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Bayer's profit falls on $462 million in one-time costs
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Profit at Bayer AG fell by 18 percent in the third quarter as a result of special items totaling $462 million that include accounting costs for settling claims related to Bayer's Yasmin oral contraceptives.
Profit for the German-based pharmaceutical and chemical maker was $685 million. But earnings before special items rose by 2 percent to $2.39 billion just beating analysts' estimates of $2.38 billion.
Strong business in Bayer's health care and crop science segments helped boost global sales by nearly 12 percent to $12.6 billion.
In North America, sales jumped 9 percent to $2.9 billion.
The U.S. headquarters for Bayer MaterialScience is based in Robinson along with some U.S. headquarters personnel.
Also today, Bayer said it has an agreement to buy Salt Lake City-based Schiff Nutrition International, a vitamin and nutritional supplement maker, for $1.1 billion.
Marijn Dekkers, Bayer's chief executive, said the acquisition is part of Bayer's strategy to grow its life sciences business by purchasing small- and mid-sized companies.
Schiff expects more than 40 percent growth in sales this year following its acquisition of Airborne, an herbal and vitamin cold supplement touted as a cold remedy.
First Published October 30, 2012 11:57 am
