© Reuters. File photo: The logo of Bayer AG can be seen in the German pharmaceutical company’s showroom where the annual results press conference was held on February 27, 2020 in Leverkusen, Germany. REUTERS/Wolfgang Rattay/File Photo
FRANKFURT (Reuters)-Bayer raised its outlook for 2021 on Thursday, citing the strong performance of its pharmaceutical division, which acquired Vividion Therapeutics for up to $2 billion.
The upgrade was carried out after prescription drug sales increased Bayer’s (OTC:) pharmaceutical division’s revenue by 16.2% to 4.49 billion euros in the second quarter.
“Vividion’s unique technology and expertise will greatly enhance our drug discovery capabilities,” CEO Werner Baumann said in a statement.
Bayer now expects its core earnings (EBITDA) excluding special items to be 10.6 billion to 10.9 billion euros (1.26 to 12.9 billion US dollars), higher than its previous forecast of 10.5 billion to 10.8 billion euros.
At the group level, EBITDA for the second quarter, excluding special items, fell 10.6% to 2.58 billion euros, while sales increased 12.9% to 10.85 billion euros.
In a poll provided by the company, analysts on average expected EBITDA of 2.79 billion euros and sales of 10.16 billion euros before special items in the second quarter.
(1 USD = 0.8450 Euro)
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