By Cecilia Butini 
 

Bayer AG said Thursday that its net loss for the second quarter narrowed on year, though it set aside provisions for Roundup weedkiller litigation, and raised its outlook for the full year.

The German pharmaceutical and chemical conglomerate posted a net loss of 2.34 billion euros ($2.77 billion) for the quarter compared with a loss of EUR9.55 billion for the same quarter the previous year.

Earnings before interest, taxes, depreciation and amortization before special items fell to EUR2.58 billion from EUR2.88 billion the year prior.

Sales grew to EUR10.85 billion from EUR10.05 billion for the previous-year period, which had been significantly affected by restrictions in response to the coronavirus pandemic, Bayer said.

Earnings were affected by the setting aside of further provisions to tackle continued litigation regarding glyphosate--the active ingredient in Roundup weedkiller and which is accused of causing cancer--coming in at EUR3.5 billion, Bayer said.

Citing a good business performance in the first half of the year, Bayer lifted its forecast for 2021, expecting higher sales.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

August 05, 2021 02:31 ET (06:31 GMT)

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