The pharmaceutical-and-agricultural group lowered its profit target for 2024 after tough market conditions hit its crop-science division, sending shares down in early trade.

The chemical giant cut its financial outlook as it faces slowing crop protection sales and regulatory uncertainty around glyphosate and dicamba herbicides.

Bayer's earnings will likely slip further next year on weak agricultural markets, the company said on Tuesday, pummelling its shares and piling more pressure on its chief executive to deliver on turnaround efforts.

Bayer AG cut its profit outlook for the year on stubbornly low prices for agriculture products, including the controversial weedkiller Roundup.