Bayer aims for 7%-9.6% profit growth in 2020 [Reuters]
BAYER AG S/ADR (BAYRY)
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Source: Reuters
Bayer aims for 7%-9.6% profit growth in 2020 LEVERKUSEN, Germany (Reuters) - Bayer said on Thursday it was targeting growth in adjusted core profit of 7% to 9.6% this year, driven by sales of agriculture products and pharmaceuticals, with only the upper end of that range meeting market projections. Bayer, which is fighting costly lawsuits over claims its glyphosate-based weedkillers cause cancer, laid out a goal for earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for special items and currency swings to reach 12.3-12.6 billion euros ($13.4-$13.7 billion), up from 11.5 billion euros in 2019. Analysts had predicted 12.6 billion euros, when measured by a consensus posted on the company’s website, or about 12.5 billion according to Refinitiv data. Bayer said that its forecast did not yet include any impact of the coronavirus outbreak. In trading before the 0800 GMT stock market open, Bayer shares were indicated 2.7% lower, slightly underperforming the 2.3%
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