Research & Development as a  Percentage of Net Sales

• Abbott Labs 9.7%

• Lilly 19.4%

• Pfizer 16.0%

• Bristol Myers 12.2%

• AVERAGE 14.33% ~ Multiplier of 7

• TCI’s R & D Grants equivalent to US Company with

($170M/year x 7) ~ $1.19B/year revenues

Why Collaborate with the FSU? (cont’d.)

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