Bayer Nov. 3 confirmed its targets for full-year 2020 following a challenging third quarter due to seasonal factors, as it was informed by the company in the press release.
Bayer last week announced the acquisition of Asklepios BioPharmaceuticals, marking a very important strategic step for the company. AskBio is a U.S.-headquartered biopharmaceutical company specialized in the research, development and manufacture of gene therapies across different therapeutic areas.
Group sales in the third quarter came in at 8.506 billion euros, down 5.1 percent on a currency- and portfolio-adjusted basis). Group EBITDA before special items decreased by 21.4 percent to 1.795 billion euros. This figure included a negative currency effect of 205 million euros. EBIT came in at minus 9.399 billion euros (Q3 2019: plus 1.208 billion euros) after taking into account the non-cash impairment charges on intangible assets in the Crop Science Division, including goodwill, that amounted to 9.251 billion euros in total.
Free cash flow declined by 2.1 percent to 1.237 billion euros in the third quarter. At 28.268 billion euros, net financial debt as of September 30, 2020, was down 21.5 percent from the end of June 2020, mainly thanks to the proceeds from the divestment of the Animal Health business unit.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros.
