FRANKFURT, July 30 Bayer, Germany's
largest drugmaker, posted a 1 percent gain in quarterly adjusted
core earnings, as strong sales growth of newly introduced
pharmaceuticals was tempered by a strong euro weighing on the
value of overseas sales.
Second-quarter adjusted earnings before interest, taxes,
depreciation and amortisation (EBITDA) came in at 2.22 billion
euros ($2.98 billion), it said on Wednesday, just short of the
average estimate of 2.31 billion euros in a Reuters poll.
"Although earnings growth was again held back by substantial
negative currency effects, these were offset by the good
business development," the company said in a statement.
Bayer said it expected 2014 sales of 41 billion euros, where
it had previously seen 41-42 billion, citing the strong euro.
This compares with 40.2 billion euros last year.
It said it continued to expect a low to medium single-digit
percentage increase in adjusted EBITDA for the year.
($1 = 0.7460 Euros)
(Reporting by Ludwig Burger; Editing by Harro ten Wolde)