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Investing.com -- Bayer AG (ETR:BAYGN) said on Wednesday it has eliminated around 12,000 full-time positions since launching a restructuring effort aimed at streamlining decision-making and reducing layers of management and administration.
The announcement, which coincided with the company’s second-quarter results, marks a sharp increase from the previously disclosed 7,000 job cuts earlier in the year. Bayer (OTC:BAYRY) has been under pressure from investors to consider a breakup of the group, including a potential spin-off of its crop science business or the sale of its consumer health division.
The company’s shares fell more than 5% in Frankfurt trading.
However, Bayer has said it is holding off on such moves for now, as it continues to manage legal risks tied to U.S. lawsuits over its Roundup weedkiller.
It reported second-quarter group sales of €10.74 billion, broadly in line with both its pre-release and market expectations. On an organic basis, sales grew 0.9%.
Adjusted EBITDA for the quarter came in at €2.11 billion, matching the company’s preliminary figure.
The company reaffirmed its full-year 2025 guidance, with sales including currency effects expected between €44 billion and €46 billion, versus a consensus of €46 billion.
Adjusted EBITDA is projected at €9.2 billion to €9.7 billion, in line with market expectations.
Full-year earnings per share including FX impact are forecast at €4.45 to €4.95, compared to consensus at €4.53.
Net financial debt is expected to range from €29.8 billion to €30.8 billion.
Jefferies analysts said they expect "a muted share price response" to the results.