Bayer Group’s pharmaceutical sales rose 2.6% in Q1 thanks to the strong performance of Eylea, Nubeqa and its radiology business.
Sales of Eylea, an ophthalmology drug, increased 13.9% while sales of Nubeqa, which treats prostate cancer, jumped 61.5%. Additionally, Bayer’s radiology business experienced significant growth led by Ultravist, which saw sales rise 26.4%, according to the company’s earnings report released Tuesday morning.
Bayer highlighted the launch of Kerendia, a treatment for patients with chronic kidney disease and type 2 diabetes, as another successful component of its portfolio.
Despite the productive pharmaceutical metrics, the division’s EBITDA before special items slipped 7.3% due to “increased investments in future growth,” specifically referencing the marketing and distribution of new drugs like Kerendia, Nubeqa and Verquvo.
While Bayer also saw declines in sales for Xarelto, down 5%, and Nexavar, down 34.7%, the company was able to offset those with higher volumes of other pharmaceutical products. Mirena, one of the company’s long-term contraceptives, experienced sales declines of 12.7% due to lower demand in the U.S.
Still, Bayer’s consumer health products grew 17.2% during Q1, benefiting from allergy and cold sales increasing 38.7% along with the nutritional category rising 15.4%.
“We achieved outstanding sales and earnings growth, with particularly substantial gains for our agriculture business,” said Bayer CEO Werner Baumann in a statement. “Our forecast going forward this year remains confident despite the great uncertainties, including the stability of supply chains and energy supplies, and we confirm the currency-adjusted outlook for the full year published in March.”
Baumann recently survived a non-binding shareholder vote after some investors protested the company’s compensation package for top executives.
Bayer confirmed its full-year outlook despite uncertainty due to global crises – namely “the stability of supply chains and energy supplies.”