Bayer Raises Annual Forecast After Pharmaceutical Recovery
German conglomerate narrows quarterly loss and beats profit expectations on strong demand for new drugs.
Bayer has revised its profit targets upward for the current year. The move follows a robust performance by the pharmaceutical division during the third quarter.
Adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) are expected to reach between 9.8 and 10.3 billion euros. The previous estimate was lower than this new level projected by the company.
Total group sales reached 10 billion euros during the period. The result surpassed forecasts from industry analysts.
The company's net loss narrowed to 672 million euros. During the same period last year, the loss reached 963 million euros.
The success of therapies for prostate cancer and kidney disease drove the numbers. These launches offset the loss of patents for older products in the portfolio.
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