Bayer's new cancer drug Stivarga has already added a notch to its belt. Cleared by the FDA last year to treat colorectal cancer, the drug is now approved as a treatment for a rare form of gastric cancer, gastrointestinal stromal tumors.
Bayer Healthcare is on a roll, and it has no intention of easing off the gas now. Emboldened by rising sales of Xarelto, pumped by the prospects of the macular degeneration drug Eylea and optimistic about the newly approved cancer drug Stivarga, Bayer's pharma division has outlined some ambitious plans for its $4 billion annual R&D budget.
Thank you, Xarelto, Mirena, Cipro and friends. On the strength of these fast-growing products, Bayer's pharma division out-grew its other businesses, with a gain in net sales of 6.1%, to €2.73 billion ($3.545 billion).
Just days after nabbing a speedy FDA approval of its cancer drug Stivarga (regorafenib), Bayer says it nailed positive Phase III data on its new drug for rare cases of pulmonary arterial hypertension.
Fast track indeed. Only three months after granting accelerated-approval status to Bayer's blockbuster hopeful regorafenib, a treatment for colorectal cancer, FDA gave the drug its final blessing.