Company now expects around $53 billion in sales for 2023.
The Bayer Group revealed that its full-year outlook has been lowered, with a significant dive in glyphosate-based product sales. According to a company press release, adjustments now forecast an estimated $53 billion in sales before taxes, crediting information from its 2022 average monthly exchange rates.
Previously, the organization alluded to lowering the outlook when communicating its first quarter results. It also stated that a combination of decline in prices and lower volumes due to channel de-stocking increased pressure on making the decision. Reportedly, Bayer expects a negative group net income of an estimated $2.2 billion dollars for the second quarter of the year, with detailed results being released early next month.
Reference: Bayer lowers full-year outlook. Bayer. July 24, 2023. Accessed July 26, 2023. https://www.bayer.com/media/en-us/bayer-lowers-full-year-outlook/
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