LEVERKUSEN (dpa-AFX) - German pharmaceutical and life sciences major Bayer (BAYZF.PK, BAYRY.PK, BYR.L) reported that its second quarter net loss narrowed to 34 million euros from 1.89 billion euros in the prior year.
EBITDA before special items decreased by 16.5 percent to 2.111 billion euros. The decline in earnings was mainly due to an unfavorable product mix. In addition, the provisions for the Group-wide short-term incentive program were lower in the prior-year period.
EBIT improved to 525 million euros from minus 956 million euros last year. This improvement occurred after accounting for net special charges of 490 million euros. In comparison, the net special charges were significantly higher in the second quarter of 2023, totaling 2.490 billion euros. The special charges primarily related to expenses for ongoing restructuring measures and affected all divisions and functional areas.
Sales for the second quarter rose 0.9% to 11.14 billion euros from 11.04 billion euros in the prior year. Group sales rose by 3.1 percent on a currency- and portfolio-adjusted basis.
Bayer confirmed its Group outlook for full-year 2024. It remains on track to deliver. For the Crop Science Division, the company expects currency- and portfolio-adjusted sales growth and the EBITDA margin before special items to come in at the lower end of the projected ranges---between minus 1 and plus 3 percent, and between 20 and 22 percent, respectively.
For the Pharmaceuticals Division, Bayer has upgraded its forecast for currency- and portfolio-adjusted sales growth to between 0 and 3 percent compared to the prior outlook between minus 4 and 0 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
