Bayer AG Posts Modest Q3 Growth with Strong Performance from New Pharmaceuticals

November 13, 2024

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Germany-based Bayer AG (ETR: BAYN) has released its Q3 2024 financial results, reporting a 0.6% year-on-year (YOY) growth in constant currency terms to EUR 9.968 billion (USD 10.59 billion) in global group sales. This growth was driven by strong performances in the Pharmaceuticals and Consumer Healthcare segments, offsetting a decline in Crop Sciences sales.

Segment Performance
Crop Sciences sales experienced a 3.6% decline to EUR 3.986 billion (USD 4.24 billion), while Pharmaceuticals sales increased by 2.3% to EUR 4.51 billion (USD 4.79 billion). Consumer Healthcare sales rose by 5.7% to EUR 1.413 billion (USD 1.50 billion), reflecting robust consumer demand.

New Drug Sales Growth
Newly launched drugs showed significant sales growth. Prostate cancer drug Nubeqa (darolutamide) sales surged by 83.2% to EUR 417 million (USD 433 million), with gains across all regions. Kerendia (finerenone), a therapeutic drug for type 2 diabetes and kidney disease, saw a remarkable 96.4% increase in sales to EUR 126 million (USD 133.9 million), primarily due to increased sales in the United States and business expansion in the Chinese market.

Challenges and Highlights
Generic competition led to a continued decline in sales for Xarelto (rivaroxaban), with the anti-coagulant generating EUR 802 million (USD 852 million) in sales, a 23.0% YOY decrease. However, the well-established ophthalmic drug Eylea (aflibercept) outperformed Xarelto as Bayer’s best-seller during the third quarter with global sales of EUR 848 million (USD 901 million), an 8.6% increase. The approval of the 8mg pre-filled injection form of Eylea in the European Union (EU) in September is expected to further boost uptake.

Pharmaceutical Sales by Region
Bayer’s pharmaceutical sales by region for Q3 2024 are as follows: