Bayer's challenges laid bare to new CEO Bill Anderson
Germany’s Bayer (BAYN: DE) might have a new chief executive in Bill Anderson, but many of the challenges faced by his predecessor Werner Baumann remain.
Last month, Bayer lowered its full-year outlook for 2023, mainly due to a significant further decline in sales of glyphosate-based products (broad-spectrum herbicides).
On Tuesday, the company confirmed its figures for the second quarter, with sales across the group down by nearly 14% compared to a year ago, at 11.04 billion euros ($12.1 billion). Earnings before interest, taxes, depreciation and amortization (EBITDA) before special items declined by 24.5% to 2.53 billion euros.
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