Bayer cuts 1,500 jobs and lowers 2024 earnings guidance as Q1 sales dip

Bayer released its first-quarter 2024 earnings on Tuesday announcing that it has reduced its headcount by approximately 1,500 jobs—mostly management positions—amid a slight decline in sales, while lowering its full-year earnings outlook.

“Approximately two-thirds of these were management jobs,” CEO Bill Anderson said in a Tuesday morning media call, referring to the workforce reductions which impacted its pharmaceuticals, crop science and consumer health divisions.