By Giulia Petroni 
 

Bayer AG said Tuesday that profit rose in the first quarter as performance was driven by its crop science and consumer health divisions, and backed guidance for the full year.

The German pharmaceutical and chemical conglomerate posted net profit of 3.29 billion euros ($3.47 billion) from EUR2.09 billion in the previous-year period.

Earnings before interest, taxes, depreciation and amortization before special items were EUR5.25 billion, up from EUR4.12 billion, while sales increased to EUR14.64 billion from EUR12.33 billion, the company said.

Bayer said sales and earnings were not negatively affected by Russia's invasion of Ukraine in the quarter. The two countries account for around 3% of sales.

Free cash flow improved to negative EUR1.19 billion from negative EUR3.23 billion in the year-earlier period.

The company confirmed its 2022 outlook. "Our forecast going forward this year remains confident despite the great uncertainties, including the stability of supply chains and energy supplies," Werner Baumann, chairman of the board of management, said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

May 10, 2022 02:07 ET (06:07 GMT)

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