German pharma and life sciences firm Bayer said it completed the "biggest acquisition in its history" Wednesday but delivered a series of mixed results for its second quarter.
Bayer gave more details of the acquisition of U.S. firm Monsanto, which officially completed on June 7 this year and came in at $63 billion, including debt. The purchase helped its core earnings for the second quarter and offset weak health care sales.
Here are some of the highlights for the second quarter:
- Net income fell 34.7 percent from the previous quarter to 799 million euros ($923 million).
- Depreciation, amortization and impairments dropped slightly from the previous quarter to 666 million euros.
- Core earnings per share rose 1.3 percent to 1.54 euros.
Adjusted earnings before interest, tax, depreciation and amortization came in at 2.34 billion euros ($2.71 billion) for the period. This narrowly missed estimates from a Reuters poll. Net income for the quarter saw a 34.7 percent fall, but it also reported an 8.8 percent increase in sales from a year ago, taking its total group sales to 9.48 billion euros.