Admin I Wednesday, Nov. 08, 2023
BERLIN – German pharmaceutical and agrochemical giant Bayer reported falling sales in the third quarter on Wednesday, continuing a string of poor performances for the struggling for the third quarter.
Bayer indicated little hope of significant improvement, with growth prospects remaining weak given current market dynamics.
The bottom line was a loss of €4.57 billion ($4.87 billion), partly due to further problems in Bayer’s agricultural business. A year ago, Bayer posted a profit of €546 million.
The Leverkusen-based firm’s third-quarter results reflected the continued falling prices for weedkiller glyphosate. Compared to the same period last year, sales fell by just over 8% to €10.3 billion ($11 billion).
US agrichemical firm Monsanto, which Bayer acquired in 2018, developed and sold a market-leading glyphosate weedkiller under the brand name Roundup.
Bayer is now facing an avalanche of lawsuits contending that the weedkiller has harmful health effects on humans, including allegedly causing cancer. The cost of the litigation has badly hurt Bayer’s stock price since completing the Monsanto acquisition.
In Bayer’s third-quarter results, currency effects also had a negative impact.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by almost a third to €1.7 billion, a greater drop than analysts had expected.
