Industrial Research Institute's 9th annualR&D Leaderboard: R&D spending by the top 100 U.
Reflecting continued profit growth in 2006, industry investment in R&D accelerated last year in the United States and many other nations. Table 1 shows that the top 100 U.S. R&D firms increased their spending by 11.6%, substantially higher than the 6.8% in the year before and extending the
R&D intensity, the ratio of a firm's R&D expenditures to its sales, increased from 5.2% for the top 100 investors in 2005 to 5.4% in 2006. This ratio also increased slightly for the top 1,000 investors. R&D as a percentage of profits for the top 100 investors also increased in 2006, to 42.3% from 40.8% in 2005. It is clear that investing in R&D is still an attractive option for industry CEOs, perhaps an increasingly attractive one for future growth.
Capital investment by the top 100 investors, another indicator of investment for future growth, increased 12.9% in 2006, representing 5.6% of sales and up from 5.2% of sales the year before. The rise for the top 1,000 firms was somewhat wider, at 5.3% of sales versus 4.8% in 2005, another encouraging sign.
Changes at the top of the U.S. R&D Leaderboard were interesting in that Pfizer rose from number 2 to number 1, even though its R&D expenditures dropped by 0.3%. Ford, number 1 in 2005, also cut its R&D, by 10%, and moved down to number 2 in 2006. General Motors and Johnson & Johnson also traded places, with GM moving down to number 4 after a 1.5% cut in R&D and J&J moving up to number 3 due to a 12.9% increase. Microsoft, at the top of the Leaderboard in 2004, stayed in fifth place with a 6.5% increase.
The next five R&D investors, dominated by four electronics firms and one healthcare firm, were nearly the same as the year before, although there were minor changes in their ranking. Cisco Systems moved into the top 10 for the first time, following a 22.4% increase in their R&D. The largest increase in R&D was by Google, with R&D growth of 110.9%.
Other notable increases were by Broadcom at 64.0%, Network Appliances at 58.6%, and Autodesk at 53.0%. Visteon's 26% decrease was the largest on the downside, followed by Eastman Kodak's 15% drop. The only two petroleum firms in the top 100, Exxon Mobil and Chevron, number 1 and number 3 in sales, increased their R&D by 2.9% and 48.1%, respectively, maintaining their R&D intensity near the usual level for their industry.
Of the top 100 R&D investors, 60 increased their R&D by 10% or more, well ahead of inflation and sales growth. Only 12 firms reduced their R&D, versus 20 last year.
Non-U.S. R&D Leaders
Although the top U.S. and non-U.S. R&D-investing firms, Pfizer and Toyota, had nearly identical R&D budgets in 2006, as did the top five firms in both lists, the top 100 U.S. firms invested some $21 billion, or 16% more in R&D than the top 100 non-U.S. firms. These firms also increased their R&D budgets far more than their non-U.S. counterparts, by 11.6% versus 6.1%, even though the sales of the top 100 non-U.S. firms were 30% higher than those of the top 100 U.S. firms, due to stronger economic growth in Europe and Asia.
This was the second consecutive year that the percentage increase of the top 100 U.S. R&D investors was nearly double or more than that of the top 100 non-U.S. firms, perhaps reflecting a greater emphasis on future growth. The R&D intensity of the top 100 U.S. R&D firms was also considerably higher than that of the top 100 non-U.S. R&D firms, at 5.4% versus 3.6%, respectively. In view of this gap in R&D investment, and the rapidly growing economies of Asian countries, larger increases in the R&D budgets of the non-U.S. firms should be seen in future years. As shown in Table 2, profits of the top 100 non-U.S. R&D firms increased by 11.9% during 2006, in contrast to only 4.4% for the top 100 U.S. R&D firms, primarily due to combined losses of some $25 billion by Ford, GM and Delphi.
Capital investment by the top 100 non-U.S. firms was also a different story. Their expenditures were nearly $148 billion more than their U.S. counterparts and at a significantly higher percentage of sales, namely 8.4% versus 5.6% for the U.S. firms. However, adding the percent increase in R&D (11.6%, 6.1%) and percent increase in capital investment (12.9%, 14.7%) for the U.S. and non-U.S. top 100 R&D firms, respectively, shows the U.S. firms at 24.5% and the non-U.S. firms at 20.8%.
Toyota and DaimlerChrysler held their positions as number 1 and number 2 in the list of non-U.S. R&D investors. GlaxoSmithKline and Siemens traded the next two places, with GSK rising to number 3. Another automaker, Volkswagen, moved into number 5, replacing Novartis. The top five non-U.S. firms had three automakers, one healthcare and one electronics firm. The top five U.S. list showed a similar pattern, with two automakers, two healthcare and one software firm.
R&D increases of 10% or more were found in only 47 of the 100 non-U.S. firms, and 25 non-U.S. firms decreased their R&D. The largest increase in R&D was by Petrobras Braziliero at 82.2%, followed by BT Group with a 59.3% increase. Largest decreases were by Imperial Chemical Industries, at 40.1%, and Koninklijke Philips Electronics, at 38.0%.
Fiscal 2006 Data
Data for fiscal year 2006 reported In Tables 1 and 2 were from Standard & Poor's Compustat database as of July 31, 2007. Firms covered in the survey were limited to those publicly held firms that reported sales of $50 million or R&D expenses of at least $5 million. R&D expense per employee was based on the reported number of employees at year-end. Profits as reported were pretax income. R&D expenses as reported excluded acquired in-process R&D expenses. For the non-U.S. firms, the percent changes in R&D expenses, sales and profits were adjusted to take into account the differences between 2005 and 2006 exchange rates used by S&P to convert local currencies to U.S. dollars.
Prepared by Charles F. Larson, president emeritus of the Industrial Research Institute, Inc. and president of innovation Research International in Washington, DC., IRI20001@aol.com, and Roger L. Whiteley, IRI survey Consultant, rogerwhiteley@ren.com
Table 1--The Top 100 U.S. R&D Investors
R&D Expense
Change Per
From Employee
2006 2005 2006
Company $MM % $M
Top 100 Companies 148359.7 11.6 25.2
1 Pfizer Inc 7423.0 -0.3 75.7
2 Ford Motor Co 7200.0 -10.0 25.4
3 Johnson & Johnson 7125.0 12.9 58.3
4 General Motors Corp 6600.0 -1.5 23.6
5 Microsoft Corp 6584.0 6.5 92.7
6 Intel Corp 5873.0 14.1 62.4
7 Intl Business Machines Corp 5682.0 5.7 16.0
8 Motorola Inc 4106.0 11.6 62.2
