Bayer AG swings to a net loss of £2.46 billion in the fiscal third quarter
- Bayer AG swings to a net loss of £2.46 billion in the third quarter.
- The German firm reports £7.65 billion of sales in fiscal Q3.
- Bayer AG forecasts up to £33.73 billion of sales in financial 2020.
Bayer AG (ETR: BAYN) said on Tuesday that it concluded the fiscal third quarter with a net loss. The company also reiterated its guidance for 2020. In an announcement last week, Bayer AG also said that it will acquire Asklepios Biopharmaceutical Inc. for £3.07 billion.
Shares of the company opened about 1.5% down in the stock market on Tuesday but closed the regular session roughly 2% up. Including the price action, Bayer AG is now trading at £37.75 per share versus a much higher £66 per share at the start of the year.
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The German company touched a year to date low of £36.29 per share last week. Learn more about how do people make money on the stock market.
Bayer reports £7.65 billion of sales in the third quarter
Bayer AG said that its net loss in the third quarter printed at £2.46 billion. In comparison, it had reported £930 million of profit in the same quarter last year. In a report published in the first week of August, Bayer had revealed £8.59 billion of net loss in Q2.
Before special items, the pharmaceutical and chemical conglomerate said, earnings before interest, taxes, depreciation, and amortisation (EBITDA) registered at £1.62 billion in the recent quarter versus the year-ago figure of £2.06 billion.
Bayer said that it generated £7.65 billion of sales in the third quarter. In the comparable quarter of last year, it had recorded a higher £8.84 billion of sales. Analysts, on the other hand, had forecast £8.14 billion of sales for the German company in the recent quarter.
On a currency-adjusted basis, the Leverkusen-based company forecasts up to £33.73 billion of sales in fiscal 2020. Its estimate for EBITDA before special items stands at £9.28 billion.
Other prominent figures in Bayer’s earnings report
Other prominent figures included in Bayer’s earnings report on Tuesday include an 11.6% decline in Crop Science sales to £2.72 billion. Revenue from its pharmaceuticals business was also 1.8% down on a year over year basis in the fiscal third quarter at £3.80 billion.
Lastly, consumer health sales came in at £1.08 billion, that represents a 6.2% annualised decline in the recent quarter.
Bayer AG performed fairly upbeat in the stock market last year with an annual gain of close to 20%. At the time of writing, the German multinational pharmaceutical and life sciences company has a market cap of £37 billion.