Bayer says new products drive Q1 growth
April 28 2014 07:58 PM

German chemicals and pharmaceuticals giant Bayer, maker of Aspirin, said yesterday it turned in a better first quarter performance than expected thanks to healthy growth driven by new products.

The group based in the western town of Leverkusen said in a statement that bottom-line net profit grew by 23% to €1.42bn ($1.96bn) between January and March.

Analysts polled by Dow Jones Newswires had expected a just seven-percent rise.  Turnover climbed 2.8% to €10.6bn during the same period. “We are confident about our business development for the rest of the year and confirm our outlook for 2014,” chief executive Marijn Dekkers said in a statement. She cited the pharmaceutical products on the market for providing a boost.

The company said that it was counting on annual turnover of around €41bn, up about 2% on the year.

Underlying or operating profit, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), is expected to rise 5%.

Bayer said its first-quarter results had been powered by robust business for its healthcare and agrochemical divisions and an improvement in its material science division.

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