Q2 pharmaceuticals sales and earnings boost Bayer in a difficult environment
In spite of positive sales in its pharmaceuticals and consumer health divisions, the economic downturn had a negative impact on Bayer's second quarter results. Group sales fell by 6% to Euro 8bn (Q2 2008: €8.5bn), while EBITDA dropped by 7% to €1.8bn (Q2 2008: €1.9bn).
In spite of positive sales in its pharmaceuticals and consumer health divisions, the economic downturn had a negative impact on Bayer's second quarter results. Group sales fell by 6% to Euro 8bn (Q2 2008: â"šÂ¬8.5bn), while EBITDA dropped by 7% to â"šÂ¬1.8bn (Q2 2008: â"šÂ¬1.9bn).
The HealthCare division reported strong gains in sales and earnings. Second-quarter sales rose by 8% to â"šÂ¬4bn (Q2 2008: â"šÂ¬3.7bn).
Bayer chairman Werner Wenning praised a "robust performance" in a difficult environment.
"The clear increase in sales and earnings at HealthCare was particularly pleasing," he said.
Sales in the Pharmaceuticals segment rose by 9% to â"šÂ¬2.6bn. The strongest gains were reported by the General Medicine business unit, followed by Specialty Medicine, Diagnostic Imaging and Women's Healthcare.
The cancer drug Nexavar was the fastest-growing brand with a currency-adjusted increase of 29.5%. Also successful were the multiple sclerosis drug Betaferon/Betaseron (+13%), the YAZ family of oral contraceptives (+4%) and Aspirin Cardio (+15%). The antibiotic Cipro/Ciprobay (+11%) benefited from a contract signed with the US government in 2008.
"The second quarter as a whole fully met our expectations," added Wenning. "We are adhering to our ambitious earnings targets for the full year."
Research and development expenses are planned to rise to approximately â"šÂ¬2.9bn. Bayer also intends further to reduce net financial debt towards â"šÂ¬10bn in 2009.
