Biotechnology is a failed 30-year experiment, says Harvard Business School professor Gary Pisano. For most of its existence, income has been nonexistent - the total for public companies broke zero for the first time in 2002 and hit total operating income of about $2.5 billion on just over $35 billion in sales in 2004, Pisano observes in his book Science Business (Harvard Business School Press, Nov 2006). Remove Amgen from the picture, and income dips below zero.
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