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We See Steady Growth for Bayer

Damien Conover, CFA (damien.conover@morningstar.com)

Largely on the basis of the strong competitive advantages of the healthcare group and to a lesser extent the crop science business, we believe  Bayer BAYRY has created a wide economic moat. Also, the recent divestiture of no-moat material science group Covestro leaves the company in a stronger competitive position. In the healthcare division, Bayer's strong lineup of recently launched drugs and solid exposure to biologics should support steady long-term growth.