Bayer AG has reported disappointing financial results for the third quarter, leading to a significant decline in its stock price.
The company recorded a net loss of €4.18 billion for the quarter, primarily due to write-downs in its agrochemicals division. Group sales decreased by 3.6 percent to €9.96 billion, but there was a modest organic growth of 0.6 percent when adjusted for currency and portfolio impacts.
The Crop Science division struggled, with revenues declining by 8.7 percent, largely attributed to a drop in sales of glyphosate products.
Bayer has revised its targets downward for the Crop Science segment and expressed caution about the agricultural market"s outlook. The company expects a decline in sales for the agrochemicals division.
The Pharmaceuticals division reported a slight decline in revenues but saw an increase when adjusted for organic growth. Despite the challenges, Bayer remains optimistic about the Pharmaceuticals division"s performance.
The Consumer Health division experienced sales growth in cardiology and dermatology segments.
For the first nine months of the year, Bayer Group"s sales totaled €34.9 billion, reflecting a decline of 2.5 percent. The company has revised its guidance for 2024, citing the weaker-than-expected development of the agricultural market. Bayer aims to improve efficiency and reduce costs to mitigate the impact of adverse market conditions.