Bayer is re-entering key assets in the US market under new indications to reclaim lost profits from patent expirations for its flagship therapies, a move it notes cannot be relied upon to face future exclusivity losses.
At the J.P. Morgan Healthcare Conference 2026, taking place in San Francisco from 12 to 15 January, company’s head of pharmaceuticals, Stefan Oelrich, described its satisfaction with expanded indications in the US for Nubeqa (darolutamide) and Kerendia (finerenone) to plug a growing gap in profits left by the exclusivity expiries of Xarelto (rivaroxaban) and Eylea (aflibercept).
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However, Oelrich said relaunches of marketed assets may not sustain Bayer through a future patent cliff and that the company has therefore placed significant focus on its early-stage pipeline.
Bayer lost its US patent on Xarelto, its factor Xa inhibitor, in 2025, which alone accounted for an estimated €1bn–€1.5bn of lost 2025 revenues, Oelrich said. The company is set to lose its patent on Eylea in 2027. Though these losses are expected to negatively impact revenues in the next few years, Oelrich said the company is relying on five assets to drive growth and reclaim near-term profits.
These include continued EU (European Union) launches in 2026 of Beyonttra (acoramidis) for transthyretin-mediated amyloidosis with cardiomyopathy (ATTR-CM), for which Bayer acquired the EU and UK rights from BridgeBio in March 2024 for $130m. Oelrich also pointed to Lynkuet (elinzanetant) for menopause management, gained through the acquisition of KaNDY in September 2020 for $425m, as well as oral anticoagulant asundexian for which Bayer hopes to gain approval in secondary stroke by the end of 2026.
Crucially, Oelrich said indication expansions for Nubeqa and Kerendia had buttressed Bayer’s revenues against patent losses. In June 2025, Nubeqa secured fresh US Food and Drug Administration (FDA) approval for advanced prostate cancer, while in July, Kerendia added heart failure with left ventricular ejection fraction (LVEF) ≥ 40% to its US label.
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By GlobalDataOelrich therefore said Bayer expects revenue losses reported in the first nine months of 2025 to stabilise in 2026 as the full impact of declining Xarelto sales are felt. After this, he said the company expects mid-single digit growth from 2027 to 2030.
However, Oelrich recognised the limits of Bayer’s strategy against losses of exclusivity, saying, “on the next patent cliff it will probably not be possible to redo the same as we did this time, because we cannot re-enter the US twice”.
He said the company is therefore looking to conclude more deals for early-stage and preclinical assets, though this requires Bayer to reduce its debts and improve its credit rating. “We expect to do more as we improve our own financial health … we expect to have more availability for deal-making,” Oelrich stated.
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