FRANKFURT, Germany (AP) — Drug and materials company Bayer AG says net profit rose 42 percent as sales increased for its new drugs aimed at preventing blood clots and treating the eye disease macular degeneration, while one-time expenses dropped. Net profit reached $1.01 billion. The profit figure was short of the average estimate for 748 million euros net as compiled by financial information provider FactSet. The company's shares were little changed, up 0.2 percent in Europe's mid-day trading.
The company's healthcare division "registered encouraging growth, largely due to the outstanding sales performance for our new pharmaceutical products," CEO Marijn Dekkers said in a statement. The company credited sales of new products such as blood thinner Xarelto, macular degeneration drug Eylea, and cancer drugs Stivarga and Xofigo. Their combined sales helped the pharmaceuticals division boost its earnings by eight percent. Sales fell three percent, however, at the division that makes high-tech plastics and foam materials for manufacturing. Price increases in Latin America, Africa and the Middle east could only partly offset declines in Europe and Asia, while U.S. pricing was flat.