Bayer raises forecasts for 2014 after strong Q3

German chemicals and pharmaceuticals giant Bayer, maker of Aspirin, said Thursday that it is raising its full-year profit targets after a strong third quarter.

"The strong upward trend in the life science businesses—healthcase and crop science—persisted in the third quarter," said chief executive Marijn Dekkers.

"We saw robust sales growth for our recently launched pharmaceutical products and in our crop science business in North and Latin America," Dekkers said.

"In view of the strong operational performance and including the consumer care business acquired from Merck and the current currency assumptions, Bayer raised its guidance for 2014."

In the three months to September alone, Bayer booked net profit of 826 million euros ($1.04 billion), an increase of 12.7 percent over the year-earlier figure.

Operating profit also increased by 12.7 percent to 1.376 billion euros on a 5.6-percent rise in revenues to 10.187 billion euros, Bayer said.

© 2014 AFP