Bayer Reports $165-Million Loss
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German drug maker Bayer reported a loss of $165 million for the third quarter, blaming a weak global economy and the withdrawal of cholesterol-lowering drug Baycol after it was linked to patient deaths.
The loss compares with net income of $470 million in the same period a year ago.
Operating profit, which excludes charges related to the withdrawal of Baycol and other one-time items, dropped 91% to $58 million.
Revenue fell 6% to $6.24 billion .
Increased demand for its anti-anthrax drug Cipro couldn’t compensate for the loss of Baycol, which is marketed as Lipobay in some countries, the company said.
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