Bayer posts strong earnings growth
- Successful stock market debut for Covestro (formerly MaterialScience)
- Substantial sales and earnings increases at HealthCare
- Good business development at CropScience in a weaker market environment
- Covestro posts significant earnings improvement
- Group sales €11.0 billion (+10.7%: Fx & portfolio adj. +1.9%)
- EBITDA before special items €2.5 billion (+27.6%)
- EBIT €1.6 billion (+16.3%)
- Net income €1.0 billion (+20.9%)
- Core earnings per share €1.69 (+28.0%)
- Group forecast 2015 confirmed
In the third quarter of 2015, Bayer made further strategic progress in its successful development as a Life Science company. On September 18, 2015, we announced our new corporate structure and the reorganization of the Board of Management. From January 1, 2016, Bayer’s operational business will be managed by three divisions: Pharmaceuticals, Consumer Health and Crop Science. The former MaterialScience subgroup became a separate economic and legal entity on September 1, 2015, and operates under the name Covestro. Covestro AG was floated on the stock market on October 6, 2015. Bayer currently still holds a 69% interest in Covestro AG, which is therefore still included in the Consolidated Financial Statements of Bayer as a fully consolidated subsidiary.
The Bayer Group posted an increase in sales on a currency- and portfolio-adjusted basis (Fx. and portfolio adj.) and strong earnings growth of 28% in the third quarter of 2015. HealthCare benefited once again from the positive development of our recently launched pharmaceutical products and from expanded sales (Fx. and portfolio adj.) in all Consumer Health divisions. We achieved a substantial increase in EBITDA before special items at HealthCare. Despite a weaker market environment, sales at CropScience were up (Fx. and portfolio adj.) against the strong prior-year period, while earnings rose due to currency effects. Covestro significantly raised earnings again, due mainly to lower raw material costs, while sales receded as expected. Core earnings per share of the Bayer Group advanced by a substantial 28%. We are confirming our Group forecast for 2015.