9 Cisco Systems Inc 4067.0 22.4 81.5
10 Merck & Co 4020.4 4.5 67.0
11 Hewlett-Packard Co 3591.0 2.9 23.0
12 Amgen Inc 3366.0 45.5 167.5
13 Boeing Co 3257.0 47.7 21.1
14 Lilly (Eli) & Co 3129.3 3.4 75.4
15 Wyeth 3109.1 13.1 62.1
16 Bristol-Myers Squibb Co 3067.0 11.7 71.3
17 General Electric Co 2969.0 8.3 9.3
18 Abbott Laboratories 2255.3 23.8 33.8
19 Oracle Corp 2195.0 17.3 29.4
20 Texas Instruments Inc 2190.0 8.7 70.7
21 Schering-Plough 2173.0 16.5 64.9
22 Delphi Corp 2100.0 -4.5 12.3
23 Procter & Gamble Co 2075.0 7.0 15.0
24 Sun Microsystems Inc 2046.0 14.6 53.8
25 Genentech Inc 1588.0 38.0 150.8
26 United Technologies Corp 1529.0 11.9 7.1
27 Qualcomm Inc 1516.0 50.0 135.4
28 3M Co 1427.0 14.9 18.9
29 Honeywell International Inc 1411.0 31.6 12.0
30 Caterpillar Inc 1347.0 24.3 14.2
31 Du Pont (E I) De Nemours 1302.0 -2.5 22.1
32 EMC Corp 1254.2 24.8 40.3
33 Medtronic Inc 1239.0 11.3 32.8
34 Google Inc 1217.8 110.9 114.1
35 Advanced Micro Devices 1205.0 5.3 73.0
36 Dow Chemical 1164.0 8.5 27.3
37 Lockheed Martin Corp 1139.0 9.3 8.1
38 Applied Materials Inc 1138.3 21.0 80.9
39 Broadcom Corp 1117.0 64.0 213.5
40 Electronic Arts Inc 1041.0 37.3 131.8
41 Boston Scientific Corp 1008.0 48.2 35.2
42 Altria Group Inc 1005.0 6.6 5.7
43 Symantec Corp 866.9 27.1 50.7
44 Yahoo Inc 833.1 46.3 73.1
45 TRW Automotive Hldgs Corp 825.0 5.8 12.9
46 Xerox Corp 761.0 0.8 14.2
47 Exxon Mobil Corp 733.0 2.9 8.9
48 Deere & Co 725.8 7.2 15.6
49 Monsanto Co 725.0 23.3 33.3
50 Biogen ldec Inc 718.4 -3.9 191.6
51 Apple Inc 712.0 33.3 35.3
52 CA Inc 712.0 2.2 49.1
53 Eastman Kodak Co 710.0 -15.3 17.4
54 Amazon.Com Inc 662.0 46.8 47.6
55 Micron Technology Inc 655.6 8.6 27.9
56 Agilent Technologies Inc 655.0 -11.2 35.0
57 Genzyme Corp 650.0 29.3 72.2
58 Baxter International Inc 614.0 15.2 12.8
59 Visteon Corp 594.0 -26.1 13.2
60 Automatic Data Processing 589.8 -5.5 12.8
61 Northrop Grumman Corp 574.0 6.7 4.7
62 Nvidia Corp 539.5 51.1 132.1
63 Analog Devices 536.7 8.0 54.8
64 Adobe Systems Inc 530.1 45.1 87.4
65 eBay Inc 494.7 50.7 37.5
66 Maxim Integrated Products 481.0 46.6 NA
67 Juniper Networks Inc 480.2 35.1 99.4
68 Allergan Inc 476.2 21.8 70.3
69 Chevron Corp 468.0 48.1 7.5
70 Forest Laboratories 465.0 13.3 90.7
71 Raytheon Co 464.0 -7.8 6.5
72 Cadence Design Systems Inc 460.1 17.7 88.5
73 Danaher Corp 439.5 16.0 9.8
74 St Jude Medical Inc 431.1 16.8 39.2
75 Whirlpool Corp 428.0 26.3 5.8
76 Avaya Inc 428.0 10.6 23.1
77 Johnson Controls Inc 420.0 1.2 3.1
78 Kraft Foods Inc 419.0 8.8 4.7
79 LSI Corp 413.4 3.4 103.1
80 Coming Inc 409.0 17.5 16.7
81 Autodesk Inc 406.3 53.0 78.6
82 Cephalon Inc 403.4 13.7 139.3
83 Intuit Inc 399.0 30.7 53.2
84 Autoliv Inc 397.6 3.1 9.5
85 KLA-Tencor Corp 393.8 15.7 66.7
86 Xilinx Inc 388.1 19.0 115.7
87 Network Appliance Inc 385.4 58.6 58.1
88 Gilead Sciences Inc 383.9 38.2 152.6
89 General Dynamics Corp 377.0 9.6 4.7
90 Synopsys Inc 370.6 16.9 72.2
91 Lexmark Intl Inc 370.5 10.1 24.9
92 National Semiconductor Corp 363.7 11.4 NA
93 Goodyear Tire & Rubber Co 359.0 -1.6 4.7
94 Tellabs Inc 356.9 3.7 96.1
95 Emerson Electric Co 356.0 17.5 2.8
96 Textron Inc 351.0 7.7 8.8
97 Spansion Inc 347.7 17.5 36.7
98 Pepsico Inc 344.0 1.2 2.0
99 L-3 Communications Hldgs Inc 329.8 31.2 5.2
100 Stryker Corp 324.6 16.0 17.3
Top 10 Companies 58680.4 4.8 39.6
Top 25 Companies 97791.0 8.7 34.6
Top 50 Companies 125039.6 11.1 29.7
Top 100 Companies 148359.7 11.6 25.2
Top 1000 Companies 194973.7 12.1 16.8
R&D Expense
% of % of
Sales Profits
2006 2006
Company % %
Top 100 Companies 5.4 42.3
1 Pfizer Inc 15.4 57.0
2 Ford Motor Co 4.5 NEG
3 Johnson & Johnson 13.4 48.8
4 General Motors Corp 3.2 NEG
5 Microsoft Corp 14.9 36.1
6 Intel Corp 16.6 83.1
7 Intl Business Machines Corp 6.2 42.7
8 Motorola Inc 9.6 89.1
9 Cisco Systems Inc 14.3 53.3
10 Merck & Co 17.8 63.4
11 Hewlett-Packard Co 3.9 49.9
12 Amgen Inc 23.6 83.7
13 Boeing Co 5.3 102.0
14 Lilly (Eli) & Co 19.9 91.6
15 Wyeth 15.3 57.3
16 Bristol-Myers Squibb Co 17.1 116.4
17 General Electric Co 1.8 11.6
18 Abbott Laboratories 10.0 98.7
19 Oracle Corp 12.2 36.2
20 Texas Instruments Inc 15.4 60.4
21 Schering-Plough 20.6 146.5
22 Delphi Corp 8.0 NEG
23 Procter & Gamble Co 3.0 16.7
24 Sun Microsystems Inc 15.7 NEG
25 Genentech Inc 17.1 46.7
26 United Technologies Corp 3.2 27.8
27 Qualcomm Inc 20.1 48.0
28 3M Co 6.2 25.4
29 Honeywell International Inc 4.5 50.4
30 Caterpillar Inc 3.2 27.3
31 Du Pont (E I) De Nemours 4.6 39.1
32 EMC Corp 11.2 90.2
33 Medtronic Inc 10.1 35.2
34 Google Inc 11.5 30.4
35 Advanced Micro Devices 21.3 NEG
36 Dow Chemical 2.4 23.4
37 Lockheed Martin Corp 2.9 31.7
38 Applied Materials Inc 12.4 52.5
39 Broadcom Corp 30.5 304.7
40 Electronic Arts Inc 33.7 754.3
41 Boston Scientific Corp 12.9 NEG
42 Altria Group Inc 1.4 6.1
43 Symantec Corp 16.7 137.2
44 Yahoo Inc 13.0 68.8
45 TRW Automotive Hldgs Corp 6.3 232.4
46 Xerox Corp 4.8 80.6
47 Exxon Mobil Corp 0.2 1.1
48 Deere & Co 3.3 33.1
49 Monsanto Co 9.9 68.7
50 Biogen ldec Inc 26.8 144.0
51 Apple Inc 3.7 25.3
52 CA Inc 18.1 462.3
53 Eastman Kodak Co 5.3 NEG
54 Amazon.Com Inc 6.2 175.6
55 Micron Technology Inc 12.4 151.3
56 Agilent Technologies Inc 13.2 42.7
57 Genzyme Corp 20.4 NEG
58 Baxter International Inc 5.9 35.2
59 Visteon Corp 5.2 NEG
60 Automatic Data Processing 6.6 33.8
61 Northrop Grumman Corp 1.9 25.2
62 Nvidia Corp 17.6 109.1
63 Analog Devices 20.9 81.0
64 Adobe Systems Inc 20.6 78.0
65 eBay Inc 8.3 32.0
66 Maxim Integrated Products 25.9 70.0
67 Juniper Networks Inc 20.8 NEG
68 Allergan Inc 15.5 NEG
69 Chevron Corp 0.2 1.5
70 Forest Laboratories 13.8 65.6
71 Raytheon Co 2.3 27.5
72 Cadence Design Systems Inc 31.0 190.2
73 Danaher Corp 4.6 30.4
74 St Jude Medical Inc 13.1 59.8
75 Whirlpool Corp 2.4 69.0
76 Avaya Inc 8.3 150.7
77 Johnson Controls Inc 1.3 36.9
78 Kraft Foods Inc 1.2 10.4
79 LSI Corp 20.9 223.1
80 Coming Inc 79.0 21.3
81 Autodesk Inc 22.1 110.9
82 Cephalon Inc 23.0 169.3
83 Intuit Inc 17.0 65.4
84 Autoliv Inc 6.4 82.6
85 KLA-Tencor Corp 19.0 104.2
86 Xilinx Inc 21.1 90.0
87 Network Appliance Inc 13.7 107.1
88 Gilead Sciences Inc 12.7 NEG
89 General Dynamics Corp 1.6 14.9
90 Synopsys Inc 33.8 847.8
91 Lexmark Intl Inc 7.3 80.7
92 National Semiconductor Corp 18.8 68.5
93 Goodyear Tire & Rubber Co 1.8 NEG
94 Tellabs Inc 17.5 125.4
95 Emerson Electric Co 1.8 13.3
96 Textron Inc 3.1 36.0
97 Spansion Inc 13.5 NEG
98 Pepsico Inc 1.0 4.9
99 L-3 Communications Hldgs Inc 2.6 39.5
100 Stryker Corp 6.0 29.4
Top 10 Companies 8.0 90.2
Top 25 Companies 7.5 70.0
Top 50 Companies 5.9 45.8
Top 100 Companies 5.4 42.3
Top 1000 Companies 4.2 37.1
Sales
Change Per
From Employee
2006 2005 2006
Company $MM % $M.
