Bayer AG (OTCMKTS: BAYZF), a multinational pharmaceutical and life sciences company headquartered in Germany, has reported its financial results for the second quarter of 2024. The company posted a 3.1% year-on-year (YOY) increase in constant currency terms, reaching EUR 11.1 billion (USD 12.12 billion) in global group sales for the three-month period. Crop Sciences sales experienced a slight dip of 1%, while Pharmaceuticals saw an uptick of 4% and Consumer Healthcare grew by 2%.
Delving into the Pharmaceuticals segment, Bayer’s global sales amounted to EUR 4.605 billion, marking a 4.5% YOY increase. The quarter was marked by a decline in sales for the anti-coagulant Xarelto (rivaroxaban), primarily due to the impact of generic competition in Europe and Canada.
On the growth front, Bayer’s Pharmaceuticals business was bolstered by the prostate cancer drug Nubeqa (darolutamide) and the type 2 diabetes and kidney disease therapy, Kerendia (finerenone), which is emerging as a contender to AstraZeneca’s Farxiga (dapagliflozin) in the market. The company highlighted strong volume growth for both Nubeqa and Kerendia in the China market during the quarter.
Additionally, Bayer’s established ophthalmic drug Eylea (aflibercept) continues to show growth, aided by the introduction of the 8mg dosage form, which was first approved in the U.S. in August 2023. This new dosage allows for fewer administrations while maintaining the same therapeutic effect. Bayer has also filed for approval of this dosage in China for the treatment of neovascular age-related macular degeneration (nAMD), which is currently its most significant approval filing under review.- Flcube.com
