Bayer's pharmaceutical sales increase by a fifth

Pharmaceutical Company Financials

Bayer has said its pharmaceutical sales have grown by a "substantial" amount following the acquisition of Schering AG, in its second quarterly results.

The German company said that it had a "very successful" second quarter, marked by the Schering AG takeover, described as the largest in the firm's history. Additionally, the divestment of the diagnostics division will enable Bayer to concentrate more on its HealthCare division, aiding the development of both animal and human therapies.

Pharmaceutical sales in the group increased by 20.2 per cent, up to 1.19 billion euros, including 144 million euros worth of Schering AG revenues between June 23rd and June 30th.

This represents a total increase of nine per cent, adjusted for currency and portfolio effects.

Werner Wenning, Bayer's management board chairman, stated: "Bayer remains on a successful path both strategically and operationally, as our gratifying second-quarter performance shows."

"Particularly in light of the long-term optimisation of our portfolio, we remain optimistic about the Bayer Group's future development. We further improved the Group's earning power as well," he concluded.

Bayer's takeover of Schering AG had been the subject of controversy when Merck KGaA bought up over 20 per cent of Schering AG's stock. This would have blocked a Bayer takeover of Schering AG, although Merck later agreed to sell its holding to Bayer.

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