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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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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