Dutch bioscience firm, DSM-Firmenich, reported a decrease in its third quarter sales to €3.05 billion ($3.48 billion), with an adjusted EBITDA of €409 million ($466 million). This decline was attributed to destocking and vitamin price pressures in the company's animal nutrition & health and health, nutrition & care divisions.
Despite these challenges, the company's perfumery & beauty and taste, texture & health sectors remained strong. Looking forward, CEO Dimitri de Vreeze has initiated a strategic review aimed at focusing on high growth and higher margin business areas.
In addition to the strategic review, DSM-Firmenich also has a cost-reduction program underway. The program is expected to positively influence the company's fourth quarter results.
For 2023, DSM-Firmenich has projected an adjusted EBITDA of €1.80 billion ($2.05 billion). This projection takes into account a negative vitamin effect of €500 million ($570 million) and a foreign exchange effect of €90 million ($103 million).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.