Bayer AG reports a net loss of £2.46 billion for the third quarter.
The German company reported sales of £7.65 billion for the third quarter.
Bayer AG forecasts sales of up to 33.73 billion pounds sterling for fiscal 2020.
Bayer AG (ETR: BAYN) said on Tuesday that it closed the third quarter of the fiscal year with a net loss. The company also reaffirmed its forecast for 2020, and in an announcement last week Bayer AG also said it would acquire Asklepios Biopharmaceutical Inc. for £3.07 billion.
The company’s shares opened on Tuesday with a minus of about 1.5% on the stock market, but closed the regular trading session with a plus of about 2%. Including the price action, Bayer AG is now trading at £37.75 per share, compared with a much higher £66 per share at the beginning of the year.
Last week the German company reached its lowest point for the year to date at £ 36.29 per share. Learn more about how people earn money on the stock market.
Bayer reports sales of £7.65 billion in the third quarter
Bayer AG reported a net loss of £2.46 billion for the third quarter. This compares with a profit of £930 million in the same quarter last year. In a report published in the first week of August, Bayer had reported a net loss of £8.59 billion for the second quarter.
According to the pharmaceuticals and chemicals group, earnings before interest, taxes, depreciation and amortization (EBITDA) before special items amounted to £1.62 billion in the past quarter, compared with £2.06 billion a year earlier.
Bayer reported sales of £7.65 billion in the third quarter. In the same quarter of the previous year, the company reported higher revenues of £8.84 billion. In contrast, analysts had forecast sales of £8.14 billion for the German company for the past quarter.
On a currency-adjusted basis, the Leverkusen-based company is forecasting sales of up to £33.73 billion in fiscal 2020. The estimate for EBITDA before special items is GBP 9.28 billion.
Other prominent figures in Bayer’s earnings report
Other prominent figures cited in Bayer’s Profit Report on Tuesday include an 11.6 percent decline in Crop Science sales to £2.72 billion. Third quarter sales of the pharmaceuticals business were also down 1.8 percent year-on-year, to £3.80 billion.
Finally, sales in Consumer Health were £1.08 billion, an annualized decline of 6.2% in the last quarter.
Bayer AG performed quite well on the stock market last year, with an annual profit of almost 20%. At the time of writing this report, the German multinational pharmaceutical and life science company has a market capitalization of £37 billion.