Euro's slide pays off for many European firms

Paris

THE euro's slide against the US dollar is paying off for companies from German drug and chemical maker Bayer AG to French cosmetics giant L'Oreal SA, adding to optimism that the currency move is fuelling an economic recovery.

Bayer raised its 2015 sales and profit forecasts on Thursday because of the euro's drop, while drugmaker Sanofi said earnings per share will get a bigger boost this year than previously predicted from currency swings. L'Oreal last week said exchange-rate shifts were set to add nine percentage points to sales this year.