Salem Radio Network News Saturday, September 18, 2021

Business

Bayer raises outlook, boosts drug pipeline with Vividion buy

FRANKFURT (Reuters) -Bayer on Thursday lifted its outlook for 2021, citing a strong performance of its pharmaceuticals division which it boosted with the acquisition of Vividion Therapeutics for up to $2 billion.

The upgrade came after sales of prescription medicines lifted revenues at Bayer’s pharmaceuticals division by 16.2% to 4.49 billion euros during the second quarter.

“Vividion’s unique technologies and special expertise will significantly strengthen our drug discovery capabilities,” Chief Executive Werner Baumann said in a statement.

Bayer now expects its core earnings (EBITDA) before special items to come in at 10.6 billion to 10.9 billion euros ($12.6-$12.9 billion), up from a previous forecast for 10.5 billion to 10.8 billion.

On a group level, second-quarter EBITDA before special items fell 10.6% to 2.58 billion euros, while sales were up 12.9% at 10.85 billion.

Analysts, in a poll provided by the company, had on average expected earnings before interest, tax, depreciation and amortisation before special items of 2.79 billion euros and sales of 10.16 billion in the second quarter.

($1 = 0.8450 euros)

(Reporting by Christoph SteitzEditing by Tomasz Janowski)

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