended June 2023, an increase of 4.9% over the previous quarter.
8.1.2. Key Facts
Table 6: AstraZeneca PLC: key facts
Head office: 1 Francis Crick Avenue Cambridge, Cambridgeshire, United Kingdom

Number of Employees: 83500
Website: www.astrazeneca.com/Home
Financial year-end: December
Ticker: AZN
Stock exchange: London Stock Exchange (LON)
Source: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
AstraZeneca PLC (AstraZeneca or 'the company') is a biopharmaceutical company that develops, manufactures and
markets prescription pharmaceuticals and biological products in the therapeutic areas of cardiovascular,
gastrointestinal, infection, neuroscience, oncology and respiratory. The company sells its products to specialty care
and primary care physicians through wholly-owned local marketing companies, local representative offices and
distributors. The company operates across the Americas, Europe, Africa, Asia, and other regions of the world.
The company generates revenue from two sources, including Product Sales and Collaboration Revenue.
Under the product sales source, the company develops and markets prescription pharmaceuticals. It offers these
products under Faslodex (breast cancer); Iressa (advanced NSCLC); Tagrisso (metastatic EGFR T790M mutation-
positive NSCLC); Lynparza (recurrent ovarian cancer and gBRCA HER2-negative metastatic breast cancer); Brilinta
(post myocardial infarction and acute coronary syndromes); Farxiga (Type 2 diabetes); Crestor (dyslipidaemia and
hypercholesterolaemia); Pulmicort (asthma); Nexium (acid-related diseases); Symbicort (asthma and COPD); and
Synagis (RSV infection in pediatric patients) brand names. These products are used to treat cancer, renal and
metabolic disease, cardiovascular, respiratory diseases and other diseases.

Industry Profiles
The Product Sales business of the company is further divided into four therapeutic areas, such as Oncology,
Biopharmaceuticals, Rare Disease, and Other Medicines and COVID-19.
The company's Oncology category provides products such as Arimidex (anastrozole); Faslodex (fulvestrant);
Cosodex (bicalutamide); Imfinzi (durvalumab), Tagrisso (osimertinib); Iressa (gefitinib); Zoladex (goserelin acetate
implant); Calquence (acalabrutinib); and Lynparza (olaparib).
The Biopharmaceuticals category comprises cardiovascular, renal and metabolism (CVRM) and respiratory and
immunology (R&I). Under the cardiovascular, renal and metabolic categories, the company provides the products
such as Crestor (rosuvastatin calcium), Atacand/Atacand HCT/Atac and Plus (candesartan cilexetil), Seloken ZOK,
Toprol-XL (metoprolol succinate); Plendil (felodipine); Zestril (lisinoprildihydrate); Brilinta/Brilique (ticagrelor);
Tenormin (atenolol); and Zestril (lisinoprildihydrate). It also offers Byetta (exenatide injection) and Bydureon
(exenatide extended release injectable suspension); Forxiga/Farxiga (dapagliflozin); Kombiglyze XR (saxagliptin and
metformin XR); Komboglyze (saxagliptin and metformin HCl); Onglyza (saxagliptin); Symlin (pramlintide acetate);
Xigduo (dapagliflozin and metformin hydrochloride); and Xigduo XR (dapagliflozin and metformin hydrochloride
extended-release). The R&I category offers Accolate (zafirlukast), Bevespi Aerosphere (glycopyrrolate and
formoterol fumarate), Bricanyl Respules (terbutaline), Bricanyl Turbuhaler(terbutaline),
Daliresp/Daxas(roflumilast), Duaklir Genuair (aclidinium/formoterol), Eklira Genuair/Tudorza Pressair(aclidinium),
Fasenra (benralizumab), OxisTurbuhaler (formoterol), Pulmicort Turbuhaler/ PulmicortFlexhaler (budesonide),
Pulmicort Respules (budesonide), Symbicortp MDI (budesonide/formoterol), and Symbicort Turbuhaler
(budesonide/formoterol).
The Rare Disease category comprises Soliris (eculizumab), Ultomiris (ravulizumab), Strensiq (asfotase alfa),
Ondexxya (andexanet alfa)/ Andexxa (coagulation factor Xa (recombinant), inactivated-zhzo) and Kanuma
(sebelipase alfa).
Under the Other Other Medicines and COVID-19 category, the company provides products for infection,
neuroscience, and gastrointestinal therapeutic areas. AstraZeneca's gastrointestinal products include
Losec/Prilosec (omeprazole) and Nexium (esomeprazole). In the neuroscience therapeutic area, AstraZeneca
offers, Seroquel IR (quetiapine fumarate); Synagis (palivizumab), Seroquel XR (quetiapine fumarate); Diprivan
(propofol); EMLA; Naropin (ropivacaine); Vimovo (naproxen/esomeprazole magnesium); Xylocaine (lidocaine); and
Zomig (zolmitriptan). In the infection and other therapeutic area, the company offers Synagis (palivizumab); and
Fluenz Tetra/FluMist Quadrivalent (live attenuated influenza vaccine).
In FY2021, the BioPharmaceuticals category accounted for 38% of Product Sales total revenue, followed by
Oncology (36%), Other Medicines and COVID-19 (17%), and Rare Disease (8%).
In FY2021, the Product Sales reported revenue of US$36,541 million, which accounted for 97.7% of the company’s
total revenue.
The Collaboration source comprises the development, markets and collaboration revenue such as receipts and
royalties. In FY2021, the Collaboration reported revenue of US$876 million, which accounted for 2.3% of the
company’s total revenue.
Geographically, the company classifies its business operations in four regions: the Americas; Asia, Africa and
Australasia; Rest of Europe; and the UK. In FY2021, the Americas accounted for 37.5% of the company’s revenue,
followed by Asia, Africa and Australasia (32.9%), Rest of Europe (20.9%) and the UK (8.7%).

