Bayer profit jumps 9%

German conglomerate Bayer has reported a 9% jump in quarterly operating profit, driven by strong growth in its agricultural division and a significant boost from its soy seed business.

The results were aided by a strategic agreement with a major U.S. rival that improved Bayer's access to the soy market, as well as a one-time gain from the sale of an antibiotics unit.

Despite the strong performance, the company maintained a cautious full-year outlook, citing ongoing volatility in global commodity prices and the impact of the war in Iran on supply chains.

CEO Bill Anderson noted that the company is continuing its restructuring efforts to reduce debt and focus on its core pharmaceutical and crop science pipelines.