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Washington Biotechnology
& Medical Technology Annual Report, 2006
Revenue & Income
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Revenue & Income |
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At the forefront of Washington's biotechnology and medical device industry
are companies that are publicly traded on U.S., Canadian and European
stock exchanges or are subsidiaries of larger corporations with access to capital.
In 2005, the twenty-two publicly traded firms headquartered in the state. Thirty-three or 15 percent of the firms are subsidiaries of other U.S. firms or are subsidiaries of foreign based corporations. Notably, seventy-four percent of the total companies in Washington are privately owned, and seventy percent of the companies employ fewer than fifty people.
Industry consolidation, which has significantly impacted Washington State's biotechnology and medical device industry, continued in 2005 with the acquisition of Corixa Corp. and ID Biomedical by GlaxoSmithKline, Quinton Cardiology Systems merger with Cardiac Science, and the ProCyte Corp. merged with PhotoMedex.
Given that these companies are now subsidiaries of larger companies, individual firm revenue and income data are no longer available. Consequently, the following will focus on the publicly traded biotechnology firms headquartered in Washington State where historical revenue and income data are readily available.
RevenueAs a whole, the state's publicly traded biotechnology and medical device firms reported aggregated revenue of $294 million a decline of 27 percent or a $106 million decrease from reported revenue of $400 million in 2004. Individually, only five of the eighteen biotechnology and medical device companies where data was available reported an increase in revenue: Cell Therapeutics, Helix Biomedix, Seattle Genetics, SonoSite and ZymoGenetics. SonoSite, a device company, lead the group with revenue of $115.8 million and ICOS, a biotechnology company, reported revenue of $74.6 million.
It is important to note this data exludes revenue and income data from more than a dozen local companies that have been acquired or merged with companies from outside the state, many of which were leaders in their fields, such as ATL Utrasound, Heart Technology, Physio-Control and Immunex. For example, Immunex the largest biotechnology company in the Pacific Northwest, acquired by Amgen in 2002, reported revenue of $861 million in 2002 largely on sales of EnbrelŪ (etanercept) initially used for treating rheumatoid arthritis.
This also excludes revenue and income data from more than 200 small- and medium size private companies, where data is not publically available.
Company Revenue, 2002-2004
| Company | 2002 |
2003 |
2004 |
| Cell Therapeutics, Inc. | $16,896,000 |
$24,765,000 |
$29,594,000 |
| Dendreon Corp. | $15,269,000 |
$27,041,000 |
$5,035,000 |
| EDEN Bioscience | $1,907,000 |
$1,772,000 |
$1,040,000 |
| Helix Biomedix | $70,000 |
$88,465 |
$93,661 |
| ICOS Corp. | $92,877,000 |
$75,104,000 |
$74,608,000 |
| Lumera, Inc. | $946,000 |
$1,725,000 |
$989,000 |
| Microvision, Inc. | $15,917,000 |
$14,652,000 |
$11,418,000 |
| NasTech Pharnaceutical | $8,923,000 |
$19,440,000 |
$1,847,000 |
| NeoRx Corp. | $11,054,000 |
$10,531,000 |
$1,015,000 |
| Northwest Biotherapeutics | $9,000 |
$529,000 |
$390,000 |
| ProCyte Corp. | $12,737,222 |
n/a |
n/a |
| SCOLR (1) | $6,514,243 |
$6,594,073 |
$441,993 |
| Seattle Genetics | $1,684,000 |
$5,070,000 |
$6,701,000 |
| SonoSite | $73,035,000 |
$84,770,000 |
$115,817,000 |
| Sonus Pharmaceuticals | $25,000 |
$25,000 |
-- |
| Targeted Genetics Corp. | $19,333,000 |
$14,073,000 |
$9,652,000 |
| Xcyte Therapies | n/a |
$170,000 |
$62,000 |
| ZymoGenetics | $52,775,000 |
$25,957,000 |
$35,694,000 |
| Total | $329,971,465 |
$400,683,073 |
$294,397,654 |
(1) Formerly Nutraceutix, Inc.
Income
Washington's publicly traded biotechnology and medical device firms all reported negative net income in 2005 -- an aggregated net income loss of $817 million -- 87 percent more than the $436 million loss reported in 2004.
Company Income, 2002-2004
| Name | 2002 |
2003 |
2004 |
| Cell Therapeutics, Inc. | ($49,903,000) |
($130,031,000) |
($252,298,000) |
| Dendreon Corp. | ($24,669,000) |
($28,493,000) |
($75,240,000) |
| EDEN Biosciences | ($23,506,000) |
($11,209,000) |
($8,886,000) |
| Helix BioMedix | ($3,161,904) |
($3,195,503) |
($3,109,274) |
| ICOS Corp. | ($161,617,000) |
($125,507,000) |
($198,248,000) |
| Lumera, Inc. | ($8,698,000) |
($8,083,000) |
($8,923,000) |
| Microvision, Inc. | $27,176,000 |
$26,163,000 |
$33,543,000 |
| NasTech Pharmaceutical | ($13,468,000) |
($2,141,000) |
($28,609,000) |
| NeoRx Corp. | ($23,593,000) |
($7,535,000) |
($19,871,000) |
| Northwest Biotherapeutics | ($12,804,000) |
($10,940,000) |
($12,780,000) |
| ProCyte Corp. | $1,668,853 |
||
| SCOLR (1) | ($2,557,328) |
($8,742,537) |
($4,912,815) |
| Seattle Genetics | ($23,160,000) |
($22,086,000) |
($35,439,000) |
| SonoSite | ($7,731,000) |
($1,784,000) |
$22,972,000 |
| Sonus Pharmaceuticals | ($11,636,000) |
($10,467,000) |
($16,311,000) |
| Targeted Genetics Corp. | ($23,767,000) |
($14,833,000) |
($14,257,000) |
| Xcyte Therapies | ($19,453,000) |
($18,457,000) |
($39,588,000) |
| ZymoGenetics Corp. | ($30,416,000) |
($59,571,000) |
($88,756,000) |
| Total | ($465,647,379) |
($436,912,040) |
($817,799,089) |
(1) Formerly Nutraceutix, Inc.
Information is believed accurate but is not guaranteed.
