Biotech Values

[DewDiligence]

The key question of course is that will the emerging market 'growth' add to the companies existing developed world sales or merely replace it. In looking at the bottom lines and using real numbers instead of percentages it looks like a replacement situation in most cases.

I do not understand what you are saying. Individual companies have specific patent cliffs to contend with in specific years, but the overall pharma industry is still growing, albeit slowly, in “developed” markets.