Miles ups earnings against market odds

07 April 1994 00:00  [Source: ICB]

MILES, THE US operating arm of Bayer, posted a 0.3% increase in operating profit to $478.4m in 1993 from $477.2m. Sales rose 5.1% to $6.46bn from $6.15bn despite a weak US economy and unfavourable conditions.

In H2, some chemical businesses benefited from improvement in the US housing and automotive markets. Polyurethane, plastics, coatings and organic pigments all reported sales increases.

Pharmaceuticals, including biologicals and otc medications, recorded above average growth. Cipro antibiotic generated nearly $700m in sales while two new ethical drugs Adalat CC and Kogenate contributed significantly.

Imaging technologies posted 'solid results in all key markets'. During the year, the division divested its medical equipment business.

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