Industry Profiles
Table 7: AstraZeneca PLC: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % -1.67 10.38 9.16 40.58 18.53
Operating Income Growth % -7.89 -13.67 76.54 -79.54 255.78
EBITDA Growth % 6.36 -6.36 24.30 -8.72 21.76
Net Income Growth % -28.19 -38.05 139.40 -96.50 2835.71
EPS Growth % -37.64 73.89 27.14 17.96 74.49
Working Capital Growth % -78.32 264.34 -70.13 -578.37 -201.37
Equity Ratios
EPS (Earnings per Share) USD 0.85 1.49 1.89 2.23 3.89
Dividend per Share USD 2.75 2.89 2.83 2.84 2.89
Dividend Cover Absolute 0.31 0.51 0.67 0.78 1.34
Book Value per Share USD 9.84 10.00 11.90 25.34 23.90
Profitability Ratios
Gross Margin % 80.78 80.22 80.20 74.50 80.50
Operating Margin % 15.33 11.99 19.39 2.82 8.47
Net Profit Margin % 9.76 5.47 12.01 0.30 7.41
Profit Markup % 420.25 405.47 405.07 292.13 412.79
PBT Margin (Profit Before Tax) % 9.02 6.35 14.71 -0.71 5.64
Return on Equity % 17.28 10.17 20.46 0.29 8.88
Return on Capital Employed % 7.64 6.76 11.12 1.28 5.35
Return on Assets % 3.48 2.19 4.99 0.13 3.26
Return on Working Capital % -483.17 -114.49 -676.54 28.93 -101.54
Operating Costs (% of Sales) % 84.67 88.01 80.61 97.18 91.53
Administration Costs (% of Sales) % 38.38 36.76 35.08 30.79 30.47
Liquidity Ratios
Current Ratio Absolute 0.96 0.86 0.96 1.16 0.86
Quick Ratio Absolute 0.78 0.68 0.76 0.76 0.68
Cash Ratio Absolute 0.30 0.30 0.39 0.28 0.23
Leverage Ratios
Debt to Equity Ratio Absolute 1.53 1.39 1.30 0.78 0.79
Net Debt to Equity Absolute 1.08 0.91 0.79 0.62 0.62
Debt to Capital Ratio Absolute 0.61 0.58 0.57 0.44 0.44
Efficiency Ratios
Asset Turnover Absolute 0.36 0.40 0.42 0.43 0.44
Fixed Asset Turnover Absolute 2.94 3.10 3.09 3.92 4.52
Inventory Turnover Absolute 1.43 1.59 1.46 1.47 1.26
Current Asset Turnover Absolute 1.54 1.57 1.52 1.63 1.82
Capital Employed Turnover Absolute 0.50 0.56 0.57 0.45 0.63
Working Capital Turnover Absolute -31.51 -9.55 -34.88 10.25 -11.99
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 8: AstraZeneca PLC: Key Employees
Name Job Title Board

