Bayer braved the Corona crisis in the first quarter thanks to the recovery in its agricultural business and strong demand for over-the-counter medicines.
Sales rose by 4.8 percent to around 12.85 billion euros, the agrochemicals and pharmaceuticals group announced in Leverkusen on Monday. It was an increase of 6 percent on its own – i.e. excluding exchange rate effects as well as sales and sales. Operating profit before interest, taxes, depreciation and amortization, adjusted for special effects, increased by around 10 percent to just under EUR 4.4 billion.
The net result was a net profit of EUR 1.49 billion – an increase of 20 percent compared to the same period of the previous year. Group CEO Werner Baumann confirmed the outlook for 2020. However, it still does not include any consequences of the coronavirus pandemic.
In view of the development of free cash flow, Bayer recorded an outflow of almost EUR 800 million in the first quarter. The Group justified this, among other things, with accounting conditions in the agricultural division, where, among other things, comparatively more invoices were paid in the first quarter. In addition, the settlement reached last year in a lawsuit over the blood clotting inhibitor Xarelto now cost money.