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Home Industry News Bayer sees profits soar

Bayer sees profits soar

9th November 2005

Profits at German drugs firm Bayer rose to €625 million (?423 million) from €343 million (?232 million) in 2004, it was announced on Wednesday.

The company said that sales within the group had risen by 16 per cent during the third quarter of this year, amounting to €6.5 billion (?4.4 billion). It said that its healthcare subsidiary was primarily responsible for the performance, successfully incorporating Roche’s over-the-counter business.

Bayer added that its healthcare and material science divisions accounted for its earnings growth, whilst that its crop science division had performed exceptionally despite seasonal factors which usually reduce revenues.

“The rise in operating profit in healthcare was chiefly attributable to strong growth in the pharmaceuticals, biological products segment,” Bayer said in a statement.

The firm also boosted its expectations of growth in profits before special items, rising from 40 per cent to 50 per cent for the full year. It predicts that sales will rise to over €26 million.

Bayer also noted a one-time gain of €280 million (?189 million), relating to pension changes for Bayer employees in Germany and the US. Net special gains for the firm amounted to €179 million (?121 million).

track© Adfero Ltd

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