Bayer adjusts sales growth expectation

German pharmaceutical giant Bayer Group is upbeat about its growth for the rest of the year, after it registered a strong Q2 sales increase of 12.9 percent y-o-y.

According to the company's latest release, the group's sales in the second quarter reached 10.85 billion euros ($12.83 billion) on a currency-and-portfolio-adjusted basis (Fx & portfolio adj.).

"We are therefore upgrading our full-year guidance, and now anticipate higher sales and core earnings per share than in our previous forecast," said Werner Baumann, Chairman of the Board of Management, on Thursday.

After adjusting for currency effects, the company now expects to post sales of approximately 44 billion euros, a slight raise from the previously approximate of 42 to 43 billion euros.

This now corresponds to an increase of around 6 percent (previously: about 3 percent) on a currency-and-portfolio-adjusted basis.

The company also made good progress in the area of sustainability.

Bayer recently amended its existing 4.5-billion-euro revolving credit facility by linking it to climate protection, creating a link between one of its financial instruments and its sustainability targets for the first time.

The amendment incorporated the company's greenhouse gas emission reduction targets into the revolving credit facility.

Through this amendment, Bayer has emphasized its commitment to achieving climate neutrality by 2030, as well as its holistic sustainability strategy.