July 29, 2011

Bayer's profits leap over 40% in Q2

German pharmaceutical and chemical company Bayer AG says strong growth in the crop science division helped second-quarter profits rise more than 40%.

Bayer on Thursday (Jul 28) reported net profits of EUR747 million (US$1,085 million) for the April-July period, up from EUR530 million (US$770 million) a year earlier.

Revenue rose only 0.8% as the healthcare division saw its sales drop 2.3% to EUR4.2 million (US$6.1 million) due to reforms in various countries.

The crop science division fared better with revenues up 3.1%. The material science unit also saw sales rise 3.5%.

Bayer CEO Marijn Dekkers said the company's outlook for 2011 remained on track following "significant progress" with products from the research and development pipeline.