Investing.com -- Bayer AG 's (ETR:BAYGN) shares were little changed on Tuesday following its second-quarter results.
The German pharmaceutical and life sciences giant reported group sales of €11.144 billion, marking a 3.1% increase on a currency- and portfolio-adjusted basis.
However, the company's EBITDA before special items fell by 16.5% to €2.111 billion, mainly due to currency headwinds and an unfavorable product mix.
The crop science division saw a modest 1.1% increase in sales to €4.981 billion, driven by higher glyphosate-based herbicide sales and strong performance in North America.
“Our Crop Science business nearly offset headwinds in a challenging agricultural market environment,” said Bayer AG’s chief executive Bill Anderson.
Despite this, EBITDA before special items for the division declined by 27.7% to €524 million, reflecting challenges such as an unfavorable product mix and a softer market environment.
In Pharmaceuticals, sales rose by 4.5% to €4.605 billion, bolstered by significant growth from new products Nubeqa and Kerendia, which reported growth rates of 90.0% and 72.9%, respectively.
Nonetheless, EBITDA before special items fell by 4.1% to €1.322 billion, affected by currency fluctuations and an unfavorable product mix.
The consumer health division experienced a 5.3% increase in sales to €1.458 billion, with growth particularly strong in digestive health and dermatology. Despite a 6.3% fall in EBITDA before special items to €314 million, the division’s growth was seen as a positive development.