FRANKFURT, May 12 (Reuters) - Bayer on Tuesday reported a 9% increase in quarterly operating profit that was well above market expectations, after an agreement with its main U.S. crop protection rival eased access to the soy seed market.
First-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, came in at 4.45 billion euros ($5.23 billion), the German maker of drugs and crop chemicals said.
That surpassed analysts' average forecast of 3.93 billion euros, based on a consensus posted on the company's website.
The boost from soy, more than offsetting the loss of patent protections for stroke prevention pill Xarelto and eye medicine Eylea, provides some respite for CEO Bill Anderson in his struggle to overcome costly litigation and massive debts.
Earnings at the Crop Science unit jumped 17.9% to 3.0 billion euros, boosted by the resolution of a soy licensing dispute with major rival Corteva this year.
The group also confirmed its currency-adjusted guidance for 2026 results.
The U.S. Supreme Court has agreed to rule on Bayer's request to shut down thousands of lawsuits claiming its Roundup weedkiller causes cancer. But justices appeared split in their assessment after an initial hearing last month, weighing on the stock.
Anderson has been overhauling Bayer's management structure but has suspended a portfolio review that could have led to a breakup of the diversified group.
Bayer this month agreed to buy Perfuse Therapeutics for up to $2.45 billion, depending on development success, to strengthen its ophthalmology business.
Reporting by Ludwig Burger, Editing by Linda Pasquini and Mark Potter
Source: Reuters