Report
Jean-Jacques Le Fur

BAYER: Q2 2019 results below CS and a masked warning | SELL | EUR66(+12%)

BAYER - SELL | EUR66(+12%)
Q2 2019 results below CS and a masked warning

A difficult Q2 in Crop Sciences and 2019 guidance now a challenge
Crop Science: negatively impacted in the US
Pharmaceuticals sales in line with consensus
Consumer Health: some light at the end of the tunnel?
No change to our rating
Underlying
Bayer AG

Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Jean-Jacques Le Fur

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