Based: United States
R&D budget: $172 million (€126M)
Change from 08: -17.3%
Income spent on R&D: 23.8%

Much of Amylin's ($AMLN) R&D cash has been devoted to Bydureon, its once-weekly exenatide treatment and one of the most frustrating development programs in the industry. Intended as a long-acting blockbuster successor to Byetta (exenatide injection), Amylin had teamed with Alkermes and Eli Lilly on the program. But they're not done spending money on the therapy.

In October, the trio was handed a fresh setback when the FDA demanded a new safety study to evaluate the cardiovascular risks associated with the diabetes therapy, another sign that regulators have raised a very high bar on safety for new drugs in the field. Amylin doesn't have all of its eggs in one basket, but the developer does have four separate programs devoted to exenatide, including two early-stage products that include a nasal approach as well as a transdermal patch.

Instead of moving on to new products, though, Amylin still has a considerable distance to travel before Bydureon finds a place in the market.