Bayer raises profit forecast – glyphosate business is booming

Dusseldorf Bayer AG grew strongly in the second quarter and exceeded analysts’ expectations. The agricultural business in particular is booming, with profits growing by 73 percent. The Leverkusen group benefited from higher prices for seeds and crop protection products, such as the controversial weed killer glyphosate. In many regions of the world, the drug is currently two to three times as expensive as it was a year ago.

Group-wide, Bayer increased adjusted profit (Ebitda before special items) by 30 percent to 3.35 billion euros. Analysts had expected an average of 3.28 billion euros. Bayer expects continued good development and has therefore raised its annual targets.

The group now expects sales to increase by eight percent to EUR 47 to 48 billion and adjusted earnings of around EUR 12.5 billion. That is half a billion euros more than previously budgeted.