Flat quarter for Bayer, shares drop 3%

Chemical-pharmaceutical group Bayer has surprised markets with a fairly flat quarter, which has caused its shares to plunge, losing 3% over few hours (Frankfurt). The Leverkusen-based group’s management links the poor performance to a fairly negative currency impact (strong dollar), but at the same time has reassured investors that the sales and EBIT targets set for 2018 will be reached. Sales increased by 1.9% to €9.9bn in the third quarter, while  EBITDA remained unaltered at €2.2bn. Among the Crop Science, Pharmaceuticals and Consumer Health units, the last one has been most affected.  In announcing the results, CEO Werner Baumann has provided an update about the ongoing lawsuits against Bayer, for damages caused by glyphosate. After losing the lawsuit against  Dewayne Johnson, a gardener that developed cancer due to exposure to the herbicide developed by Monsanto, the group received 9,300 more lawsuits, which will require many resources of the company’s legal department and attention by the top management.

(Source: Bayer)