Adrian Charles Noel KEMP Secretary Senior Management
Andreas Rummelt Director Non Executive Board
Anna Manz Director Non Executive Board
Aradhana Sarin Chief Financial Officer Executive Board
Aradhana Sarin Director Executive Board
Executive Vice President Oncology Business
David Fredrickson Senior Management
Unit
Deborah DiSanzo Director Non Executive Board
Diana Layfield Director Non Executive Board
Euan Ashley Director Non Executive Board
Executive Vice President Vaccines and
Iskra Reic Senior Management
Immune Therapies
Jeff Pott Chief Human Resources Officer Senior Management
Jeff Pott General Counsel Senior Management
Katarina Ageborg Chief Compliance Officer Senior Management
Katarina Ageborg Executive Vice President Sustainability Senior Management
Katarina Ageborg President AstraZeneca AB Senior Management
Leif Johansson Chairman Non Executive Board
Leon Wang Executive Vice President International Senior Management
Leon Wang President China Senior Management
Marc Dunoyer Chief Executive Officer Alexion Senior Management
Marc Dunoyer Chief Strategy Officer Senior Management
Marcus Wallenberg Director Non Executive Board
Executive Vice President BioPharmaceuticals
Mene Pangalos Senior Management
RandD
Michel Demare Director Non Executive Board
Nazneen Rahman Director Non Executive Board
Executive Vice President Operations and
Pam Cheng Senior Management
Information Technology
Pascal Soriot Chief Executive Officer Executive Board
Pascal Soriot Director Executive Board
Philip Broadley Director Non Executive Board
Executive Vice President BioPharmaceuticals
Ruud Dobber Senior Management
Business
Sanjeev Panchal Managing Director Senior Management

Industry Profiles
Table 9: AstraZeneca PLC: Key Employees Continued

Sanjeev Panchal President Senior Management
Sheri McCoy Director Non Executive Board
Executive Vice President Oncology Research
Susan Galbraith Senior Management
and Development
Tony Mok Director Non Executive Board

Industry Profiles
8.2. Novartis AG
Novartis AG (Novartis or ‘the company’) is the US based pharma company having presence in diverse
biopharmaceutical segments. The company’s product portfolio includes surgicals, biopharmaceuticals,
ophthalmic pharmaceuticals, anti-infectives, retail generics, vision care products, generic medicines and
biosimilars. It provides products for cancer, cardio metabolic, cell and gene therapy. The company offers its
products under Alcon, Azarga, Ciprodex, Cibacen, Cosentyx, Sandoz, Votrient, DAILIES, Clear Care, AIR OPTIX,
FreshLook and Lucentis brands. It also conducts various research and development activities through its
Novartis Institutes for BioMedical Research (NIBR). It has operations across Asia-Pacific, Europe, the Americas,
and the Middle East and Africa. The company is headquartered in Basel, Switzerland.
The company reported revenues of (US Dollars) US$51,742 million for the fiscal year ended December 2022
(FY2022), a decrease of 2.1% over FY2021. In FY2022, the company’s operating margin was 17.8%, compared to
an operating margin of 22.1% in FY2021. In FY2022, the company recorded a net margin of 13.4%, compared to
a net margin of 45.4% in FY2021. The company reported revenues of US$13,936 million for the second quarter
ended June 2023, an increase of 5.5% over the previous quarter.
8.2.2. Key Facts
Table 10: Novartis AG: key facts
Head office: Lichtstrasse 35 , Basel, Switzerland

Telephone: 41613241111
Fax: 41613247826
Website: www.novartis.com
Novartis AG (Novartis or ‘the company’) is a provider of healthcare products worldwide. It manufactures, develops,
and sells eye care, generic and biosimilar medicines, oncology and pharmaceuticals medicines and other products.
The company classifies its business operations into two reportable segments: Sandoz and Innovative Medicines.
Under the Innovative Medicines (IM) segment, the company produces, develops, and sells patented prescription
medicines. It performs operations under two business units: Novartis oncology business unit, which consists of the
global business franchises oncology is responsible in the areas of cancer and hematologic products and Novartis
pharmaceuticals business unit, which consists of the global business franchises ophthalmology, neuroscience,
immunology, hepatology and dermatology, respiratory, cardio-metabolic, renal and metabolism, and established
medicines under Tasigna, promacta/revolade, Zortress, Voltaren/Cataflam, Jadenu, Zykadia, Travatan Z, Tafinlar +
Mekinist, Gilenya, Diovan, Exelon, Galvus, Rydapt, Sandostatin LAR, and Votrient brand names. In FY2021, the
Innovative Medicines segment reported revenue of US$41,995 million, which accounted for 81.3% of the total net
sales to third parties.
Through Sandoz segment, Novartis offers patients and healthcare professional’s generics, anti-infectives and
biosimilars under units including biopharmaceuticals, retail generics, and anti-infectives in more than 150
countries with 1,000 products. It operates manufacturing facilities in Barleben, Holzkirchen and Rudolstadt,
Germany; Kundl and Schaftenau, Austria; Ljubljana, Slovenia; and Strykow, Poland. In FY2021, the Sandoz segment
reported revenues of US$9,631 million, which accounted for 18.7% of the total net sales to third parties.

