Frankfurt (Germany) (AFP) – Germany’s Bayer said Wednesday it was confident of “significantly” containing long-running legal woes related to a weedkiller by the end of next year, as it reported a narrower quarterly loss. The drug and agricultural chemicals group booked a net loss in the July-September period of 963 million euros ($1.1 billion), down from 4.18 billion euros a year earlier.
The group’s operating profit before special items, closely watched by investors, rose about 20 percent to 1.5 billion euros, beating estimates and sending Bayer’s shares up 3.5 percent in Frankfurt. Bayer has been hit with a flood of legal cases in the United States related to claims that the glyphosate-based Roundup weedkiller causes blood cancer. Bayer says scientific studies and regulatory approvals show that the weedkiller is safe.
The group said Wednesday in a statement that it was making “significant progress” and CEO Bill Anderson is “confident the company will be able to significantly contain the litigation risk by the end of 2026.” At the end of July, Bayer said it achieved a major settlement that reduced the number of unresolved glyphosate claims significantly.
“Overall, we know that we have a crucial and highly dynamic phase ahead of us,” said Anderson. He noted there had been a “moderate” increase in glyphosate case filings after the recent settlement announcement, which added to costs, but the company was nevertheless confident in its strategy.
Bayer, the maker of Aspirin, said sales in the third quarter came in at 9.66 billion euros, driven by a strong performance in its crop science division and demand for new drugs. It did however book special charges of around a billion euros in the quarter, mainly due to provisions for litigation.
© 2024 AFP
