Bayer's profit gets boost from Monsanto but legal burden mounts
FRANKFURT - German drug and farming supplies company Bayer posted a 45 percent gain in quarterly core earnings thanks to the acquisition of seed maker Monsanto, while the legal burden it took on with the deal mounted.
Adjusted earnings before interest, tax, depreciation and amortization rose to 4.19 billion euros , it said on Thursday, edging past the 4.12 billion euro average analyst forecast in a Reuters poll. Bayer has seen about 30 billion euros wiped off its market value since August, when a California jury in that lawsuit found that Monsanto should have warned of the alleged cancer risks.“We continue to believe that we have meritorious defense and we intend to defend ourselves vigorously in all of theseOn Wednesday, Bayer launched an appeal with a California court to throw out the first glyphosate-related judgment for $78 million in damages.
That was above an analyst consensus of 6.13 billion, as the launch of new insecticide products helped offset a decline on soybean seed sales. The shares were indicated 3.3 percent higher in early Frankfurt floor trading at 0742 GMT.
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