Bayer Gives Consumer Health A Star, But Plans $1.76Bn In Annual Overall Cost Reductions
Bayer notes “significant headwinds" from pandemic hitting its 2020 results likely will continue in 2021, when it t expects core earnings per share slightly below 2020 levels. While noting slumping revenues across its divisions, Bayer said an exception its consumer health business.
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Bayer says its Consumer Health sales grew at twice the rate of the market in Q3, thanks to a number of operational changes instituted by business head Heiko Schipper back in 2018.
Senior executives from Bayer outlined at a recent summit the contours of digital transformation already underway and the vital components of a successful digital team. Firms need to be able to operate technology at the “speed of business” and not “at the speed of a ticketing queue.”
Bayer says the growing interest in self-care triggered by the coronavirus outbreak is here to stay, with demand showing no sign of slowing for dietary supplements as consumers look to give their immune systems a boost. While Bayer benefited from this in the second quarter, sales across its other Consumer Health categories went into reverse as a result of lockdowns and social distancing measures.