Bayer 2Q Net Loss Narrowed Despite Litigation Provisions; Raises 2021 Outlook
August 05 2021 - 2:45AM
Dow Jones News
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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