Bayer's financial report for the second quarter of 2023 showed that the non-Glyphosate agricultural business was flat year-on-year

On August 8, Bayer announced details of its operating results for the second quarter of 2023. Group sales fell 8.2% to 11.044 billion euros in the second quarter. Of this, exchange rate movements had a negative impact of €553 million.

The largest of the three divisions remains Bayer with sales of €4.924 billion. Despite the impact of lower sales volumes and prices of glyphosate products, Crop Science Division sales decreased by 18.5%. Sales in the non-Glyphosate business were flat compared to the prior year, driven by higher prices in all regions and increased acreage in North America, with sales in the corn Seeds and Traits business up 10.6%. Sales of fungicides were flat compared to the same period last year.

The Crop Science Division made a profit of €725 million. The earnings level was affected by an increase in cost of goods sold due to inflation and a negative impact of 96 million euros from exchange rate changes.

On July 24, Bayer lowered its full-year 2023 outlook. The company currently expects sales in the Crop Science division to decline approximately 5% year-over-year and expects a margin of 21%.