Bayer posts record 2nd-qtr 2012 sales, raises guidance

German pharma and chemicals group Bayer (BAYN: DE) this morning reported a strong set of second quarter 2012 results. Sales rose by 5.0% to a record 10.18 billion euros ($12.62 billion), with all the subgroups contributing to the increase, especially CropScience which continued to grow strongly. Currency effects had a positive impact. Bayer’s shares rose 3.2% to 63.11 euros at 10:05 am in Frankfurt trading.

Earnings were impacted by special items of 800 million euros, which included risk provisions of 500 million euros for expected litigations in connection with the Yasmin/YAZ (ethinyl estradiol and drospirenone) family of oral contraceptives. EBITDA before special items improved 6.7% to 2.17 billion euros, beating the average estimate of 2.08 billion euros compiled by Bloomberg from 14 analysts, and driven by positive business development and f/x at HealthCare and volume gains at CropScience, the company said. Earnings per share were 0.60 euros and core EPS rose by 14.0% to 1.47 euros.

Bayer raised its guidance for the full year, now expecting sales to grow 4%-5% compared with its previous forecast of 3% and EBITDA ex-items now expected to grow at high single digits.