Bayer shares dented by pessimistic profit outlook

Werner Baumann, chairman of the board of management at the German life sciences major Bayer (BAYN: DE), presented his final set of annual financial results on Tuesday.

While the overall 2022 results were positive and met the company’s guidance, the year’s final quarter underwhelmed and Bayer’s expectations for 2023 have concerned investors, leading to a 3% drop in the firm’s share price on Tuesday.

Bayer’s sales for 2022 came it at 50.74 billion euros ($54 billion), a 15% rise on 2021, while earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special items, were 13.51 billion euros, up 21%.