Bayer Posts in Line Third Quarter as Monsanto Acquisition Remains on Track; Shares Still Undervalued
Bayer reported third-quarter results largely in line with both our and consensus expectations, and we don’t expect any major changes to our fair value estimate ($139 ADR/EUR 126). We continue to view the stock as undervalued with concerns over Bayer’s weak late-stage pipeline in healthcare overdone. Given the long patent life of several of Bayer’s recently launched drugs, we believe the firm has time to develop its early-stage pipeline further. Additionally, the acquisition of Monsanto remains ...Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.
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