European pharma group's filings reveal that they have been doing really well in the first quarter of 2010. Sanofi did 10% better than in Q1 2009, Glaxon 20%, Astra 30%, and Novartis 50% while Merck tripled its net profit. However these figures do not reflect underlying realities that constitute concerns for the industry:

- First the figures are exceptional in that they include the effect of the threat of the swine flu outbreak last year (especially beneficial for Novartis and GSK).

- Second, the industry's biggest concern is that the patents on today's most profitable drugs are about to lapse in the coming years/months. With most companies' research [...]

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