By Christopher Alessi

FRANKFURT--German pharmaceuticals and chemicals giant Bayer AG (BAYN.XE) on Wednesday reported a nearly 19% increase in net profit for the third quarter of 2016, while raising its earnings guidance for the full year.

Net profit for the period ended Sept. 30 was 1.2 billion euros ($1.08 billion), compared with EUR999 million during the same period last year, beating analysts' forecasts. Analysts had expected net profit of EUR1.1 billion, according to a recent poll conducted by The Wall Street Journal.

Bayer said it now plans to increase core earnings per share for 2016 by a high-single-digit percentage, up from a pervious forecast of a mid-to-high-single-digit percentage increase.

Sales rose by 2.3%, to EUR11.26 billion, boosted by strong sales of the company's blockbuster prescription drugs, including blood thinner Xarelto and eye medicine Eylea.

-Write to Christopher Alessi at christopher.alessi@wsj.com

(END) Dow Jones Newswires

October 26, 2016 02:04 ET (06:04 GMT)