Top 100 Companies 2754245.4 6.3 467.8
1 Pfizer Inc 48201.0 -6.0 491.8
2 Ford Motor Co 160123.0 -9.5 565.8
3 Johnson & Johnson 53194.0 5.5 435.3
4 General Motors Corp 207349.0 9.0 740.5
5 Microsoft Corp 44282.0 11.3 623.7
6 Intel Corp 35382.0 -8.9 376.0
7 Intl Business Machines Corp 91424.0 0.3 257.0
8 Motorola Inc 42879.0 16.4 649.7
9 Cisco Systems Inc 28484.0 14.9 570.5
10 Merck & Co 22636.0 2.8 377.3
11 Hewlett-Packard Co 91658.0 5.7 587.6
12 Amgen Inc 14268.0 14.8 709.9
13 Boeing Co 61530.0 12.2 399.5
14 Lilly (Eli) & Co 15691.0 7.1 378.1
15 Wyeth 20350.7 8.5 406.5
16 Bristol-Myers Squibb Co 17914.0 -6.7 416.6
17 General Electric Co 160854.0 8.3 504.2
18 Abbott Laboratories 22476.3 0.8 337.2
19 Oracle Corp 17996.0 25.1 241.0
20 Texas Instruments Inc 14195.0 6.0 458.1
21 Schering-Plough 10547.0 10.9 314.8
22 Delphi Corp 26392.0 -2.1 154.0
23 Procter & Gamble Co 68222.0 20.2 494.4
24 Sun Microsystems Inc 13068.0 18.0 343.9
25 Genentech Inc 9284.0 40.0 881.4
26 United Technologies Corp 47715.0 12.0 222.4
27 Qualcomm Inc 7526.0 32.7 672.0
28 3M Co 22923.0 8.3 304.3
29 Honeywell International Inc 31367.0 13.4 265.8
30 Caterpillar Inc 41517.0 14.2 438.9
31 Du Pont (E I) De Nemours 28356.0 3.1 480.6
32 EMC Corp 11155.1 15.4 358.7
33 Medtronic Inc 12299.0 8.9 325.4
34 Google Inc 10604.9 72.8 993.5
35 Advanced Micro Devices 5649.0 -3.4 342.4
36 Dow Chemical 49124.0 6.1 1153.7
37 Lockheed Martin Corp 39620.0 6.5 283.0
38 Applied Materials Inc 9167.0 31.1 651.4
39 Broadcom Corp 3667.8 37.3 700.9
40 Electronic Arts Inc 3091.0 4.7 391.3
41 Boston Scientific Corp 7821.0 24.5 273.5
42 Altria Group Inc 70324.0 2.0 401.9
43 Symantec Corp 5199.4 25.5 304.1
44 Yahoo Inc 6425.7 22.2 563.7
45 TRW Automotive Hldgs Corp 13144.0 4.0 206.0
46 Xerox Corp 15884.5 1.2 295.8
47 Exxon Mobil Corp 335086.0 2.1 4081.4
48 Deere & Co 21754.8 0.8 467.4
49 Monsanto Co 7344.0 16.7 336.9
50 Biogen ldec Inc 2683.0 10.8 715.5
51 Apple Inc 19315.0 386.0 956.9
52 CA Inc 3943.0 3.9 271.9
53 Eastman Kodak Co 13274.0 -7.0 324.5
54 Amazon.Com Inc 10711.0 26.2 770.6
55 Micron Technology Inc 5272.5 8.0 224.4
56 Agilent Technologies Inc 4973.0 -3.2 265.9
57 Genzyme Corp 3187.0 16.5 354.1
58 Baxter International Inc 10378.0 5.4 216.2
59 Visteon Corp 11418.0 -32.7 253.7
60 Automatic Data Processing 8881.5 4.5 193.1
61 Northrop Grumman Corp 30148.0 -1.9 246.7
62 Nvidia Corp 3068.8 29.2 751.6
63 Analog Devices 2573.2 7.7 262.6
64 Adobe Systems Inc 2575.3 31.0 424.4
65 eBay Inc 5969.7 31.1 452.3
66 Maxim Integrated Products 1858.9 11.2 NA
67 Juniper Networks Inc 2303.6 11.6 476.6
68 Allergan Inc 3063.3 321.0 452.3
69 Chevron Corp 204892.0 10.8 3278.3
70 Forest Laboratories 3360.3 15.4 655.5
71 Raytheon Co 20291.0 -7.3 284.4
72 Cadence Design Systems Inc 1483.9 11.6 285.4
73 Danaher Corp 9596.4 20.2 213.3
74 St Jude Medical Inc 3302.4 13.3 300.2
75 Whirlpool Corp 18080.0 26.3 246.3
76 Avaya Inc 5148.0 5.0 277.9
77 Johnson Controls Inc 32235.0 17.3 237.0
78 Kraft Foods Inc 343560.0 0.7 381.7
79 LSI Corp 1982.1 3.3 494.3
80 Coming Inc 5174.0 13.0 211.2
81 Autodesk Inc 1839.8 20.8 355.9
82 Cephalon Inc 1750.8 44.5 604.8
83 Intuit Inc 2342.3 14.9 312.3
84 Autoliv Inc 6188.0 -0.3 148.0
85 KLA-Tencor Corp 2070.6 -0.7 351.0
86 Xilinx Inc 1842.7 6.7 549.6
87 Network Appliance Inc 2804.3 35.7 422.6
88 Gilead Sciences Inc 3026.1 49.2 1203.2
89 General Dynamics Corp 24063.0 13.3 297.1
90 Synopsys Inc 1095.6 10.4 213.6
91 Lexmark Intl Inc 5108.1 -2.2 342.8
92 National Semiconductor Corp 1929.9 -10.6 NA
93 Goodyear Tire & Rubber Co 20258.0 2.7 263.1
94 Tellabs Inc 2041.2 8.4 549.7
95 Emerson Electric Co 20133.0 16.3 157.5
96 Textron Inc 11490.0 14.4 287.3
97 Spansion Inc 25793.0 28.8 272.5
98 Pepsico Inc 35137.0 7.9 209.1
99 L-3 Communications Hldgs Inc 12476.9 32.1 195.9
100 Stryker Corp 5405.6 11.0 287.4
Top 10 Companies 733954.0 1.6 495.9
Top 25 Companies 1298400.0 4.8 459.2
Top 50 Companies 2107848.2 5.4 500.7
Top 100 Companies 2754245.4 6.3 467.8
Top 1000 Companies 4611621.5 7.5 397.3
Profits
Change % of
From Sales
2006 2005 2006
Company $MM % %
Top 100 Companies 350431.7 4.4 12.7
1 Pfizer Inc 13028.0 13.0 27.0
2 Ford Motor Co -15051.0 -1494.9 -9.4
3 Johnson & Johnson 14587.0 6.8 27.4
4 General Motors Corp -4763.0 NM -2.3
5 Microsoft Corp 18262.0 9.8 41.2
6 Intel Corp 7068.0 -43.9 20.0
7 Intl Business Machines Corp 13317.0 8.9 14.6
8 Motorola Inc 4610.0 -29.3 10.8
9 Cisco Systems Inc 7633.0 -5.0 26.8
10 Merck & Co 6341.9 -15.3 28.0
11 Hewlett-Packard Co 7191.0 103.0 7.8
12 Amgen Inc 4020.0 -17.4 28.2
