Frankfurt, May 11, (dpa/GNA) – German pharmaceutical giant Bayer took a cautious outlook for 2023, with cost inflation and the turnaround of last year’s price boost for its weed killer glyphosate hurting estimates.
Bayer Chief Executive Werner Baumann said on Thursday that he expects “to achieve (the company’s) targets in the lower corridor of our forecast.”
Other sectors, however, should develop better in the second half of the year, he stated.
The pharmaceuticals division also weakened at the start of the year due to weaker business with the anticoagulant Xarelto.
The turnover of the DAX group fell slightly year-on-year in the first quarter to €14.4 billion ($15.73 billion).
Earnings before interest and taxes or EBIT fell by almost 15% to around €4.5 billion.
Analysts had hoped for more on average. Profit fell by a third to just under €2.2 billion.
Bayer expects sales of €51 to €52 billion for 2023, adjusted for the effects of exchange rate changes.
On this basis, the adjusted EBIT should reach €12.5 to €13 billion.
GNA