Bayer shares are falling 11% in German trading after the pharmaceuticals and crop science conglomerate reduced its full-year earnings target and warned of likely lower profit next year amid a tough agricultural market.

The Monsanto parent said that given the "weaker-than-anticipated development of the agricultural market," it now expects 2024 EBITDA beforeﷺ special items of between 10.4 billion euros ($11.05 billion) and 10.7 billion euros ($11.37 billion), down from its previous range of between 10.7ꦏ billion euros and 11.3 billion euros.

"Overall, we expect a muted outlook on top and bottom line next year with likely declining earnings. We plan to accelerate our cost and efficiency measures to partly compensate and remain laser focused on cash conversion," 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Wolfgang Nickl said.

Lower Grꦛain Prices Hurt Agricultural-Focused Companies

The agricultural sector has been hit by larger Latin American corn harvests and bumper U.S. crops that have hurt grain prices this year. Agricommodities trader Archer Daniels Midland (ADM) last week cut its 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) outlook, citing ongoing headwinds from slower market demand.

Shares of Bayer, which is dealing with a 澳洲幸运5官方开奖结果体彩网:slew of U.S. legal cases following its takeover of Roundup weed killer maker Monsanto, are down 35% this year.