13 Boeing Co 3194.0 13.3 5.2
14 Lilly (Eli) & Co 3418.0 25.8 21.8
15 Wyeth 5429.9 13.6 26.7
16 Bristol-Myers Squibb Co 2635.0 -41.7 14.7
17 General Electric Co 25528.0 7.7 15.9
18 Abbott Laboratories 2284.4 -50.7 10.2
19 Oracle Corp 6057.0 24.9 33.7
20 Texas Instruments Inc 3625.0 21.3 25.5
21 Schering-Plough 1483.0 198.4 14.1
22 Delphi Corp -5294.0 NM -20.1
23 Procter & Gamble Co 12413.0 18.9 18.2
24 Sun Microsystems Inc -675.0 NM -5.2
25 Genentech Inc 3403.0 69.1 36.7
26 United Technologies Corp 5492.0 17.3 11.5
27 Qualcomm Inc 3156.0 12.4 41.9
28 3M Co 5625.0 12.9 24.5
29 Honeywell International Inc 2798.0 19.9 8.9
30 Caterpillar Inc 4942.0 24.4 11.9
31 Du Pont (E I) De Nemours 3329.0 -6.4 11.7
32 EMC Corp 1390.0 -15.9 12.5
33 Medtronic Inc 3515.0 11.2 28.6
34 Google Inc 4011.0 87.3 37.8
35 Advanced Micro Devices -115.0 -441.3 -2.0
36 Dow Chemical 4972.0 -22.3 10.1
37 Lockheed Martin Corp 3592.0 37.3 9.1
38 Applied Materials Inc 2167.0 37.0 23.6
39 Broadcom Corp 366.6 5.7 10.0
40 Electronic Arts Inc 138.0 -64.5 4.5
41 Boston Scientific Corp -3535.0 -496.7 -45.2
42 Altria Group Inc 16373.0 6.1 23.3
43 Symantec Corp 631.6 74.1 12.1
44 Yahoo Inc 1210.1 -54.7 18.8
45 TRW Automotive Hldgs Corp 355.0 6.0 2.7
46 Xerox Corp 944.0 0.1 5.9
47 Exxon Mobil Corp 68453.0 13.7 20.4
48 Deere & Co 2194.8 1.5 10.1
49 Monsanto Co 1055.0 278.1 14.4
50 Biogen ldec Inc 498.9 94.7 18.6
51 Apple Inc 2818.0 55.3 14.6
52 CA Inc 154.0 27.3 3.9
53 Eastman Kodak Co -339.0 NM -2.6
54 Amazon.Com Inc 377.0 -11.9 3.5
55 Micron Technology Inc 433.2 118.1 8.2
56 Agilent Technologies Inc 1533.0 401.0 308.0
57 Genzyme Corp -63.1 -110.2 -2.0
58 Baxter International Inc 1746.0 20.9 16.8
59 Visteon Corp -111.0 NM -1.0
60 Automatic Data Processing 1743.0 3.9 19.6
61 Northrop Grumman Corp 2276.0 11.4 7.5
62 Nvidia Corp 494.5 38.6 16.1
63 Analog Devices 662.4 12.7 25.7
64 Adobe Systems Inc 679.7 -11.2 26.4
65 eBay Inc 1547.1 -0.1 25.9
66 Maxim Integrated Products 687.5 -15.1 37.0
67 Juniper Networks Inc -897.0 -278.6 -38.9
68 Allergan Inc -19.5 -103.3 -0.6
69 Chevron Corp 32046.0 26.7 15.6
70 Forest Laboratories 708.8 -18.5 21.1
71 Raytheon Co 1688.0 17.2 8.3
72 Cadence Design Systems Inc 241.9 88.3 16.3
73 Danaher Corp 1446.2 17.2 15.1
74 St Jude Medical Inc 720.6 16.0 21.8
75 Whirlpool Corp 620.0 3.7 3.4
76 Avaya Inc 284.0 15.0 5.5
77 Johnson Controls Inc 1138.0 13.4 3.5
78 Kraft Foods Inc 4016.0 -2.4 11.7
79 LSI Corp 185.3 785.7 9.3
80 Coming Inc 1921.0 64.2 37.1
81 Autodesk Inc 366.5 -4.3 19.9
82 Cephalon Inc 238.3 NM 13.6
83 Intuit Inc 610.2 9.7 26.1
84 Autoliv Inc 481.4 -0.1 7.8
85 KLA-Tencor Corp 377.9 -39.1 18.2
86 Xilinx Inc 431.1 -5.6 23.4
87 Network Appliance Inc 359.7 2.7 12.8
88 Gilead Sciences Inc -644.5 -155.7 -21.3
89 General Dynamics Corp 2527.0 20.3 10.5
90 Synopsys Inc 43.7 NM 4.0
91 Lexmark Intl Inc 459.3 -17.0 9.0
92 National Semiconductor Corp 530.6 -23.7 27.5
93 Goodyear Tire & Rubber Co -113.0 -119.3 -0.6
94 Tellabs Inc 284.7 33.6 13.9
95 Emerson Electric Co 2684.0 24.9 13.3
96 Textron Inc 975.0 31.9 8.5
97 Spansion Inc -150.0 NM -5.8
98 Pepsico Inc 6989.0 9.5 19.9
99 L-3 Communications Hldgs Inc 835.0 4.6 6.7
100 Stryker Corp 1103.8 10.0 20.4
Top 10 Companies 65032.9 -11.4 8.9
Top 25 Companies 139745.2 -2.4 10.8
Top 50 Companies 273304.3 2.2 13.0
Top 100 Companies 350431.7 4.4 12.7
Top 1000 Companies 525697.5 14.5 11.4
Capital Expense
% of
Sales
2006 2006
Company SMM
Top 100 Companies 153626.4 5.6
1 Pfizer Inc 2050.0 4.3
2 Ford Motor Co 6848.0 4.3
3 Johnson & Johnson 2666.0 5.0
4 General Motors Corp 25003.0 12.1
5 Microsoft Corp 1578.0 3.6
6 Intel Corp 5779.0 16.3
7 Intl Business Machines Corp 4362.0 4.8
8 Motorola Inc 649.0 1.5
9 Cisco Systems Inc 772.0 2.7
10 Merck & Co 980.2 4.3
11 Hewlett-Packard Co 2536.0 2.8
12 Amgen Inc 1218.0 8.5
13 Boeing Co 1681.0 2.7
14 Lilly (Eli) & Co 1077.8 6.9
15 Wyeth 1289.8 6.3
16 Bristol-Myers Squibb Co 785.0 4.4
17 General Electric Co 16650.0 10.4
18 Abbott Laboratories 1337.8 6.0
19 Oracle Corp 319.0 1.8
20 Texas Instruments Inc 1272.0 9.0
21 Schering-Plough 458.0 4.3
22 Delphi Corp 721.0 2.7
23 Procter & Gamble Co 2667.0 3.9
24 Sun Microsystems Inc 315.0 2.4
25 Genentech Inc 1214.0 13.1
26 United Technologies Corp 954.0 2.0
27 Qualcomm Inc 685.0 9.1
28 3M Co 1168.0 5.1
29 Honeywell International Inc 733.0 2.3
30 Caterpillar Inc 2675.0 6.4
31 Du Pont (E I) De Nemours 1532.0 5.4
32 EMC Corp 718.1 6.4
33 Medtronic Inc 573.0 4.7
34 Google Inc 1902.8 17.9
35 Advanced Micro Devices 1857.0 32.9
36 Dow Chemical 1775.0 3.6
