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Bayer first-quarter core profit beats consensus on strong pharma

Reuters

FRANKFURT (Reuters) - German drugmaker Bayer (GER:BAYN) published an 11 percent increase in first-quarter underlying operating profit, beating consensus as its pharmaceuticals business posted a strong start to the year.

Bayer said on Monday its quarterly adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to

2.738 billion euros (2.25 billion pounds).

Sales rose 2.8 percent to 10.555 billion euros and were up 8.4 percent adjusted for currency swings.

Analysts in a Reuters poll had on average seen adjusted EBITDA at 2.593 billion euros and sales at 10.674 billion.

Bayer confirmed its 2014 outlook for a low to medium single-digit percentage rise in adjusted EBITDA and currency-adjusted sales of around 41-42 billion euros.

(Reporting by Marilyn Gerlach)