The German pharmaceutical and life sciences company reported first-quarter earnings that topped consensus
Bayer revealed an EPS of €2.59, beating the €2.47 forecast. At the same time, the revenue figures came in at $12.33 billion, higher than the €12 billion initially touted.
The company’s free cash flow plummeted to -€3.23 billion, from last year’s -€793 million. The plunge was caused by the settlement payments for litigations involving its Roundup pesticide.
For the entire 2021, Bayer expects sales to clock between €42 billion and €43 billion., in line with its previous outlook.
After the news hit the wires, Bayer stock price went up almost 5%. Since the beginning of the year, its shares are up 16%.
Sources: investing.com, marketwatch.com