37 Lockheed Martin Corp 893.0 2.3
38 Applied Materials Inc 179.5 2.0
39 Broadcom Corp 92.5 2.5
40 Electronic Arts Inc 178.0 5.8
41 Boston Scientific Corp 341.0 4.4
42 Altria Group Inc 2454.0 3.5
43 Symantec Corp 419.7 8.1
44 Yahoo Inc 689.1 10.7
45 TRW Automotive Hldgs Corp 529.0 4.0
46 Xerox Corp 215.0 1.4
47 Exxon Mobil Corp 15462.0 4.6
48 Deere & Co 1183.4 5.4
49 Monsanto Co 370.0 5.0
50 Biogen ldec Inc 198.3 7.4
51 Apple Inc 6570.0 3.4
52 CA Inc 150.0 3.8
53 Eastman Kodak Co 379.0 2.9
54 Amazon.Com Inc 216.0 2.0
55 Micron Technology Inc 13650.0 259.0
56 Agilent Technologies Inc 185.0 3.7
57 Genzyme Corp 333.7 10.5
58 Baxter International Inc 526.0 5.1
59 Visteon Corp 373.0 3.3
60 Automatic Data Processing 292.3 3.3
61 Northrop Grumman Corp 737.0 2.4
62 Nvidia Corp 145.3 4.7
63 Analog Devices 129.3 5.0
64 Adobe Systems Inc 83.3 3.2
65 eBay Inc 515.4 8.6
66 Maxim Integrated Products 1959.0 10.5
67 Juniper Networks Inc 102.1 4.4
68 Allergan Inc 131.4 4.3
69 Chevron Corp 13813.0 6.7
70 Forest Laboratories 30.0 0.9
71 Raytheon Co 295.0 1.5
72 Cadence Design Systems Inc 67.6 4.6
73 Danaher Corp 137.7 1.4
74 St Jude Medical Inc 267.9 8.1
75 Whirlpool Corp 576.0 3.2
76 Avaya Inc 117.0 2.3
77 Johnson Controls Inc 711.0 2.2
78 Kraft Foods Inc 1169.0 3.4
79 LSI Corp 58.7 3.0
80 Coming Inc 1182.0 22.8
81 Autodesk Inc 35.3 1.9
82 Cephalon Inc 159.9 9.1
83 Intuit Inc 82.1 3.5
84 Autoliv Inc 328.3 5.3
85 KLA-Tencor Corp 73.8 3.6
86 Xilinx Inc 110.8 60.0
87 Network Appliance Inc 165.8 5.9
88 Gilead Sciences Inc 105.2 3.5
89 General Dynamics Corp 334.0 1.4
90 Synopsys Inc 48.5 4.4
91 Lexmark Intl Inc 200.2 3.9
92 National Semiconductor Corp 106.6 5.5
93 Goodyear Tire & Rubber Co 671.0 3.3
94 Tellabs Inc 67.2 3.3
95 Emerson Electric Co 601.0 3.0
96 Textron Inc 431.0 3.8
97 Spansion Inc 716.6 27.8
98 Pepsico Inc 2068.0 5.9
99 L-3 Communications Hldgs Inc 156.0 1.3
100 Stryker Corp 217.5 4.0
Top 10 Companies 50687.2 6.9
Top 25 Companies 84228.6 6.5
Top 50 Companies 122006.1 5.8
Top 100 Companies 153626.4 5.6
Top 1000 Companies 243124.5 5.3
$M = thousand USD $MM = million USD NA = not available NG = negative
NM = not meaningful Data: Standard and Poor's Compustat
Table 2--The Top 100 Non-U.S. R&D Investors
R&D Expense
Change Per
From Employee
2006 2005 2006
Company $MM % $M
Top 100 Companies 127519.6 6.1 18.0
1 Toyota Motor Corp 7547.7 9.1 25.2
2 DaimlerChrysler AG 7035.3 -5.6 19.2
3 GlaxoSmithKline plc 6770.9 10.2 6.5
4 Siemens AG 63739.0 11.4 13.4
5 Volkswagen AG 6054.8 12.4 18.6
6 Sanofi-Aventis 58463.0 9.5 58.3
7 Novartis AG 5349.0 10.4 53.1
8 Roche Holdings Ltd 5259.2 15.5 70.7
9 Nokia Corp 5142.9 19.0 75.1
10 Matsushita Electric 4944.4 0.6 15.0
11 Honda Motor Ltd 4720.0 9.0 28.2
12 Ericsson (L M) Tel 4085.5 142.0 64.1
13 AstraZeneca plc 3902.0 15.5 58.4
14 Bayer AG 30314.0 21.8 28.6
15 Canon Inc 2590.8 6.7 21.9
16 Nippon Telegrph & Tele 2306.0 -12.5 NA
17 Koninklijke Philips Electronics 2087.8 38.0 17.2
18 Nortel Networks Corp 1939.0 4.5 57.4
19 Alcatel-Lucent 1935.0 1.6 21.7
20 Fiat SpA 1848.9 27.0 10.7
21 SAP AG 1761.6 22.6 44.8
22 BASF AG 1684.7 1.3 17.7
23 Infineon Technologies AG 1669.6 2.0 40.1
24 STMicroclectronics NV 1667.0 2.3 32.2
25 Fuji Film Holdings Corp 1505.6 2.9 NA
26 Nestle SA 1421.9 15.7 NA
27 BT Group plc 1362.2 59.3 12.8
28 Schering AG 1288.5 -0.6 54.9
29 Volvo AB 1222.4 10.6 NA
30 Unilever Combined 1195.6 -4.9 6.7
31 Novo-Nordisk A/S 1118.1 24.2 47.4
32 Akzo Nobel NV 1111.4 1.0 18.0
33 Tyco International Ltd 914.0 9.3 3.8
34 Royal Dutch Shell plc 885.0 50.5 8.2
35 NTT DoCoMo Inc 841.1 -10.6 NA
36 Valeo SA 830.1 -4.8 11.9
37 Seagate Technology 805.0 24.8 13.4
38 Syngenta AG 796.0 -3.2 40.8
39 ABB Led 772.0 13.7 7.1
40 Total SA 750.9 -15.8 7.9
41 Petrobras Brasileiro 727.0 82.2 11.7
42 Schlumberger Ltd 592.7 17.3 8.5
43 Qimonda AG 549.0 -7.7 46.5
44 PetroChina Co Ltd 545.9 33.4 1.2
45 Merck Serono SA 539.9 -9.0 113.1
46 Kyocera Corp 522.6 6.5 8.2
47 Alton Inc 512.1 21.4 37.9
48 ASML Holding NV 510.2 19.4 91.2
49 Teva Pharm Inds 495.0 34.2 18.6
50 Taiwan Semiconductor 493.3 14.7 22.2
51 Companhia Vale Do Rio 488.2 55.0 9.3
52 Dassault Systemes SA 395.7 19.9 57.9
53 BP plc 395.0 5.6 4.1
54 Shire plc 386.9 15.1 134.9
55 China Petroleum & Chem 371.9 29.4 1.0
56 Thomson 368.2 -2.8 12.4
57 CNH Global NV 367.0 24.0 14.5
58 Accenmre Ltd 298.4 22.6 2.1
59 Oce NV 298.3 15.0 12.5
60 Eni SpA 289.0 33.5 3.9
61 United Microelectronics 289.0 12.7 21.8
62 Deutsche Telekom AG 263.9 0.0 1.1
63 Advantest Corp 250.0 9.4 68.7
64 Research In Motion Ltd 236.2 49.8 37.8
