-Caveat Lector- The Cipro effect is wearing off. The gloss that temporarily attached to Bayer thanks to its anti-anthrax drug has been stripped away by its awful third- quarter figures - far short of even bottom-end forecasts. Since the Baycol withdrawal, things have gone from bad to worse.
The pharmaceuticals decline was foreseen, but the lack of recovery in Kogenate is worrying. Bayer now puts the costs of the Baycol and Kogenate problems at E1.4bn this year. Adalat, its number two drug, and Avelox, its successor to Cipro, were disappointing. The real nasties, however, were in polymers and chemicals, where operating margins of 3.1 per cent and 2.5 per cent respectively hit historical lows. With 60 per cent of sales going to the car industry, polymers look unlikely to bounce back quickly. Bayer admits its conglomerate structure failed to cushion it from the Baycol withdrawal and deepening economic downturn. So why cling to it? Bayer looks as though it no longer has the management resources to run such a diverse business. Its balance sheet, after buying Aventis CropScience, will also be stretched. Selling pharmaceuticals, however, could secure its future as a significant industry influence and raise $20bn or more to bolster its remaining businesses. While Bayer rules out that option, its shares look set to bump along at their 30 per cent-plus discount to sum-of-the-parts valuations. With trading deteriorating, they are best avoided. "Listen: We are here on Earth to fart around. Don't let anybody tell you any different!" Kurt Vonnegut "Timequake" Steve Wingate, Webmaster ANOMALOUS IMAGES AND UFO FILES http://www.anomalous-images.com <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
