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Bayer Earnings Tumble as Weedkiller Lawsuits Rise
USAgNet - 11/14/2018

Bayer AG said Tuesday that earnings fell sharply in the third quarter, in part as a result of a one-off gain booked in the prior year, while the number of glyphosate-related lawsuits it faces rose.

According to MarketWatch, aftertax profit at the German chemical maker was 2.89 billion euros ($3.26 billion) compared with EUR3.88 billion a year earlier. Sales rose to EUR9.91 billion from EUR8.03 billion a year earlier, the company said.

Bayer booked pretax gains of EUR3.12 billion from the sale of several crop-science assets to BASF SE (BAS.XE), leading earnings before interest and taxes to more than triple to EUR4.42 billion.

The German chemical and pharmaceutical group said 9,300 plaintiffs have now brought lawsuits over glyphosate-based weedkillers made by the recently acquired Monsanto group, compared with 8,700 at the end of August.


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