Bayer Net Profit Falls on Lower Sales, Currency Headwinds
By Helena Smolak
Bayer posted a fall in first-quarter net profit on declining sales across all segments as well as currency headwinds.
The German pharmaceutical and agricultural company said Tuesday that net profit was 2 billion euros ($2.16 billion), down from EUR2.18 billion the previous year but above analysts' forecasts of EUR1.73 billion, according to a Vara Research consensus.
Earnings before interest, taxes, depreciation, amortization and special items declined to EUR4.41 billion from EUR4.47 billion while earnings before interest and taxes rose to EUR3.09 billion from EUR2.97 billion, Bayer said.
Sales declined 4.3% to EUR13.77 billion due to less demand across its pharmaceuticals, consumer health and crop science segments, missing a consensus forecast of EUR14.08 billion.
The company said sales at its agricultural business, crop science, fell 3% on an adjusted basis to EUR7.91 billion due to lower volumes for non-glyphosate-based herbicides and its fungicides business in Europe, Middle East and Africa. On an adjusted basis, sales at its pharmaceuticals division rose 3.9% to EUR4.36 billion, boosted by higher sales of its new cancer drug Nubeqa and its kidney disease treatment Kerendia, Bayer said.
The company backed its currency-adjusted 2024 guidance.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
May 14, 2024 02:13 ET (06:13 GMT)
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