Industry Profiles
Geographically, the company classifies its operations into four segments: Europe, US, Canada and Latin America
and Asia, Africa, and Australasia. In FY2021, Europe accounted for 39.1% of the total net sales to third parties,
followed by US (32.6%), Asia, Africa, Australasia (21.2%)., and Canada and Latin America (7.1%).

Industry Profiles
Table 11: Novartis AG: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 6.13 5.67 2.62 5.97 -2.15
Operating Income Growth % 63.08 -35.98 11.73 15.14 -21.32
EBITDA Growth % 44.39 -23.15 11.43 7.14 -8.00
Net Income Growth % 63.72 -6.97 -31.20 197.58 -71.05
EPS Growth % 14.85 2.03 13.94 152.32 -59.79
Working Capital Growth % 23.95 -79.18 -373.06 -558.06 -46.78
Equity Ratios
EPS (Earnings per Share) USD 3.79 3.87 4.41 11.12 4.47
Dividend per Share USD 2.90 3.05 3.39 3.20 3.46
Book Value per Share USD 34.01 24.49 25.08 30.27 28.00
Gross Margin % 70.54 71.35 71.14 70.81 71.01
Profit Markup % 239.48 249.06 246.51 242.58 244.99
PBT Margin (Profit Before Tax) % 30.63 18.39 19.80 49.43 16.18
Return on Equity % 16.04 21.15 14.26 35.51 11.72
Return on Assets % 9.05 8.89 6.56 18.51 5.58
Return on Working Capital % 238.30 732.74 -299.82 75.36 111.42
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute 7.73 39.21 -14.74 3.41 6.27

Industry Profiles
Table 12: Novartis AG: Key Employees

Andreas von Planta Director Non Executive Board
Ann Fudge Director Non Executive Board
Bridgette Heller Director Non Executive Board
Charles L. Sawyers Director Non Executive Board
Charlotte Pamer-Wieser Secretary Senior Management
Elizabeth (Liz) Doherty Director Non Executive Board
Enrico Vanni Vice Chairman Executive Board
President Novartis Institutes, BioMedical
Fiona Marshall Senior Management
Research
Frans van Houten Director Non Executive Board
Harry Kirsch Chief Financial Officer Senior Management
Joerg Reinhardt Chairman Executive Board
Klaus Moosmayer Chief Ethics, Risk and Compliance Officer Senior Management
Lutz Hegemann Head Corporate Affairs and Global Health Senior Management
Global Head - Patient Engagement and
Marc Boutin Senior Management
Advocacy
Marie-France Tschudin Chief Commercial Officer Senior Management
Marie-France Tschudin President Novartis Pharmaceuticals Senior Management
Chief Communications Officer
Michael Willi Senior Management
Communications and Advocacy
Nancy C. Andrews Director Non Executive Board
Natacha Theytaz Head Business Assurance and Advisory Senior Management
Natacha Theytaz Head Internal Audit Senior Management
Patrice Bula Director Non Executive Board
Head Global Health and Corporate
Patrice Matchaba Senior Management
Responsibility
Richard Saynor Chief Executive Officer Sandoz Senior Management
Rob Kowalski Chief People & Organization Officer Senior Management
Robert Weltevreden Head Customer and Technology Solutions Senior Management
Simon Moroney Director Non Executive Board
Steffen Lang Head Technical Operations Senior Management
Susanne Schaffert President Novartis Oncology Senior Management
Thomas N. Kendris Chief Legal Officer Interim Senior Management
Ton Buechner Director Non Executive Board

