FRANKFURT (Reuters) – Bayer , Germany’s largest drugmaker, posted a 1 percent gain in quarterly adjusted core earnings, as strong sales growth of newly introduced pharmaceuticals was tempered by a strong euro weighing on the value of overseas sales.
Second-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 2.22 billion euros (1.75 billion pounds), it said on Wednesday, just short of the average estimate of 2.31 billion euros in a Reuters poll.
“Although earnings growth was again held back by substantial negative currency effects, these were offset by the good business development,” the company said in a statement.
Bayer said it expected 2014 sales of 41 billion euros, where it had previously seen 41-42 billion, citing the strong euro. This compares with 40.2 billion euros last year.
It said it continued to expect a low to medium single-digit percentage increase in adjusted EBITDA for the year.
(Reporting by Ludwig Burger; Editing by Harro ten Wolde)
Bayer second quarter underlying profit edges higher on new drug sales
No comments:
Post a Comment