Buoyed by Xarelto and Eylea Gains, 4Q Keeps Bayer on Track to Meet Long-Term Outlook
Bayer reported fourth-quarter results largely in line with our expectations, with some outperformance on the bottom line offset by lower-than-expected top-line growth. We don't expect any major changes to our fair value estimate based on the results, and we continue to view the stock as undervalued partly due to an overreaction to the firm's glyphosate litigation challenges. Bayer reiterated its long-term annualized earnings growth guidance of close to 10% through 2022, which we expect it will p...
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