Introduction
 
This analysis examines the market position and future outlook for MedImmune. The profile encompasses company strategy, portfolio and pipeline analysis and assessment of financial performance, with global forecasts for key drugs to 2010. An interactive forecasting and analysis tool provides continually updated quantitative and qualitative information
 

 
Reasons to Purchase
 
Assess the impact of the termination of FluMist's co-promotion with Wyeth on MedImmune's future performance
 
Benchmark MedImmune's performance against key rivals in the biotechnology sector
 
Understand how cash generated from Synagis could be invested to expand the company's weak late stage pipeline

TABLE OF CONTENTS
 
CHAPTER 1 EXECUTIVE SUMMARY 4
 
Key findings 4
 
Current positioning: competitive outlook 2004 5
 
Future performance: growth drivers 2005–10 6
 
Evolution in therapeutic focus: 2005 – 2010 7
 
Key issues facing MedImmune: 2005 – 2010 8
 
Strategic outlook 9
 
CHAPTER 2 GLOBAL COMPANY STRATEGY 15
 
Introduction to MedImmune 16
 
Assessment of strategic position 17
 
Strengths 17
 
Weaknesses 19
 
Opportunities 19
 
Threats 21
 
Therapeutic foci 22
 
R&D productivity 26
 
Development opportunities 28
 
Organic growth 28
 
M&A and partnering activities 30
 
Geographical expansion 31
 
Implications of financial position 32
 
CHAPTER 3 GLOBAL PORTFOLIO AND PIPELINE ANALYSIS 33
 
Therapy area focus in 2004 34
 
Business development by therapy area 35
 
Forecast revenue stream, 2005–10 36
 
Therapy area forecasts to 2010 36
 
Infectious disease franchise 38
 
Marketed products 38
 
R&D compounds 41
 
Infectious disease portfolio sales forecasts and forecast revenue growth 43
 
Oncology franchise 45
 
Marketed products 45
 
R&D compounds 47
 
Oncology portfolio sales forecasts and forecast revenue growth 51
 
Vaccines franchise 52
 
Marketed products 52
 
R&D compounds 58
 
Vaccines portfolio sales forecasts and forecast revenue growth 62
 
Other products 63
 
R&D compounds 64
 
Other products sales forecasts and forecast revenue growth 66
 
CHAPTER 4 CORPORATE DEVELOPMENT 67
 
Financial position in 2004 68
 
Profitability, 1999-2004 68
 
Revenue growth, 2001-2004 69
 
Operating expenses structure 2001-2004 69
 
Biotech sector leaders financial benchmarking in 2004 71
 
Biotech business model clustering according to 2004 cost ratios 71
 
Liquidity, 1999–2003 72
 
2003 growth and investment momentum 73
 
Key events shaping corporate activity, 1999–2004 74
 
Merger and acquisition activity 74
 
Corporate alliances and deals 74
 
CHAPTER 5 APPENDIX : SUPPORTING DATA 78
 
Financial data 78
 
Exchange rates 78
 

 
LIST OF TABLES
 
Table 1: Evolution of MedImmune’s portfolio 1988-2004 22
 
Table 2: MedImmune’s geographical ethical sales breakdown, 2000–02 31
 
Table 3: Breakdown of MedImmune’s ethical sales by franchise, 2001–04 34
 
Table 4: Forecast sales for MedImmune’s key franchises, 2004–10 36
 
Table 5: MedImmune’s marketed infectious disease portfolio, 2004 38
 
Table 6: MedImmune’s infectious disease R&D pipeline, 2005 41
 
Table 7: Forecast sales for MedImmune’s infectious disease portfolio, 2004–10 44
 
Table 8: MedImmune’s marketed oncology portfolio, 2004 45
 
Table 9: MedImmune’s oncology R&D pipeline, 2005 47
 
Table 10: Forecast sales for MedImmune’s oncology portfolio, 2004–10 51
 
Table 11: MedImmune’s marketed vaccines portfolio, 2004 52
 
Table 12: MedImmune’s vaccines R&D pipeline, 2005 58
 
Table 13: Forecast sales for MedImmune’s vaccines portfolio, 2005–10 62
 
Table 14: MedImmune’s other R&D products, 2005 64
 
Table 17: MedImmune’s revenues by division, 2001–04 69
 
Table 18: MedImmune’s operating expenses, 2001-04 69
 
Table 19: Summary of MedImmune’s historical agreements, 2003-04 74
 
Table 20: Exchange rates, 2004 78
 

 
LIST OF FIGURES
 
Figure 1: Competitive positioning of MedImmune within the leading biotech sector, 2004 5
 
Figure 2: MedImmune’s growth drivers, 2005–10 6
 
Figure 3: Evolution in MedImmune’s therapeutic focus, 2005-2010 7
 
Figure 4: Ethical sales growth trends of MedImmune’s key franchises, 2005-10 8
 
Figure 5: Assessment of MedImmune’s strategic position, 2005 9
 
Figure 6: MedImmune’s corporate structure, 2005 16
 
Figure 7: Development of MedImmune’s therapeutic strategy, 2004-10 23
 
Figure 8: The contribution of MedImmune’s pipeline to its ethical revenue growth, 2004-2010 26
 
Figure 9: MedImmune’s ethical sales breakdown, 2001-04 34
 
Figure 10: MedImmune’s business development by therapeutic franchise, 2005 35
 
Figure 11: Forecast sales for MedImmune’s major therapy areas, 2005–10 37
 
Figure 12: Forecast sales for MedImmune’s infectious disease products, 2004–10 44
 
Figure 13: Forecast sales for MedImmune’s vaccine franchise, 2005–10 63
 
Figure 14: MedImmune’s profitability stream, 1999-2004 68
 
Figure 15: Proportion of MedImmune’s operating expense indicators to total revenues, 1999-2004 70
 
Figure 16: R&D and S,G&A spend and COGS as a proportion of sales, 2004 71
 
Figure 17: MedImmune’s liquid assets versus total liabilities,1999–2003 72
 
Figure 18: Benchmarking of financial strength, 2003 73