Agriculture and healthcare company Bayer said operating earnings would likely decline in 2023, hurt by higher costs and the reversal of last year's price boost for its glyphosate-based weedkillers.
Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2019. REUTERS/Wolfgang Rattay/File Photosaid operating earnings would likely decline in 2023, hurt by higher costs and the reversal of last year's price boost for its glyphosate-based weedkillers.
In a statement on Tuesday, Bayer said earnings before interest, taxes, depreciation and amortisation , adjusted for special items, would likely be between 12.5 billion euros and 13 billion euros this year, excluding the effect of currency swings. That would be a decline from the 13.5 billion reported for 2022, which was up 20.9% from a year earlier and slightly higher than analysts had expected on average, according to a consensus posted on the company's website.
In his last presentation of the company's quarterly results, Chief Executive Werner Baumann said the company is active in the right areas of business.
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