Industry Profiles
Table 13: Novartis AG: Key Employees Continued

Vasant Narasimhan Chief Executive Officer Senior Management
Victor Bulto President Innovative Medicines US Senior Management
William T. Winters Director Non Executive Board

Industry Profiles
8.3. GSK plc.
GSK plc. (GSK or 'the company'), formerly GlaxoSmithKline plc, is a developer, manufacturer, and marketer of
vaccines, pharmaceuticals, over-the-counter (OTC) medicines and consumer healthcare products. The company
offers medicines for various therapeutic areas, including respiratory, HIV, metabolic, anti-virals, urogenital,
central nervous system, immuno-inflammation, cardiovascular, anti-bacterials and dermatology. GSK markets
its products under Volibris, FluLaval, Bexsero, Menveo, Polident, Boostrix, Priorix, Otrivin, Theraflu, Aquafresh,
and Imitrex brand names. It merchandises and sells these products through pharmacies, hospitals, wholesalers,
and physicians worldwide. GSK has a business presence across the Americas, the Middle East, Africa,
Australasia, and Europe. The company is headquartered in Brentford, Middlesex, the UK.
The company reported revenues of (British Pounds) GBP29,324 million for the fiscal year ended December
2022 (FY2022), an increase of 18.7% over FY2021. In FY2022, the company’s operating margin was 21.9%,
compared to an operating margin of 17.5% in FY2021. In FY2022, the company recorded a net margin of 51%,
compared to a net margin of 17.8% in FY2021. The company reported revenues of GBP7,178 million for the
second quarter ended June 2023, an increase of 3.3% over the previous quarter.
8.3.2. Key Facts
Table 14: GSK plc.: key facts
Head office: 980 Great West Road Brentford, Middlesex, United Kingdom
Website: www.gsk.com
Ticker: GSK
Stock exchange: London Stock Exchange (LON)
GSK plc. (GSK or 'the company'), formerly GlaxoSmithKline plc, is a developer, manufacturer and marketer of
pharmaceutical products, vaccines and consumer healthcare products across the globe. The company sells these
products through pharmacies, hospitals, wholesalers, and physicians worldwide.
The company classifies its business operations into three reportable segments: Pharmaceuticals, Vaccines and
Consumer Healthcare.
Under the Pharmaceuticals segment, the company produces and sells various drugs related to common acute and
chronic diseases. The company’s major pharmaceutical products include Volibris, Benlysta, Seroxat/Paxil, Anoro
Ellipta, Lamictal, Valtrex, Trelegy Ellipta, Nucala, Flixotide/Flovent, Arnuity Ellipta and Relvar/Breo Ellipta. In
FY2021, the company sold 1.7 billion packs of medicines. In FY2021, the Pharmaceuticals segment reported
revenue of GBP17,729 million, which accounted for 52% of the company’s revenue.
Under the Vaccines segment, the company develops and sells vaccines for infants, adults, adolescents and elderly
people. Its major products include FluLaval, Bexsero, Menveo, Infanrix, Fluarix QIV, Rotarix, Pediarix, Cervarix,
Synflorix, Boostrix, Shingrix and Priorix. In FY2021, the company sold 767 million vaccine doses. In FY2021, the
Vaccines segment reported revenue of GBP6,778 million, which accounted for 19.9% of the company’s revenue.
Under the Consumer Healthcare segment, GSK offers consumer healthcare care and over the counter (OTC)
products related to pain relief, oral health, digestive health, nutrition, respiratory and skin problems. The
company’s major Consumer Healthcare products include Otrivin, Theraflu, Sensodyne, Aquafresh, Polident,

Industry Profiles
Parodontax, and flonase. In FY2021, the segment delivered 3.7 billion consumer healthcare products. In FY2021,
the Consumer Healthcare segment reported revenue of GBP9,607million, which accounted for 28.2% of the
company’s revenue.
Geographically, the company classifies its operations into three regions: the US, the UK and Rest of World. In
FY2021, the US accounted for 44.2% of the company’s revenue, followed by the UK (2.9%) and Rest of the World
(52.9%).

