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Bayer"s stock plummeted over 12% following disappointing third-quarter results and a downward revision of its 2024 guidance, primarily due to struggles in its agriculture sector. The company reported a net loss of €4.18 billion, driven by significant write-downs in its agrochemicals division, which saw an 8.7% revenue decline. While the Pharmaceuticals and Consumer Health divisions showed some growth, overall expectations for 2024 remain cautious, with anticipated declines in profit and a commitment to cost-cutting measures.
Several biopharma companies are implementing significant layoffs as part of restructuring efforts to extend their cash runways. Ovid, Lexicon Pharmaceuticals, Acelyrin, and FibroGen are among those reducing their workforce, with layoffs ranging from 33% to 75% of their staff. These moves follow disappointing clinical trial results and strategic shifts in focus, aiming to optimize resources and ensure continued funding for research and development.
Bill Anderson
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bayer reports significant losses and cuts guidance amid agricultural market challenges
13:01 12.11.2024
biopharma companies announce significant layoffs amid restructuring and disappointing trial results
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09:00 23.10.2024
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