Bayer Raises Profit Outlook Helped by Strong Demand for Drugs

What happened: Bayer AG raised its annual profit outlook after its pharmaceutical unit performed better than expected, citing strong demand for newer medicines. Key numbers: Adjusted EBITDA forecast now €9.8 billion to €10.3 billion ($11 billion), up from €9.6 billion to €10.1 billion. Bayer also beat analyst expectations for third-quarter earnings. Why it matters: The uplift is tied to demand for newer medicines including prostate cancer drug Nubeqa and kidney therapy Kerendia, pointing to the pharma unit as the driver of the improved outlook. Coverage: 3 outlets in 24h

Bayer AG raised its annual profit outlook after its pharmaceutical unit performed better than expected, citing strong demand for newer medicines.

The uplift is tied to demand for newer medicines including prostate cancer drug Nubeqa and kidney therapy Kerendia, pointing to the pharma unit as the driver of the improved outlook.