Bayer’s agricultural business (Crop Science) saw overall sales fall by 3.7 per cent to € 23.270 billion despite gains in Europe/Middle East/Africa and Asia/Pacific.

This decline was mainly attributable to significantly lower prices for glyphosate-based products due to reduced prices for generics, resulting in a 26 per cent decline in sales at Herbicides.

Amid an inflation-driven market environment, the rest of the portfolio saw a positive price development overall, driven by innovative products and higher commodity prices.

The Corn Seed & Traits business achieved the strongest growth, with sales rising 13.8 per cent, primarily due to higher prices. Business was also up at Fungicides, which posted growth of 8.8 per cent that was mainly driven by higher prices in Europe/Middle East/Africa and increased volumes in Latin and North America.

Sales at Soybean Seed & Traits advanced by 5.5 per cent, mainly thanks to higher license revenues in Latin America.

EBITDA before special items at Crop Science fell by 26.6 per cent to € 5.038 billion, primarily due to significant price declines for glyphosate-based products.

Earnings were also diminished by a mainly inflation-related increase in the cost of goods sold. There was a positive currency effect of € 103 million (2022: € 284 million). The EBITDA margin before special items declined by 5.6 percentage points to 21.7 percent.