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Bayer chalks up 9.5 billion euro second quarter net loss after litigation settlement

Bayer chalks up 9.5 billion euro second quarter net loss after litigation settlement

FILE PHOTO: The logo of Bayer AG is pictured at the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, April 27, 2020. REUTERS/Wolfgang Rattay/File Photo

FRANKFURT: German drugs and pesticides group Bayer reported a 9.5 billion euro (US$11.2 billion) net loss for the second quarter, following a US$10.9 billion settlement of U.S. lawsuits claiming that its weedkiller Roundup caused cancer.

Bayer on Tuesday also said earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would be around 12.1 billion euros this year, down from a target of 12.3 billion to 12.6 billion euros issued in February.

(Reporting by Ludwig Burger; editing by Thomas Seythal)

Source: Reuters

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