By Christopher Alessi
FRANKFURT--German pharmaceutical group Bayer AG (BAYN.XE)
Wednesday reported a 21% rise in net profit for the second quarter
of 2015, boosted by favorable currency effects.
Net profit for the period ended June 30 was 1.15 billion euros
($1.27 billion), compared with EUR953 million in the same period
last year, in line with analysts' expectations. Analysts had
forecast a net profit of EUR1.15 billion, according to a recent
poll by The Wall Street Journal.
Group sales rose by 18.2%, to EUR12.09 billion, compared with
EUR10.22 billion last year, driven by high sales for the company's
recently launched pharmaceutical products, including blood thinner
Xarelto.
Bayer's closely-watched earnings before interest, taxes,
depreciation and amortization before special items climbed by 33.2%
to EUR2.9 billion, compared with EUR2.18 billion a year
earlier.
Bayer revised its 2014 figures slightly, with the exception of
net profit and earnings per share, because its diabetes care unit
is now classified as a "discontinued business." In June, the
company announced plans to sell the unit for EUR1 billion to
Japan-based Panasonic Healthcare Holdings Co., Ltd.
The company adjusted its guidance for 2015 as a result of the
change in exchange rates, as of June 30, and the discontinued
diabetes unit. Bayer now expects sales of around EUR47 billion for
the full-year. It had previously forecast total annual sales of
EUR48 billion to EUR49 billion. The group reiterated that it
expects Ebitda before special items for 2015 to increase by a
high-teen percentage point.
Write to Christopher Alessi at christopher.alessi@wsj.com
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