CORRECTED-Bayer Q1 core profit beats consensus on strong pharma

Mon Apr 28, 2014 2:17am EDT

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(Corrects figure in lead to 11.6 percent from 11 percent)

FRANKFURT, April 28 (Reuters) - German drugmaker Bayer published an 11.6 percent increase in first-quarter underlying operating profit, beating consensus as its pharmaceuticals business posted a strong start to the year.

Bayer said on Monday its quarterly adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 2.738 billion euros ($3.79 billion).

Sales rose 2.8 percent to 10.555 billion euros and were up 8.4 percent adjusted for currency swings.

Analysts in a Reuters poll had on average seen adjusted EBITDA at 2.593 billion euros and sales at 10.674 billion. Poll:

Bayer confirmed its 2014 outlook for a low to medium single-digit percentage rise in adjusted EBITDA and currency-adjusted sales of around 41-42 billion euros.

($1 = 0.7227 Euros) (Reporting by Marilyn Gerlach; editing by Keiron Henderson)