Bayer AG

BAYN: XETR (DEU)
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€76.00MhpvqLrjd

Bayer: Lowering 2023 Guidance Largely Based on Increased Glyphosate Competition

Bayer lowered guidance for the full-year 2023 largely based on declines in the sales of glyphosate products, but we don’t expect a major impact to the firm’s fair value estimate or moat based on the lower expectations. We had already incorporated lower projections for 2023 than management’s guidance based on the first-quarter results. Given the return of competitive glyphosate production, we had expected a major decline in herbicide crop science sales. Also, the lowered outlook for 2023 doesn’t have a major impact on our long-term outlook for the firm.

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