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  "documentTitle": "Bayer AG (BAYN)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2016-11-28 00:00:00",
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  "notes": "The slide highlights a discrepancy between strong company performance (revenue growth and increased peak sales estimates) and market reaction ('the market yawned').",
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      "text": "In response, the market yawned.",
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      "text": "Xarelto rivaroxaban",
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      "text": "annual peak sales: € 5,000",
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      "text": "Bayer’s two biggest selling drugs are Xarelto and Eylea. Xarelto is a blood thinner which is replacing Warfarin, a very old drug with nasty side effects. It reduces strokes and Bayer is conducting studies for additional indications. In the third quarter of 2016, Xarelto revenues grew 35%. In September, management increased its estimates of annual peak sales from 3.5 billion Euros to over 5 billion. In response, the market yawned.",
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