Bayer Kept at Buy as BofA Notes 'Good Label' Approval for Asundexian in US

07:23 AM EST, 11/10/2026 (MT Newswires) -- BofA Global Research reiterated Bayer's (BAYN.F) buy rating after the German life science company secured US regulatory approval for its asundexian drug in secondary stroke prevention. "Bayer's [Factor XIa] asundexian has been approved in US with a good label; 1) broad initiation window specifying 'recent stroke'; 2) no limit to duration therapy; 3) bleed risk not even included in label highlights (though reflected in full label but only as adverse reaction and not warning / precaution). Price also in line expectation at c$9k/year, 30% premium Xarelto but not upside case possible, likely to drive access)," analysts said Tuesday. "We believe PIII data is very strong (26% benefit on ischemic stroke vs no increase in bleeding, HR 1.10) and expect good adoption." Peak sales for asundexian are projected to reach 3 billon euros, driving the research firm's estimated pharmaceutical sales compound annual growth rate of 7%, with further upside potential to as high as 7 billion euros under a best-case scenario. "Any competitor slip-up remains upside to our numbers. We believe asundexian SSP data is a high bar (26% reduction inischemic stroke vs no increase in bleeding, HR 1.10). In [stroke prevention in atrial fibrillation], data likely needs to show stroke HR <1.1 & 30-40% reduction in ISTH major bleeds; 2) Return to better underlying cash flow on litigation resolution, with FY27 guide a key focus, where we see Eur3-5bn potential midterm vs low FCF generation of recent years," BofA added. The research firm has a price objective of 58 euros on Bayer's stock.