Germany’s Bayer, which acquired seed company Monsanto in 2018, reduced its combined sales estimate for its most promising experimental drugs, acknowledging it needs to do more to replenish the development pipeline. At its capital markets day in London on Wednesday, it said the tally of peak sales potential of its five most promising drugs is more than €3.75bn, compared with a target of more than €6bn for the top six drugs reiterated as recently as June. Bayer last week announced the sale of a number of businesses, about 12,000 job cuts and €3.3bn in impairments. Bayer faces a threat to revenues in 2024 when the patent on blockbuster heart drug Xarelto runs out. Sales from eye drug Eylea, its second-best-selling drug, are expected to suffer from competing drugs before that. Bayer said it halted trials testing its experimental uterine fibroids treatment vilaprisan, which it previously expected to generate peak annual sales of more than €1bn, citing the risk of side effects.

It a...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now