BERLIN, Nov. 12 (Xinhua) -- Bayer announced on Tuesday that weak agricultural markets are expected to push its earnings lower again next year, which sent shares of the German multinational pharmaceutical and biotechnology company tumbling and piled pressure on Bayer CEO Bill Anderson to deliver on his turnaround efforts.
Shares in Bayer plunged 11.1 percent to 21.71 euros (23.01 U.S. dollars) at 1215 GMT.
"We're in the midst of a significant agriculture downturn, which is understandably frustrating," Anderson said.
Bayer has lowered its Crop Science division's 2024 targets and expected further earnings declines next year as corn planting areas in Latin America have significantly decreased and market developments have fallen short of expectations.
However, Anderson stressed "we remain very optimistic that we've got a strong future," citing successful launches of new drugs Nubeqa for prostate cancer and Kerendia for kidney disease.
To address the company's challenges, Anderson has launched job cuts, accelerated decision-making, and reduced bureaucracy. Plans to split Bayer's diverse business units have been put on hold as the focus shifts to improving performance. ■
