Bayer reports jump in earnings, but remained silent on Monsanto bid

German pharmaceutical giant Bayer AG reported on Wednesday an 18.6-per-cent rise in second quarter profit, as strong demand for pharmaceuticals helped offset a weaker performance by its agrochemical business.

Net profit for the three months to June 30 rose to 1.38 billion euros (1.52 billion dollars) from 1.15 billion euros in the same period last year, said Bayer, which is pursuing a 64-billion-dollar takeover bid for US pesticides and crop seeds group Monsanto.

Monsanto rejected Bayer's latest takeover offer last week. However, there was no mention of the takeover battle in Bayer's statement on Wednesday setting out its second quarter results.

Second-quarter profit before interest, taxes, depreciation and amortization (EBITDA), adjusted for one-off items climbed 5.7 per cent to 3.05 billion euros, Bayer said.

Based in the western German city of Leverkusen, Bayer also said on Wednesday that it had raised its outlook for the year saying EBITDA before special items would increase by a high-single-digit percentage instead of the forecast mid-single-digit gain.

Bayer shares rose 1.2 per cent to 94.53 euros on the Frankfurt Stock Market following the release of the result.

Last update: Wed, 27/07/2016 - 14:34

More from Europe

German orchestra invites Erdogan to performance genocide piece

A leading German orchestra has invited Turkish President Recep Tayyip Erdogan to a performance of a controversial...

EU-Canada summit gets green light despite trade deal setback

Canadian Prime Minister Justin Trudeau will travel to Brussels for an EU-Canada summit despite resistance in the...

Over 2,000 leave migrant camp near Calais on first day of clearing

French authorities started the process of clearing thousands of migrants from a makeshift camp near the northern...

Scotland's Sturgeon calls Brexit talks with May "deeply frustrating"

Scottish First Minister Nicola Sturgeon called talks on Monday with British Prime Minister Theresa May about Britain...

Belgian premier: Efforts to win over regions on EU-Canada deal failed

Belgium cannot approve a landmark free trade deal between the European Union and Canada, Prime Minister Charles...