NEW YORK (TheStreet) -- The Euro is at its lowest level versus the dollar since mid-2010, an event that should improve profits at many big European companies.

The Euro's latest plunge of 0.2% to $1.20 came Friday following comments by European Central Bank President Mario Draghi, who suggested in an interview with the German newspaper Handlesblatt that deflation in the Eurozone remains a concern and that's prepared to provide additional stimulus to cure it.

Several European conglomerates, especially in the healthcare and pharmaceutical sectors, might benefit the most from a weak Euro because many their costs are incurred in Euros while sales are heavily weighted toward the U.S. dollar.

Here are three stocks poised to profit from a weak Euro.

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Bayer (BAYRY)

Bayer based its fiscal 2014 forecast on an exchange rate of $1.36 to the Euro, according to its 2013 annual report.

The report stated that a 1% depreciation of the Euro would increase sales "on an annual basis by some €260 million and EBITDA before special items by about €70 million."

Airbus (EADSY)

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Airbus shares have fallen 36% over the past year due to problems with one of its military planes, but a weak Euro should provide a much-needed tailwind.

A 10 cent decline in the Euro versus the dollar can mean an additional $1 billion in profits for the French aircraft manufacturer, according to industry consultant AirInsight.

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The German chemical manufacturer assumed a $1.35 Euro when it published its latest 2014 forecasts on Oct. 24.  Every one cent rise in the dollar versus the Euro adds €50 million to BASF earnings, assuming all other factors remain equal, according to BASF's website
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