Bayer Says Mon­santo Deal on Track, Eyes Record 2017

The Economic Times - - Around The World -

Frank­furt: Ger­man phar­ma­ceu­ti­cals and chem­i­cals gi­ant Bayer on Wed­nes­dayre­port­e­drecord­sale­sand prof­its for 2016 and said it ex­pected fur­ther growth in 2017, as its goal to seal a mam­moth takeover of US seed­maker Mon­santo re­mains on track.

“Wea­gain­postedarecor­d­op­er­at­ing per­for­mance—an­dare­mak­ing­good progress with the agreed ac­qui­si­tion of Mon­santo as well,” chief ex­ec­u­tive Werner Bau­mann said in a state­ment.

The Aspirin-maker said net profit grew by 10.2% to 4.5 bil­lion eu­ros ($4.7 bil­lion) last year, slightly be­low the 4.7 bil­lion eu­ros an­a­lysts sur­veyed by Fact­set had ex­pected.

Group sales in­creased by 1.5% to 46.8 bil­lion eu­ros, in line with ex­pec­ta­tions, while un­der­ly­ing or op­er­at­ing profit be­fore spe­cial items was up 10.2% at 11.3 bil­lion eu­ros. Growth was mainly pow­ered by Bayer’s pre­scrip­tion medicine divi­sion, led by a 30% jump in sales for i t s bl o c kbuster drug Xarelto, an an­ti­co­ag­u­lant.

The over-the-counter medicines unit, which in­cludes house­hold brands such as Alka­Seltzer and Ren­nie antacids, saw earn­ings fall. The firm’s closely watched agro­chem­i­cals divi­sion dis­ap­pointed in 2016, hit by what Bayer said was a weak mar­ket en­vi­ron­ment “par­tic­u­larly in Latin Amer­ica” and fall­ing de­mand for in­sec­ti­cides glob­ally.

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