Bayer’s net loss has increased six times – Kommersant
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Revenue of the German chemical and pharmaceutical concern Bayer fell in the second quarter by 13.8% to €11 billion. Net loss amounted to €1.9 billion against a loss of €298 million a year earlier. The company itself attributed the poor quarterly results to a sharp decline in sales of glyphosate-based herbicides.
Herbicide sales for the quarter fell 45.6%. This is due to inflation and dry weather impacting demand from U.S. farmers, as well as declining herbicide prices. In addition, in recent years, Bayer has been at the center of numerous lawsuits and paid compensation – in connection with allegations that the herbicide Roundup can cause cancer.
Bayer has downgraded its forecast for 2023 as a whole. It expects earnings before taxes, interest, depreciation and amortization (EBITDA) to be between €11.3 billion and €11.8 billion, up from €13.5 billion in 2022. The company forecasts that sales of its agriculture division, which includes herbicides, will decline by 5% for the year. This decline will not be offset by sales of medicines – Bayer expects the revenue of the pharmaceutical division to remain at the same level as last year.
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