BERLIN, May 10 (Xinhua) -- Bayer's revenue in the first quarter (Q1) of fiscal 2022 rose by 14.3 percent year-on-year and reached 14.6 billion euros (15.5 billion U.S. dollars), the German pharmaceutical and agricultural giant said on Tuesday.
Earnings before interest, taxes, depreciation and amortization (EBITDA) before special items in Q1 increased by 27.5 percent year-on-year to 5.3 billion euros. Bayer's agricultural division even doubled adjusted EBITDA to 3.7 billion euros.
The positive earnings development in the company's agricultural business were mainly driven by higher prices, according to Bayer. Due to strong increases in sales of herbicides and fungicides, the division's revenue rose by 21.6 percent to 8.4 billion euros in Q1.
Bayer's pharmaceuticals business unit increased its revenue slightly to 4.6 billion euros, while adjusted EBITDA declined by 7.3 percent to 1.4 billion euros. Lower earnings were mainly attributable to increased investments as well as research and development costs, the company said.
For fiscal 2022, Bayer expected adjusted profit to grow to 12 billion euros. (1 euro = 1.06 U.S. dollars) ■