Industry Profiles
Table 15: GSK plc.: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 2.10 9.52 -27.85 1.40 18.74
Operating Income Growth % 31.21 26.89 -14.11 -27.73 48.88
EBITDA Growth % 20.30 26.60 -10.38 -19.59 28.10
Net Income Growth % 136.49 28.21 23.77 -23.73 241.07
EPS Growth % -9.76 58.64 -53.46 -13.66 67.65
Working Capital Growth % -47.81 -18.06 -58.30 162.81 -59.15
Equity Ratios
EPS (Earnings per Share) GBP 1.07 1.69 0.79 0.68 1.14
Dividend per Share GBP 1.00 1.00 1.00 1.00 0.61
Book Value per Share GBP 1.11 2.88 3.63 3.74 2.63
Gross Margin % 68.94 69.88 69.94 67.58 71.13
Profit Markup % 221.99 231.96 232.66 208.47 246.33
PBT Margin (Profit Before Tax) % 15.57 18.43 21.23 14.57 19.19
Return on Equity % 83.10 40.73 39.41 29.13 141.12
Return on Assets % 6.33 6.74 7.18 5.50 21.48
Return on Working Capital % -98.60 -152.69 -314.52 -86.49 -315.19
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute -5.54 -7.40 -12.81 -4.94 -14.37

Industry Profiles
Table 16: GSK plc.: Key Employees

Anne Beal Director Non Executive Board
Chief Executive Officer Designate, Consumer
Brian McNamara Senior Management
Healthcare company
Chief Executive Officer GSK Consumer
Brian McNamara Senior Management
Healthcare
Charles Bancroft Director Non Executive Board
Dame Emma Walmsley Chief Executive Officer Executive Board
Dame Emma Walmsley Director Executive Board
Dave Lewis Chairman Consumer Healthcare Non Executive Board
David Redfern Chief Strategy Officer Senior Management
Deborah Waterhouse Chief Executive Officer ViiV Healthcare Senior Management
Diana Conrad Chief People Officer Senior Management
Elizabeth McKee Anderson Director Non Executive Board
Hal Barron Chief Scientific Officer Executive Board
Hal Barron Director Executive Board
Hal Barron President RandD Executive Board
Harry C. Dietz Director Non Executive Board
James Ford General Counsel Senior Management
James Ford Senior Vice President Legal and Compliance Senior Management
Jesse Goodman Director Non Executive Board
Jonathan Symonds Chairman Non Executive Board
Julie Brown Chief Financial Officer Executive Board
Julie Brown Director Executive Board
Luke Miels Chief Commercial Officer Senior Management
Director Marketing, Great Britain and Ireland,
Monica Michalopoulou Senior Management
GSK Consumer Healthcare
Global Head, Vaccines Research and
Phil Dormitzer Senior Management
development
Phil Thomson President Global Affairs Senior Management
Regis Simard President Pharmaceuticals Supply Chain Senior Management
Roger Connor President Vaccines and Global Health Senior Management
Senior Vice President Global Communications
Sally Jackson Senior Management
and CEO Office
Shobhie Ramakrishnan Chief Digital and Technology Officer Senior Management
Tony Wood Chief Scientific Officer Designate Senior Management

Industry Profiles
Table 17: GSK plc.: Key Employees Continued

Urs Rohner Director Non Executive Board
Victoria Anne Whyte Secretary Senior Management
Vishal Sikka Director Non Executive Board
Vivienne Cox Director Non Executive Board

