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Bayer Announces Profit of $4.35B

Fri, 02/28/2014 - 4:31am
The Associated Press

Bayer AG says its net profit jumped by almost a third last year to 3.19 billion euros ($4.35 billion) as sales hit a record high.

This compares with a net profit of 2.91 billion euros in 2012. Fourth-quarter net profits rose 24 percent to 455 million euros.

The German drug and chemical company says revenues reached 40.16 billion euros in 2013, an increase of about 1 percent year-on-year.

Board chairman Marijn Dekkers said Friday that the Leverkusen-based company expects sales of 41-42 billion euros in 2014.

The company announced Thursday that it is buying Dihon Pharmaceutical Group Co., a manufacturer of over-the-counter medicines and Chinese herbal products, for an undisclosed sum.

Bayer shares rose 0.8 percent to 100.65 euros in early trading on the Frankfurt exchange.

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