By Cecilia Butini

Bayer AG on Tuesday backed its 2022 financial objectives after third-quarter sales beat expectations and it reported earnings growth in all its segments.

The German pharmaceutical-and-agricultural company posted net profit of 546 million euros ($547.2 million) for the period, up from EUR85 million the year prior, when its agricultural division was in a recovery phase. Earnings before interest, taxes, depreciation and amortization before special items--a closely-watched metric--was EUR2.45 billion for the period, up from EUR2.09 billion the year prior.

Sales rose to EUR11.28 billion for the quarter from EUR9.78 billion the year prior.

Both sales and Ebitda before special items beat analysts' expectations, while net profit came slightly short.

Bayer backed its 2022 view, and Chief Executive Werner Baumann said the company is right on track to achieve the full-year outlook it raised in August.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

November 08, 2022 02:09 ET (07:09 GMT)

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