group posted 5% top-line growth, but the earnings fell 4% partly due to a poor pricing environment. The continued challenges in pricing for material sciences reaffirm our belief of lack of competitive advantages with the division.
view Bayer's moat as narrow, as the well-positioned health-care segment is offset by poor competitive dynamics in material sciences , which hurts Bayer's industrial unit. Looking ahead to 2013, Bayer is well positioned in its healthcare group. Bayer
expect the nutrition business to continue to support DSM's earnings growth in the long term. On the other hand, DSM's Material Sciences segment, which includes both performance materials and polymers, continued to be dragged down by the weak European end
that chairman Marijin Dekkers has settled into the company, we wouldn't be surprised to see the firm look to shed the material sciences business and pursue an acquisition to bulk up its health care or even its crop sciences business. Bayer reiterated its
Bayer BAYRY reported fourth-quarter results that largely matched our expectations, and we don't expect any significant changes to our fair value estimate. Bayer's fourth-quarter results reconfirm our balanced outlook for the company as declining sales from some mature high-margin prescription drugs