Bayer lowers full-year outlook

Ahead of its second quarter financials due to be released on August 8, Germany’s Bayer (BAYN: DE) adjusted its full-year outlook for 2023 downward on Monday, mainly due to a significant further decline in sales of glyphosate-based products (broad-spectrum herbicides). The group’s US traded shares closed down 3.8% at $13.87.

For full-year 2023, Bayer now anticipates sales in the range of 48.5 billion euros ($53.7 billion) to 49.5 billion euros ($54.8 billion) on a currency-adjusted basis, ie, based on the average monthly exchange rates in 2022 (previous outlook: 51 billion to 52 billion euros).

Earnings before interest, taxes, depreciation and amortization (EBITDA) before special items is now expected to be in the range of 11.3 billion and 11.8 billion euros in 2023 on a currency-adjusted basis (previous outlook: 12.5 billion to 13.0 billion euros). The company also adjusted its forecast for core earnings per share to between 6.20 and 6.40 euros on a currency-adjusted basis (previous outlook: 7.20 to 7.40 euros) and for free cash flow to approximately zero euros (previous outlook: approximately 3.0 billion euros).