Bayer AG earnings up 7.7% during 3Q
Bayer AG's third-quarter earnings rose 7.7 percent on higher sales for a new blood thinner and eye treatment that are recharging its drug portfolio.
Operating profit rose to $2.7 billion from $2.5 billion a year earlier, the Leverkusen, Germany-based parent of Bayer Corp. in Robinson said on Thursday. That beat the $2.55 billion average estimate of 11 analysts surveyed by Bloomberg.
New medicines, including the blood thinner Xarelto and the eye drug Eylea, have helped drive Bayer's profit upward even as earnings from its MaterialScience plastics division lag. Bayer is in talks with workers to cut costs at the unit, which makes chemicals for everything from makeup to car parts, CEO Marijn Dekkers told reporters in September.
“People do want to own this for the pharma growth,” said Fabian Wenner, an analyst for Kepler Cheuvreux in Zurich. “Investors don't really care about 2013 anymore.” Wenner rates the stock a hold.
Third-quarter sales fell 0.2 percent to $13.1 billion, below the average analyst estimate of $13.3 billion.
Bayer Corp.'s operations in North America had $2.83 billion in sales, down 3.6 percent from a year ago. For the first nine months of the year, sales were $9.94 billion, up 1.4 percent compared to the same period in 2012. Bayer has 15,400 employees in North America, including 2,300 in the Pittsburgh region, the largest of 50 Bayer sites in the United States.
Bloomberg News and Trib Total Media staff writer John D. Oravecz contributed to this report. He can be reached at 412-320-7882 or email@example.com.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Kings Family Restaurants sold to California firm
- GetGo to hire 300 workers
- Mylan raises bid for fellow drugmaker; Perrigo says ‘no’
- DeVry shift to online classes prompts closing of Pittsburgh campus
- Oil at $65 could free 500,000 barrels from shale ‘fracklog’
- Profit down at First Niagara
- California drought may be felt in Pittsburgh restaurants, groceries
- Retailers vie for workers in tightening labor market
- Pittsburgh union serving TV, film production looking for lots of help
- MedExpress bought by United Health Group
- Low Marcellus gas prices cut into EQT profits