Bayer reports 23% rise in sales

Bayer has announced its preliminary figures for the first quarter of the year, with the firm reporting a 23 per cent increase in its sales to 8.3 billion euros (5.66 billion pounds), with Bayer HealthCare accounting for 3.6 billion euros of these revenues.

The company saw a net income of 2.8 billion euros in the first quarter, compared to 0.6 billion euros during the same period last year, while its earnings before interest, taxes, deprecation and amortisation (EBITDA) rose 27 per cent to two billion euros.

As a result of these positive figures, the company has reaffirmed its previous outlook for the full 2007 fiscal year and will not change the guidance issued in March, while further financial details will be published in the company’s forthcoming interim report.

“The largest earnings increase was achieved buy the Bayer HealthCare subgroup, where underlying EBITDA roughly doubled from 465 million euros in Q1 2006 to approximately 950 million in the first quarter of 2007,” the company reports.

It added that the reasons for this rise in the healthcare segment were the company’s acquisition of Schering, in addition to strong business trends seen in consumer health.

Following the acquisition of Schering, Bayer announced the launch of Bayer HealthCare Pharmaceuticals in the US, with this subsidiary incorporating Berlex, a former Schering company.