One of my favourite shares on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) would have to be CSL Limited (ASX: CSL). The $47 billion biotech behemoth is without doubt one of Australia’s most outstanding companies and one which I’m sure many smaller companies in the biotech industry aspire to be like.

Whilst CSL is likely to be a once-in-a-generation company, that’s not going to stop investors from looking to unearth the next biotech giant. Here are three which I believe could have fantastic futures:

Bionomics Ltd (ASX: BNO)

The shares of this Adelaide-based biopharmaceutical company have not had the best time in the last 12 months. But there are signs of a change coming judging by management’s reasonably positive outlook for the year ahead. In its full year results management stated its belief that the company is in a strong position to progress its development programs. The key focus will be its relationship with US$173 billion pharmaceutical giant Merck & Co to bring new treatments to patients suffering from chronic pain and memory impairment including those with ADHD, Alzheimer’s Disease, Parkinson’s disease and Schizophrenia. This is definitely one to watch in my opinion.

Monash IVF Group Ltd (ASX: MVF)

This growing fertility treatment company recently reported an impressive 34.6% jump in full year net profit after tax to $28.8 million. This was thanks largely to sustained strong demand for its services which saw a 12.4% increase in its IVF treatments in Australia. Management is very optimistic on the year ahead, believing that demand for its services will continue to increase. With its shares changing hands at 18x full year earnings and providing investors with a fully franked 3.9% dividend, I believe Monash IVF could prove to be a great investment.

Mayne Pharma Group Ltd (ASX: MYX)

If I were asked to pick the next big Australian pharmaceutical company I would almost certainly choose Mayne Pharma. The company just delivered a stunning full year result culminating in a 379% jump in net profit to $37.4 million. The most impressive part of this result was that it didn’t include the potentially lucrative portfolio of drugs the company acquired from industry giants Teva Pharmaceuticals and Allergan. This acquisition closed in August and is expected to be significantly accretive to earnings. This could mean bumper earnings growth ahead once again for this growing company.

But before you make an investment in any of these biotechs I would highly recommend taking a look to see if you own either of these three wealth destroying shares. Each could be harming your portfolio and might be best swapped out if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.