Bayer announces ‘excellent’ start to 2008

Bayer has announced its financial results for the first quarter of the 2008 fiscal year, with the firm reporting a strong start to the period.

Sales were up 2.4 per cent on the same period last year, rising to 8,536 million euros (6,739 million pounds), driven in part by a 6.9 per cent increase in the figures for its HealthCare unit.

The company’s operating result before special items rose by 8.9 per cent for the quarter, up to 1,497 million euros, with this growth in earnings boosted by the strong business performance and synergies realised from the integration of Schering AG into the firm.

Werner Wenning, chairman of the management board of Bayer, said: “The very good first quarter also strengthens our confidence for the year as a whole.

“Bayer HealthCare posted outstanding figures for the first quarter, thanks especially to the success of the pharmaceuticals segment.”

He added that the first-quarter performance of the company was well ahead of its earlier expectations.

Earlier this month, Bayer HealthCare announced that its affiliate, Medrad, had completed its tender offer for the outstanding shares of common stock of Possis Medical.

In total, 15,835,892 shares in Possis Medical had been validly tendered, equal to around 93 per cent of the firm.