Bayer Raises Profit Outlook Helped by Strong Demand for Drugs

(Bloomberg) -- Bayer AG ( BAYN.DE ) raised its annual profit outlook, buoyed by a better-than-expected performance at its pharmaceutical unit.

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Adjusted earnings before interest, tax, depreciation and amortization are now expected to reach between €9.8 billion ($11 billion) and €10.3 billion, compared to a previous forecast for between €9.6 billion and €10.1 billion, the company said Tuesday.

The uplift comes as the German company sees strong demand for some of its newer medicines, including prostate cancer drug Nubeqa and kidney therapy Kerendia. It also beat analyst expectations for third-quarter earnings.

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