65 SK Telecom Ltd 227.7 -17.1 NA
66 Ciba Spclty Chemicals 221.5 -10.3 15.7
67 Alcan Inc 220.0 -3.1 3.4
68 Electrolux AB 203.8 -17.9 3.4
69 Statoil ASA 196.2 14.9 7.7
70 Business Objects SA 195.0 20.0 36.1
71 Amdocs Ltd 186.8 29.3 11.5
72 Ingersoll-Rand Co Ltd 175.5 8.1 4.1
73 Imperial Chem Inds plc 172.4 -40.1 6.7
74 Groupc Danone 166.3 2.4 1.9
75 Reuters Group plc 162.6 -9.8 10.0
76 Chartered Semiconductor 152.8 25.1 32.6
77 Cadbury Schweppes plc 150.8 14.9 2.3
78 Weatherford Intl Ltd 149.4 39.2 4.5
79 ARM Holdings Ltd 147.9 25.7 89.1
80 NDS Group plc 145.5 -12.6 48.7
81 Metso Corp 143.8 13.5 5.6
82 Rhodia 135.9 -16.9 8.0
83 Cognos Inc 135.7 18.2 38.7
84 Smith & Nephew plc 120.0 4.2 13.6
85 Norsk Hydro ASA 116.6 1.4 3.5
86 ASM International NV 116.3 -12.5 107.0
87 Garmin Ltd 113.3 51.3 23.9
88 Logitech Intl SA 107.3 21.9 14.4
89 Stora Enso Corp 104.8 -10.6 2.4
90 ECI Telecom Ltd 99.5 14.0 32.8
91 Verigy Ltd 99.0 -2.0 66.0
92 Biovail Corp 95.5 8.0 59.6
93 Semiconductor Mfg Intl Corp 94.0 12.2 NA
94 Elbit Systems Ltd 92.2 -0.2 NA
95 EPCOS AG 90.3 1.3 5.0
96 Tomkins plc 89.5 -2.1 2.6
97 Chunghwa Telecom Co 87.0 -9.8 3.1
98 Altana AG 85.0 -86.1 63.0
99 Cooper Industries Ltd 83.5 16.8 2.7
100 Creative Technology Ltd 77.2 -6.2 11.7
Top 10 Companies 60324.4 7.1 26.9
Top 25 Companies 97059.2 5.4 28.5
Top 511 Companies 117861.3 6.4 22.6
Top 100 Companies 127519.6 6.1 18.0
Top 200 Companies 130278.9 5.8 16.7
R&D Expense
% of % of
Sales Profits
2006 2006
Company % %
Top 100 Companies 3.6 27.4
1 Toyota Motor Corp 37.0 37.0
2 DaimlerChrysler AG 35.0 133.5
3 GlaxoSmithKline plc 14.7 44.3
4 Siemens AG 5.8 114.9
5 Volkswagen AG 43.0 255.9
6 Sanofi-Aventis 15.0 85.2
7 Novartis AG 14.8 64.4
8 Roche Holdings Ltd 15.7 52.3
9 Nokia Corp 9.4 68.1
10 Matsushita Electric 6.3 131.6
11 Honda Motor Ltd 5.0 69.6
12 Ericsson (L M) Tel 15.2 77.6
13 AstraZeneca plc 14.5 45.7
14 Bayer AG 7.7 116.0
15 Canon Inc 7.4 42.9
16 Nippon Telegrph & Tele 2.5 23.7
17 Koninklijke Philips Electronics 5.9 149.2
18 Nortel Networks Corp 17.0 1405.1
19 Alcatel-Lucent 11.9 NEG
20 Fiat SpA 2.7 85.4
21 SAP AG 14.1 49.9
22 BASF AG 2.4 19.6
23 Infineon Technologies AG 16.6 NEG
24 STMicroclectronics NV 16.9 218.2
25 Fuji Film Holdings Corp 6.4 166.0
26 Nestle SA 1.8 13.3
27 BT Group plc 3.4 27.9
28 Schering AG 18.1 38.2
29 Volvo AB 3.2 41.2
30 Unilever Combined 2.3 18.8
31 Novo-Nordisk A/S 16.2 68.9
32 Akzo Nobel NV 6.4 61.5
33 Tyco International Ltd 2.2 18.7
34 Royal Dutch Shell plc 0.3 20.0
35 NTT DoCoMo Inc 2.1 12.7
36 Valeo SA 6.6 322.4
37 Seagate Technology 87.0 87.1
38 Syngenta AG 9.9 99.7
39 ABB Led 3.2 31.7
40 Total SA 0.4 2.2
41 Pctrobras Brasileiro 10.0 38.0
42 Schlumberger Ltd 3.1 12.0
43 Qimonda AG 11.3 223.2
44 PetroChina Co Ltd 0.6 2.1
45 Merck Serono SA 19.2 70.4
46 Kyocera Corp 4.8 39.0
47 Alton Inc 10.5 11.7
48 ASML Holding NV 10.7 44.4
49 Teva Pharm Inds 5.9 70.4
50 Taiwan Semiconductor 5.1 12.1
51 Companhia Vale Do Rio 2.3 5.8
52 Dassault Systemes SA 25.9 119.7
53 BP plc 0.1 1.1
54 Shire plc 21.5 120.0
55 China Petroleum & Chem 3.0 3.7
56 Thomson 4.8 144.6
57 CNH Global NV 2.8 77.6
58 Accenmre Ltd 1.6 15.5
59 Oce NV 7.2 396.6
60 Eni SpA 0.3 1.1
61 United Microelectronics 84.0 25.7
62 Deutsche Telekom AG 0.3 7.7
63 Advantest Corp 12.6 48.3
64 Research In Motion Ltd 7.8 27.5
65 SK Telecom Ltd 2.0 10.5
66 Ciba Spclty Chemicals 4.3 89.7
67 Alcan Inc 0.9 9.0
68 Electrolux AB 1.3 36.4
69 Statoil ASA 3.0 1.0
70 Business Objects SA 15.6 148.2
71 Amdocs Ltd 7.5 50.0
72 Ingersoll-Rand Co Ltd 1.5 13.3
73 Imperial Chem Inds plc 1.8 24.8
74 Groupc Danone 0.9 7.1
75 Reuters Group plc 3.2 26.5
76 Chartered Semiconductor 10.8 168.5
77 Cadbury Schweppes plc 1.0 10.4
78 Weatherford Intl Ltd 2.3 12.2
79 ARM Holdings Ltd 28.7 132.3
80 NDS Group plc 24.2 99.6
81 Metso Corp 2.2 25.9
82 Rhodia 2.0 190.7
83 Cognos Inc 13.9 94.9
84 Smith & Nephew plc 4.3 21.8
85 Norsk Hydro ASA 0.4 1.3
86 ASM International NV 10.0 71.3
87 Garmin Ltd 6.4 19.1
88 Logitech Intl SA 5.2 42.0
89 Stora Enso Corp 0.5 12.6
90 ECI Telecom Ltd 15.2 382.2
91 Verigy Ltd 12.7 471.4
92 Biovail Corp 8.9 43.0
93 Semiconductor Mfg Intl Corp 6.4 NEG
94 Elbit Systems Ltd 6.1 106.1
95 EPCOS AG 5.4 188.4
96 Tomkins plc 1.5 18.7
97 Chunghwa Telecom Co 1.5 4.9
98 Altana AG 5.2 72.6
99 Cooper Industries Ltd 1.6 12.9
100 Creative Technology Ltd 6.8 NEG
Top 10 Companies 6.4 70.7
Top 25 Companies 6.4 68.7
Top 511 Companies 4.5 36.0
Top 100 Companies 3.6 27.4
Top 200 Companies 3.3 24.6
Sales
Change Per
From Employee
2006 2005 2006
Company $MM % $M.
