1. In Vivo

Distortion And Inflation In Measuring Pharma M&A

 
• By John Hodgson

Five companies in big pharma’s top 20 have come through mergers in the past 10 years or so that changed them significantly. As measured by standard financial performance parameters, the processes at Takeda and Teva (and to some extent, at Allergan) seem relatively smooth and productive. Those at Pfizer and Merck don’t. But it depends on how you look at the numbers.

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Mergers and acquisitions propel some of the more dramatic shifts in pharma, an industry characterized by constant change. This article examines the financial performance between 2006 and 2015 of five companies in pharma’s top 20: two serial mergers – Teva Pharmaceutical Industries Ltd. and Allergan PLC (Actavis) – and three companies where mega-mergers in the relatively recent past seemed to serve a more tactical purpose – Takeda Pharmaceutical Co. Ltd., Merck & Co. Inc. and Pfizer Inc.

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