Industry Profiles
8.4. GE HealthCare Technologies Inc.
GE HealthCare Technologies Inc. (GE Healthcare or ‘the company’), a business unit of General Electric Company,
provides medical technology and digital solutions. The company offers medical diagnostics, patient monitoring
systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement, and
performance solutions services. It allows clinicians to make informed decisions through intelligent devices, data
analytics, applications and services, through its Edison intelligence platform. The company provides data
analytics, online accessories, online consumables, education, training, and consulting. GE Healthcare operates
through subsidiaries and affiliates in the Americas, Asia, Europe, the Middle East and Africa. The company is
headquartered in Chicago, Illinois, US.
8.4.2. Key Facts
Table 18: GE HealthCare Technologies Inc.: key facts
Head office: Suite 500 West Monroe Street, Chicago, Illinois, United States
Website: www.gehealthcare.com
GE HealthCare Technologies Inc. (GE Healthcare or ‘the company’), a business unit of General Electric Company, is
a provider of technologies and services for the diagnosis and treatment of cancer, heart disease, neurological
diseases, woman's health and other conditions. It serves hospitals, medical facilities, pharmaceutical and
biotechnology companies, and to the life science research market.
The company classifies its business into three divisions: Healthcare Systems, Pharmaceutical Diagnostics and
BioPharma.
Under the Healthcare Systems division, it provides digital infrastructure, medical technologies, decision support
and data analytics tools for healthcare professionals to diagnose, treat and monitor patients. It also provides
relevant accessories and supplies, services, clinical education, consumables, consulting, and training. The company
provides imaging, ultrasound, enterprise software and solutions, and life care solutions. Major products and
solutions of the company include computed tomography (CT), X-ray, magnetic resonance (MR), digital
mammography, surgical and interventional imaging, and molecular imaging technologies.
Under the Pharmaceutical Diagnostics division, the company carries out the research, manufacturing, and markets
innovations in terms of medical scanning practices to focus on organs, tissue and functions inside the human body.
It also includes early detection, diagnosis and management of disease through advanced in-vivo diagnostics for the
physicians. These products includes both contrast imaging and molecular imaging agents.
Under the Life Sciences division, it is involved in the delivery of products, services and manufacturing solutions for
the biopharmaceutical industry, drug discovery and cellular technologies. The company also provides advisory
services, applications training, asset performance management, digital services, dose management, equipment
financing, healthcare research, operations optimization, protocol management, refurbished systems, and technical
training. It assists healthcare providers, researchers, and therapy innovators to enable research, biological analysis,
development and manufacture of advanced therapies and vaccines.

Industry Profiles
Under the company’s BioPharma division, the company mainly focuses on delivering products and solutions that
enable research on protein biology, and fundamental cell and development of vaccines, cell therapies, and biologic
drugs, while Pharmaceutical Diagnostics provide contrast media, related consumables and molecular imaging
agents that improve diagnostic imaging procedures. It also offers solutions for specialties in ambulatory surgery,
anesthesiology, breast care, cardiology, echocardiography, electrophysiology, emergency care, gastroenterology,
geriatrics, intensive care, musculoskeletal, nephrology, neurology, obstetrics and gynecology, operating room,
oncology, orthopedics, otolaryngology, pain management, pediatrics, perinatal care, perioperative care,
pharmacology, physiology, primary care, psychiatry, radiology, rheumatology, surgery, urology, veterinary,
vascular, women Health.

Industry Profiles
Table 19: GE HealthCare Technologies Inc.: Key Employees

Anne T. Madden Director Non Executive Board
Betty Larson Chief People Officer Senior Management
Catherine Estrampes Chief Executive Officer US and Canada Senior Management
Catherine Estrampes President US and Canada Senior Management
Catherine Lesjak Director Non Executive Board
Dr. Risa Lavizzo-Mourey Director Non Executive Board
Dr. Rodney F. Hochman Director Non Executive Board
Dr. Tomislav Mihaljevic Director Non Executive Board
Frank Jimenez General Counsel Senior Management
Frank Jimenez Vice President Senior Management
H. Lawrence Culp Chairman Non Executive Board
Ian Dale Chief Supply Chain Officer Senior Management
James Saccaro Chief Financial Officer Senior Management
James Saccaro Vice President Senior Management
Jan Makela Chief Executive Officer Imaging Senior Management
Jan Makela President Imaging Senior Management
Chief Executive Officer Pharmaceutical
Kevin O’Neill Senior Management
Diagnostics
Kevin O’Neill President Pharmaceutical Diagnostics Senior Management
Laila Gurney Chief Quality and Regulatory Officer Senior Management
Lloyd W. Howell, Jr. Director Non Executive Board
Luiz Verzegnassi Chief Diversity Officer Senior Management
Luiz Verzegnassi Chief Executive Officer Services Senior Management
Luiz Verzegnassi President Services Senior Management
Peter Arduini Chief Executive Officer Executive Board
Peter Arduini Director Executive Board
Peter Arduini President Executive Board
Phoebe L. Yang Director Non Executive Board
Rob Walton Chief Executive Officer EMEA Senior Management
Rob Walton President EMEA Senior Management
Roland Rott Chief Executive Officer Ultrasound Senior Management

Industry Profiles
Table 20: GE HealthCare Technologies Inc.: Key Employees Continued

Roland Rott President Ultrasound Senior Management
Steve Laurent Chief Information Officer Senior Management
Taha Kass-Hout Chief Technology Officer Senior Management
Thomas Westrick Chief Executive Officer Life Care Solutions Senior Management
Thomas Westrick President Life Care Solutions Senior Management
William J. Stromberg Director Non Executive Board
Yihao Zhang Chief Executive Officer GE Healthcare China Senior Management
Yihao Zhang President GE Healthcare China Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 21: United Kingdom size of population (million), 2018–22
Year Population (million) % Growth

