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Name | Symbol | Market | Type |
---|---|---|---|
Bayer Aktiengesellschaft (PK) | USOTC:BAYRY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.2901 | 3.56% | 8.4301 | 8.43 | 8.44 | 8.44 | 8.41 | 8.42 | 88,184 | 14:53:18 |
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)
Copyright (c) 2023 Dow Jones & Company, Inc.
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