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Source: Bayer news release

*Group sales grow by 14.3 percent (Fx & portfolio adj.) to 14.639 billion euros

*EBITDA before special items increases by 27.5 percent to 5.251 billion euros

*Substantial sales and earnings growth at Crop Science and Consumer Health

*Sales up slightly at Pharmaceuticals - earnings lower than prior-year quarter due to investments in the future

*Core earnings per share rise by 36.3 percent to 3.53 euros

*Net income of 3.291 billion euros (up 57.5 percent)

*Free cash flow improves by 63.2 percent to minus 1.187 billion euros

*Outlook for 2022 confirmed - confident about the full year despite uncertainty due to global crises

Crop Science increases earnings by around 50 percent

In the agricultural business (Crop Science), sales rose by 21.6 percent (Fx & portfolio adj.) to 8.447 billion euros thanks to substantial price and volume growth.

Bayer's sales grew by double-digit percentages in all regions and achieved particularly strong growth at Herbicides (Fx & portfolio adj. 59.8 percent) and Fungicides (Fx & portfolio adj. 18.6 percent).

While there was particularly strong growth for Herbicides in North America, Fungicides generated double-digit percentage sales growth in all regions.

Corn Seed & Traits posted sales gains, primarily due to price increases in all regions. Here, Bayer also benefited from volume gains in the Europe/Middle East/Africa, Latin America, and Asia/Pacific regions. Sales at Soybean Seed & Traits were level with the prior-year period (Fx & portfolio adj. up 0.8 percent), and were higher in North America due to price increases but lower in Latin America due to lower volumes.

EBITDA before special items at Crop Science advanced by 49.9 percent to 3.669 billion euros, driven mainly by higher prices. Bayer also benefited from higher volumes and ongoing efficiency programs.

By contrast, earnings were diminished by an increase in costs, particularly in the cost of goods sold, that was mainly due to high inflation.

There was a positive currency effect of 98 million euros (Q1 2021: minus 252 million euros). The EBITDA margin before special items increased significantly by 6.6 percentage points to an all-time high of 43.4 percent; currency effects had a dilutive effect of 0.8 percentage points.

To read the entire report click here.

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