Bayer releases third-quarter 2024 results

Bayer reported its financial results for the third quarter of 2024. Group revenue was €9,968 billion, up 0,6% adjusted for currency and portfolio.

The Crop Science division saw a 3,6% drop in sales, totaling €3,986 billion. According to the company, the main factor behind this drop was the reduction in corn planted areas in Latin America, especially in Brazil and Argentina, in addition to the normalization of glyphosate-based herbicide purchasing patterns. Herbicide sales fell 19,1%, also impacted by price pressure from generics in the crop protection market.

Despite this, Bayer increased EBITDA before special items in its Crop Science division to €35 million, an improvement from the previous year's loss. The company attributed the result to reduced provisions for the short-term incentive program and a decrease in the cost of goods sold.

Climate impacts also contributed to the negative results in Latin America. The reduction in corn planted area, combined with climate conditions, led to a reduction in seed and pesticide sales. The company also faced challenges in the global market due to price pressure from generic products.

Bayer is cautious about the agricultural market for 2025, predicting a challenging environment. In addition, the company expects regulatory challenges to continue to affect the performance of the Crop Science division, including the review and amendment of product registrations.

The expectation is that launches scheduled for 2027 will help improve long-term results.

The focus on innovations, such as the fungicide and insecticide line, which showed growth of 13,1% and 9,5%, respectively, is one of the strategies to sustain future growth and compensate for losses in other areas.

Regarding personnel changes, Bill Anderson, CEO of the company, said in his presentation: "We have 5.500 fewer jobs in the company since the beginning of the year, and a significant majority of those are management positions."