Bayer AG, the German chemicals company seeking to acquire Monsanto Co., reported a 5.7 percent increase in second-quarter profit as prescription-drug sales helped offset weakness in its crop sciences and consumer health units.
Earnings before interest, taxes, depreciation and amortization, and excluding some costs, climbed to 3.05 billion euros ($3.36 billion), the Leverkusen, Germany-based company said in a statement on Wednesday. That compared with the 3 billion-euro average of analysts’ estimates compiled by Bloomberg. Bayer also pared its sales forecast for 2016.
The results are likely to be overshadowed by any comments on Bayer’s $55 billion bid to acquire St. Louis-based Monsanto. Werner Baumann, who became chief executive officer in May after more than 20 years with the company, aims to make it the world’s largest producer of seeds and pesticides with the deal. His revised offer, which included a $3-per-share increase, was spurned earlier this month.
Source: Bloomberg