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Bayer earnings down on litigation provisions, but revenue up and company raises 2012 outlook
BERLIN (AP) 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 percent 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 totaling 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.