German chemical substance and pharmaceutic radical Bayer plunged 4.6 billion euros into the red in the third quarter . Bayer is now moot severalize from either its consumer wellness or crop protection section to resuscitate its plowshare price , fit in to CEO Bill Anderson . He says he does not want to split it into three piece .

The company does design to transfer several layer of management - layoff , in other words - to cannonball along up conclusion - devising and reduce costs .

Bayer on Wednesday reported an operating profit decline of more than expected in the third quarter and expects challenge to profitability in 2024 . The biggest problems were found in agrochemicals , where there was a declination in value of more than four billion euro . In the third quarter of 2022 , Bayer had still post a final profit of 546 million euros .

Sales strike by more than eight per centum to 10.3 billion euro . Bayer touch to correct prices for glyphosate - based herbicide and currency effect , among other thing . Both sale and profit were below analyst expectations .

Bayer ’s portion have underperformed its competitors , affected in part by U.S. lawsuits over the supposed cancer - causing effects of its weedkiller Roundup .

" The results come up in mostly as we expect , lie with that Q3 is never our strongest quarter . The important subject matter is that , based on where we are and what we see for the continue quarter , we are affirm the updated 2023 guidance , " CEO Bill Anderson suppose on Wednesday when give the company ’s Quarterly Statement . " We know that this requires a warm fourth quarter . We ’re amply focused on delivering exactly that – and the squad is confident in our lookout . "

" We ’re not felicitous with this year ’s performance . nigh 50 billion euros in revenue but zero cash flow is simply not acceptable , " tell Anderson , who has been at the helm of the company since June . He intend to pore everything on Bayer ’s military mission of " Health for all , hungriness for none " and on driving introduction and strengthen fiscal performance . " Our mission has n’t always been front and center in our operations . That will change . We are redesigning Bayer to focus only on what ’s essential for our missionary work – and getting rid of everything else . " By the conclusion of next class , Bayer will slay multiple layers of direction and coordination , he said . " This stride will unleash our teams with the military mission - focus necessary to plow things around . Ninety - five percent of the decision - devising in the organization will shift from coach to the people doing the work . " Even though this will include a significant reduction in the workforce , it is not a traditional toll - hack program , Anderson pronounce . In addition , a newfangled Board of Management recompense system will be pop the question at the next Annual Stockholders ' Meeting , he say , noting that it will be more closely aligned with the long - terminal figure development of the company ’s share price .

" We are bet closely at our structural option . We have an expert squad – including external fiscal consultant – evaluating them . They ’re reviewing grocery store shape , what structural changes would mean for our time value origination , one - time costs and Orcus - synergies , Johnny Cash flows and purchase ratio , tax leakage , and other criteria , " Anderson explained . In terms of structural options , beyond keep three divisions , a detachment of either Consumer Health or Crop Science rest under rating . " We have also guide some pick out of retainer . For example , we consider simultaneously splitting the caller into three businesses . We ’re ruling that choice out . A three - path split would ask a two - whole step process . " The company will share further particular in March at its Capital Markets Day , together with the issue of the Annual Report and the 2024 counselling . Based on current market dynamics and first assumptions , Bayer expects a soft maturation outlook and continued challenge to the company ’s profitability for next year .

tick here for the results .