2018 65.9 0.5%
2019 66.2 0.5%
2020 66.5 0.4%
Table 22: United Kingdom gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 2,772.3 2.5%
2019 2,841.2 2.5%
2020 2,912.3 2.5%
Table 23: United Kingdom gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 3,389.9 4.5%
2019 3,544.9 4.6%
2020 3,714.3 4.8%
Table 24: United Kingdom inflation, 2018–22
Year Inflation Rate (%)

2018 2.0%
2019 2.1%
2020 2.1%
Table 25: United Kingdom consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 138.6
2019 141.5
2020 144.4
Table 26: United Kingdom exchange rate, 2018–22
Year Exchange rate ($/£) Exchange rate (€/£)

2018 0.7502 0.8850
2019 0.7837 0.8779
2020 0.7795 0.8899
2021 0.7274 0.8600
2022 0.8114 0.8526

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. European Association of Pharma Biotechnology (EAPB)
8–10 Max-Dohrn-Str.
c/o BIO Deutschland, Michael Kahnert, 10589 Berlin
Tel.: +49-30-838 50696
Fax: -
www.eapb.org
9.2.2. Biotechnology Innovation Organization
1201 New York Ave NW

Suite 1300
Washington, DC 20005
Tel.: 202.962.9200
Fax: -
www.bio.org
9.2.3. Biotechnology and Biological Research Council (BBSRC)
UK Research and Innovation

Caxton House
Tothill Street
London
SW1H 9NA
Tel.: 01793 413200
Fax: -
https://www.ukri.org/
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Biotechnology
Biotechnology in Europe
Biotechnology in Asia-Pacific

Industry Profiles
Biotechnology in Italy
Biotechnology in Germany

Industry Profiles
About MarketLine
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MarketLine Industry Profile

Biotechnology in the United Kingdom

Reference Code: 0183-0695

Publication Date: September 2023

Primary NAICS: 541714

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive landscape.................................................................................................................................2

2.1. Market definition .........................................................................................................................................7

2.2. Market analysis ............................................................................................................................................7

3.1. Market value ................................................................................................................................................9

4.1. Category segmentation..............................................................................................................................10

4.2. Geography segmentation...........................................................................................................................12

5.1. Market value forecast ................................................................................................................................13

6. Five Forces Analysis 14

6.1. Summary ....................................................................................................................................................14

6.2. Buyer power...............................................................................................................................................15

6.3. Supplier power ...........................................................................................................................................16

6.4. New entrants .............................................................................................................................................18

6.5. Threat of substitutes ..................................................................................................................................20

6.6. Degree of rivalry.........................................................................................................................................21

7.1. Who are the leading players? ....................................................................................................................22

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

7.2. What strategies do leading players follow? ...............................................................................................22

8.1. AstraZeneca PLC.........................................................................................................................................25

8.2. Novartis AG ................................................................................................................................................30

8.3. GSK plc. ......................................................................................................................................................35

8.4. GE HealthCare Technologies Inc. ...............................................................................................................40

9.1. Country data ..............................................................................................................................................44

9.2. Industry associations..................................................................................................................................47

9.3. Related MarketLine research .....................................................................................................................47

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

Table 3: United Kingdom biotechnology industry category segmentation: $ billion, 2017-2022 10

Table 4: United Kingdom biotechnology industry geography segmentation: $ billion, 2022 12

Table 5: United Kingdom biotechnology industry value forecast: $ billion, 2022–27 13

Table 6: AstraZeneca PLC: key facts 25

Table 7: AstraZeneca PLC: Annual Financial Ratios 27

Table 8: AstraZeneca PLC: Key Employees 28

Table 9: AstraZeneca PLC: Key Employees Continued 29

Table 10: Novartis AG: key facts 30

Table 11: Novartis AG: Annual Financial Ratios 32

Table 12: Novartis AG: Key Employees 33

Table 13: Novartis AG: Key Employees Continued 34

Table 14: GSK plc.: key facts 35

Table 15: GSK plc.: Annual Financial Ratios 37

Table 16: GSK plc.: Key Employees 38

Table 17: GSK plc.: Key Employees Continued 39