Bayer Half-Year Report 2023
Group sales decreased by 8.2% (Fx & portfolio adj.) to €11,044 million in the second quarter of 2023 (Q2 2022: €12,819 million; reported: – 13.8%). There was a negative currency effect of €553 million (Q2 2022: positive currency effect of €915 million). Sales in Germany amounted to €638 million (Q2 2022: €610 million).
Crop Science registered a significant decrease in sales that was mainly due to lower volumes and prices for our glyphosate-based products. Sales at Pharmaceuticals were level with the prior-year period. The division recorded significant gains for Nubeqa™ and Kerendia™ as well as a strong performance in the Radiology business, but registered declines particularly for Adalat™ and Aspirin™ Cardio in China. Sales at Consumer Health rose, with substantial growth in the Dermatology and Pain & Cardio categories in particular.
EBITDA before special items at Pharmaceuticals decreased, mainly due to higher R&D investments before special items. At Consumer Health, EBITDA before special items increased thanks in part to cost and price management efforts. The Group EBITDA margin before special items came in at 22.9%.
After a financial result of minus €618 million (Q2 2022: minus €692 million), income before income taxes amounted to minus €1,574 million (Q2 2022: minus €523 million). The improvement in the financial result was largely due to positive changes in the fair value of financial investments. After income tax expense of €315 million (Q2 2022: income from income taxes of €234 million) and accounting for noncontrolling interest, net income amounted to minus €1,887 million (Q2 2022: minus €298 million).