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New drugs boost earnings at Germany's Bayer

October 31. 2013 5:36AM
Associated Press

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(AP) Drug and materials company Bayer AG says net profit rose 42 percent as sales of new drugs increased and one-time expenses dropped.

Net profit reached 733 million euros ($1.01 billion), up from 516 million in the same quarter a year ago. Revenue fell 0.2 percent to 9.643 billion euros.

The company said Thursday that revenues rose 6 percent when adjusted for the rise in the euro, which shrinks foreign-currency revenues when they are re-stated in euros.

The pharmaceuticals division saw its earnings rise by 8 percent to 915 million euros. The company credited sales of new products such as blood thinner Xarelto, eye medicine Eylea, and cancer drugs Stivarga and Xofigo. Their combined sales rose to 407 million euros from 82 million euros a year ago.

Associated Press

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