GO
Loading...

Bayer First-Quarter Net Profit Surges

Chemical and pharmaceutical maker Bayer on Thursday reported a surge in first-quarter net profit to 2.8 billion euros ($3.82 billion), boosted by one-time gains and strong sales.

That compares with earnings of 600 million euros a year earlier.

Sales rose 23% to 8.3 billion euros ($11.33 billion). The company's health care unit, which posted the strongest growth, accounted for 3.6 billion euros ($4.91 billion), boosted by a 1.4 billion euros ($1.91 billion) contribution from recently acquired Schering.

"In light of the successful start to 2007, Bayer confirms the positive outlook for the full year," the Leverkusen-based company said in a statement.

The company's bottom line was helped by some 2.2 billion euros ($3 billion) from the divestments of the diagnostics business and H.C. Starck.

Bayer will provide further details on first-quarter earnings in its interim report on May 8.

Bayer shares rose 3.1% in Frankfurt to 52.37 euros ($71.44).

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • CNBC's Bob Pisani reports on the excitement surrounding the IPO of Mobileye, which makes the software for collision avoidance systems. He discusses the market's reaction from Friday's jobs data.

  • The U.S. unemployment rate ticked up to 6.2 percent for July, with 209,000 jobs added during the month. Jason Furman, Council of Economic Advisers Chairman, discusses the economic recovery in the U.S.

  • CNBC's Rick Santelli reports on construction and manufacturing data for July.