Bayer Profit Stokes Concern as Pharma Once Again Eclipses Crops
- Shares drop 3% after consumer unit, crop science disappoint
- Antitrust review of Monsanto deal also raises concern
Bayer CEO ‘Very Confident’ With Monsanto Deal Progression
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Bayer AG’s third-quarter profit grew 6 percent, powered by its prescription drugs unit -- the very business that risks being sidelined after its $66 billion takeover of Monsanto Co.
The pharmaceutical unit’s performance masked weakness at Bayer’s agriculture and consumer health divisions. Crop sciences, which will probably replace prescription medicines as Bayer’s biggest business after the Monsanto takeover is completed, saw sales decline and profit inch up 0.6 percent last quarter.