Bayer: Grand slam for Bayer’s Pharmaceutical division
NEUTRAL, Fair Value EUR88 vs. EUR87 (-1%)
As expected Bayer got its flagship drug Adempas (riociguat) positively and unanimously recommended for approval by the panel of experts. This is not a surprise considering the briefing documents posted before the meeting. Now having pocketed the positive CHMP recommendations for Stivarga in mCRC and for Eylea in CRVO, the positive phase III data for Eylea in DME and today the positive recommendation for Adempas, Bayer enjoys an impressive series of success. As we wrote post Q2, we were certainly too cautious about the sales trend and the peak sales of new drugs even if a large part of profit will be shared with partners (except for Adempas).
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