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Bayer reports 18.8% profit increase

AAP logoAAP 26/10/2016

German pharmaceutical giant Bayer has raised its full-year earnings outlook after posting better-than-forecast third-quarter profits thanks to the market success of new medications.

Bayer said its net profit rose 18.8 per cent to 1.19 billion euros ($A1.7 billion) in the three months to the end of September compared with 999 million euros for the same period last year.

Analysts surveyed by DPA-AFX had expected the pharmaceutical and chemical group to report a third-quarter profit of 1.07 billion euros.

Based in the western German city of Leverkusen, Bayer released the results as it moves to finalise its planned $US66 billion takeover of the US agrochemical group Monsanto.

"Bayer and Monsanto fit perfectly together and complement each other excellently," said Bayer's chief Werner Baumann.

The merger, which is the biggest ever undertaken by a German company, will create a global leader in the agricultural chemical business. It is expected to be completed by the end of next year.

Announcing its results, Bayer also revised up its business forecasts for the full-year saying it now expects to achieve a high-single-digit percentage increase in core earnings a share in 2016.

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