Alexa

Bayer Q3 net income falls 10 pct

Bayer Q3 net income falls 10 pct

German drugs and chemicals maker Bayer AG reported a 10 percent drop in net income for the third quarter on Tuesday and said that while the economic downturn seems passed its worst, it was too early to report a sustainable recovery in demand.
Bayer, based in Leverkusen, said net income fell to ⁈llion ($374 million) in the July-September period, compared with ⁈llion in the third quarter of 2008.
Revenue for the period was also 7 percent lower at ⁈llion compared with ⁈ion in the third quarter of 2008.
"Our previous prediction has proven justified: the global economy seems to have passed the bottom of the cycle," Werner Wenning, Bayer's chief executive said in the company's report.
"We expect this trend to continue through the end of the year." However, he said it is still too early to speak of a self-sustaining upswing in industry.
The health care business showed a revenue increase of 4 percent to ⁈ion, with all segments contributing to the gain, the company said.
The pharmaceutical business saw a 3 percent rise in revenue to nearly ⁈ion, with strong performances in Asia and Latin America.
Top selling drugs included Aspirin Cardio, a drug to prevent heart attacks, which saw revenue improve by 15 percent. Kogenta, a hemophilia treatment, saw its revenue rise by 3.4 percent.
Revenue in the consumer health care segment rose by 5 percent to ⁈llion. Nonprescription drug sales were boosted by gains of 23 percent and 9 percent for the pain reliever Aleve-Naproxen and the skin care products Bepanthen-Bepanthol.
The top-selling product of the medical care division, which is part of consumer health care, was the Contour line of blood glucose meters, with a revenue gain of 15 percent.
Bayer's crop science division, however, reported a near 9 percent decline in revenue to ⁈llion.
"The market environment for Bayer Crop Science was marred by lower prices for key crop commodities, adverse weather conditions and higher trade inventories of crop protection products," Wenning said.
The company said revenue growth in Latin America was not sufficient to offset a considerable drop in business in Europe and North America.
Shares of Bayer were up slightly at ⁈in Frankfurt morning trading.
___
On the Net:
http://www.bayer.com