BAYRY - Bayer mulls $1B R&D investment in US pharma business in FY23 - report
2023-03-09 06:56:19 ET
- Bayer ( OTCPK:BAYRY ) ( OTCPK:BAYZF ) intends to spend $1B on medicine research and development (R&D) in the U.S. in 2023, aimed at doubling revenue in the country by 2030, Reuters reported citing Sebastian Guth, president, Bayer's pharmaceuticals business in the Americas.
- The German conglomerate has also increased its U.S. employee headcount working on marketing for its pharmaceutical business by about 50% over the last three years, and intends to increase that by an additional 75% by the end of the decade.
- Guth noted that Bayer intends to sell in the U.S. the medicines developed by the company, instead of collaborating with U.S. companies, the report added.
- Guth anticipates peak sales of €12B from prostate cancer therapy Nubeqa, kidney disease drug Kerendia, and two pipeline assets — stroke therapy asundexian and elinzanetant for hot flashes during menopause.
- Guth anticipates more than half of the sales to be generated from the U.S., according to the report .
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Bayer mulls $1B R&D investment in US pharma business in FY23 — report