#15 Boehringer Ingelheim

Binger Strasse 173, 55216 Ingelheim, Germany
Tel: (49) 6132 77 0Fax: (49) 6132 77 3000
www.boehringer-ingelheim.com

Headcount	39,800
Year Established	1817
Pharma Revenues	$11,103	+15/+6%*
Total Revenues	$15,012	+13/4%*
Net Income	$2,484	+14/5%*
R&D Budget	$2,371	+20/10%*

* Change based on local currency (Euro)

Top Selling Drugs
Drug	Indication	Sales	(+/-%)
Spiriva	COPD	$2,456	+42%
Micardis	antihypertensive	$1,539	+27%
Flomax	prostate	$1,398	+21%
Combivent	respiratory	$887	+5%
Sifrol/Mirapex	Parkinson’s disease, restless legs	$883	+31%

Account for 65% of total pharma sales, up from 58% in 2006.

PROFILE

On our charts, Boehringer Ingelheim’s results got a boost from the exchange rate, but even in local currencies, the German drug company’s top sellers posted solid growth in 2007, driven by Spiriva. This help it offset a loss of approximately $387 million from the patent expiration of Mobic. Overall, however, the company suffered a bit for its European base of operations, posting growth of only 3.6% in Euro terms. Unlike most of the companies in our ranks, BI actually increased its workforce in 2007, adding 1,400 people. Since 2003, the company has added 5,500 staffers.

The company did lose several people recently, as chairman Dr. Alessandro Banchi announced his retirement in June 2008, effective at the end of the year. His role will be filled by Dr. Andreas Barner, who was responsible for the R&D and Medicine division of the company’s board. Dr. Banchi, 62, spent 35 years at BI. Several more of BI’s long-time board members are retiring this year: Dr. Hans-Jurgen Leuchs (operations, animal health) and Prof. Marbod Muff (finance, HR).

In 2007, BI’s mature products produced the bulk of its sales growth, but the company is also developing a number of newer products with serious commercial potential. The company is trying to gain new indications for Cymbalta, which it co-markets with Lilly. Given Cymbalta’s performance in the U.S. ($1.8 billion in 2007 sales in that market), there’s reason to believe that BI will find some lucre with it in Europe.

BI’s new product with the biggest potential is Pradaxa, an anticoagulant that will battle Lovenox. The drug’s March 2008 EU approval beat a new entrant from Bayer by at least a year, allowing BI to build sales in a worldwide market where the top seller brought in $3.5 billion in 2007. If it can gain compelling post-market data from its EU (and Canadian) patients, BI may be poised to make a big splash in the U.S., but there’s no word on when an FDA submission is planned.

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For the full profile, including pipeline and patent information, download the PDF.