BERLIN - Bayer AG says its second-quarter earnings were a third lower than last year because of one-time charges that included money set aside to deal with litigation linked to a contraceptive, but its revenues rose 10 per cent and the company raised its full-year outlook.
The pharmaceutical and chemical company on Tuesday reported net earnings of €494 million ($606 million) for April-June — down from €747 million a year earlier. Revenues climbed to €10.18 billion from €9.25 billion.
Earnings were weighed down by special items totalling €762 million. That included €496 million in risk provisions for "all litigations in connection with the oral contraceptive Yasmin/YAZ of which Bayer is currently aware and which it considers to be worthy of settlement."
Bayer says it is raising its full-year revenue and pre-tax earnings guidance.