Estimate-busting sales amid Bayer’s mixed bag
Germany’s Bayer (BAYN: DE) has reported group revenue of 11.1 billion euros ($12.2 billion) in the second quarter of 2024, ahead of the 10.9 billion euros average of analysts’ estimates and up by 1% on the same period a year ago.
The Pharmaceuticals division was a stellar performer, with its sales rising 1% to 4.61 billion euros thanks to growing demand for its new drugs, Nubeqa (darolutamide) for prostate cancer, and the kidney medicine Kerendia (finerenone). The firm’s older eye medicine Eylea (aflibercept) topped estimates with higher sales.
Bayer raised its 2024 sales outlook for the pharma unit. The company now predicts revenue to stay flat or even grow slightly, up from the previous guidance that anticipated declining sales.
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