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MarketScreener Homepage  >  Equities  >  Xetra  >  Bayer AG    BAYN   DE000BAY0017

BAYER AG

(BAYN)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 09/29 03:59:58 pm
53.565 EUR   -1.19%
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Bayer to reduce size of management board to five

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09/10/2019 | 10:56am EDT
FILE PHOTO:    Logo of Bayer AG is pictured ahead of the the annual results news conference of the German drugmaker in Leverkusen

FRANKFURT (Reuters) - Bayer management board members Hartmut Klusik and Kemal Malik will leave at the end of the year without a replacement, as the German drugmaker reduces its board to five seats to cut costs.

"By streamlining the structure of the Board of Management, we are optimizing the allocation of responsibilities and contributing to the company's ongoing efficiency program," Werner Wenning, chairman of the non-executive supervisory board, said in a statement on Tuesday.

Malik is responsible for innovation as well as the Asia Pacific region while Klusik holds the position of labor director and is responsible for technology and sustainability.

The company will continue to push for innovation and to develop its network of partnerships, Chairman Wenning added.

Bayer said last year it would lean more strongly on external firms and institutions for a better drug development pipeline, which most analysts regard as too thin to make up for an expected decline in revenues from its two pharma bestsellers from about 2024.

In late 2018 Bayer also unveiled plans to slash 12,000 jobs, about one in 10 of its global work force, and set out on an asset divestment campaign that included its animal health division.

Bayer is seeking to reduce debt after the $63 billion takeover of seed maker Monsanto last year. Its share price has been depressed by U.S. litigation over an alleged cancer-causing effect of Monsanto weedkillers.

The company has reaffirmed the product is safe to use, citing backing by health regulators but analysts on average expect a litigation settlement of more than $10 billion.

Responsibility for innovation would be split among divisional heads of Bayer's pharmaceuticals, crop science and consumer health businesses.

About a year ago, Klusik, Bayer's labor director and board member responsible for technology, was given a contract extension for one year until the end of 2019.

Sources familiar with the company said at the time the extension of Klusik's contract had been in doubt because drug production at Bayer's Leverkusen plant in Germany was found to be substandard by U.S. regulators in February and this fell under his remit.

But Bayer hung on to him to have an experienced head of personnel oversee an overhaul of the research and development operations.

Bayer Chief Executive Werner Baumann will take over as head of personnel next year, adding the title of labor director.

(Reporting by Ludwig Burger; Editing by Michelle Martin)

By Ludwig Burger

Stocks mentioned in the article
ChangeLast1st jan.
BAYER AG -1.29% 53.51 Delayed Quote.-25.55%
MEMBERS CO., LTD. 1.53% 1790 End-of-day quote.-21.39%
THE GLOBAL LTD. -7.21% 206 End-of-day quote.-56.26%
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Financials
Sales 2020 43 305 M 50 854 M 50 854 M
Net income 2020 -2 690 M -3 159 M -3 159 M
Net Debt 2020 32 651 M 38 343 M 38 343 M
P/E ratio 2020 -15,9x
Yield 2020 5,31%
Capitalization 52 570 M 61 716 M 61 733 M
EV / Sales 2020 1,97x
EV / Sales 2021 1,89x
Nbr of Employees 101 168
Free-Float 100,0%
Chart BAYER AG
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Technical analysis trends BAYER AG
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 78,72 €
Last Close Price 53,51 €
Spread / Highest target 106%
Spread / Average Target 47,1%
Spread / Lowest Target -14,0%
EPS Revisions
Managers
NameTitle
Werner Baumann Chairman-Management Board
Norbert Winkeljohann Chairman-Supervisory Board
Wolfgang U. Nickl Chief Financial Officer
Bijoy Sagar Chief Information Technology Officer
Paul Achleitner Member-Supervisory Board
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