It’s been an unexpectedly tough year for Bayer, maker of everything from aspirin and analgesics to industrial chemicals and polymers. That’s partly due to formidable regulatory hurdles the company faces in its proposed acquisition of US agrochemical company Monsanto, but also to internal difficulties – a little factory housecleaning, for instance.
As a result, the German pharmaceutical giant saw group profit drop 2.6 percent to €8.6 billion ($10.5 billion), with the normally dry-humored CEO, Werner Baumann, taking a more serious tone at this year’s earnings report meeting. “Things did not go the way we imagined at the beginning of the year,” he said.
Yet things stand to look up. The planned Monsanto merger, which comes with its own liabilities, could be just the boost the company needs after running into trouble at its home production facilities, and with the falling US dollar.