Bayer Group Lowers 2023 Outlook on Declining Sales of Herbicides
24 Juli 2023 - 8:45PM
Dow Jones News
By Denny Jacob
Bayer Group lowered its 2023 outlook due to a further decline in
sales of glyphosate-based products, or herbicides.
The German pharmaceutical-and-agricultural company on Monday
said it now expects adjusted sales for the full year to range
between 48.5 billion euros and 49.5 billion euros (between $53.96
billion and $55.07 billion). It previously forecast between 51
billion euros and 52 billion euros.
Bayer Group said further price declines and lower volumes due to
channel destocking, especially for glyphosate-based products, as
well as adverse weather conditions have increased pressures since
it last issued guidance.
Bayer Group said it expects to incur a goodwill impairment of
about 2.5 billion euros based on the anticipated market
development, in particular with respect to the glyphosate business.
The company said this will result in a loss of about 2 billion
euros in the second quarter. Sales in the second quarter are
expected to be around 11 billion euros.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 24, 2023 14:30 ET (18:30 GMT)
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