FRANKFURT, Germany (Reuters) — Bayer has confirmed its full-year forecast for earnings and cash flow despite slow business at its crop science and consumer health divisions.
“Our Crop Science and Consumer Health divisions expect a slow start to the year due to market dynamics, but we feel confident in our full-year targets and the direction of our businesses,” chief executive officer Bill Anderson said in his speech for the company’s April 26 annual general meeting.
The CEO reiterated that 2024 earnings before interest, taxes, depreciation and amortization, adjusted for one-off items and currency swings, would decline between three and nine per cent and that free cash flow would reach US$2.1 to $3.2 billion, up from $1.4 billion last year.
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Anderson was expected to face investor questions at the AGM over his decision in March to pause plans to break apart the German diversified group, which includes a large pharmaceuticals business, for up to three years. He has said he would instead focus on a management overhaul, debt reduction and fending off litigation.
Major Bayer shareholder Harris Associates has told Reuters it strongly supports the decision to suspend work on breaking up the group.
