Weak demand for glyphosate-based weed killers led Bayer to cut its full-year earnings outlook for the second time and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets.
, which competes with Bayer in seeds and pesticides, this month cut its earnings guidance, though it did not provide details on its agriculture business.
Bayer had already warned in May that its 2023 results would likely come in at the lower end of its targeted range, hurt by cost inflation and a slump in prices of glyphosate-based weedkillers from last year's highs. Bayer saw herbicide sales jump 44% in 2022 after Hurricane Ida damaged rival producers and constrained Chinese suppliers failed to plug the gap. Prices have been dropping sharply as competitors have returned to the market this year.executive who took over the top job in June.
Bayer, which has paid billions for litigation over its glyphosate weedkillers, replaced its previous CEO Werner Baumann early amid demands from some investors that the German industrial giant simplify its diversified structure and split into separate groups.Our Standards:Berlin correspondent who has investigated anti-vaxxers and COVID treatment practices, reported on refugee camps and covered warlords' trials in The Hague. Earlier, he covered Eastern Europe for the Financial Times.
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