Bayer Group Reports 9.5 Billion Euro Net Loss in Q2
The renowned German Bayer Group has reported a loss of 9.5 billion euros in the second quarter, following a $10.9 billion settlement of US lawsuits that claimed its pesticide product Roundup caused cancer. Additionally, 32,000 US users had brought lawsuits against Bayer, claiming the use of their birth-control devices - Essure led to personal injuries.
The COVID-19 pandemic had also not passed Bayer by. The company mentioned that its pharmaceuticals division was impacted by the postponement of doctor visits due to lockdown restrictions, as non-urgent treatments have been put on hold.
Consequently, Bayer had reported their earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would be around 12.1 billion euros this year, down from the 12.3 -12.6 billion euro target set in February.
Nevertheless, we can’t say for sure that investors have now given up on Bayer. After all, it was only two years ago that they had completed the largest takeover of any German company, when they acquired Monsanto for an amount of 58.5 billion euros.
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