Agriculture and pharmaceuticals company Bayer on Tuesday reported better-than-expected quarterly earnings as higher prices for glyphosate-based weedkillers made up for a decline in sales of its stroke prevention pill Xarelto.
A bridge is decorated with the logo of a Bayer AG, a German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019. REUTERS/Wolfgang Rattayon Tuesday reported better-than-expected quarterly earnings as higher prices for glyphosate-based weedkillers made up for a decline in sales of its stroke prevention pill Xarelto.
Finance chief Wolfgang Nickl said year-on-year sales growth was mainly driven by higher prices for glyphosate but prices had already begun to drop during the third quarter.Bayer said its full-year outlook issued in August still stood, but it added that cost inflation would continue next year. The shares fell 2.3%, erasing gains over the previous two trading sessions as analysts voiced concerns over the cost outlook.
It said in August it was targeting adjusted EBITDA of about 13 billion euros, based on June 30 foreign exchange rates, up from 11.2 billion in 2021.
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