Bayer boosts forecast after strong quarter
GERMAN chemicals and pharmaceuticals giant Bayer said yesterday that it had slightly increased its forecast for the whole year after boosting sales and profits in the third quarter.
Results released by the firm showed it had increased profits by 18.8 percent to 1.2 billion euros (US$1.3 billion) between July and September compared with the same period the previous year, on sales of 11.3 billion euros.
Based on its performance, Bayer said it would target a “high singledigit percentage increase in adjusted profits per share” for the whole year rather than the “mid-to-high” in- crease it had in its sights.
Growth was driven by the Leverkusen based firm’s prescription drugs division, which boosted its underlying profit 16.5pc to 1.1 billion euros on stronger sales.
Meanwhile, the agrochemicals unit was able to increase profits by almost 8pc on slightly weaker sales than in the third quarter of 2015.
Bayer’s agriculture activities are in the spotlight as it prepares for a 58.8-billion-euro takeover of US maker of genetically modified seeds and pesticides Monsanto.
The acquisition has yet to be approved by US and European competition authorities. –