German pharma and chemical firm Bayer has reported a net profit of €841m for the second quarter of 2013, with an increase of 74.8% compared to €481m during the comparable period earlier year.
The increase in profit is primarily attributable to lower one-time charges and strong sales of new products, including anti-clotting drug Xarelto used to prevent dangerous blood clotting and Eylea, and cancer drug Stivarga.
While revenues rose 1.9% to €10.36bn, the company witnessed 5.5% rise in pharmaceutical sales to €2.83bn, mainly backed by the sale of Xarelto and drug Stivarga.
For the second quarter ended on 30 June 2013, its core earnings per share grew by 6.2% to €1.54, compared to €1.45 per share during the corresponding period earlier year.
During the current quarter period, its EBIT increased by 73.9% to €1.28bn, compared to €740m during the comparable period earlier year.
Sales in the consumer health segment rose by 1.4% to €1.96bn, thanks to business expansion across all divisions, especially better sales of non-prescription medicines in the emerging markets.
Net profit of €2bn for the first half (H1) of 2013, an increase of 31.6% compared to €1.5bn during the comparable period earlier year, while H1 2013 revenues was up by 2% to €20.6bn.
The company has forcasted full-year sales for 2013 to increase by 4-5% and an increase in earnings before financial items and one-time charges of "a mid-single digit percentage."
