Bayer Cuts Forecast at Two Units as Profit Declines
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Bayer AG cut this year’s forecast for two of its three units as second-quarter profit missed analyst estimates because of legal charges and costs to write down the value of the Zevalin cancer medicine.
Net income dropped to 525 million euros ($683.2 million) from 532 million euros a year ago, the Leverkusen, Germany-based company said today. The result fell short of the 776 million- euro average estimate of 10 analysts surveyed by Bloomberg.