Biotech tool companies whose technologies are used in early-stage drug discovery are in for a long, cold winter.

R&D spending among some big biopharmas will grow at a slower clip as they struggle to rein in spending, according to a report by investment bank Stephens. And in what may portend a bleaker future for genomic-tool companies, what little cash is allotted for new drug-discovery technology will likely go to later-stage tools.