Pharma unit helps boost profits at Bayer
pharmafile | July 27, 2016 | News story | Research and Development, Sales and Marketing |ย ย Bayer, Q2, resultsย
The pharmaceutical division at Bayer was the driving force, as the company announced a 5.7% increase in second quarter profit and core earnings per share from continuing operations advanced by 4%.
The company, which is in the process of trying to acquire agri rival Monsanto, saw sales of prescription medicines rise 5.5% to โฌ4.1 billion, with recently launched products playing a significant role. Between them, oral anticoagulant Xarelto, eye medicine Eylea and cancer drugs Xofigo, Stivarga and Adempas generated combined sales of โฌ1.3 billion. Sales of Xarelto, alone, rose 30%.
Earnings before interest, taxes, depreciation and amoritisation in the pharmaceutical unit rose 13.3% to โฌ1.35 billion in Q2.
The company continues to plan sales of approximately โฌ35 billion for the year, excluding subsidiary Covestro, with โฌ16 billion coming from the pharma division. In consumer health and crop science, Bayer has revised its estimates down.
Its agri science business could be set for a massive boost as the company continues its pursuit of main rival Monsanto. The last bid of $64 billion was rejected earlier this month. At the time, the company indicated its commitment to continuing its pursuit of Monsanto.
Bayer CEO Werner Baumann says: โOur life science businesses recorded encouraging sales and earnings growth overall. We remain confident about the year as a whole and are raising the group forecast.โ
At the time of writing, Bayerโs stock had risen 1.5%.
Sean Murray
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