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    BAYN   DE000BAY0017

BAYER AG

(BAYN)
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51.18 EUR   +1.31%
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Bayer to Continue to Work With Curevac After Covid-19 Study Disappointment

06/17/2021 | 05:51am EDT

By Olaf Ridder and Ulrike Dauer

Bayer AG plans to continue working with biotech company Curevac AG despite weak interim results in a pivotal study of the smaller company's experimental Covid-19 vaccine.

A spokeswoman for Germany's Bayer, which planned to produce the Curevac vaccine, said on Thursday that cooperation would continue, with final results of the study still pending.

CureVac reported on Wednesday that its vaccine candidate was only 47% effective in an interim analysis of a clinical trial with 40,000 people. Efficacy varied by age, with results suggesting effectiveness in younger people but not conclusive efficacy in those above age 60. The spread of new coronavirus variants may have played a role in efficacy, Curevac said.

Bayer had planned to produce the vaccine as of year-end, with delivery of 160 million doses agreed for 2022. Bayer designated a German facility completed only a few years ago for the project, where it had originally planned to produce a blood thinner. The offer of production stands, the spokeswoman said.

A spokesman for Wacker Chemie AG, which also planned to produce the Curevac vaccine, declined to comment on the consequences of the trial at this time. According to earlier statements, Wacker had planned to start production as soon as the vaccine was approved.

The German government, which owns about 16% of Curevac, last year earmarked about 230 million euros ($275.9 million) in grants for the company.

Write to Olaf Ridder at olaf.ridder@wsj.com and Ulrike Dauer at ulrike.dauer@wsj.com

(END) Dow Jones Newswires

06-17-21 0751ET

Stocks mentioned in the article
ChangeLast1st jan.
BAYER AG 1.27% 51.16 Delayed Quote.6.24%
CUREVAC N.V. -1.76% 51.86 Delayed Quote.-36.03%
WACKER CHEMIE AG 0.76% 126 Delayed Quote.7.92%
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Financials
Sales 2021 41 461 M 49 266 M 49 266 M
Net income 2021 3 600 M 4 278 M 4 278 M
Net Debt 2021 38 636 M 45 909 M 45 909 M
P/E ratio 2021 14,9x
Yield 2021 3,97%
Capitalization 50 261 M 59 749 M 59 722 M
EV / Sales 2021 2,14x
EV / Sales 2022 2,02x
Nbr of Employees 99 329
Free-Float 100,0%
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Technical analysis trends BAYER AG
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Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 51,16 €
Average target price 64,79 €
Spread / Average Target 26,6%
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Managers and Directors
Werner Baumann Chairman-Management Board
Wolfgang U. Nickl Chief Financial Officer
Norbert Winkeljohann Chairman-Supervisory Board
Bijoy Sagar Chief Information Technology Officer
Paul Achleitner Member-Supervisory Board
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