Top 100 Companies 3585685.8 9.3 505.1
1 Toyota Motor Corp 204830.0 14.4 684.1
2 DaimlerChrysler AG 200087.6 1.2 547.1
3 GlaxoSmithKline plc 460898.0 6.8 452.7
4 Siemens AG 110789.2 15.7 233.2
5 Volkswagen AG 140303.9 10.2 431.9
6 Sanofi-Aventis 389166.0 34.0 388.0
7 Novartis AG 36031.0 11.9 357.7
8 Roche Holdings Ltd 33556.2 13.9 451.2
9 Nokia Corp 54592.0 20.4 797.2
10 Matsushita Electric 77903.0 7.0 237.0
11 Honda Motor Ltd 94829.3 12.8 567.1
12 Ericsson (L M) Tel 26919.8 23.1 422.1
13 AstraZeneca plc 26999.0 11.8 404.2
14 Bayer AG 39141.0 6.4 369.3
15 Canon Inc 34930.7 9.8 294.8
16 Nippon Telegrph & Tele 92035.9 0.3 NA
17 Koninklijke Philips Electronics 35600.2 -11.2 292.4
18 Nortel Networks Corp 11418.0 8.5 338.2
19 Alcatel-Lucent 16209.0 -6.5 181.4
20 Fiat SpA 68402.7 11.4 397.7
21 SAP AG 12483.3 10.9 317.2
22 BASF AG 69840.2 23.0 733.3
23 Infineon Technologies AG 10059.5 17.3 241.5
24 STMicroclectronics NV 9854.0 10.9 190.3
25 Fuji Film Holdings Corp 23669.0 4.2 NA
26 Nestle SA 80736.4 8.1 NA
27 BT Group plc 40273.5 15.9 379.2
28 Schering AG 7116.8 4.6 303.5
29 Volvo AB 37873.5 7.6 NA
30 Unilever Combined 52315.5 -0.1 292.3
31 Novo-Nordisk A/S 6907.9 14.5 292.5
32 Akzo Nobel NV 17251.4 0.6 278.8
33 Tyco International Ltd 409600.0 3.1 172.0
34 Royal Dutch Shell plc 318845.0 3.9 2952.3
35 NTT DoCoMo Inc 40953.0 1.0 NA
36 Valeo SA 12520.7 -5.4 179.4
37 Seagate Technology 9206.0 21.9 153.4
38 Syngenta AG 8046.0 -0.7 412.6
39 ABB Led 244120.0 8.8 225.6
40 Total SA 175109.7 8.2 1841.9
41 Pctrobras Brasileiro 723470.0 28.4 1161.9
42 Schlumberger Ltd 19230.5 34.4 274.7
43 Qimonda AG 4840.0 12.0 410.1
44 PetroChina Co Ltd 88284.1 24.8 197.8
45 Merck Serono SA 2804.9 85.0 587.4
46 Kyocera Corp 10981.3 8.7 173.0
47 Alton Inc 4896.6 12.1 362.7
48 ASML Holding NV 4747.1 42.2 848.6
49 Teva Pharm Inds 8408.0 60.1 315.3
50 Taiwan Semiconductor 9739.4 19.1 437.8
51 Companhia Vale Do Rio 21222.0 33.2 4113.1
52 Dassault Systemes SA 1527.9 23.9 223.4
53 BP plc 265906.0 6.6 2741.3
54 Shire plc 1796.5 12.3 626.4
55 China Petroleum & Chem 137287.1 30.2 352.5
56 Thomson 7725.5 2.9 260.8
57 CNH Global NV 12998.0 3.4 5138.0
58 Accenmre Ltd 18228.4 6.6 130.2
59 Oce NV 4124.6 16.2 173.4
60 Eni SpA 113713.3 16.9 1545.6
61 United Microelectronics 3436.8 23.4 259.1
62 Deutsche Telekom AG 82618.5 2.3 332.1
63 Advantest Corp 1990.8 -7.6 547.4
64 Research In Motion Ltd 3037.1 47.0 485.9
65 SK Telecom Ltd 11452.6 -1.9 NA
66 Ciba Spclty Chemicals 5211.8 -14.4 368.8
67 Alcan Inc 23641.0 16.3 365.4
68 Electrolux AB 15195.3 -19.8 255.4
69 Statoil ASA 67838.4 8.5 2667.1
70 Business Objects SA 1253.8 16.4 232.1
71 Amdocs Ltd 2480.1 21.7 152.8
72 Ingersoll-Rand Co Ltd 11409.3 8.2 265.3
73 Imperial Chem Inds plc 9565.8 -16.5 370.1
74 Groupc Danone 18572.1 8.1 210.8
75 Reuters Group plc 51182.6 6.7 311.8
76 Chartered Semiconductor 1414.5 37.0 302.2
77 Cadbury Schweppes plc 14540.5 14.1 218.1
78 Weatherford Intl Ltd 65789.0 51.8 199.4
79 ARM Holdings Ltd 515.6 13.3 310.8
80 NDS Group plc 600.l 7.9 200.8
81 Metso Corp 6539.1 17.0 254.7
82 Rhodia 6942.9 -5.1 406.6
83 Cognos Inc 979.3 11.6 279.2
84 Smith & Nephew plc 2779.1 14.9 314.7
85 Norsk Hydro ASA 31507.3 12.6 954.8
86 ASM International NV 1158.0 20.8 106.6
87 Garmin Ltd 1774.0 72.6 373.4
88 Logitech Intl SA 2066.6 15.0 278.1
89 Stora Enso Corp 19741.1 12.7 449.8
90 ECI Telecom Ltd 656.3 4.2 216.5
91 Verigy Ltd 778.0 70.6 518.7
92 Biovail Corp 1070.5 14.4 667.8
93 Semiconductor Mfg Intl Corp 1465.3 25.1 NA
94 Elbit Systems Ltd 1523.2 42.4 NA
95 EPCOS AG 1661.3 5.8 926.0
96 Tomkins plc 6119.8 -1.8 179.9
97 Chunghwa Telecom Co 5718.0 0.9 200.5
98 Altana AG 1625.4 -63.3 121.3
99 Cooper Industries Ltd 5184.6 9.6 169.6
100 Creative Technology Ltd 1127.5 -7.9 170.8
Top 10 Companies 943099.4 9.0 421.1
Top 25 Companies 1515491.1 8.8 444.9
Top 511 Companies 2614297.3 8.9 500.2
Top 100 Companies 3585685.8 9.3 505.1
Top 200 Companies 3988769.8 9.5 510.8
Profits
Change % of
From Sales
2006 2005 2006
Company $MM % %
Top 100 Companies 465771.3 11.9 13.0
1 Toyota Motor Corp 20377.9 63.0 9.9
2 DaimlerChrysler AG 5269.6 16.1 2.6
3 GlaxoSmithKline plc 15275.1 15.8 33.1
4 Siemens AG 5545.5 4.4 5.0
5 Volkswagen AG 2366.2 4.1 1.7
6 Sanofi-Aventis 6861.1 69.3 17.6
7 Novartis AG 8301.0 14.3 23.0
8 Roche Holdings Ltd 10046.7 40.4 29.9
9 Nokia Corp 7552.6 15.1 13.8
10 Matsushita Electric 3756.0 34.7 4.8
11 Honda Motor Ltd 6781.5 -12.5 7.2
12 Ericsson (L M) Tel 5266.6 80.0 19.6
13 AstraZeneca plc 8543.0 28.1 31.6
14 Bayer AG 2613.0 -10.0 6.7
15 Canon Inc 6043.2 16.5 17.3
16 Nippon Telegrph & Tele 9733.4 -11.5 10.6
17 Koninklijke Philips Electronics 1398.9 -70.3 3.9
18 Nortel Networks Corp 138.0 NM 1.2
19 Alcatel-Lucent -439.0 -130.9 -2.7
20 Fiat SpA 2165.6 27.5 3.2
21 SAP AG 3529.9 15.5 28.3
22 BASF AG 8613.3 10.1 12.3
23 Infineon Technologies AG -106.6 NM -1.1
24 STMicroclectronics NV 764.0 177.8 7.8
25 Fuji Film Holdings Corp 907.0 25.6 3.8
26 Nestle SA 10715.9 17.5 13.3
27 BT Group plc 4889.8 36.2 12.1
28 Schering AG 3376.9 163.8 47.5
29 Volvo AB 2970.2 12.7 7.8
30 Unilever Combined 6375.5 1.7 12.2
31 Novo-Nordisk A/S 16226.0 11.3 23.5
32 Akzo Nobel NV 1808.4 2.7 10.5
33 Tyco International Ltd 4884.0 16.5 11.9
34 Royal Dutch Shell plc 44628.0 0.1 14.0
35 NTT DoCoMo Inc 66110.0 -18.4 16.1
36 Valeo SA 257.4 -5.8 2.1
37 Seagate Technology 924.0 26.2 10.0
38 Syngenta AG 798.0 4.2 9.9
39 ABB Led 2433.0 62.6 10.0
40 Total SA 34127.4 5.7 19.5
41 Pctrobras Brasileiro 19161.0 31.3 26 5
42 Schlumberger Ltd 4948.2 66.5 25.7
43 Qimonda AG 246.0 57.6 5.1
