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Bayer aims to reach € 45 billion in sales by 2024

 

Biopharmaceutical German company Bayer plans to restore sales growth in 2021 and further accelerate them in the coming years, according to the press-service of the company.

 The group's net sales are expected to reach € 43-45 billion by 2024. The Crop Science division is projected to grow 3-5% annually from 2022 to 2024 (taking into account currency fluctuations, acquisitions and disposals of assets), outstripping development market.


“We have made great progress in digital farming and have recently received regulatory approvals for corn, soybeans and cotton products. Both contribute to more robust growth, ”explained Bayer CEO Werner Baumann speaking at a virtual meeting for Capital Markets Day on March 16


New product registrations will help improve soybean growing technology in America. Crop Science's portfolio of projects includes cutting edge innovations such as short-stemmed corn, five different herbicide-resistant soybeans, and a new product under development that could be the first non-selective post-emergence herbicide in 30 years in the industry.


In addition, the Pharmaceuticals division is expected to see strong annual sales growth of 3-5% (currency adjusted, asset acquisitions and disposals) through 2023. Bayer predicts a 1% to 6% decline in divisional sales in 2024 due to the expiration of patents for the popular, proven drugs Xarelto and Eylea, after which the Pharmaceuticals Division will return to solid growth in 2025.


In addition to further strengthening the US business and expanding its leading position in China, the Pharmaceuticals Division is focused on enhancing its innovation capacity and continuing its research and development.


“We are preparing to bring our promising assets, which are in the final stages of development, to the market,” said Baumann. - These include, but are not limited to, the anticancer drug Nubeqa, the cardiovascular drugs vericiguat (registered in the US under the trade name Verquvo) and fineronone, as well as elinzanetant, which is used for the non-hormonal treatment of frequent symptoms of menopause.


Bayer has also made significant progress in strengthening its innovative capacity. Last year alone, the company entered into more than 25 cooperation, licensing and asset purchase agreements in its Pharmaceuticals division. One such example was the acquisition of Asklepios BioPharmaceutical (AskBio), a leading gene therapy company.


“We have begun clinical trials using a new therapeutic approach to treating Parkinson's disease, and we hope they can initiate a significant breakthrough in the fight against this severe neurological disorder. This is an important step forward for the entire stem cell line, ”said Baumann.


In addition, the Consumer Health division is projected to grow 3-5% year-on-year (currency adjusted, asset acquisitions and divestments) with a further increase in the division's market share.


“Right now, the primary goal of the Consumer Health division is to consolidate the significant growth in sales and profitability that has been seen over the past 18 months. Currently, we are focused on maintaining sustainable profit growth, development outstripping the market level, ”explained Baumann. Growth should be fueled by innovation and brand strengthening, further business digitalization and, if possible, new acquisitions, he said.

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