Bayer Posts Slightly Disappointing 1Q, but Shares Still Look Undervalued
Bayer reported first-quarter results slightly below our expectations. We plan to slightly lower our fair value estimate based on the results, but we still view the stock as undervalued. While the pharmaceutical division continues to post strong gains from leading drugs Xarelto for cardiovascular disease and Eylea for eye care, the consumer division posted weak results in emerging markets. Nevertheless, the company’s steady overall growth in the healthcare and crop science divisions supports our ...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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