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Germany's Bayer Reports Higher Profit in First Quarter, Beats Expectations

FRANKFURT, Germany (AP) -- Germany's drug and chemicals maker Bayer AG reported a 12 percent increase in profit for the first quarter, beating analysts' expectations.

Leverkusen-based Bayer earned 586 million euros ($662 million) in the January-March period versus 523 million euros a year ago. The latest results beat the average forecast of earnings of 480 million euros ($542 million) from analysts surveyed by Dow Jones Newswires.

Sales rose to 7.36 billion euros ($8.31 billion) from 7.23 billion euros a year ago.

Bayer says sees faster Baycol settlements

FRANKFURT, May 7 (Reuters) - Germany's Bayer AG (XETRA:BAYG.DE) said it saw an acceleration in out-of-court settlements of lawsuits over its recalled anti-cholesterol drug Baycol after winning two court cases over the drug.

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