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Bayer AG, the German drug manufacturer, has reported a 10% drop in net income in the third-quarter of the year, with weak demand for fertiliser materials offsetting an increase in healthcare sales.
The Germany company, based in Leverkusen, saw net income drop to approximately £230 million from July to September, a fall of £20 million year-on-year.
Revenue had also fallen, with the £6.7 billion passing through the company representing a 7% drop, year-on-year.
“Our previous prediction has proven justified: the global economy seems to have passed the bottom of the cycle. We expect this trend to continue through the end of the year,” Werner Wenning, Bayer’s chief executive said in the company’s report.
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%, with all segments contributing to the gain, and the pharmaceutical business – part of health care – saw a 3% rise in revenue, the company reported.
Top selling drugs included Aspirin Cardio, a drug to prevent heart attacks, which saw revenue improve by 15%. Revenue for Kogenta, a haemophilia treatment, rose 3.4%
Copyright Press Association 2009
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