Bayer beats expectations in 2nd-qtr results; raises guidance

German pharma major Bayer (BAYN: DE) has beaten earnings expectations for 2016’s second quarter and increased its guidance for the year.

Across the group, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for one-off items, rose by 5.7% compared to a year ago, to 3.05 billion euros ($3.35 billion), which is more than 5% above what many analysts had predicted.

Group net income was 1.38 billion euros, which is 18.6% higher than in the second quarter of 2015. Core earnings per share were 2.07 euros, a 4% increase on a year earlier, and sales grew by 2.3% to 11.83 billion euros ($13.01 billion) when accounting for currency and portfolio effects.