Bayer sees full-year results at lower end of guidance
11 May 2023
Executive ChangeFinancial StatementBiosimilar
Headline results for the first quarter:
Prescription drug sales: €4.4 billion ($4.8 billion), down 4.7%
Overall revenue: €14.4 billion ($15.7 billion; forecasts of €14.6 billion), down 1.7%
Profit: €2.2 billion ($2.4 billion), down 33.8%
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
"Sales were on a par with the exceptionally strong prior-year quarter," remarked CEO Werner Baumann. Bayer noted that new products in its pharmaceuticals division performed "very well' in the quarter, while sales in China were "heavily impacted" by tender procedures and COVID-19 pandemic-related effects.
Baumann will be replaced by Bill Anderson starting June 1. Anderson joins the company from Roche, where he led the pharmaceuticals unit since 2019, before stepping down from his role at the end of 2022.
Other results:
Xarelto: €943 million, down 13.2%
Eylea: €789 million, up 1.9%
Kogenate/Kovaltry/Jivi: €192 million, down 7.7%
Nubeqa: €178 million, up 134.2%
Adalat: €177 million, down 25.9%
YAZ/Yasmin/Yasminelle: €152 million, down 23.2%
Adempas: €152 million, down 0.7%
Stivarga: €133 million, down 7.6%
Betaferon/Betaseron: €57 million, down 31.3%
Kerendia: €52 million, up 372.7%
Consumer health sales: €1.6 billion, up 4%
Looking ahead:
Bayer continues to expect overall revenue this year of between €51 billion and €52 billion. Meanwhile, the company forecasts core earnings per share of €7.20 to €7.40, with earnings of between €12.5 billion and €13 billion on a currency-adjusted basis, down from €13.5 billion last year.
Baumann said that while "we continue to expect performance to improve in our other businesses in the second half of the year," the crop science unit will be affected by "significantly reduced market price expectations for glyphosate-based products." As such, the executive noted "we expect target attainment to come in at the lower end of our guidance."
($1 = €0.914856)
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