Who’s spend­ing and who’s cut­ting from Big Phar­ma’s $127B R&D bud­get? Here are the top 15 play­ers

A cou­ple of the Big 15 bio­phar­ma com­pa­nies in R&D hit the gas on re­search spend­ing last year. Mer­ck and Sanofi still have lots to prove in the pipeline, and they’re will­ing to gam­ble large sums to make a bet­ter fu­ture for them­selves.

Do­ing noth­ing would be in­fi­nite­ly worse.

But col­lec­tive­ly, the top play­ers rang up a mod­est 2.4% in­crease in spend­ing in 2022, which didn’t cov­er in­fla­tion­ary pres­sures. And that set the tone for an ex­tra­or­di­nar­i­ly cau­tious year for the in­dus­try — even as it laid out about $127 bil­lion to ad­vance new drugs or up the ante on ap­proved ther­a­pies.

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