Bayer sets aside more cash to deal with weedkiller woes / Photo: Robyn Beck - AFP/File
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Bayer sets aside more cash to deal with weedkiller woes
German pharmaceutical and agricultural chemicals giant Bayer said it had put aside an extra 1.2 billion euros ($1.4 billion) to deal with long-running US legal woes linked to a weedkiller.
It takes to 1.7 billion euros the amount set aside to deal with litigation linked to the glyphosate-based Roundup weedkiller, the German group said in a statement late Thursday.
Bayer also said it had achieved a "major settlement" with a law firm "reducing the total number of unresolved glyphosate claims to 61,000".
This means that a total of 131,000 claims had so far either been settled or deemed not eligible, it said.
The flood of legal cases in the United States relates to claims that the weedkiller causes blood cancer. Bayer says scientific studies and regulatory approvals show that the weedkiller is safe.
The Leverkusen-based group has already spent over $10 billion to settle cases.
Despite the extra provision for the legal cases, Bayer hiked its forecasts for 2025 due to a better-than-expected performance in its pharmaceuticals division.
The maker of Aspirin now expects sales of 46 to 48 billion euros this year up from a previous forecast of 45 to 47 billion.
It also predicted earnings before interest, taxes, depreciation and amortisation -- a key measure of profitability -- of 9.7 to 10.2 billion euros up from a previous forecast of 9.5 to 10 billion.
Its shares were up two percent on the blue-chip DAX index in Frankfurt Friday, while the broader index slipped 1.8 percent.
P.M.Smith--AMWN