- Sales revenue of the Human Medicines business increased by 10.3 percent* year-on-year to EUR 20.8 billion, mainly due to the strong performance of Otang Jing ® and Vegat ®
- Sales revenue in Animal Health increased by 6.9%* year-on-year to EUR 4.7 billion, mainly due to new product launches
- R&D expenditures increased by 14.2 percent year-on-year to EUR 5.8 billion
INGELHEIM, Germany, April 16, 2024 /PRNewswire/ -- Boehringer Ingelheim, a leading global R&D-driven biopharmaceutical company, today announced its full-year 2023 results. The company accelerated the consolidation of its R&D pipeline, and a number of key clinical trials in key R&D areas were successfully progressed as planned. R&D investment for the year increased by 14.2% year-on-year to EUR 5.8 billion, with R&D investment accounting for 22.5% of sales revenue. For the full year 2023, the Group's sales revenue increased by 9.7%* year-on-year to EUR 25.6 billion, of which the performance of the human medicine business increased by 10.3%* year-on-year, and the performance of the animal health business increased by 6.9%* year-on-year, both of which outperformed the market average.
In 2023, Boehringer Ingelheim received five Fast Track Designations and one Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA), and one Priority Review Designation (PRIME) designation from the European Medicines Agency (EMA). Boehringer Ingelheim is committed to developing breakthrough therapies in areas with significant unmet patient needs, with a focus on cardiovascular, renal and metabolic diseases (cardio-renal-metabolic), oncology, respiratory diseases, immunology, mental health and retinal health.
Hubertus von Baumbach, Chairman of the Global Executive Board of Boehringer Ingelheim, said: "I am very excited about the balanced and healthy development of our product portfolio. We are committed to accelerating the development of a range of new therapies and delivering them to patients in the best and fastest way. In doing so, our mission is to help patients recover and to help build a more equitable and efficient healthcare system. "
The Human Medicines business achieved strong growth in its product portfolioIn 2023, the drug for the treatment of type 2 diabetes and heart failure, Otangjing ®, gained momentum, with full-year net sales increasing by 31%* year-on-year to €7.4 billion. Net sales of Vegart, ® a drug used in the treatment of idiopathic pulmonary fibrosis and specific fibrotic interstitial lung diseases, increased by 12.8%* year-on-year to EUR 3.5 billion.
In addition, Otangjing ® has been newly approved for a third indication in Europe, the United States and China for the treatment of chronic kidney disease in adults. It is estimated that there are about 850 million people living with chronic kidney disease worldwide. Today, it ® is expected to benefit more than 1 billion patients with cardio-renal-metabolic diseases.
R&D investment in human drugs remained highThe company's late-stage pipeline continues to accelerate and makes significant progress in the areas of oncology, cardio-renal-metabolism and mental health. Brigimadlin has entered pivotal clinical studies for the treatment of dedifferentiated liposarcoma,—— a rare type of cancer with limited treatment options to date. The clinical development of Zongertinib is also accelerating on the back of positive early clinical data. In addition, the Phase II clinical trial of survodutide for the treatment of steatohepatitis associated with metabolic dysfunction (MASH) has achieved breakthrough results, and the clinical trial for obesity has also entered Phase III.
In 2023, R&D investment in the Pharmaceuticals for Human use business increased to EUR 5.2 billion, accounting for 25.1% of the total sales revenue of Pharmaceuticals for Human Use (EUR 20.8 billion). In addition, Boehringer Ingelheim has increased its investment in digital technology and IT for R&D in order to seize new opportunities in areas such as artificial intelligence applications.
Michael Schmelmer, Member of the Boehringer Ingelheim Global Executive Board and Head of Finance & Group Functions, said: "In 2023, we have made significant investments in the industry, ranking among the top companies investing in high R&D. We are committed to maintaining a high level of R&D investment to ensure that all innovative products in our pipeline can be brought to patients as quickly as possible. Our 53,500 employees around the world know that every progress we make every day has the potential to make a real difference in the lives of patients. "
Strong growth was driven by new animal health product launchesIn 2023, sales revenue from the Animal Health business increased by 6.9%* year-on-year to EUR 4.7 billion, with the company continuing to gain market share in the Pets, Equine and Livestock segments, driven by increased demand in the Pet Antiparasitic Drugs, Pet Therapeutics and Vaccines markets. As the number one product of the company's animal protection business, sales revenue of the Nitrust ® family of canine antiparasitic drugs increased by 17.2%* year-on-year to €1.2 billion.
In 2023, Boehringer Ingelheim launched four new animal health products, namely SENVELGO®, a diabetes medication for cats, NexGard PLUS, a flea and tick prevention product for dogs, NexGard®® PLUS, an anthelmintic product for flea and tick prevention, heartworm prevention, and treatment and control of roundworms, hookworms, and tapeworms, and FRONTPRO® an anti-flea and tick prevention product for dogs. These new products all contributed to the growth of the Animal Health business.
Continued high capexLast year, Boehringer Ingelheim announced a five-year, €7 billion capital investment plan to support the company's growth. In 2023, capital expenditures under the program amounted to €1.2 billion. The company's major investments in Germany include a chemical innovation plant and biomass power plant in Ingelheim, as well as a bioproduct development center in Biberach. Over the past five years, Boehringer Ingelheim has invested a total of 6 billion euros, including 2.9 billion euros in Germany.
sustainable developmentBoehringer Ingelheim is also driving sustainability programs and deepening its focus on health equity, focusing on areas where the company can make the greatest contribution to society and the environment. Boehringer Ingelheim supports the Defeat-NCD Partnership, a public-private partnership, to cover more underdeveloped areas for the treatment of NCDs. In addition, Boehringer Ingelheim launched the Angels program, which is now the world's largest stroke community, providing optimized care to 16 million stroke patients in 155 countries. Last year, the company delivered 43.2 million doses of vaccine to rabies-affected countries through its STOP Rabies program, of which 8,000 doses were delivered by drone to rural communities in Kenya.
In 2023, Boehringer Ingelheim was awarded the German Sustainability Award for its global efforts to actively promote sustainable transformation in the pharmaceutical industry. The company's decarbonization strategy has been certified by the Science Based Targets initiative, which is highly aligned with the goals of the 2015 Paris climate agreement.
prospectIn the next 12-18 months, the human drug business plans to initiate 10 new Phase II and Phase III clinical trials, and expects to receive 25 approved marketing results by 2030. The Animal Health business expects to reap 20 global market approvals by 2026, including product updates, indication expansions and new products. Boehringer Ingelheim expects revenue to increase slightly year-over-year in 2024, adjusted for currency and special effects.
* Sales growth figures are Fx adjial