Bayer grew sales by double-digit percentages at herbicides, fungicides, and soybean seed & traits on a currency- and portfolio-adjusted basis
In the agricultural business (Crop Science), Bayer increased sales by 11.1 per cent (Fx & portfolio adj.) to 20.207 billion euros. The division grew sales significantly across all regions, especially in Latin America and Asia/Pacific. At Corn Seed & Traits, sales were up 9.2 per cent thanks to increased market share in North America and Latin America, as well as to higher prices worldwide. Bayer grew sales by double-digit percentages at Herbicides (15.4 per cent), Fungicides (13.8 per cent) and Soybean Seed & Traits (14.9 per cent) on a currency- and portfolio-adjusted basis. The main drivers were price increases for glyphosate-based products at Herbicides, and higher Fox Xpro volumes in Latin America at Fungicides. Soybean Seed & Traits benefited from higher volumes and prices, particularly in North America and Latin America.
EBITDA before special items at Crop Science increased by 3.6 per cent to 4.698 billion euros, resulting in a margin of 23.2 per cent. The growth in earnings was mainly driven by higher prices and volumes as well as contributions from ongoing efficiency programs. By contrast, earnings were diminished by a largely inflation-fueled increase in the cost of goods sold, as well as by negative currency effects of 387 million euros.
Bayer sees encouraging steps regarding glyphosate litigation in the US.
