Bayer's Profits Hurt by Baycol Recall
August 13, 2001
Bayer AG is reevaluating the four pillars of its business, the pharmaceutical, polymer, agricultural and chemical divisions. The company's recent recall of cholesterol-lowering drug Baycol hit its pharmaceutical division hard, significantly lowering this year's expected profit. Bayer is now considering selling the pharmaceutical division.
According to company representatives, Bayer is not in need of a bailout but is simply reconsidering its strategies and options. Although officials said the company might sell the pharmaceutical division, they stressed that a sale is not the primary goal. The pharmaceutical division has over 40 products in testing, none of which are expected to produce any income for the next several years.
The company warned its investors that any dividend issued this year will likely be less than the 2000 dividend, largely due to the Baycol situation.
-- Article Courtesy of InjuryBoard.com
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