Bayer dented by slow quarter and gloomy outlook
German life sciences company Bayer (BAYN: DE) was trading 7% lower in mid-afternoon activity on Thursday after presenting its first-quarter 2023 financial results and latest outlook for 2023 as a whole.
The group described a slow start to the year, with sales 1.7% lower than they were in the first quarter of 2023, at 14.39 billion euros ($15.7 billion). Earnings before interest, taxes, depreciation and amortization during the quarter declined 14.9% to 4.47 billion euros, below the average analyst estimate of 4.63 billion euros in a consensus posted on Bayer’s website.
Chinese pharma sales down
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