Bayer’s 2nd-qtr earnings hit by currency, missing expectations

30 July 2014

Germany’s pharma and life sciences major Bayer (BAYN: DE) posted a solid set of second-quarter 2014 financial results this morning but, largely due to the strength of the euro, came in below analysts’ expectations. Nevertheless, the firm’s shares moved 2.3% higher to 101.75 euros in early trading.

Bayer’s group turnover for the quarter increased 0.9% to 10.46 billion euros ($14.05 billion), missing the average estimate of 10.6 billion euros, despite a strong showing from the company’s news drugs. Earnings before interest, taxes, depreciation, amortization and special items (EBITDA) rose 1% 2.22 billion euros, falling short of the 2.3-billion-euro average estimate of 10 analysts surveyed by Bloomberg.

Second-quarter net profit increased 14% to 953 million euros, helped by robust demand for its latest drugs and crop protection products. Adjusted for currency swings and changes in Bayer's portfolio of drug and chemical assets, revenue rose 6.3%.

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