44 PetroChina Co Ltd 25521.6 2.8 28.9
45 Merck Serono SA 766.6 NM 27.3
46 Kyocera Corp 1338.9 29.1 12.2
47 Alton Inc 1616.9 34.4 33.0
48 ASML Holding NV 1147.9 99.9 24.2
49 Teva Pharm Inds 703.0 -46.3 8.4
50 Taiwan Semiconductor 4092.1 41.5 42.0
51 Companhia Vale Do Rio 8401.3 29.5 39.6
52 Dassault Systemes SA 330.7 -6.1 21.6
53 BP plc 35142.0 10.1 13.2
54 Shire plc 322.5 NM 18.0
55 China Petroleum & Chem 10113.0 24.8 7.4
56 Thomson 254.7 -21.5 3.3
57 CNH Global NV 473.0 55.1 3.6
58 Accenmre Ltd 1923.7 12.8 10.6
59 Oce NV 75.2 -38.9 1.8
60 Eni SpA 26910.0 17.4 23.7
61 United Microelectronics 1122.7 420.7 32.7
62 Deutsche Telekom AG 3436.5 -58.1 4.2
63 Advantest Corp 517.4 -9.6 26.0
64 Research In Motion Ltd 858.9 76.7 28.3
65 SK Telecom Ltd 2173.8 -22.1 19.0
66 Ciba Spclty Chemicals 247.0 NM 4.7
67 Alcan Inc 24580.0 498.1 10.4
68 Electrolux AB 559.7 19.0 3.7
69 Statoil ASA 19492.4 33.0 28.7
70 Business Objects SA 131.6 -10.2 10.5
71 Amdocs Ltd 3739.0 3.6 15.1
72 Ingersoll-Rand Co Ltd 1314.9 3.5 11.5
73 Imperial Chem Inds plc 695.3 -29.0 7.3
74 Groupc Danone 2330.6 7.7 12.5
75 Reuters Group plc 613.0 31.5 12.1
76 Chartered Semiconductor 90.7 NM 6.4
77 Cadbury Schweppes plc 1445.4 -12.5 9.9
78 Weatherford Intl Ltd 1224.2 95.5 18.6
79 ARM Holdings Ltd 111.7 7.2 21.7
80 NDS Group plc 146.2 44.2 24.4
81 Metso Corp 555.6 44.2 8.5
82 Rhodia 71.3 NM 1.0
83 Cognos Inc 142.9 -7.5 14.6
84 Smith & Nephew plc 550.0 33.3 19.8
85 Norsk Hydro ASA 8834.7 19.2 28.fl
86 ASM International NV 163.2 1061.4 14.1
87 Garmin Ltd 594.6 59.6 33.5
88 Logitech Intl SA 255.6 21.8 124.0
89 Stora Enso Corp 833.8 NM 4.2
90 ECI Telecom Ltd 26.0 -40.1 4.0
91 Verigy Ltd 21.0 NM 27.0
92 Biovail Corp 222.3 -17.5 20.8
93 Semiconductor Mfg Intl Corp -70.4 NM -4.8
94 Elbit Systems Ltd 87.0 77.9 5.7
95 EPCOS AG 47.9 NM 2.9
96 Tomkins plc 479.5 -5.0 7.8
97 Chunghwa Telecom Co 1760.0 24.6 30.8
98 Altana AG 117.1 -87.0 7.2
99 Cooper Industries Ltd 647.7 30.8 12.5
100 Creative Technology Ltd -126.1 -8541.4 11.2
Top 10 Companies 85351.7 18.l 9.1
Top 25 Companies 141303.5 9.7 93.0
Top 511 Companies 327267.8 10.2 12.5
Top 100 Companies 465771.3 11.9 13.0
Top 200 Companies 530284.5 12.1 13.3
Capital Expense
% of
Sales
2006 2006
Company $MM %
Top 100 Companies 301424.3 8.4
1 Toyota Motor Corp 20625.5 10.1
2 DaimlerChrysler AG 40595.3 20.3
3 GlaxoSmithKline plc 2675.4 5.8
4 Siemens AG 5036.7 4.5
5 Volkswagen AG 8256.0 5.9
6 Sanofi-Aventis 1918.8 4.9
7 Novartis AG 1802.0 5.0
8 Roche Holdings Ltd 2842.3 8.5
9 Nokia Corp 857.8 1.6
10 Matsushita Electric 3518.0 4.5
11 Honda Motor Ltd 4937.8 5.2
12 Ericsson (L M) Tel 560.0 2 1
13 AstraZeneca plc 794.0 2.9
14 Bayer AG 2475.8 6.3
15 Canon Inc 3570.3 10.2
16 Nippon Telegrph & Tele 13056.0 14.2
17 Koninklijke Philips Electronics 927.7 2.6
18 Nortel Networks Corp 316.0 2.8
19 Alcatel-Lucent 903.0 5.6
20 Fiat SpA 5000.3 7.3
21 SAP AG 484.0 3.9
22 BASF AG 3181.7 4.6
23 Infineon Technologies AG 1589.7 15.8
24 STMicroclectronics NV 1533.0 15.6
25 Fuji Film Holdings Corp 1467.9 6.2
26 Nestle SA 3444.0 4.3
27 BT Group plc 6492.1 16.1
28 Schering AG NA NA
29 Volvo AB 2136.3 5.6
30 Unilever Combined 1336.0 2.6
31 Novo-Nordisk A/S 513.1 7.4
32 Akzo Nobel NV 664.3 3.9
33 Tyco International Ltd 1569.0 3.8
34 Royal Dutch Shell plc 22922.0 7.2
35 NTT DoCoMo Inc 8114.5 19.8
36 Valeo SA 620.4 5.0
37 Seagate Technology 1008.0 10.9
38 Syngenta AG 217.0 2.7
39 ABB Led 5360.0 2.2
40 Total SA 131178.2 7.5
41 Pctrobras Brasileiro 14643.0 20.2
42 Schlumberger Ltd 2616.7 13.7
43 Qimonda AG 8700.0 18.0
44 PetroChina Co Ltd 16710.3 18.9
45 Merck Serono SA 153.9 5.5
46 Kyocera Corp 0.0 0.0
47 Alton Inc 222 3 4.5
48 ASML Holding NV 93.2 2.0
49 Teva Pharm Inds 390.0 4.6
50 Taiwan Semiconductor 2416.0 24.8
51 Companhia Vale Do Rio 4733.4 22.3
52 Dassault Systemes SA 34.1 2.2
53 BP plc 15125.0 5.7
54 Shire plc 100.3 5.6
55 China Petroleum & Chem 10119.2 7.4
56 Thomson 219.1 2.8
57 CNH Global NV 391.0 3.0
58 Accenmre Ltd 306.2 1.7
59 Oce NV 109.7 2.7
60 Eni SpA 81110.3 7.1
61 United Microelectronics 1019.9 29.7
62 Deutsche Telekom AG 9472.8 11.5
63 Advantest Corp 63.6 3.2
64 Research In Motion Ltd 25.4 8.4
65 SK Telecom Ltd 1577.3 13.8
66 Ciba Spclty Chemicals 193.6 3 7
67 Alcan Inc 2081.0 8.8
68 Electrolux AB 461.2 3.0
69 Statoil ASA 6717.7 9.9
70 Business Objects SA 42.9 3.4
71 Amdocs Ltd 80.7 3.3
72 Ingersoll-Rand Co Ltd 212.3 1.9
73 Imperial Chem Inds plc 293.8 3.1
74 Groupc Danone 913.2 4.9
75 Reuters Group plc 238.9 4.7
76 Chartered Semiconductor 554.3 30.2
77 Cadbury Schweppes plc 752.1 5.2
78 Weatherford Intl Ltd 1071.1 16.3
79 ARM Holdings Ltd 16.8 3.3
80 NDS Group plc 30.0 5.1
81 Metso Corp 170.2 2.6
82 Rhodia 347.1 5.0
83 Cognos Inc 18.7 1.9
84 Smith & Nephew plc 231.0 8.3
85 Norsk Hydro ASA 2983.2 9.5
86 ASM International NV 52.0 4.5
87 Garmin Ltd 92.9 5.2
88 Logitech Intl SA 47.2 2.3
89 Stora Enso Corp 769.9 3.9
90 ECI Telecom Ltd 30.8 4.7
91 Verigy Ltd 36.0 4.6
92 Biovail Corp 44.8 4.2
93 Semiconductor Mfg Intl Corp NA NA
94 Elbit Systems Ltd 64.8 4.3
95 EPCOS AG 146.7 8.8
96 Tomkins plc 207.0 3.4
97 Chunghwa Telecom Co 849.0 14.8
98 Altana AG 236.0 14.5
99 Cooper Industries Ltd 85.3 1.6
100 Creative Technology Ltd 13.3 1.2
Top 10 Companies 88128.0 9.3
Top 25 Companies 128925.2 8.5
Top 511 Companies 229712.6 8.8
Top 100 Companies 301424.3 8.4
Top 200 Companies 344561.5 8.6
$M = thousand USD $MM = million USD NA = not available NG = negative
NM = not meaningful Data: Standard and Poor's Compustat
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