Bayer Cuts Forecasts for 2023 and Estimates a Loss of €2 Billion

Bayer reviews numbers. The German pharmaceutical company cuts its forecasts for 2023 and estimates a loss of €2 billion in the second half of 2023. The multinational indicates that this is due to the drop in sales of its glyphosate-based products, a chemical substance that focuses on the elimination of unwanted plants.

Bayer highlights that price erosion and lower volumes are due to declining glyphosate stocks such as poor weather conditions. The German company expects to make profits between €11.3 billion and €11.8 billion before interest, taxes, depreciation, and amortization in 2023.

On the other hand, Bayer’s earnings per share are between €6.20 to €6.40, this is below the previous forecast that ranged from €7.20 to €7.40. The German multinational estimates that the gross operating result is around €2.5 billion.

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Bayer expects this year’s gross operating result to be around €2.5 billion

Likewise, in 2023, Bayer hoped to have a sales volume of between €51 billion and €52 billion, which is now reduced to between €48.5 billion and €49.5 billion, counting exchange effects.

This forecast made by the German company comes four months after the pharmaceutical company will appoint Bill Anderson as its new CEO, a professional with experience in the sector who comes from Roche. Anderson officially took over as Bayer’s CEO in June this year and joined the Teutonic pharmaceutical company’s board of directors in April.

Anderson holds a Bachelor of Science in Chemical Engineering from the University of Texas and a Master of Science in Chemical Engineering and Management from the Massachusetts Institute of Technology (MIT).

Anderson began his professional career in 1989 at the Ethyl Corporation, a fuel additives company, which is headquartered in the United States with a presence in Belgium and the Netherlands.

Bayer is a German chemical-pharmaceutical company headquartered in Leverkusen. The company has more than a hundred years of history and is popularly known for its Aspirin product. The multinational has a pharmaceutical division, one for consumer health, one for crop science, and one for animal health.

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(Featured image by Ri_Ya via Pixabay)

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