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Bayer: 1Q24 Results

HEALTHCARE

Bayer (BAYNGR: Baa2 neg/BBB/BBB): 1Q24 Results


Bayer reported Revenue of EUR 13.7bn vs 14bn expected. AdjEBITDA came in +5% ahead of expectations at EUR 4.41bn.

  • Eylea and Xarelto sales outperformed with combined sales of EUR 1.7bn but note that these two drugs will lose patent protection soon.
  • Consumer Health revenue was -9.4% below expectations at EUR 1.43bn
  • Nubeqa sales 283m met estimates.
  • Provisions were unchanged at EUR 11bn total. (Round-Up is about 59% of that)
  • Cost controls seem to be working which drove the profit beat.


Net Debt EUR 37.49bn was as expected and up 3.9% on 1Q23 and up EUR 3bn on 4Q23 which the company attributed to seasonal factors.

Bayer still has work to do. They are reliant on sales of almost off-patent medications and failing to reduce debt. Litigation is also building against PCBs which adds to their woes.

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