Net income at German pharmaceutical and chemical giant Bayer declined to €2 billion ($2.16 billion) or €2.04 per share in the first quarter. The company reported on Tuesday that the quarter’s revenue was also down from €2.18 billion or €2.22 per share in the same quarter last year.

Bayer said core earnings per share from continuing operations for the first quarter decreased to 2.82 euros from last year’s €2.95, mainly due to the decline in earnings at its Crop Science Division.

Group sales were €13.77 billion in the first quarter of 2024, showing a decline of 0.6 per cent on a currency and portfolio-adjusted basis and a decline of 4.3 per cent on a reported basis.

This is according to the company report.

Bayer confirmed its currency-adjusted forecast for the full 2024 year based on the average monthly exchange rates in 2023.

However, based on the closing rates as of March 31, the negative impact from anticipated currency effects has increased.

Applying the rates on that closing date instead of December 31, 2023, led Bayer to reduce its forecast for earnings before interest, taxes, depreciation, and amortisation (EBITDA).

The EBITDA should be applied before special items, ranging from €10.4 billion to 11 billion to €10.2 billion to €10.8 billion.

Bayer now expected annual core earnings per share to be in the range of €4.80 to €5.20 compared to the prior outlook of €4.95 to €5.35.

On a currency-adjusted basis, the company still expected core earnings per share to be €5.1 to €5.5 for the fiscal year 2024. 

(dpa/NAN)