Bayer: first-quarter profit beats forecasts in all divisions
(CercleFinance.com) - Bayer reported better-than-expected first-quarter profit on Monday, helped by sales that exceeded market expecactions at all of its divisions.
The German chemicals and healthcare group's share were up 2.6%, just edging a 2.5% rise in in leading blue-chip index DAX.
First-quarter profit before interest, taxes, depreciation and amortisation (EBITDA), before special items, rose 10.2% to 4.4 billion euros, above the analysts estimates, above the consensus.
Group sales increased by 6% to 12.8 billion euros, it said.
Bayer's agricultural business (Crop Science) saw its sales rise by 5.7% to 6.8 billion euros, again ahead of the consensus.
Sales of prescription medicines (Pharmaceuticals) rose by 3.9% to 4.5 billion euros, also beating expectations, with sales of the oral anticoagulant Xarelto up 18.8%.
Sales of self-care products (Consumer Health) increased by 13.5% to 1.4 billion euros, boosted by strong demand due to the COVID-19 pandemic, which prompted inventory buildup.
In its statement, Bayer said that the impact of the COVID-19 pandemic on its outlook "cannot be reliably assessed" at this time.
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