The conference call yesterday afternoon confirmed a mixed first read-out from the first-quarter performance as reflected in the press release. There were some positive one-offs during Q1 and the remainder of the year is expected to show some tougher conditions in pharmaceuticals and in crop sciences. Updates on the pipeline also revealed several setbacks that add to questions about mid-term growth prospects. In all, we are left with a very mixed feeling and NEUTRAL therefore looks like the best rating to have on the stock.
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