One of the world's most recognized pharmaceutical companies, the German conglomerate Bayer, posted its quarterly earnings, and the figures came in lower-than-expected.
Bayer posted earnings per share of €2.67, and revenue of €10.05 billion, underperforming analysts' expectations. The consensus forecasted €10.57 billion worth of revenue and an EPS of €1.5.
Its quarterly sales dropped from a previous €13 billion to €11 billion.
Revenues from the Pharmaceutical segment slipped 8.8% to €3.992 million, as some treatments got postponed due to the pandemic. Among the most affected are ophthalmic and radiological products.
Bayer offered further guidance. It expects that the growth in sales will reach a high of €44 billion, from a previous top of €45 billion. Also, the EPS is seen at a high of €6.90, downgraded from a prior high of €7.20.
Since the beginning of the year, Bayer stocks dropped by 21%, while Germany30 lost 4.89%.
CAPEX.com brings you the latest financial news!
Sources: finance.yahoo.com, investing.com