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Bayer posts €10.5 billion loss after Roundup legal woes
The pharmaceutical giant has been left reeling in the wake of US lawsuits claiming its weedkiller causes cancer, posting multi-billion euro losses as a result.
Bayer announced on Thursday steep losses for the year 2020 as it struggled to recover from a string of US lawsuits claiming its weedkiller causes cancer.
The German chemical and pharmaceutical giant said in a statement that it posted an annual net loss of €10.5 billion ($12.8 billion), compared with a profit of just over €4 billion for 2019.
Overall sales for 2020 came in roughly unchanged, at €41.4 billion, when adjusted for currency effects, Bayer said.
The group, headquartered in the German city of Leverkusen, was expected to end the year in the red after it agreed last June to set aside around $11 billion to settle a wave of US claims against its weedkiller Roundup.
The pharmaceutical giant has been left reeling in the wake of US lawsuits claiming its weedkiller causes cancer, posting multi-billion euro losses as a result.
Bayer announced on Thursday steep losses for the year 2020 as it struggled to recover from a string of US lawsuits claiming its weedkiller causes cancer.
The German chemical and pharmaceutical giant said in a statement that it posted an annual net loss of €10.5 billion ($12.8 billion), compared with a profit of just over €4 billion for 2019.
Overall sales for 2020 came in roughly unchanged, at €41.4 billion, when adjusted for currency effects, Bayer said.
The group, headquartered in the German city of Leverkusen, was expected to end the year in the red after it agreed last June to set aside around $11 billion to settle a wave of US claims against its weedkiller Roundup.
