Bayer benefits from the agricultural business – but expects profits to fall in 2023

Dusseldorf The chemical and pharmaceutical group Bayer achieved record results in 2022, but will not be able to maintain this in the current year. For 2023, Bayer forecasts a decline in adjusted profit, the company announced on Tuesday morning. The reason for this is the effects of inflation and a foreseeable calming down in the prices for the weed killer glyphosate.

Bayer’s agricultural division and especially glyphosate were one of the biggest drivers of profit and sales at Leverkusen last year. The prices for the weed killer sometimes tripled due to supply bottlenecks in the market. Bayer benefited from the fact that Chinese glyphosate producers could not deliver. Selling the drug is still one of the Crop Science division’s biggest businesses.

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