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.
