(News Bulletin 247) – Credit Suisse maintains its ‘neutral’ rating on the Bayer share, with a target price of 57 euros.
The analyst returns to the appointment as general manager of Bill Anderson – defector from Roche – and whose “pharmaceutical experience should prove to be particularly valuable”.
Credit Suisse indicates that it wants to wait to hear the new recruit’s point of view on the level of industrial synergies between the plant/culture (‘crop’) activity and the ‘pharma’ activity.
For 2023, the broker anticipates an increase in underlying sales of 8% in the ‘crop’ division and +1% in Pharma, ‘the growth of new drugs barely offsetting the erosion of older products’, according to the analyst.
Consequently, Credit Suisse raises EPS 2023 by 3.2% but reduces EPS 23-28 by 0.4%.
Longer term, Bayer says it is confident in the stability of Eylea’s sales, and reports that management continues to cite sales peaks in excess of 12 billion euros thanks to its drug pipeline and new launches. .
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