Sales of new drugs to treat cancer, eye and heart diseases, and strong revenues for its agricultural products helped boost Bayer Group’s second-quarter earnings.
The Germany-based company today said net income rose 13 percent, to 953 million euros ($1.27 billion) while worldwide sales edged up nearly 1 percent to 10.5 billion euros ($14 billion).
Earnings before interest, taxes, depreciation, amortization and one-time special items (EBITDA) rose 1 percent to 2.2 billion euros, below analysts’ average estimate of 2.3 billion euros. Bayer said it missed analysts' estimates because of negative currency exchange rates but said strong business development offset the difference.
In North America, second-quarter sales totaled 2.7 billion euros, up 1.3 percent over the second quarter of 2013. Bayer’s material science business, which makes plastics and chemicals, has its North American headquarters in Robinson.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580.
First Published July 30, 2014 12:00 AM