News Summary: New drugs boost Bayer earnings

News Summary: New drugs help drive 42 percent jump in quarterly profit at Germany's Bayer

Associated Press

THE RESULTS: Drug and materials company Bayer AG said its quarterly net income rose 42 percent as sales increased for its new drugs, while one-time expenses dropped.

CURRENCY HIT: Profit rose to 733 million euros ($1.01 billion), while revenue was virtually flat at 9.64 billion euros. The German company said revenue rose 6 percent when stripping out the impact of the euro's recent rise.

DRIVEN BY INNOVATION: The combined sales of new products such as blood thinner Xarelto, macular degeneration drug Eylea, and cancer drugs Stivarga and Xofigo soared to 407 million euros from 82 million euros a year ago.

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