MOSCOW (MRC) -- Germany drugmaker Bayer reported 15.7 percent higher underlying core earnings for the first quarter, boosted by prescription drugs such as eye treatment Eylea, said CNBC.
First-quarter profit before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-off items, rose to 3.4 billion euros (USD3.8 billion), above average market expectations of 3.07 billion euros.
Bayer, the inventor of aspirin and maker of Yasmin birth control pills, said it still expected adjusted EBITDA to increase by a medium single-digit percentage this year, when excluding separately-listed plastics subsidiary Covestro.
As MRC reported earlier, on 1 September 2015, Bayer AG moved a step closer to floating its EUR11 billion (USD12.3 billion) specialty chemicals business by "legally and economically" separating the unit, now named Covestro AG. The German pharmaceuticals group plans to float Covestro, previously called Material Science, by the middle of 2016 year and potentially as soon as last autumn. Bayer plans either an initial public offering or direct spinoff to shareholders. The company has previously indicated that it preferred an IPO, which would generate cash for heavily indebted Bayer.
Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. As an innovation company, it sets trends in research-intensive areas. Bayer's products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen.
MRC