Third-quarter earnings beats forecasts at Bayer
By Abigail Townsend
Date: Tuesday 08 Nov 2022
(Sharecast News) - Strong demand for seeds and herbicides helped Bayer Group post forecast-beating third-quarter numbers on Tuesday.
Group sales at the German drug and chemicals giant rose 6% on a currency and portfolio adjusted basis, to €11.28bn, while earnings before interest, tax, depreciation and amortisation before special items jumped 17% to €2.45bn. Core earnings per share were ahead 8% at 1.13 euros.
Analysts had been expecting adjusted EBITDA of around €2.31bn.
Werner Baumann, chair of the board of management, said: "Despite rising inflation and global supply chain problems, we were again able to boost sales and earnings.
"We are right on track to achieve the full year financial targets that we raised in August."
Bayer's crop science division reported an 8% jump in sales, to €4.7bn, with double digit percentage growth seen in Latin American and Europe Middle East Africa, although higher seed returns saw sales decrease "significantly" in North America. Adjusted EBITDA spiked nearly 34% to €629m, ahead of consensus for around €589m.
Sales at its herbicides unit surged 45% to €1.74bn, boosted by price increases and a "positive" market environment.
The prescription medicine division - which includes prostate cancer drug Nubeqa, ophthalmology treatment Eylea and contraceptive Mirena - saw revenues rise 2.9% to €5.0bn, despite a 6.2% fall in sales of blockbuster stroke treatment Xarelto, to €1.11bn.
The consumer health portfolio, which includes over-the-counter drugs such as Alka-Seltzer, Rennie, Claritin and Aspirin, reported a 4.4% jump in sales to €1.55bn.
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