Boehringer replaces Bayer as Germany's largest drugmaker on Jardiance gains
Reuters
Published Apr 16, 2024 09:31
By Patricia Weiss and Ludwig Burger
INGELHEIM, Germany (Reuters) - Boehringer Ingelheim on Tuesday overtook Bayer (ETR:BAYGN) as Germany's largest drugmaker when the unlisted company reported a currency-adjusted gain in 2023 pharmaceutical sales of 10.3% to 20.8 billion euros ($22.11 billion).
Diversified rival Bayer reported in March that 2023 sales at its pharmaceuticals division slipped 6% to 18.1 billion euros, as gains from prostate cancer drug Nubeqa and kidney drug Kerendia were offset by declines in China.
Growth at Boehringer's pharma unit, driven by diabetes drug Jardiance and lung drug Ofev, pushed 2023 group sales, also including its animal health business, up 9.7% at constant currencies to 25.6 billion euros.
Boehringer's Jardiance group of products, managed in a partnership with Eli Lilly (NYSE:LLY), made 7.4 billion euros in annual sales, a currency-adjusted surge of 31%. Jardiance, used to treat diabetes, heart failure and chronic kidney disease, competes with AstraZeneca (NASDAQ:AZN)'s Farxiga.
Sales of pulmonary fibrosis drug Ofev rose a currency-adjusted 12.8% to 3.5 billion euros, Boehringer said.
Boehringer is in a collaboration with Denmark's Zealand Pharma to develop a weight loss drug that the partners hope can be launched in 2027 or 2028, to compete with Lilly's recently launched obesity drug Mounjaro.
For 2024, Boehringer said it expects a slight increase in group revenues, adjusted for currency swings and one-off effects.
($1 = 0.9409 euros)
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Written By: Reuters
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