Second quarter impacted by declines in glyphosate business
Group sales fall by 8.2 percent (Fx & portfolio adj.) to 11.044 billion euros
Bayer published detailed results for the second quarter of 2023, after having already communicated key figures for the three-month period and lowering its outlook for full-year 2023. The revised guidance was mainly due to a significant further decline in sales of glyphosate-based products at the Crop Science Division. Sales at Pharmaceuticals were stable on a currency- and portfolio-adjusted basis (Fx & portfolio adj.), while earnings were down year on year. Consumer Health registered higher sales (Fx & portfolio adj.) and also increased earnings.
Group sales declined by 8.2 percent (Fx & portfolio adj.) to 11.044 billion euros in the second quarter. There was a negative currency effect of 553 million euros (Q2 2022: positive currency effect of 915 million euros). EBITDA before special items declined by 24.5 percent to 2.527 billion euros. This figure included a negative currency effect of 120 million euros (Q2 2022: positive currency effect of 300 million euros). By contrast, the company registered income across all divisions totaling around 481 million euros due to a decrease in provisions for the Group-wide Short-Term Incentive program. EBIT came in at minus 956 million euros (Q2 2022: plus 169 million euros) after net special charges of 2.490 billion euros (Q2 2022: 2.111 billion euros) that primarily related to unscheduled impairment testing in the Crop Science Division. As a result, net income came in at minus 1.887 billion euros (Q2 2022: minus 298 million euros). Core earnings per share decreased by 36.8 percent to 1.22 euros.
Free cash flow amounted to minus 473 million euros (Q2 2022: plus 1.140 billion euros), primarily due to the decline in business at the Crop Science Division. At 39.620 billion euros, net financial debt as of June 30, 2023, was 9.8 percent higher than at the end of March 2023.
Other news from the department business & finance

Get the life science industry in your inbox
By submitting this form you agree that LUMITOS AG will send you the newsletter(s) selected above by email. Your data will not be passed on to third parties. Your data will be stored and processed in accordance with our data protection regulations. LUMITOS may contact you by email for the purpose of advertising or market and opinion surveys. You can revoke your consent at any time without giving reasons to LUMITOS AG, Ernst-Augustin-Str. 2, 12489 Berlin, Germany or by e-mail at revoke@lumitos.com with effect for the future. In addition, each email contains a link to unsubscribe from the corresponding newsletter.
More news from our other portals
Last viewed contents

Shifting meetings, conventions online curbs climate change - The annual carbon footprint for the global event and convention industry is on par with the yearly greenhouse gas emissions of the entire U.S.
Photocure announces positive results of Phase 2B study evaluating Visonac in acne
Dental_porcelain
Rockeby awarded bird flu tests tender from Middle East
Rentschler focuses on biotechnology

How cancer genes become independent - Study sheds light on the mysterious evolution of DNA rings

Blueprint of Oxytocin Receptor Facilitates Development of New Autism Drugs
Merck and Pfizer Initiate Phase III Trial to Evaluate Avelumab as First-line Treatment for Ovarian Cancer
Provence Technologies and Neuroptis Biotech partner to develop a new compound for treating dry eye syndrome
Mayo researchers develop new laboratory cell lines to study treatment for ATC
Diabetes advance: Researchers find gene that causes resistance to insulin - Discovery is first gene known to affect how insulin works, not how it is produced
