Bayer Second Quarter Impacted with Crop Science Sales at Prior-Year Level Excluding Glyphosate

Bayer published detailed results for the second quarter of 2023 on Tuesday. Group sales declined by 8.2 percent to 11.044 billion euros in the second quarter. There was a negative currency effect of 553 million euros.

The agricultural business (Crop Science) remained as the No. 1 division of Bayer in terms of sales at 4.924 billion euros. Mainly driven by lower volumes and prices for glyphosate-based products, Crop Science sales fell by 18.5 percent. Excluding the glyphosate business, Crop Science sales were level with the previous year, as higher prices were offset by lower volumes. Sales at Corn Seed & Traits rose by 10.6 percent, largely thanks to higher prices in all regions as well as increased acreages in North America. Business at Fungicides was level with the prior-year quarter. EBITDA before special items at Crop Science to 725 million euros.

Crop Science earnings were also diminished by a mainly inflation-related increase in the cost of goods sold and a negative currency effect of 96 million euros.

The Bayer Group lowered its outlook for full-year 2023 on July 24. The company now expects Crop Science sales to fall by around 5 percent year on year and the currency-adjusted EBITDA margin before special items is now projected to come in at around 21 percent at Crop Science.

Find more information at www.bayer.com.