Drugmaker Boehringer Ingelheim Not For Sale
German pharma company Boehringer Ingelheim is not for sale, Chairman Andreas Barner told German daily Frankfurter Allgemeine Zeitung, adding that keeping it in family ownership helps maintain spending on research and development at a high level.
"Every year we get inquiries about whether we are ready for talks, but the answer is no," Barner, who is chairman of the board of managing directors, was quoted as saying in Wednesday's edition of the FAZ, adding that a sale is not even a matter of debate. The absence of external shareholders is seen as a competitive
advantage for the business which is run by the fourth generation of the founding family, Barner said.
"Because of this we may be in a better position than others to maintain research and development at a high level over the long term," Barner said.
He expects the German company to have grown faster than the market in 2009, noting that 2010 will be "difficult" because two patents for drugs are set to expire in the U.S.
For 2010 overall, he expects revenues to be flat and earnings to be a bit lower than in 2009. In 2008 Boehringer had revenues of €11.6 billion. Earnings in 2010 will be dented by a high level of spending on research and development, with growth expected to resume in 2011, he told the paper.
Boehringer is overhauling the distribution business of its U.S. arm, cutting 800 jobs in the process, he said. Going forward, Boehringer is counting on Pradaxa, a rival blood thinner product to Bayer's Xarelto, to drive growth. Boehringer plans to launch Pradaxa toward the end of 2010 or early 2011, Barner said.
