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Bayer AG - ADR (BAYRY)

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Bayer AG's (BAYRY) earnings per share during the third quarter of 2012 came in at EUR1.68 (approx $1.50) compared to EUR1.12 (approx. $1.58) in the year-ago period. The company recorded an 11.5% (5.5% on an adjusted basis) growth in revenues to 9,665 million. Growth was witnessed across all major divisions at Bayer.

Bayer continues to expect 2012 earnings to increase by 10% year over year. We are impressed by Bayer's efforts to develop its pipeline. We are positive on Bayer's decision to buy nutritional supplement company Schiff Nutrition International.

Moreover, the decision of Bayer's HealthCare unit to buy Teva's animal health business in the U.S. is also a positive move. In view of these positives, we retain our Outperform recommendation on the stock.

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