Bayer's third-quarter results show a net loss of 4.18 billion euros due to weaker-than-expected sales in its agricultural unit, ongoing litigation, and significant asset writedowns.
The company revised its 2024 EBITDA forecast down to 10.4-10.7 billion euros, reflecting challenging conditions in agricultural sales, particularly in Latin America.
Despite a slight increase in sales from its pharmaceuticals division, Bayer's operational earnings dropped, attributed to adverse currency effects that have impacted profitability.
Bayer's CEO Bill Anderson aims to cut costs by two billion euros annually by 2026 amidst ongoing legal battles concerning glyphosate-based products, which have cost billions.
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