Bayer shares rise after positive third quarter report
10:40, 9 November 2021
The share price of Bayer was up almost 3% in late-morning London trade after it posted strong third quarter numbers. The German-based pharma and life science giant revealed that group sales in the third quarter of 2021 rose by 14.3% to €9.78bn (£8.35bn).
Earnings before interest, taxes, depreciation and amortisation (EBITDA) before special items increased by 16.4% to €2.09bn, and included a negative currency effect of €44m. Net income amounted to €85m – this compared to a third quarter 2020 loss of €2.74bn.
The company said core earnings per share advanced by 29.6% to €1.05, mainly due to the development of business within the crop science division. Free cash flow increased by 58% to €1.95bn and net financial debt at end of September decreased to €33.9bn, down 1.1% from the end of June 2021 figure.
Commenting on the latest results, Werner Baumann, chairman of the board of management at Bayer, said: “We delivered strong operational performance with all divisions showing strong growth momentum.”
He added: “Our third-quarter performance shows that we are very much on the right track – both in terms of operational development and the market launch of new products.
“We have aligned our corporate strategy and our innovation potential toward health and nutrition, which are areas of systemic importance. In doing so, we are looking to help solve a question of fundamental importance: How do we feed and satisfy the health needs of a growing population in the face of climate change?”