German chemicals and pharmaceuticals giant Bayer AG has reported a net loss for the second quarter of the year, driven by a poor performance in its agricultural division.

According to the group's announcement, the net loss for the April-June period amounted to 34 million euros.

Analysts polled by Vara Research

had forecast a cash profit

A year ago, „Bayer“ recorded a net loss of €1.89 billion due to large one-off write-downs.

Combined earnings before interest, taxes, depreciation and amortisation (EBITDA) fell from €2.53 billion to €2.11 billion in the comparative period, with sales revenue rising from €11.04 billion to €11.14 billion (analysts' forecast: €10.82 billion).

Revenues in the Agriculture business unit, which includes the production of seeds and crop protection products, rose 1.1% to €4.98 billion, while adjusted EBITDA declined 28% to €524 million.

Pharmaceuticals increased revenue by 4.5% to €4.61 billion, while non-prescription products increased by 5.3% to €1.46 billion.

„Bayer“ did not change its financial guidance for the full year 2024.