With the takeover offer open, the results are less relevant now, but it's clear that from an operating point of view things are going well, especially with regard to the top line.

The buyback is certainly a positive for the shares, and the profitability target of 20 percent is not bad given that Schering's product portfolio does not have many new drugs with high margins.

It shows the expected recovery in the Christmas season in liquid crystals. But the outlook is a little disappointing.

I can't understand why one would pay so much for a company that has below-average potential growth.

All reported lines were well above our expectations and far above consensus. We will review our model today and most likely increase our forecasts as well as our share price target.