FRANKFURT (Reuters) – Bayer said on Tuesday its operating profit is likely to decline in 2023, due to rising costs and falling herbicide prices.
In a statement on Tuesday, the German agrochemicals and pharmaceuticals giant said earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special items, would likely be between $12.5 billion and $13 billion. euros this year, excluding currency effects.
That would be a drop from the 13.5 billion announced for 2022, up 20.9% from the previous year and slightly higher than analysts expected on average, according to a consensus published by the company.
In his latest presentation of the company’s quarterly results, CEO Werner Baumann said the company was active in the right business areas.
“Health and nutrition are basic human needs. Our vision of health for all, hunger for no one is and will remain vitally important, especially in these difficult times,” he said.
This month, the group announced the early replacement of its chairman of the management board, recruiting the former head of Roche’s pharmaceuticals division, Bill Anderson, amid calls from some investors for Bayer to simplify its diversified structure and spin off in several groups.
(Report Ludwig Burger, Augustin Turpin, edited by Kate Entringer)
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