Bayer reports FY23 group sales EUR 47.64B, down 1.2% y/y

EBITDA before special items fell by 13.4 percent to 11.706 billion euros. Due to lower target attainment, the expense for the Group-wide short-term incentive program declined across all divisions, falling by around 1 billion euros overall. In addition, the expense for the long-term incentive program was around 0.4 billion euros lower than in the previous year. The EBITDA margin before special items came in at 24.6 percent, down 2.0 percentage points against the prior year. CEO Bill Anderson took stock of the company’s situation and looked toward the future. “We are a high-impact, mission-driven, life-science company with three strong businesses, but we have four challenges that urgently must be addressed,” said Anderson, referring to the loss of exclusivities and the pipeline at Pharmaceuticals, the US litigation, the company’s high debt levels and a hierarchical bureaucracy that blocks progress.