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Bayer shares rise after it ups sales targets for top-selling drugs

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German drug maker Bayer said its two best-selling drugs had a higher annual peak sales potential than previously targeted, after the agreed $66 billion (£50.60 billion) takeover of Monsanto stirred criticism it might neglect its pharmaceuticals business.

Bayer now expects annual peak sales of more than 5 billion euros (£4.29 billion) for stroke prevention pill Xarelto, jointly sold with Johnson & Johnson, where it had previously seen about 3.5 billion.

For the eye medicine Eylea, jointly developed with Regeneron, it now sees peak sales potential of more than 2.5 billion euros (£2.14 billion), up from at least 1.5 billion previously.

Also underpinned by cancer drug Xofigo and pulmonary hypertension treatment Adempas, the group’s prescription drugs unit aims to increase earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special items, to 32-34% of sales in 2018, up from 30.1% last year.

Paul

The author Paul