FRANKFURT – German chemical and pharmaceutical company Bayer AG says net profit rose 11.5 per cent in the first quarter as new drug launches added sales revenue.
The company also saw stronger demand in emerging markets — which helped overcome weaker business in Europe, which is in a recession.
Net income rose to 1.16 billion euros ($1.51 billion) from 1.04 billion in the same quarter a year earlier. Revenue rose 2.1 per cent to 10.2 billion euros.
Xarelto, used to prevent blood clots after surgery, more than tripled sales to 155 million euros. The company said Thursday it had strong results from cancer drug Stivarga and Eylea, used to treat the eye disease macular degeneration.
Health care sales rose 7.6 per cent in Asia and 4.5 per cent in North America, outpacing Europe at 1.9 per cent.