North Carolina Biotechs Most Profitable in Nation
North Carolina’s one dozen publicly-traded biotechnology companies – a heavy concentration of which are located in the Triangle – outdistanced all other biotech clusters in other geographic regions of the country in terms of improved profitability in 2010, according to a new study by the accounting firm of Ernst & Young Ernst & Young Latest from The Business Journals Photos from Ernst & Young's Entrepreneur of the Year programGrossman, Ideal Image CEOs named Ernst & Young award winnersEOY winners named in 8 categories Follow this company .
Combined, the Tar Heel firms posted a 2010 net income of $82 million, up 237 percent from 2009, according to the accountants.
That was head and shoulders above the other 14 geographic regions included in the study. Behind North Carolina, New Jersey’s 23 publicly-traded biotechs showed the second best 2010 profit picture, with net income of $621 million, up 72 percent over 2009.
In eight of 15 regions examined in the study, biotech clusters actually lost money in 2010, the sstudy showed.
Total 2010 revenue for North Carolina public biotechs was $2.24 billion, up 12 percent over the prior year.
The companies’ total assets jumped to $3.23 billion, up 20 percent, and money committed to research and development rose to $335 million, up 1 percent.