Bayer reports it has achieved a strong start to the year in its operational business. The Crop Science Division reported sales and earnings more than doubled. The news comes as the company prepares for a shareholder meeting, which looks to put the company's CEO, Werner Baumann, in a tight spot. Several shareholders are reportedly unhappy about the acquisition of Monsanto, following lawsuits from cancer victims claiming Roundup has caused their illness.
Meanwhile, Bayer itself emphasizes the positive results: "In the agriculture business (Crop Science), Bayer generated sales of 6.444 billion euros, up 125.2 percent on a reported basis. The 5.5 percent increase after adjusting for currency and portfolio changes was driven by growth in the Latin and North America regions, with the effects of the service agreements with BASF also apparent in both regions. Sales also increased slightly in the Europe/Middle East/Africa region on a currency- and portfolio-adjusted basis. By contrast, sales were down slightly in Asia/Pacific after adjusting for currency and portfolio effects."
Click here for more information on the company's Q1 results.