Bayer reports 9.5 billion Euros second-quarter net loss due to U.S. litigation settlement
On Tuesday, German chemicals giant Bayer (BAYGn.DE) reported its second-quarter net loss worth 9.5 billion Euros ($11.2 billion) due to a $10.9 billion settlement of U.S. lawsuits claiming that its glyphosate weed killer caused cancer.
Bayer signed an agreement worth $8.8 to $9.6 billion in June to settle the 125,000 claims in the United States over the Roundup weed killer. The Germany based company also said that its business was severely affected by the fallout from the coronavirus pandemic.
“Mass tort settlements like this are complex and may require some adjustments along the way. Bayer remains strongly committed to a resolution that simultaneously addresses both the current litigation on reasonable terms and a viable solution to manage and resolve potential future litigation,” Bayer said in a statement.
Bayer’s sales slipped by 2.5% to 10.7 billion Euros in three months.