Bayer earnings miss expectations, lifts outlook for top drugs

Bayer's (BAYRY) adjusted Q4 EBITDA fell 3.1% to €1.77B and missed expectations of €1.91B, dragged down by currency fluctuations and increased R&D expenses.

Net profit climbed 24% to €455M, under forecasts of €626M.

Sales increased 0.3% to €9.89B vs consensus of €9.97B, with revenue boosted by sales of new therapies and strong volumes at Bayer's CropScience segment.

For 2014, Bayer is targeting sales of €41-42B and expects adjusted EBITDA to increase by a low- to mid-single-digit percentage; however, Bayer also expects forex pressures of around €450M.

Bayer's most important treatments - Xarelto (blood thinner), Adempas (lung), Stivarga and Xofigo (cancer), and Eylea (eye) - generated sales of €1.52B in 2013.

Bayer increased its combined peak annual sales forecast for the drugs to at least €7.5B from a prior outlook of €5.5B.

Bayer believes that Xarelto and Eylea will reach peak revenues in 5-6 years. Bayer holds the license to sell Eylea, which is developed by Regeneron, outside the U.S. Shares are +0.6% in Frankfurt. (PR)

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