Company: CSL ($CSL)
Based: Victoria, Australia
R&D budget: $334M (€242M)
Change from 2009: +1.6%
Net revenue spent on R&D: 7.1%

After boosting R&D spending nearly 40% from 2008 to 2009, CSL made a more modest increase to its investment in new product development last year. But the company has been nurturing its pipeline to support its vaccines, blood therapy products and protein therapeutics businesses for years to come.

Last year, the firm announced a major project to establish a late-stage biotech product development operation at its manufacturing site in Victoria, Australia. With the project, CSL hopes to advance new protein-based treatments for illnesses such as cancer, bleeding disorders and infectious diseases.

Yet CSL's R&D organization has a global feel. In May, the company touted some of its latest clinical contenders for treating hemophilia A and B, noting that researchers from key R&D sites in the U.S., Germany and Australia contributed to the programs.