Agrochemicals PerformanceBayer underperformed significantly due to weaker-than-expected agrochemicals performance and questions on long-term pharma growth.
EBITDA DeclineQ4 clean EBITDA came in at EUR 2.35bn, which is materially down y/y (-22% y/y, Stifel: €2.24bn, consensus: €2.1bn).
Generics ImpactThe Crop Science business is facing a broader-than-expected generics impact, affecting the company's overall performance.
Litigation UncertaintyOngoing litigation related to glyphosate is creating uncertainty for investors, with 67,000 cases still unsettled.