Bayer reports double-digit pharmaceutical sales growth in Q1 2016

Bayer has announced its financial results for the first quarter of 2016, during which it saw a strong performance for its pharmaceuticals business.

Group sales for the first three months of the year came to 11.94 billion euros (9.25 billion pounds), up by 0.5 percent year over year. The strength of its health and life science businesses helped to offset the decline of the Covestro polymer materials unit.

Sales of prescription medicines rose by 12.2 percent, with encouraging growth recorded for newer therapies such as Xarelto, Eylea, Stivarga, Xofigo and Adempas.

Dr Marijn Dekkers, chief executive officer of Bayer, said the strong growth of the company's pharmaceuticals business "was largely attributable to the continued strong development of the company's recently launched products".

Meanwhile, the company's consumer health business saw a 2.2 percent improvement and its animal health sales increased by 8.8 percent.

For 2016 as a whole, Bayer expects its life science businesses to generate a mid-single-digit percentage sales improvement on a currency and portfolio-adjusted basis, resulting in a figure of approximately 35 billion euros.