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Major increase for Bayer's Q2 profit

Bayer has recorded a net income increase of 40.9 per cent in its second quarter financial results, although Bayer Healthcare sales fell 2.3 per cent

Germany-based life sciences company Bayer has recorded a net income increase of 40.9 per cent in its second quarter financial results.

Overall sales for the group, which includes Bayer CropScience and Bayer MaterialScience, were up to €9.25bn, with the company also reducing its expenses significantly.

Sales in its Bayer Healthcare division were down, however, falling by 2.3 per cent to €4.21bn.

The division's pharmaceutical segment saw growth, with revenue coming to €2.67bn, an increase of 0.5 per cent from 2010.

Weakening sales in North America and Europe for Bayer's pharmaceutical products, due in part to generic competition for oral contraceptive Yaz (drospirenone/ethinyl estradiol), were offset by growth in emerging markets such as China.

In its outlook for the rest of the year, the company emphasised research and development as an important area of growth.

Dr Marijn Dekkers, CEO of Bayer, said: "Innovation and the development of new markets drive our company's growth. We plan to invest a total of €15bn in our company's future through 2013, with research and development accounting for around two thirds of this amount."

28th July 2011

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