Second-quarter sales of Bayer's prescription drugs up 5.5 percent; annual guidance lifted

Bayer said Wednesday that second-quarter sales of prescription drugs rose 5.5 percent year-over-year to 4.1 billion euros ($4.5 billion), boosted by the performance of the company's recently launched products including Xarelto and Eylea. Bayer's overall revenue declined 1.4 percent to 11.8 billion euros ($13 billion), while net income climbed 18.6 percent to 1.4 billion euros ($1.5 billion), meeting analyst estimates.

CEO Werner Baumann remarked "our Life Science businesses recorded encouraging sales and earnings growth overall," adding that the performance of prescription medicines "was driven by the continued strong development of our recently launched products."

Bayer noted that combined sales of the recently launched products Xarelto, Eylea, Xofigo, Stivarga and Adempas increased by 28.8 percent on a currency adjusted basis to 1.3 billion euros ($1.4 billion). For individual drugs, revenue from Xarelto surged 30.1 percent, which the company indicated was "due mainly to volume increases in Europe and Japan," while the product also "developed positively" in the US, where it is marketed by Johnson & Johnson. Meanwhile, sales of Eylea, which was developed with Regeneron Pharmaceuticals, jumped 40.9 percent, with growth coming in all regions, particularly in Europe, Canada and Japan.

Baumann continued "we remain confident about the year as a whole and are raising [our] forecast." For the full year, Bayer indicated that it expects sales of prescription drugs to be above 16 billion euros ($17.6 billion), representing high-single-digit growth, lifted from a previous forecast of approximately 16 billion euros. In addition, revenue from recently launched products is predicted to be toward 5.5 billion euros ($6 billion), up from an earlier estimate of more than 5 billion euros ($5.5 billion).

To read more Top Story articles, click here.