Bayer sees prescription drug sales stagnating
08 Aug 2023
Financial StatementBiosimilarVolume-Based ProcurementPatent Expiration
Headline results for the second quarter:
Prescription drug sales: €4.6 billion, flat versus the prior year
Overall revenue: €11 billion, down 8.2%
Loss: €1.9 billion, versus loss of €298 million
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
Bayer noted that in its prescription drugs unit, new products "achieved significant gains" during the second quarter, with sales of Nubeqa nearly doubling and revenue from Kerendia increasing more than threefold. Meanwhile, sales declined in China, partly due to tender procedures for Adalat, with the country also impacted by a decrease in demand for Aspirin Cardio. In addition, revenue from Xarelto was down as a result of competitive pressure from generic as well as lower prices, particularly in Asia/Pacific and Latin America.
According to the company, its loss in the quarter widened after recording special charges of nearly €2.5 billion, primarily related to unscheduled impairment testing in the crop science division.
Other results:
Xarelto: €1 billion, down 6.6%
Eylea: €814 million, up 0.9%
Kogenate/Kovaltry/Jivi: €192 million, down 9.4%
Nubeqa: €201 million, up 91.4%
Adalat: €144 million, down 32.1%
YAZ/Yasmin/Yasminelle: €180 million, down 15.1%
Adempas: €164 million, up 1.2%
Stivarga: €145 million, down 6.5%
Betaferon/Betaseron: €60 million, down 20%
Kerendia: €67 million, up 235%
Consumer health sales: €1.5 billion, up 5.4%
Looking ahead:
Bayer reaffirmed its recently downgraded annual guidance, with revenue for the year of between €48.5 billion and €49.5 billion ($54.8 billion), including flat sales in its pharmaceutical unit, having previously guided for 1% growth. Meanwhile, adjusted core earnings are seen between €6.20 ($6.80) and €6.40 ($7.08) per share on a currency-adjusted basis, with profit in the range of €11.3 billion to €11.8 billion.
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