Bayer (BAYRY) beats estimates for both earnings and revenues in the second quarter of 2022.
Bayer has upgraded its 2022 growth and profit forecasts, capitalising on the sharp rise in food prices that has boosted demand for seeds and weedkiller. The sharp increase in global food prices in the wake of Russia’s invasion of Ukraine has been a boon for Bayer’s crop sciences business, which accounts for half of its sales. While the unit booked a €1.3bn impairment charge linked to rising interest rates, its ebitda adjusted for one-offs surged 72 per cent to €1.75bn in the second quarter, while sales increased 29 per cent. Sales of herbicides alone rose 51 per cent.
Regeneron (REGN) tops earnings and sales in the second quarter, driven by its lead drug Eylea and profits from asthma drug Dupixent. However, earnings decline year over year.