Bayer Announces Higher Profit for First Quarter with Sales up 14.3%

German pharmaceutical company Bayer on Tuesday reported high sales and earnings growth in its first quarter with particularly substantial gains for the agriculture business.

Bayer, a maker of pharmaceuticals, biotech products, consumer healthcare goods and agricultural chemicals, said its quarterly sales and earnings had not been negatively impacted by Russia’s invasion of Ukraine. Moscow’s invasion began on February 24, triggering an exodus of businesses based there.

Looking forward, Bayer confirmed its currency-adjusted outlook for the full year that was published in March.

Chief executive Werner Baumann said, “Our forecast going forward this year remains confident despite the great uncertainties, including the stability of supply chains and energy supplies.”

Bayer’s first quarter earnings before interest and special items increased by 27.5% to €5.25 billion ($5.54 billion).

Its core earnings per share from continuing operations rose by 36.3% to €3.53. Net income rose by 57.5% to €3.29 billion. Earnings per share was €3.35 compared to €2.13. Group sales in the first quarter increased by 14.3% on a currency- and portfolio-adjusted basis to €14.64 billion.

In business terms, Russia and Ukraine do not rank among Bayer’s top ten key countries, the company said, adding that both countries account for around 3% of sales. “Group sales and earnings were not negatively impacted by this situation in the first quarter.”

“We have continued to prioritize the safety of our approximately
700 colleagues in Ukraine and provide them and their families with financial aid, shelter, and evacuation assistance,” the Leverkusen-based company said.

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