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Bayer 3Q profit up 11.7%
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November 16, 2000: 3:57 a.m. ET
Strong demand fuels drugmaker's profit, but still below analysts' forecasts
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LONDON (CNNfn) - Bayer AG, Europe's third-largest pharmaceutical firm, fell short of analysts' profit forecasts Thursday although growing demand in its pharmaceuticals business helped lift third-quarter profit 11.7 percent.
The German firm said operating profit before exceptional items rose to  724 million ($621 million) from 648 million a year earlier. In a poll of 20 analysts' forecasts conducted by Bayer earlier this week, profit estimates averaged 767 million.
 Bayer shares fell 2.3 percent to 50.08 in early Frankfurt trade.
Bayer stuck with its forecast of double-digit increases in sales and operating income from continuing operations for the full year.
Sales from continuing operations rose 22.6 percent to 7.43 billion from 6.06 billion a year ago.
Bayer (FBAY) said sales growth for its cholesterol-lowering agent Lipobay/Baycol, its biologicals line and its anti-hypertension drug Adalat was particularly strong, especially in North America and Japan.
Net income rose 23.9 percent to 534 million.
The Leverkusen, Germany-based firm said its agriculture division will maintain its 20.4 percent operating profit margin on sales of 2.82 billion. Despite the seasonal dip in the fourth quarter, Bayer expects the margin to surpass last year's 16.8 percent.
The operating margin, a measure of a company's underlying profitability, expresses operating profit as a percentage of sales.
Discontinued operations includes Bayer's share in Belgian photo imaging firm Agfa-Gevaert NV, which it sold in 1999, textile dyes business DyStar and petrochemical feedstock supplier EC Erdölchemie GmbH.
--from staff and wire reports 
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