Bayer ‘Outperforming’ Market As Turnaround Plan Bears Fruit
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.
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Bayer stepped up its Consumer Health innovation efforts in 2020 in line with its turnaround plan for the business, and now has more than 100 projects in development.
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.
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.